Vancity Fair and Fast Loan™
Borrow $100-$2,500 at 19% fixed APR. Fast approval based on your income, not credit score. Flexible terms with no penalty for early repayment.
About the Vancity Fair and Fast Loan™
Vancity’s Fair and Fast Loan™ is designed for those who need money quickly and worry about their credit history. Borrowers may access between $100 and $2,500 with approval based on income alone.
The fixed interest rate for this loan stands at 19% APR. Terms range from 1 to 2 years, offering predictability and straightforward repayment planning.
Importantly, there is no credit check during the approval process, which makes it accessible for individuals who might not qualify elsewhere. This loan is targeted as an alternative to payday loans.
Borrowers can have up to two active Fair and Fast loans at once, provided each has an outstanding balance. Any more than two active loans disqualifies new applications.
No penalties for early repayment mean you can save on interest by paying your loan back faster if possible.
How to Apply: Step-by-Step
Applying for the Vancity Fair and Fast Loan™ is a straightforward process that prioritizes speed and simplicity. Here are the basic steps involved:
- Log in to your Vancity account online
- Select the Fair and Fast Loan™ application
- Input your basic information and current income
- Choose the loan amount and repayment schedule
- Receive your loan in as little as 10 minutes if approved
This digital-first process ensures you get access to funds rapidly when you need them most, without unnecessary waiting or paperwork.
Pros of the Vancity Fair and Fast Loan™
One of the standout benefits is the lack of a credit check, allowing borrowers with less established credit to access necessary funds.
The process is greatly streamlined and quick—approved funds can be deposited to your account in minutes, which is faster than many traditional lenders.
Cons of the Vancity Fair and Fast Loan™
The interest rate is higher than some personal loans, making this option more expensive over time, especially for larger amounts or longer terms.
Additionally, eligibility is restricted to those with verifiable income, and borrowers are limited to two concurrent active loans.
Verdict: Is It Worth Considering?
For those who need a fast influx of cash but want to avoid the pitfalls of payday lenders, Vancity’s Fair and Fast Loan™ serves as an accessible option.
While rates are above some personal loan products, the fast approval and lack of credit check offer substantial advantages to those in need of emergency funds.
