Responsible Lending
Borrowing can be useful when it supports a clear need and fits comfortably within your budget. At GoodLoan, responsible lending means helping you understand the loan, assessing whether repayment appears affordable, and giving you clear information before you decide.
We believe a personal loan should be transparent, manageable and suited to your financial circumstances. Approval is never guaranteed, and we may decline or reduce a requested loan amount when borrowing could create unnecessary financial pressure.
We Look Beyond a Credit Score
A credit score can provide useful information, but it does not tell the whole story. GoodLoan considers your broader financial situation, which may include your verified income, employment, regular expenses, existing debt obligations, banking activity and ability to make the scheduled payments.
Where credit information is used, we will explain the type of credit check involved and request any consent required before proceeding. A lower credit score does not automatically mean that someone cannot repay a loan, but all applicants must still meet GoodLoan’s eligibility and affordability requirements.
Affordability Comes Before Approval
Before offering a loan, we assess whether the proposed payments appear reasonable based on the information you provide. This may involve confirming:
- Your identity and Canadian residency status
- Your source, amount and consistency of income
- Your regular housing and living expenses
- Your current loans and other payment obligations
- Your recent banking activity
- The amount, term and payment frequency requested
We may ask for supporting documents such as identification, proof of address, pay statements or bank statements. Providing accurate and complete information helps us make a fair decision. If the requested amount does not appear affordable, we may offer a smaller amount, suggest a different repayment structure or decline the application.
Clear Costs Before You Commit
You should know what a loan will cost before signing an agreement. Your loan offer and agreement will clearly identify the information applicable to your loan, including:
- The principal amount borrowed
- The annual interest rate and annual percentage rate (APR)
- The amount and frequency of scheduled payments
- The number of payments and length of the loan term
- The total cost of borrowing
- The total amount you are expected to repay
- Any applicable fees or charges
- Your cancellation and early-repayment rights
- What may happen if a payment is missed or returned
Review these details carefully and ask us about anything you do not understand. You are not required to accept a loan simply because you submitted an application or received an offer. You can also use our loan calculator to estimate payments before applying. Calculator results are estimates and do not represent an approval or final offer.
No Pressure to Borrow More
GoodLoan will not encourage you to borrow more than you request or more than our assessment indicates may be manageable. You should borrow only what you need and consider whether a less expensive option is available.
Before accepting a loan, consider asking yourself:
- Is this expense necessary right now?
- Can I make every scheduled payment while covering essential expenses?
- What would happen if my income decreased or an unexpected bill arose?
- Could I use savings, adjust the expense or choose a lower-cost alternative?
- Will this loan solve the problem, or only delay a larger financial issue?
Early Repayment
Paying a loan early may reduce the interest you pay. GoodLoan does not charge a prepayment penalty for paying more than your scheduled amount or repaying your loan in full before the end of the term. Your loan agreement will explain how payments are applied and how to request an up-to-date payout amount.
If You Are Having Trouble Making a Payment
Financial situations can change. If you believe you may miss a payment, contact GoodLoan as early as possible. Reaching out before the due date gives us a better opportunity to review your account and explain any options that may be available.
Depending on your circumstances and the terms of your agreement, we may discuss a payment-date adjustment or another reasonable arrangement. An accommodation is not guaranteed and may affect the cost or length of your loan, so we will explain the impact before any change is made.
Do not take another loan simply to make a GoodLoan payment without first considering the total cost and whether the new debt is affordable. If your debt has become difficult to manage, a reputable nonprofit credit counsellor may be able to help you review your budget and available options.
Fair and Respectful Communication
We are committed to communicating in a professional and respectful way. Payment reminders and account communications should clearly identify GoodLoan, explain why we are contacting you and provide a way to reach us. We do not tolerate harassment, intimidation, misleading statements or abusive collection practices.
If an account is overdue, we will handle it in accordance with the loan agreement and applicable Canadian and provincial laws. If a third party becomes involved, that party must also follow the rules that apply to its activities.
Protecting Your Information
Loan applications require sensitive personal and financial information. GoodLoan uses this information to assess applications, verify identity, prevent fraud, administer loans and meet legal obligations. We collect and use information only for disclosed purposes and apply safeguards designed to protect it.
Never send passwords, one-time security codes or sensitive documents to an unverified contact. GoodLoan will not ask you to pay an upfront fee using gift cards, cryptocurrency or another unusual payment method in exchange for guaranteed approval. If you receive a suspicious message claiming to be from GoodLoan, contact us through the details published on our website.
Your Responsibilities as a Borrower
Responsible lending also depends on accurate information and informed borrowing. We ask borrowers to:
- Provide complete and truthful application information
- Read the full loan agreement before signing
- Keep contact and banking information current
- Maintain sufficient funds for scheduled payments
- Contact us promptly if a payment problem is expected
- Report suspected fraud or unauthorized account activity immediately
Questions, Concerns or Complaints
If you have a question about an application, loan offer, payment or account, please contact GoodLoan. We will review your concern and explain the available next steps. You can also visit our frequently asked questions for more information.
This page describes GoodLoan’s responsible-lending principles and does not replace your loan agreement or any rights provided by applicable law. Loan availability, eligibility, rates, terms and conditions may vary. All applications are subject to verification, assessment and approval.