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 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!
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 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.
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.
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.
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 and Flinks as online bank verification service providers.
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 hello@foracredit.ca.
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.
Fora Credit reports account statuses as well as all payment activity (including payments made on time, missed payments, return payments, etc.) 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 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.
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.
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.
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.
If you are eligible, the PPP provides the following coverages:
*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.
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 | $600.00 | 1 | 0.00049 | $0.30 |
2 | $600.00 | 1 | 0.00049 | $0.30 |
3 | $400.00 | 1 | 0.00049 | $0.20 |
4 | $400.00 | 1 | 0.00049 | $0.20 |
5 | $700.00 | 1 | 0.00049 | $0.35 |
6 | $700.00 | 1 | 0.00049 | $0.35 |
7 | $700.00 | 1 | 0.00049 | $0.35 |
8 | $700.00 | 1 | 0.00049 | $0.35 |
9 | $700.00 | 1 | 0.00049 | $0.35 |
10 | $700.00 | 1 | 0.00049 | $0.35 |
Premium Charge for Billing Cycle (plus applicable taxes) | $3.09 |
DoBC: Day of Billing Cycle
General exclusions from the coverage include:
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.
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.
On the sooner of
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.
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.
The PPP is designed to complement any existing protection by providing coverage in addition to any other coverage you may have.
To make a claim, follow these steps to contact Trans Global Insurance:
To make a complaint, follow these steps:
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.