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.
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.
Interest is calculated based on the outstanding principal balance at an annual rate of 46.9%.
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!
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.
The Line of Credit from Fora is currently offered in Ontario and Alberta. 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.
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.
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.
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.
To be eligible for a Line of Credit from Fora, you must (at minimum):
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.
Unfortunately, we are unable to accept applications over the phone.
No, there is no cost to apply for a Line of Credit from Fora.
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.
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.
Yes, you will need an open and active personal bank account to apply for a Line of Credit. Business bank accounts are not accepted.
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.
We verify your banking information electronically through a secure online bank verification process that may be done in minutes.
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 as an online bank verification service provider.
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.
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.
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:
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.
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 firstname.lastname@example.org.
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.
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.
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.
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.
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.
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.
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.
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 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.
You will be sent an email when your statement is available in your online account. Previous statements are also available online.
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.