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FAQs

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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 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!

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 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.

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 as an online bank verification service provider.

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.

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