Who is Fora?

Fora is an online lending institution specializing in providing personal lines of credit to individuals across various financial backgrounds in Canada. With Fora's personal line of credit, borrowers enjoy the flexibility to access funds on demand, aligning with their financial needs. The offering is an open-ended credit solution, allowing customers to withdraw funds from their available credit, repay the borrowed amount, and even make subsequent withdrawals as necessary.

Currently catering to residents in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Ontario, and Saskatchewan, Fora has plans to extend its services to additional provinces in the near future.

Fora's Offerings

Presently, Fora provides personal lines of credit (open-ended) with credit limits ranging from $1,000 to $10,000. The approved credit limit is subject to various factors, including the applicant's financial profile. The interest rate starts as low as 19.9% and is applied solely to the withdrawn funds, not the entire credit limit. Actual rates may vary, ranging from 19.9% to 46.9%, and are contingent upon eligibility, underwriting, and creditworthiness. The product is devoid of additional fees, encompassing origination, annual, withdrawal, and late fees.

For those carrying a balance, minimum payments, comprising interest and principal, are required by each due date.

How to Apply for a Personal Line of Credit with Fora?

Procuring a line of credit from Fora entails the following steps:

Step 1: Application Submission

Complete a brief online application on Fora's website, a process that takes just minutes. You have the option to apply for a credit limit ranging from $1,000 to $10,000.

Step 2: Approval Process

Fora will review and authenticate the information provided in your application, including bank account and income details. Familiarize yourself with the agreement's terms to ensure comprehension of the contract and your responsibilities.

Step 3: Access to Funds

Upon approval, you gain access to your line of credit. You can withdraw funds as needed, up to your credit limit.

How to Withdraw Funds from Fora's Line of Credit?

To withdraw funds from your Fora line of credit, access your account online, initiate a "Request a Draw," and specify the desired withdrawal amount. The funds are typically deposited into your bank account on the same business day.

Eligibility Requirements for Fora's Line of Credit

To qualify for a Fora line of credit, meet the following criteria:



1. Canadian citizenship or permanent residency
2. Age of majority in your province or territory of residence
3. Active personal bank account
4. Stable source of income
5. Income received through direct deposit
6. Valid email address and phone number
7. Additional Documentation that May be Needed

In certain cases, Fora may require supplementary documentation to verify identity or financial standing, such as:

1. Bank account documents (e.g., void cheque)
2. Proof of identity (e.g., passport or driver's license)
3. Proof of residence (e.g., utility bill)
4. Recent pay stubs or bank statements (within 30 days)

Cost of Fora's Line of Credit

Fora's annual interest rate starts at 19.9%, calculated on a daily basis against the outstanding principal balance for each billing cycle. The actual rates, ranging from 19.9% to 46.9%, are subject to eligibility, underwriting, and creditworthiness. Interest is solely applied to the utilized credit, not the entire credit limit.

Minimum Payment Requirement

Upon withdrawing funds from your Fora line of credit, adhering to minimum payments on each due date is necessary.

Paying Back the Borrowed Amount

Fora's line of credit operates on an open-ended basis, obviating the need to repay the entire borrowed sum at once. Satisfying minimum payments is essential to maintain account standing, though borrowers are free to make payments exceeding the minimum if desired.

Benefits of Fora

Fora offers several advantages, including:

Flexible access to funds from available credit

Robust security measures, utilizing 256-bit advanced encryption

Accessible customer support via telephone, text, or chat

Convenient online application, available anytime

Absence of additional fees, solely paying interest on utilized credit

Withdrawals and repayments as needed

Frequently Asked Questions

Q: Is employment mandatory for Fora's Line of Credit eligibility?

A: Employment is not obligatory; a consistent income source is required for payment capability.

Q: Can I access Fora's Line of Credit without a bank account?

A: An active personal bank account is necessary for eligibility.

Q: How will I receive funds from Fora?

A: Upon approval, funds can be requested and are deposited directly into your bank account, often on the same business day.

Q: How quickly can I access my funds?

A: Funds can typically be accessed on the same business day. Refer to Fora's website FAQs for detailed funding timeframes.

Final Thoughts

For those seeking flexible funds for immediate needs, a personal line of credit from Fora offers a streamlined solution. Unlike traditional loans with lengthy processing times, Fora's online application allows for convenient access to credit from the comfort of your home. Once approved, borrowers can manage their credit line through Fora's user-friendly platform, facilitating withdrawals, repayments, and subsequent draws as required.