FAQs

Are Diamond-loans a lender?

No, Diamond loans are not a lender, but a completely free online loan brokerage service. We collaborate with numerous financial partners, all of whom hold a money-lender's license issued by the Office of Consumer Protection.

When should I receive the money?

Generally, after the contract has been approved and signed, the loan funds are transferred via INTERAC e-Transfer in just a few hours!

Does my credit score matter?

No, our financial partners use Instant Bank Verification (IBV) to assess your ability to repay the requested loan. Therefore, even if you have experienced credit issues in the past, you can still apply for—and get approved for—a loan.

What annual interest rate should I expect?

The annual interest rate for loans varies depending on the partner lender and also depends on your personal financial situation.

Can newcomers/immigrants apply?

Absolutely, you can apply provided that you are over 18 years old, hold a valid Canadian bank account, and have a monthly income.

Is it still possible to be refused?

Yes, since loans are granted only if you meet the minimum conditions established by the Office of Consumer Protection (OPC), as well as the lender's basic criteria. Essentially, you must demonstrate your ability to repay the requested loan through an Instant Bank Verification (IBV).