What is a Climb Savings Loan?
An investment vehicle designed to help you build up your financial savings while also rebuilding your credit score. Note: ClimbLoans is also referred to as a Climb Savings Loan or a GIC Savings Loan. They are all the same. We add Savings to emphasize that this is a Saving Plan in order to get you a loan. Thus, you save towards a financial goal amount which will be released to you upon completion, plus you improve your credit score along the way so that you can get later conditionally financed for a loan.
How are payments made on a Climb Savings Loan?
Payments are debited automatically through a pre-authorized debit from your personal bank account on a monthly basis.
Who holds the Climb Savings Loan?
Upon successful approval of your application, you will be automatically invested into an RBC GIC (Guaranteed Investment Certificate) Savings account. A copy of your certificate will be sent to you.
Can I choose the term and payment amount?
Yes. Dependent on your affordability, we will recommend an amount to maximize your savings and credit rebuilding period. We offer Climb Savings Loans from $1500 to $7500.
If this is a loan, why don’t I get the money now?
This is a secured savings loan designed to rebuild your credit score while investing savings in the future. Upon completion of the loan, the funds are released to you in full.
When will this show up in reports from the Credit Bureau?
We will send monthly reports to both Transunion and Equifax as an active installment tradeline to help build your credit score as quickly as possible. Once a payment is made, it can take up to 30 days to appear in your file.
Can I cash out my Climb Savings Loan early?
Dependent on the term and payment, you can access the equity that you have invested at any time. Contact us to find out the state of your Climb Savings Loan. However, keeping the program intact will continue to rebuild your credit score. If you are only a few months into the program and looking to cancel, you will need to adhere to our cancellation policy.
Would I qualify for a Climb Savings Loan if I haven’t been discharged from bankruptcy or finished making payments in my consumer proposal?
Yes. A ClimbLoan can help repair the damage done by a bankruptcy, consumer proposal, debt management or credit counselling. This is all dependent on whether you have the ability to make your monthly savings payments.
What is the interest rate for Climb Savings Loans?
Our interest rate is 15.99% – less than a typical credit card company and the best rate available for credit rebuilding loans.
Are Climb Savings Loans available across Canada?
Yes – with the exception of Quebec. We are working on changing that quickly to include Quebec residents.