About Parachute

Parachute offers a unique debt consolidation loan designed to help Canadians become genuinely debt-free — not just restructure what they owe. On a $25,000 loan over a 5-year term, borrowers can earn and save up to $20,000 through Parachute’s combination of low rates, no fees, and a cashback rewards program. The entire application process is completed online.

Are There Any Fees?

No. Parachute charges zero fees — no origination fees, no early repayment fees, and no hidden charges of any kind.

Why Choose Parachute?

Parachute offers lower APR than most competing debt consolidation lenders, no repayment penalties, and an online account borrowers can manage themselves. What genuinely sets Parachute apart is the credit-building support built into the loan process — Parachute actively engages borrowers with recommendations to improve their credit score throughout the loan term, and rewards that progress with up to 10% cashback on the total loan value.

Qualifications

• 18 years or older
• Credit score between 600 and 700
• No bankruptcies, consumer proposals, or judgments on file
• Canadian citizen or permanent resident
• Gross annual income of $30,000 or more before taxes
• Canadian bank account
• Note: Parachute’s debt consolidation loan cannot be used for student loans, mortgages, or car loans

Documents Required

• At least 2 most recent pay stubs
• Most recent statements for all debts to be consolidated
• Identification of primary bank account
• 2 pieces of government-issued ID

Parachute Products 

Debt Consolidation Loan 

Loan Amount

• $3,000 – $25,000

Rates & Term Length

• Interest Rate: 24.99% – 29.99% APR
• Payment Schedule: 30 or 60 months

Service Details

• Loan Processing Time: 24 hours
• Money Transfer Method: Pay out the creditors directly
• Repayment Method: Bi-weekly & Monthly

Eligibility

• Must be a Canadian resident or Permanent Resident
• Salaried income over $30,000
• Credit score between 600 and 700
• No bankruptcy, Consumer Proposal, or judgments on credit report

Required Documentation

• 2 paystubs
• 2 pieces of ID