Parachute Reviews, Ratings And Fees

Who Is Parachute?

Parachute offers a revolutionary concept in debt consolidation lending, that helps Canadians achieve true financial well-being. We offer the only loan where someone can leave with more savings than when they started. In fact on a $25,000 loan you could earn and save up to $20,000 over a 5-year term.

Apply Now

Applying with Parachute is fast and easy – everything is done online!

Complete the pre-qualification process here with no impact to your credit score!

Are There Any Fees When You Get a Parachute loan?

No. We don’t have fees. Period.

Why choose Parachute?

Many Canadians choose to borrow through Parachute as our interest rates (APR) are lower than our competition, we have no early repayment fees, (frankly no fees at all), and accounts are easily managed online with you in charge. But we don’t stop there. Canadians choose Parachute because we go beyond just the debt consolidation loan process with you. We help you to get financially fit by engaging with you throughout the loan process with recommendations and exciting ideas to help you improve your credit score – and then we reward you with up to 10% (of your total loan value) CASH BACK for that hard work!

What are the qualifications?

  • You may qualify based on the following criteria:
  • 18 years or older
  • Credit score 600-700
  • No bankruptcies, consumer proposals or judgments
  • Canadian Citizen or Permanent Resident of Canada
  • Gross annual income (before taxes) of $30,000 or more
  • Available to residents of BC, AB, MB, ON, PEI, NL, NS, SK & NB
  • Canadian bank account
  • Debt consolidation loan is not for student loans, mortgages and/or car loan

What documents are needed?

  • Proof of income (at least 2 most recent paystubs)
  • Most recent statements for debts to be consolidated (e.g., on-line PDF or scanned
  • copy of most recent month’s credit card or loan statement, etc.)
  • Identification of primary bank account (where your pay is
  • deposited) You will connect this account during our application process
  • 2 pieces of government issued ID (Driver’s License or Provincial ID with photo plus one of Passport, SIN card, PR card, or Birth Certificate)


Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, and Saskatchewan