Please ensure Javascript is enabled for purposes of website accessibility FAQs About the Line of Credit from Fora

FAQs

Can’t find what you’re looking for? Contact us.

What is a personal Line of Credit from Fora?expand_more

A personal Line of Credit from Fora is an open-end credit product that allows you to make draws, repay and redraw as needed, from your available credit3. If approved, you can access funds up to a specific credit limit.

What credit limits are available for a Line of Credit from Fora?expand_more

Credit limits range from $1,000 to $10,000. If your application is approved, your credit limit will be determined based on a number of different factors.

How much does a Line of Credit from Fora cost?expand_more

Interest is calculated based on the outstanding principal balance at an annual rate from as low as 19.9%5.

Additionally, there are no origination fees, draw fees, annual fees or late fees! With a Line of Credit from Fora, you only pay interest on the amount of credit you use, not on your approved credit limit. It’s the flexibility in a credit product you have been looking for!

How is a line of credit different than an installment or payday loan?expand_more

A line of credit is a form of open-end credit that has no fixed duration or term. This means that you can withdraw money from your available credit, up to your approved credit limit.

With payday and installment loans, you receive a single lump-sum of money up front. A payday loan is a traditional short-term loan that you pay back in full on your next pay date, while an installment loan is repaid in installments over time.

Is a Line of Credit from Fora available across Canada?expand_more

The Line of Credit from Fora is currently offered in Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, and Saskatchewan. Additional provinces and territories will be operational soon. Check back regularly to see if a Line of Credit from Fora is available in your area.

Why should I choose Fora?expand_more

Fora is an online lender that provides credit solutions to consumers in an inclusive and accessible way.

From the application process to the use of your account, your entire experience is online. Without the need to visit a storefront, you can complete the application in minutes. If your application is approved, receive any requested funds as soon as the same business day.

With Fora, there are no additional fees - no origination fees, no annual fees, no late fees.

To apply now, click here.

How can I contact Fora?expand_more

You can reach us by phone or online! Simply call our Fora Customer Care team at 1-888-899-FORA, or email us at service@foracredit.ca. You can also chat with us during our regular business hours or log into your online account to see important account information or request a draw.

What are your hours of operation?expand_more

For our hours of operation, visit our Contact page. You can apply for a Line of Credit from Fora or access your account online 24/7.

What is the web accessibility tool, UserWay?expand_more

UserWay is a leading web accessibility technology that provides an accessible interface to assist you in adjusting and customizing the website’s design for your individual needs. UserWay does not collect any personally identifiable information or behavioral data from Fora.

What do I need to qualify for a Line of Credit from Fora?expand_more

To be eligible for a Line of Credit from Fora, you must (at minimum):

  • Be a Canadian citizen or permanent resident with a valid government-issued identification;
  • Be a resident of and legal age of majority in the provinces/territories where a Line of Credit from Fora are offered;
  • Have an open and active personal bank account;
  • Have a consistent source of income;
  • Receive income through direct deposit; and
  • Have a valid contact number and an active email address.
How do I apply?expand_more

Applying for a Line of Credit from Fora is easy! Your entire application can be completed online from your desktop, tablet or mobile device. Click here to start your application – it only takes minutes.

Can I apply for a Line of Credit from Fora over the phone?expand_more

Unfortunately, we are unable to accept applications over the phone.

Are there any fees to apply for a Line of Credit from Fora?expand_more

No, there is no cost to apply for a Line of Credit from Fora.

Will applying for a Line of Credit from Fora impact my credit score?expand_more

When you apply for a Line of Credit from Fora or if your application is not approved, your credit score will not be impacted. If approved, a hard inquiry will appear on your credit report. This means that your credit report will indicate you have a Line of Credit from Fora4.

Do I need to be employed to qualify for a Line of Credit from Fora?expand_more

No, you do not need to be employed to be eligible for a Line of Credit. You are required to have a regular source of income to ensure you can make payments on your Line of Credit.

Do I need a bank account?expand_more

Yes, you will need an open and active personal bank account to apply for a Line of Credit. Business bank accounts are not accepted.

Do I need to verify my bank account?expand_more

Yes, we need to verify your bank account and income details. This process also ensures that when you request a draw, the funds go into the correct bank account.

How can I verify my bank account information?expand_more

We verify your banking information electronically through a secure online bank verification process that may be done in minutes.

What is online bank verification?expand_more

Online bank verification uses a secure portal to allow us to conveniently verify your bank account details and income deposit information online and in real-time. This tool will provide only certain information from your bank in a read-only format. At no time will your online banking login credentials, or any additional security responses, be shared with us by your bank. Currently, Fora uses DecisionLogic and Flinks as online bank verification service providers.

Why should I verify my bank information electronically?expand_more

Online bank verification is required to complete your application. Fora uses an online bank verification tool because it's a safe, convenient and quick way to verify your banking information.

How do I know my bank information is safe?expand_more

The security of your information is important to us. Verifying your banking information electronically protects your privacy and security by using 256-bit Advanced Encryption Standard (AES-256). Your username and passwords associated with your online bank are never displayed, viewed or stored.

What additional information may be required during my application?expand_more

If your application requires additional information, which we are unable to verify online or over the phone, you may be asked to provide some documentation.

Additional documents that could be requested include, but are not limited to:

  • Bank account supporting documents (e.g. void cheque)
  • Proof of identity (e.g. driver’s license)
  • Proof of residence (e.g. utility bill)

Please note that documentation such as pay stubs or bank statements must be less than 30 days old, and renewable documentation such as a driver’s license or other government-issued identification cannot be expired.

How do I upload documents?expand_more

To securely upload a copy of your document(s), log into your account, navigate to your Profile, scroll down and click on Upload Document. Next, select the document type and description, then choose the file you wish to upload.

You can upload most images and/or PDF files, up to 5MB in size. If you are required to provide multiple documents, you will need to upload each document individually.

Having trouble uploading your documents? You also have the option to email a copy to us at hello@foracredit.ca.

How will I know if my application is approved?expand_more

You will receive an email verification if your Line of Credit has been approved. You may also check your online account for the most up-to-date account information.

How will I receive my funds?expand_more

The process to receive funds is fast and easy. If your application is approved and you request a draw, your funds will be deposited right into your bank account.

When will I receive my funds?expand_more

If you’re approved and you request a draw before 12:30 pm ET Monday to Friday, funds will typically be deposited into your bank account the same business day, otherwise funds will be deposited the next business day. Remember, you can request a draw so long as you have available credit by logging into your secure online account3.

Funding cut-off times are subject to change. The date and time funds are made available to you by your bank are subject to your bank’s policies. If you require any assistance or for more information, contact Fora Customer Care at 1-888-899-FORA.

How can I access my available credit?expand_more

Log into your online account, click “Request a Draw” and enter the amount that you would like to draw3. If you are experiencing difficulties accessing your account, Contact us during our regular business hours.

Can I cancel my Line of Credit?expand_more

You may cancel your Line of Credit agreement until midnight ET one (1) business day from the date you are approved for a Line of Credit from Fora. To cancel, Contact us.

Note: you must repay any requested draws before your cancellation is complete.

Does Fora report to a Credit Bureau?expand_more

Currently, Fora does not report to credit bureaus. However, in the future, your account status may be reported to TransUnion, one of the major credit bureaus4.

What can I do in my online account?expand_more

Key features of your online account include:

Access credit when you need it3:
Request a draw through your account and get funds as soon as the same business day.

Make payments online:
Pay down your balance on the go or from the comfort of your own home using most debit or prepaid cards.

Access important information:
Securely view key details like balances, recent transactions, statements and your Line of Credit agreement.

How do I update my information?expand_more

You may update some of your information directly in your online account. If you need assistance, or are unable to update your details online, call the Fora Customer Care team at 1-888-899-FORA and we will be happy to assist you.

How do I repay my Line of Credit?expand_more

You will be issued a statement of account outlining your Minimum Payment and your Payment Due Date. If you choose to provide a Pre-Authorized Debit Authorization, your Minimum Payments will be automatically debited from your bank account.

You may also make payments with a debit or prepaid card by logging into your secure online account.

How much do I have to pay back?expand_more

How much you have to repay will depend on the activity on your account. For each billing cycle where you have an outstanding balance, you will have to make a Minimum Payment. Each Minimum Payment will include interest and a mandatory contribution towards your principal balance.

How will I receive a statement of account?expand_more

You will be sent an email when your statement is available in your online account. Previous statements are also available online.

Do I have to pay off my balance in full?expand_more

No, there is no set date you need to pay your balance in full by. As a Line of Credit from Fora is an open-end product, you are only required to make Minimum Payments if you have an outstanding balance. However, you can always make payments in addition to your Minimum Payments or pay off your balance in full at any time.

These frequently asked questions and answers are intended to help you determine whether the Fora Payment Protection Plan will meet your needs. These FAQs apply to customers who reside in the following provinces where the Fora Payment Protection Plan is available: Alberta, British Columbia, Nova Scotia, Ontario and Saskatchewan. For more information, you may view the Certificate of Insurance at https://transglobalinsurance.ca/insurance/other/ or click here.

What is the Fora Payment Protection Plan?expand_more

The Fora Payment Protection Plan is a comprehensive optional insurance plan available to Fora Line of Credit account holders who have requested the coverage, agreed to pay the premium, and continue to pay premiums on a timely basis. Coverage is underwritten by Trans Global Insurance company and Trans Global Life Insurance Company.

What does the PPP cover? expand_more

If you are eligible, the PPP provides the following coverages:

  • Involuntary Unemployment coverage: If you lose your job, the coverage could make up to 12 months of payments, based on your payment frequency, towards your outstanding line of credit balance. This coverage also extends to self-employed individuals.
  • Disability coverage: If you become disabled and unable to work, the coverage could make up to 12 months of payments towards your outstanding line of credit balance.
  • Critical Illness coverage*: If you or your spouse become diagnosed with a Critical Illness for the first time and survive that First Diagnosis for at least 30 days, the coverage will pay Fora an amount equal to the Outstanding Balance of your line of credit at the date of First Diagnosis of the Critical Illness, to a maximum of $10,000.
  • Death with Dismemberment coverage**: The coverage will pay Fora, on Your behalf, upon due proof of the death or dismemberment of You or Your spouse occurring after the Effective Date, and while You are covered under the Policy, an amount of insurance equal to Your outstanding line of credit balance at the date of death or dismemberment to a maximum of $10,000. If the death or dismemberment of You and Your Spouse occurs simultaneously, only one benefit will be paid.

*The Critical Illness benefit will be paid only once. When You are simultaneously disabled, involuntarily unemployed or involuntarily unemployed as a self-employed individual, you are entitled to benefits only under one coverage.

**Before the age of 65 (71 in B.C.), the Payment Protection Plan does not require that death arise from accidental circumstances. Beginning from age 65 (71 in B.C.) and thereafter, the PPP only provides coverage if death arises from accidental circumstances and death must occur within 90 days of the accident.

The Life and Dismemberment and Critical Illness coverages are available to the primary Borrower and their Spouse in all provinces except Quebec.

Who is eligible for the coverage? expand_more
  • A Fora Line of Credit primary account holder
  • A Canadian resident in the province of Alberta, British Columbia, Nova Scotia, Ontario and Saskatchewan, where the Fora Payment Protection Plan is available
  • A person at least 18 years of age
Who is covered? expand_more
  • The Life and Dismemberment and Critical Illness coverages are available to the primary line of credit account holder and their Spouse in all provinces except Quebec.
  • The Disability and Involuntary Unemployment coverages are available only to the Primary line of credit account holder in all provinces.
How much does the Fora Payment Protection Plan cost? expand_more

Your Premium Charge is determined by applying a monthly Premium Rate of $1.50 per $100 (or part thereof) to your Outstanding Principal Balance throughout each billing cycle (plus applicable taxes)*. In practice, this means the premium you are charged each billing cycle is the amount determined by adding the sum of the daily premiums during the billing cycle. Daily premiums are calculated by multiplying (i) the monthly rate converted to a Daily Premium Rate (“DPR”), by (ii) the End-of-Day Outstanding Principal Balance (“EoD – OPB”) of your Line of Credit. The Premium Charge will vary depending on the number of days in the billing cycle and the daily outstanding principal balance on your Line of Credit during the billing cycle.

*No premium is charged on any portion of your end-of-day outstanding principal balance that exceeds $10,000. Premium payment is waived when your premium charge at the end of the billing cycle is less than $2.

EXAMPLE:
John is a Line of Credit holder who was insured for ten (10) days during his billing cycle. The table below shows John’s EoD - OPB during the 10 days he was insured and how much insurance premium John will pay for the period insured.

DoBC EoD - OPB # of Days Daily Premium Rate (DPR)
($1.50/$100) x 12/365
Premiums
(EoD -OPB) x (# of Days) x DPR
1$600.0010.00049$0.30
2$600.0010.00049$0.30
3$400.0010.00049$0.20
4$400.0010.00049$0.20
5$700.0010.00049$0.35
6$700.0010.00049$0.35
7$700.0010.00049$0.35
8$700.0010.00049$0.35
9$700.0010.00049$0.35
10$700.0010.00049$0.35
Premium Charge for Billing Cycle (plus applicable taxes)$3.09

DoBC: Day of Billing Cycle

What are the exclusions and conditions of the coverage? expand_more

General exclusions from the coverage include:

  • intentionally self-inflicted injury;
  • attempted suicide;
  • drug, alcohol or solvent abuse;
  • the commission, or attempted commission, of an illegal act; or
  • military service, declared or undeclared war, or any nuclear, chemical, or biological contamination resulting from an act of terrorism.

For more information on coverage specific exclusions and conditions of coverage, please see a sample copy of the certificate of insurance at https://transglobalinsurance.ca/insurance/other/ or click here.

EXPECTED DURATION OF INSURANCE
When does the insurance start? expand_more

The effective date of the Payment Protection Plan is the date that Trans Global Insurance Company and Trans Global Life Insurance Company receives your application for insurance.

When does the insurance end? expand_more

On the sooner of

  • The next payment date after the Insured or the Company receive the Insured Debtor’s written request to end the insurance coverage.
  • The date that is thirty-one (31) days from the date the Insured Debtor has been given notice by the Insured or the Company of termination of this Policy.
  • The date when the Insured Debtor’s Financing Contract is terminated.
  • The date You are more than 30 days delinquent in making any required Payment towards Your Outstanding Balance; however, Your insurance coverage will be automatically reinstated when Your Payment obligations become current. For Weekly, Bi-weekly and Semi-monthly payment customers, it is the date You are more than 28 days delinquent in making any required Payment towards Your Outstanding Balance;

However, the insurance ends for all insured people in the event of death. See the Certificate of Insurance at https://transglobalinsurance.ca/insurance/other/ or click here for more details.

Can I cancel? expand_more

The Fora Payment Protection Plan is optional, and you can cancel it at any time. If you cancel within the first 30 days, the premiums you paid will be refunded to you. If you cancel any time after 30 days, you will not be entitled to any refund of premiums charged.

What if I already have other insurance? expand_more

The PPP is designed to complement any existing protection by providing coverage in addition to any other coverage you may have.

How do I make a claim?expand_more

To make a claim, follow these steps to contact Trans Global Insurance:

  • Call 1-844-930-6022 between 8:00 a.m. and 5:00 p.m. (MST)
  • Email clientcare@transglobalinsurance.ca
  • Via written notice to TRANS GLOBAL INSURANCE GROUP, Suite 275, 16930-114 Avenue, Edmonton, AB T5M 3S2.
How do I make a complaint? expand_more

To make a complaint, follow these steps:

  • If for some reason you are not satisfied with the resolution to an inquiry or dissatisfaction, please call 1-844-930-6022 between 8:00 am and 5:00 pm (MT), Monday to Friday.
  • Should you require more information regarding the Insurer’s complaint handling procedure, please visit Trans Global Insurance website to view the complaint resolution processes, which can be found at: https://transglobalinsurance.ca/resolving-complaints/
Who do I contact if I have questions about the Payment Protection Plan? expand_more

If you have any questions about this insurance coverage, contact Trans Global Insurance at 1-844-930-6022 or by email at clientcare@transglobalinsurance.ca. You may also contact a licensed insurance agent should you wish to seek specific insurance advice.

Didn’t Find What You were Looking For?

Chat With Us

login Log into your secure account to chat during regular business hours.

Text Us

Send a text message to
textsms 1-888-899-3672.

Standard data rates apply.

Speak With Us

Call our team at
call 1-888-899-3672.

Write To Us

Email us anytime at
send service@foracredit.ca