Products

Concord Line

At Concord Lending, we offer a fresh take on making credit more affordable, transparent and convenient. With this philosophy in mind we’re proud to introduce Concord Line, a flexible, modern and innovative way to borrow money.

Instead of pulling applicants credit, we use our advanced analytics to assess each applicants cash flow based on their bank account history, reducing the negative impact of credit seeking for the applicant. After we perform the assessment, we pre-approve you for up to $1000.

At this point you may choose to request any amount you need up to the full approved amount. The requested amount is deposited in your account within three days. You only pay a 5% transfer fee on the amount requested and have until the 25th of the next calendar month to repay. Should you be unable to pay on time, for any reason, you’ll be billed a $10 late fee on the 25th of the following month.

Once the balance is paid, you may request more funds at any time, up to the original approved amount, without having to go through the approval process, the Line is always available.

The Line seamlessly replaces such high cost lending options such as high interest Credit Cards, and bank account overdrafts. It can help avoid costly NSF account changes and is handy for last minute purchases. The entire money management process is handled via SMS text messages. Send text commands into our system via their mobile phones to pay off their balance or request more money. For example, text PAY to our portal and the system will automatically send back confirmation, stop late charges, and bill the balance to your bank account on the nearest 25th. Should you need more money, simply text GET followed by an amount required, and the funds are transferred to your bank account.

The Line is a revolutionary approach to borrowing that will render such unsavory lending options such as payday loans or high-interest instalment loans obsolete. Concord Lending is committed to making borrowing approachable and transparent and the Line is a major step in that direction.

Concord Save

Credit is an essential part of life in Canada. From daily necessities such as renting a vehicle, to momentous events such as buying a home, credit underpins a whole array of consumer choices. At Concord Lending we realize the significance of having solid credit history. It opens doors to cheaper and better financial products and broadens the spectrum of consumer options in nearly every segment of the market. Building credit, however, is not always easy.

The only way to (re)build credit is to get credit, and with issues such as delinquent debt, proposal or bankruptcy, it may be difficult to re-establish one’s financial credibility, as getting approvals can seem impossible. Secured credit cards are one great option to start rebuilding, however, they do require upfront security funds and come with hefty interest rates. At Concord Lending, we offer a simple, affordable and innovative option to build credit while putting money aside.

The product is called a savings loan, or Concord Save in our marketing terms. Once you apply for our savings loan and meet our affordability criteria, we commit the $2000 loan amount to a secured savings account where is sits collecting interest. You then begin to make payments towards the $2000 loan, which can be made weekly ($12.82), bi-weekly ($25.64) or monthly ($55.56). A good payment record may positively affect your credit standing. At the end of the 36 months term, you gets access to the funds in the secured savings account plus the interest accrued over the term minus our administration charge. Providing payments are made on time you will have built up savings and improved your credit standing. This simple and cost-effective option is ideal for people coming out of bankruptcy or proposal. Designed to prioritize clients’ needs, Concord Save facilitates credit improvement, budgeting and payment discipline in an affordable and transparent package.

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