FREQUENTLY ASKED QUESTIONS

General,Bankeroo Jump,Application,Repayment,Credit reporting,Installment loans,My account

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General

What kind of loans does Bankeroo offer?

Bankeroo is proud to offer Canadians 2 types of loans:

  1. Single Payment Loans
    Bankeroo provides Canadians with short-term loans that are in no way intended to provide a long-term financial solution. We understand that sometimes life situations can put you in a little jam, Bankeroo is a quick, efficient and reliable way of solving your temporary cash-flow needs. To make sure our loans are right for you, jump on over to our Bankeroo School page.
  2. Installment Loans
    Bankeroo provides Canadians with larger loans ranging from $1,500 to $10,000 at very attractive rates to help you fund some of life’s biggest moments. In order to qualify, you need to be, among other requirements, a Platinum member in our unique Bankeroo Jump rewards program.

Are there any application fees?

At Bankeroo, we believe in complete transparency.

With our Single Payment Loans, there are absolutely no hidden fees or extra charges when you get a loan with us. What you see is what you pay.

If you have been earning points with us through our Bankeroo Jump rewards program and qualify for one of our Installment Loans, Bankeroo will charge an administrative fee in the amount of 2% of the amount financed. The administrative fee is fully earned at origination.

I’m a new customer, how much can I be approved for the first time?

Bankeroo offers loans to approved new customers of up to 1000$. To show we value your business, if you repay on time or early, you are eligible to borrow more money and benefit from our unique points system. For more information, please visit our Bankeroo Jump page.

What makes Bankeroo different?

Two words - Bankeroo Jump!

Unlike most lenders, we believe in rewarding repeat customers with lower interest rates. Other lenders will charge you the same rate even if you have repaid a previous loan on time. At Bankeroo, we value your business. This is why we created our unique points system that allows you to apply for more money at better rates. Check out our Bankeroo Jump page for more details.

What is Bankeroo’s privacy policy?

Your personal information is not only important to you, but to us as well. We take security and privacy very seriously at Bankeroo. In order to protect you and your data against fraud and theft, we use bank level encryption and our systems are regularly tested by our team and third-party agencies. For more details, please check out our Privacy Policy.

What does Bankeroo do with my information after my application is processed or declined?

Under federal and provincial law, we are required to maintain the personal and financial information that you provide us as part of the loan application process, whether you completed the loan application or not. This is to make sure that we are engaging in fair lending practices. Don’t worry, we never share or sell your information to third parties.

What are the risks of borrowing from Bankeroo?

We understand that the process can be a little overwhelming. However, the general risk of borrowing with us is the same as the risk of borrowing from any other lender. The most important thing you need to consider is whether the repayment terms are affordable to you.

Although the risks of borrowing with Bankeroo are the same as with any other lender, our advantages are far greater. We value your business and want to reward you for repaying your loan on time or being a returning customer. This is why we have created the Bankeroo Jump rewards program..

How can I submit a complaint or give feedback?

We are always looking to improve our operations. If you have any feedback, good or bad, please Contact Us.

Do you have any retail stores?

Bankeroo is a 100% online business with no retail stores. Our decision to operate solely online was to be able to provide our customers with a fast and private service from the comfort of their home.

How is Bankeroo regulated?

As a consumer lender, we face some of the toughest legislation and consumer protection laws out there. Not only do we have to abide by federal regulations, but each province has rules to help protect YOU! To check out our license to operate in your province, please see our Legal section.

How can I submit a complaint or give feedback?

We are always looking to improve our operations. If you have any feedback, good or bad, please Contact Us.

Bankeroo Jump

How does the Bankeroo Jump work?

It’s quite simple, we want to reward financially responsible borrowers. We offer our clients points through our unique rewards program every time they pay a loan early or on time. Our borrowers will jump through the 5 different categories to receive larger loans at better rates. To find out more, check out our Bankeroo Jump page.

How do you earn points with the Bankeroo Jump?

Earning points has never been easier. We offer every client “welcome” points with their first Bankeroo loan. After that, each time you pay your loan on time or early you will earn additional Bankeroo points.

Can I lose points on the Bankeroo Jump?

The only way you can lose points is if you fail to repay your loan on time. Our goal is to avoid this from happening, so if you feel that you will be unable to repay on time, please contact us at customercare@bankeroo.com.

Can my Bankeroo points expire?

Your Bankeroo points do not expire.

Application

How do I apply?

It’s super easy. You can apply for one of our loans by completing our online application at whatever time works best for you, it is open 24/7. Within minutes of submitting your application, we will let you know if you have been approved. If you are having trouble completing or submitting your application, please check our Contact Us page, one of our agents will be happy to help you.

Our Installment Loans are only available to our Platinum and Prime customers who’ve earned enough points through our Bankeroo Jump rewards program.

What makes for a successful application?

Bankeroo offers loans to financially responsible people. Yes, a credit history is important but we also look at other factors. Through our comprehensive underwriting process, we look at your cash flow, debt-to-income ratio and saving habits and all within minutes of applying. We want your loan to be approved, so please be sure to provide us with the most up-to-date information concerning your education and employment. Check out our How It Works page for a few of the basic requirements. Some reasons that we may not be able to approve your application are:

  • You have a history of missing a few payments
  • You are using our loan to pay off an existing payday loan
  • Your income does not support your everyday expenses along with our Bankeroo loan

What are the steps in the Loan Application Process?

In order for you to better understand how we work, please take the time to review the following steps in our unique application process:

  1. Personal Details: You will be asked to enter basic information about the loan you are seeking to take out. This helps us better understand the nature of your needs. During this step we will also ask you to enter your personal information in order for us to properly verify your identity, since we do not have any physical branches where we can do so in person. We also want to know about your educational background in order to properly assess your growth potential.
  2. Address Details: In order to access all your information, we will need your current address.
  3. Employment Details: Here you can enter all of your employment details. Doing so helps us ensure that this loan is right for you.
  4. Banking Details: When you link your financial accounts to your Bankeroo profile, we are able to view the transaction and balance history, not make charges. Connecting your accounts enables us to verify the information provided in your application as well as perform calculations that are critical to our review process

Why is the Bankeroo application process so comprehensive?

We at Bankeroo understand that every person is different when it comes to their finances. Rather than just look at your credit score, we use your educational and employment history, as well as data from your financial accounts, to better understand you as an individual. The better we know you, the better we’re able to deliver personalized rates and savings.

How long does the loan application process take?

The loan application process should take you no more than five minutes with an instant decision in most cases. We know you need your money quick and so we built an online application process that can deliver!

What documents do I need to provide to apply for a Bankeroo Loan?

The application requires some personal information (such as your address, income and social security number), as well as your banking information, which must be with a Canadian bank that can accept electronic transfers. We pride ourselves on being a 100% online application, therefore you do not need to fax, scan or send us anything. We do all the work!

Why do you need my Social Insurance Number ?

There are two reasons we would need your Social Insurance Number. First, Bankeroo does a credit check on all our applicants. And secondly, for your security, we want to make sure that your identity is properly verified. Rest assured, this information is always kept secure and confidential. Just check out our Privacy Policy for more details.

Why didn’t I get any identity verification questions?

If your file has a flag on it (for example, if you have reported your wallet stolen), you may be prevented from seeing the verification questions. This is for security purposes. You might want to contact Equifax Canada to make sure that there are no alerts on your file. You can contact Equifax at -1-800-465-7166.

I answered the questions and got the message that you weren’t able to verify my identity, what do I do?

If you have answered the identity verification questions but were not successful, we are unable to complete your loan application. This is for your security, as we could not properly identify you. Please Contact Us so we can complete your application.

How much can I borrow, how long will I have to pay it back and how much will the loan cost?

All of this depends on your province’s laws and regulations, your eligibility and other factors. We at Bankeroo believe that every borrower should be informed, so please check out our Rates and Notices to see the available loan amounts, duration and cost of borrowing in your province before starting the loan application process.

How should I choose my loan amount?

You can set your loan amount by adjusting the loan slider on the Home Page. Once that’s done, select the "Start Your Application" button to get started. We want to make sure that your loan gets approved, so please keep in mind that your loan amount should represent no more than 30% of your monthly net pay. If we notice that your loan amount doesn’t meet our eligibility requirements, we will automatically adjust it and notify you.

What type of income do I need to qualify for a Bankeroo loan?

All income is good income. Any income that is deposited directly into your bank account can be used to qualify for one of our loans. This means that whether you are receiving a pension, an employment income or a child tax benefit, you can qualify for one of our loans.

Why do you need my income and employer information?

In order to complete your application process, comply with all laws and assess your eligibility for a new loan, we need to verify your income. No worries, you do not need to send us any paystub via an upload, fax or scan, just provide us with your employer’s name and type of employment and we will do the rest.

What kind of bank account is required to apply for a Bankeroo loan?

Bankeroo is proud to be a Canadian based company. In order to apply you will need a valid Canadian bank account that accepts electronic transfers.

Why does Bankeroo need to connect to my bank account?

When you link your bank account to your Bankeroo profile, you are providing us with a one-time read-only access to your financial transactions.

By linking your bank account, you are helping us verify the information you provided to us during your application, as well as perform calculations that are critical to our review process. This process is what sets us apart from everyone else and allows you to have an approval in minutes.

Don’t worry, we use bank level encryption and we will never share any of your information with any third party.

How soon after I get my first loan can I apply for a second loan?

We love your enthusiasm. To be eligible to apply for a new loan we must ensure that your previous loan has been fully repaid. Please check your eligibility by signing in to your account.

My application was declined. Would anything change if I asked for a lower amount?

We always recommend that when entering your loan amount its represents 30% to 50% of your net pay. During the application process, we will automatically notify you and adjust your loan amount if it does not meet our eligibility requirements. If you have been declined, we would not be able to approve your loan at this time. That doesn’t mean that we don’t want to help, please check out our Bankeroo School to see other options available to you.

How quickly can I receive my funds?

Bankeroo partners with the most reputable financial institutions and uses the fastest tools in the industry to ensure you get the speediest service possible. Once your loan has been approved, rest assured that the funds are on their way and will be deposited into your account by direct deposit. Remember, funding times vary by financial institution but typically, it ranges from one hour to a couple of hours. To help you better understand the delays, please see the chart below.

Application Approved Before 2pm EST After 2pm EST
Monday to Thursday Same Day Deposit Evening or Overnight Deposit
Friday and Saturday Same Day Deposit
Sundays and Holidays Next Business Day Deposit

Repayment

How does Bankeroo take my repayment?

Don’t worry, we have set up a pre-authorized payment during your loan application process. The funds will be automatically debited from the account details you provided.

Can I make a payment toward my Bankeroo loan using my credit card or savings account?

Unfortunately not, we will only accept payments from your checking accounts.

Can I repay my loan early?

Absolutely! We at Bankeroo encourage our customers to pay back their loan in full or in part before the due date. In doing so, you qualify for benefits under our Bankeroo Jump rewards program. We do not charge any fees or penalties for full or partial repayments, but rather reward you! We at Bankeroo want to help you achieve your path to financial success. In order to make a payment, Sign In to your account.

What are the benefits from repaying my loan early?

All good behavior is rewarded. When repaying your loan early, not only are you eligible to benefit from our unique Bankeroo Jump rewards program and qualify for more money at better rates, but you are actually helping build your credit score. At Bankeroo, we are proud to report all your activity to the major credit bureaus to help you build a positive credit history.

I’m struggling to make my repayment, can I extend it?

We always encourage our customers to payback our loan on time or early in order to benefit from our unique point system with Bankeroo Jump. However, we understand that sometimes things can be tough. If you are unable to repay back on time, we ask you to Contact Us at least 3 business days prior to the repayment date at 1-888-863-4112 to discuss your options. Our team is here to help.

If you need tips on budgeting, please check out our Bankeroo School page.

What happens if I don’t repay my loan?

If you fail to repay your loan on the due date, we will contact you to arrange payment. If you really can’t pay, we will apply a 35$ dishonored payment fee and your account will be transferred over to our collections team. They will do their best to help you manage repayment. If, after 60 days, you have still not repaid your loan, we will forward your account to an external collections agency. We will all do our best to help you figure out a solution. If, however, you fail to cooperate, your credit score will be impacted for up to seven years, as will your relationship with Bankeroo.

What happens if my preauthorized repayment comes back NSF?

Unfortunately there is a fee of $50 to cover any non-sufficient funds (NSF). Please note, your financial institution might also charge you a separate NSF fee.

What are the late fees if I fail to repay my loan?

We are sorry to hear you are having trouble. Bankeroo provides standardized two month loans to ensure that this never happens and each client is able to build up some capital. If you are unable to pay back our loan on time, the following feels will be applied to your loan:

  • The annual interest for a late payment is calculated at 59% (APR) after the original due date of the loan.

Credit reporting

What is credit reporting?

We are committed to helping our customers build their credit history. We report all payment activity to all major credit bureaus. This means that repaying your loan on time may help you build positive credit history!

How does credit reporting affect me?

It can go two ways.

We will report all payment activity to the major credit bureaus. This means that full, on-time or early payments toward your loan may help you build positive credit history. On the flip side, late payments could hurt your credit score or damage your credit health. If you have any concerns about making your payments on time, the best thing to do is to Contact Us at 1-888-863-4112.

Check out our Bankeroo School to learn more about how credit scores are calculated and what steps to take to improve your score.

Does Bankeroo require a credit check?

During our automated loan application, we will pull your credit report in order to make sure that this loan is right for you. We don’t want to put you in more financial stress, after all, our purpose is to help and not hinder your way to success.

Can I access my credit report?

Unfortunately we are not able to provide a copy of your credit report, but you can always request a free credit report once a year from www.bankeroo.com

Installment loans

What is an Installment loan?

It’s quite simple, a Bankeroo Installment Loan is a $1,500 to $10,000 loan that you can pay back over 12 to 60 months. For your convenience, each payment will be automatically debited from your bank account.

How do I qualify for an Installment Loan?

We believe in rewarding our customers. As a loyal member of our Bankeroo Jump rewards program, you can qualify for our Installment Loan if you meet the following two requirements;

  1. You are Platinum or Prime member in our Bankeroo Jump rewards program
  2. Our advanced analytics has determined that the Installment Loan is right for you

Is there an application fee?

With our Installment Loans, Bankeroo will charge an administrative fee in the amount of 2% of the amount financed. The administrative fee is fully earned at origination.

Why are your borrowing costs cheaper than other lenders? What’s the catch?

Hate to break it to you, but there is no catch. We value your business and want to reward you for early repayments or simply choosing us again for a new loan. Also, we believe in giving our clients better rates through technology. Our 100% online platforms allow us to help you achieve financial success by submitting your application through our unique algorithm and underwriting process.

What if I miss an installment payment?

If you fail to repay your installment loan on the respective due dates, we will contact you to arrange payment. If you really can’t pay, we will apply a 35$ dishonored payment fee and your account will be transferred over to our collections team. They will do their best to help you manage repayment. If, after 60 days, you have still not repaid your loan, we will forward your account to an external collections agency. We will all do our best to help you figure out a solution. If, however, you fail to cooperate, your credit score will be impacted for up to seven years, as will your relationship with Bankeroo

I’m struggling make my installment payment, can I extend it?

We always encourage our customers to payback our loan on time or early in order to benefit from our unique point system with Bankeroo Jump. Failure to repay on time with result in no points. However, we understand that sometimes things can be tough. If you are unable to repay on of your installments on time, we ask you to Contact Us at least 3 business days prior to the installment date at 1-888-863-4112 to discuss your options. Our team is here to help.

If you need tips on budgeting, please check out our Bankeroo School page.

What are the late fees if I fail to repay my installment?

We are sorry to hear you are having trouble. If you are unable to pay back any installment on time, the following feels will be applied to your loan:

  • The annual interest for a late payment is calculated at 59% (APR) after the original due date of the loan.

Can I repay my loan or an installment early?

Absolutely! We at Bankeroo encourage our customers to pay back their loan or any installment in full or in part before the due date. In doing so, you qualify for benefits under our Bankeroo Jump system. We do not charge any fees or penalties for full or partial repayments, but rather reward you! We at Bankeroo want to help you achieve your path to financial success. In order to initiate the repayment early, please Contact Us.

What are the benefits from repaying my installment loan early?

All good behavior is rewarded. When repaying your installment loan early, not only are you eligible to benefit from our Bankeroo Jump system and qualify for more money at better rates, but you are actually helping your own credit score. At Bankeroo we are proud to report all your activity to the major credit bureaus therefore helping you build a positive credit history.

What happens if my preauthorized repayment comes back NSF?

Unfortunately there is a fee of $50 to cover any non-sufficient funds (NSF). Please note, your financial institution might also charge you a separate NSF fee.

My account

I forgot my password, how do I get a new one?

Don’t worry, its easy. Follow these 3 steps:

  1. Login to your account and click < reset password >
  2. Check your email
  3. Follow the instructions we have sent you on how to set a new password

Once completed, you will have full access to your account again.

How do I update my personal information provided during my initial online application?

We always want to be up to date on all your details therefore we have ensured that you can modify at any time your information in our secure member’s only area by logging in to your account.

How do I delete my Bankeroo profile or cancel my application?

We are sorry to see you go. To have your Bankeroo profile deactivated or to withdraw your application, please Contact Us via phone, email or chat during our business hours.

BANKEROO

Ready to get started? See for yourself why people choose Bankeroo.

BANKEROO

Ready to get started? See for yourself why people choose Bankeroo.