FAQ
Do you qualify for a Loan?
Frequently asked questions
No, Grassroots is not a Payday Lender. When you request a Payday Loan, you have to pay the full amount of your loan plus interest on your next Payday. Grassroots offers a 3 month repayment period with 3, 6 or 12 payments depending on the frequency of your Paydays.
In the case of insufficient funds, a $30 fee applies. A payment can be delayed by paying an administrative fee of $20.
A void cheque can be sent and we will modify the information for you.
It may take up to 24 hours to receive your loan.
For first time customers your loan will not exceed $500. The first renewal you may borrow up to $600, the second up to $750 and the 3rd and 4th $850.
If you miss a payment our collection agents will contact you to arrange your payment situation.
We must receive the borrowed money within 48 business hours, by interac or pre-authorized debit and your loan will be cancelled once we receive the payment.
Our lending partners offer an annual interest rate of 20%.
18 years or older
Canadian citizen
Have a steady job – at least 3 months
Low short-term debt ratio
Must not be under an undischarged bankruptcy or plan to do so
Monthly income of at least $1,200
Have a Canadian bank account for direct deposits for at least 3 months