Magical Credit Reviews, Ratings And Fees
Monday to Friday 9:00 am – 5 pm
Who Is Parachute?
Established in 2022, Parachute offers a revolutionary concept in debt consolidation lending, one that helps Canadians achieve true financial well-being. Our three-step program empowers, educates, and rewards our customers. We offer the only loan where someone can leave with more savings than when they started. We offer debt consolidation loans from $5,000-$25,000 at interest rates of 24.99-29.99%.
What are the qualifications?
You may qualify based on the following criteria:
- 18 years or older
- Credit score 580+
- No bankruptcies, consumer proposals or judgments on bureau record
- Canadian Citizen or Permanent Resident of Canada, living in Ontario
- Gross annual income (before taxes) of $30,000 or more
- Employment with current employer for 6 months or more
- 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 (bank account where your pay is deposited) as we will need to connect to this account during our application process so that we can evaluate cash flow)
- 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)
How to apply
Applying with Parachute is fast and easy – everything is done online!
- Complete the pre-qualification process here with no impact to your credit score!
- If you are pre-qualified, we will send you a link to an online portal to provide the documents, above and answer a few more questions
- That’s it!
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!