About Fora Credit

Fora is an online lender providing personal lines of credit to Canadians, catering to various financial situations. Their personal line of credit gives you the flexibility to access cash whenever you need it. With this open-ended credit product, you can withdraw funds from your available credit, repay what you’ve used, and withdraw again as needed.

Fora offers personal lines of credit with limits ranging from $1,000 to $10,000. The amount you’re approved for depends on several factors, including your financial profile.

Interest rates start at 19.9% and are only applied to the amount you actually withdraw, not the entire credit limit. Rates can range from 19.9% to 35% depending on your eligibility, underwriting, and creditworthiness. There are no additional fees, no origination fees, annual fees, withdrawal fees, or late fees.

Fora Credit FAQs

How Quickly Can I Get a Line of Credit?

Once you’re approved and request a draw, funds are usually deposited into your bank account the same day. However, the exact timing depends on your bank’s policies. For details on funding cut-off times, check the FAQs on Fora’s website.

How do Repayments work?

With a Fora Credit, you only pay interest on the amount you borrow, not your entire credit limit. If you have a balance, you’ll need to make minimum payments, usually in line with how often you get paid. Each payment helps reduce your principal balance, so you’re always paying down what you owe. You can also make extra payments anytime to pay off your Line of Credit faster, with no penalties for early payment.

Fora Credit Products

Line of Credit

Loan Amount

• $1,000-$15,000

Rates & Term Length

• Interest Rate: 19.9% – 35%
• Payment Schedule: Open Line of Credit

Service Details

• Loan Processing Time: Up to 24 hours or next business day
• Money Transfer Method: Direct Deposit
• Repayment Method: Automatic debit

Eligibility

• Over 18 years of age 
• Must be Canadian citizen or permanent resident
• Must have a active bank account 
• Must have steady income 
• Valid email and phone number 

Required Documentation

• Government-issued ID
• Proof of income