How it works
The co-borrower, explained from A to Z
Mon Petit Prêt is a Canadian company offering a co-borrower service to people who wish to obtain financing from $400 to $2,000. We are not the lender: we back your application.
The service
Three things to know before you apply
The loan co-borrower
Co-borrowing fees from $200 to $1,000 apply and vary with the chosen amount. No payment or advance is due when the contract is signed. An advisor can tell you the total applicable fees for the amount you have in mind.
The approval process
The review is based on the documents you provide, in order to assess your ability to repay. We use our own analysis techniques and expertise, so as not to impact your credit file.
Online micro-lending
A project, an unexpected expense or a bill to pay: the application is made online, simply, quickly and confidentially. The review looks at your ability to repay, not your credit history. Approval is never guaranteed.
The journey
From the form to the deposit, in four steps
Application form, bank verification and identity documents, lender contract, then funds deposit. Everything happens online.
- 01
Form
Complete the form
Answer every question on the online application form.
- 02
Verification
Bank verification and documents
Complete the instant bank verification requested in the portal, then provide the requested documents to confirm your identity.
- 03
Contract
Lender contract
If the file moves forward, the lender may send a contract for you to review before any signature.
- 04
Deposit
Funds deposit
After the signed contract is returned, the lender may deposit funds, usually by direct deposit.
Applications are online only. A repayment-capacity review is always required: approval is never guaranteed.
Our loans
Six representative products
The published amounts and their terms. Exact terms can vary with review and the lender.
Illustrative amount
$400
Select an amount to view the matching example.
Your example
$400
- Illustrative term: 3 months
- Debits every 2 weeks
- 6 illustrative payments
- Amount of each payment
- $104.45
- Interest
- $16.60
- Fee per transaction
- $0.50
- Final credit rate
- 24.50%
- Interac transfer (optional)
- $10.00
Approval is never guaranteed.
Products shown are examples only. They are representative but may vary. If approved and you choose an instant Interac deposit when offered, an extra $10 fee applies.
Eligibility
Basic eligibility criteria
These points guide the review. Meeting them does not guarantee approval.
01
Be 18 or older
02
Reside in Canada
03
Hold stable employment
04
Receive salary by direct deposit to a Canadian bank account
05
Have net income of at least $1,500 per month
06
Not have made a consumer proposal, debt consolidation, or bankruptcy within the last 30 days, and not be considering one of those steps within the next 6 months
Income sources not accepted
- Social assistance if net income is under $1,500 per month
- Child support
- Student loans and bursaries
Possible reasons for refusal
- Missing instant bank verification (IBV)
- Bank account too recent
- Incomplete documents for review
- Eligibility criteria not met
- Debt-to-income ratio too high
- NSF or stop payment
- Other reasons deemed appropriate
Ready to send your application?
The form is completed online, at your own pace. A human answer stays available during business hours.
We are not the lenderApproval is never guaranteed.