1. General
TrueLoan is a digital platform that connects men with licensed financial institutions to assist in loan applications.
We do not offer investment schemes, accept public deposits, or operate as a chit fund. TrueLoan acts solely as a facilitator between borrowers and lenders.
2. Eligibility
Use of this Platform is restricted to men aged 21 years or older who are legally capable of entering into binding contracts under Canadian law.
3. Account Responsibility
To access certain features of the Platform, you must create a registered account.
You are solely responsible for maintaining the confidentiality of your login credentials and for all activities conducted under your account.
If you suspect unauthorized use, you must notify us immediately.
4. Privacy
We collect, use, and process your personal data in accordance with our Privacy Policy.
By using the Platform, you consent to the collection and processing of your data as outlined in that policy.
5. Payment Protection Insurance (PPI)
TrueLoan may offer Payment Protection Insurance (PPI) along with your loan.
PPI helps cover your loan repayments if you are unable to work due to illness, injury, or unemployment.
Coverage terms and eligibility criteria vary and are governed by the insurer’s policy documents.
6. Use License
You are granted a limited, non-exclusive, non-transferable license to use the Platform solely for personal, non-commercial purposes.
Any unauthorized, fraudulent, or commercial use is strictly prohibited.
7. Prohibited Use
You agree not to use the Platform for any of the following activities:
Engaging in illegal or fraudulent acts
Harassing, threatening, or harming others
Uploading or distributing malware, viruses, or spam
Collecting or misusing others’ personal data
Misrepresenting your identity or loan eligibility
8. Suspension & Termination
TrueLoan reserves the right to suspend or terminate your account or access to the Platform at any time without prior notice if you violate these Terms or engage in fraudulent, abusive, or unlawful activity.
9. Third-Party Services
Our Platform may include links to third-party websites or services.
TrueLoan does not control or endorse such sites and is not responsible for their content, terms, or privacy practices.
10. Credit Information
By submitting a loan application, you consent to TrueLoan accessing your credit report or credit score from authorized credit bureaus, including CRIF, Equifax, or TransUnion.
You may withdraw this consent at any time by contacting our support team.
11. Limitation of Liability
TrueLoan shall not be liable for any indirect, incidental, or consequential damages arising from the use or inability to use the Platform or related services.
Loan approval, amount, and disbursement are not guaranteed and are subject to lender evaluation.
12. Indemnification
You agree to indemnify, defend, and hold harmless TrueLoan, its affiliates, directors, and employees from any claims, losses, liabilities, or expenses arising from your use of the Platform or any breach of these Terms.
13. Refunds & Cancellations
Once a loan has been disbursed, it cannot be canceled.
In case of overpayment, the excess amount will be refunded within 30 days of reconciliation.
14. Credit Score Improvement Program
If your credit score is below 700, you may participate in TrueLoan’s Credit Increment Program in partnership with recognized credit bureaus (Experian, Equifax, TransUnion).
Upon following the program guidelines and completing bank account verification, you may become eligible for loan approval within two hours.
Once the Credit Increment Program is completed, the transaction will be reflected on your credit report, improving your credit score.
Your loan amount will be disbursed within one hour after receiving the required security funds.
Failure to Repay
If you fail to complete repayments under the Credit Increment Program:
Your account may be frozen.
Your credit score may decrease by up to 100 points.
You may be blacklisted from obtaining loans from other financial institutions for up to two years.
Your account may be reported as negative to credit bureaus.
TrueLoan operates under the Better Business Bureau (BBB), Section C, Clause No. 1512, and follows direct deposit via wire transfer, typically processed within minutes.
15. Governing Law
These Terms and Conditions are governed by the laws of Canada.
All disputes shall be subject to the exclusive jurisdiction of the courts in Ontario, Canada.
16. Goods and Services Tax (GST) and Harmonized Sales Tax (HST)
Goods and Services Tax (GST)
The Canada Revenue Agency (CRA) administers the tax on behalf of the federal government.
Businesses collect the tax on their sales and then claim an Input Tax Credit (ITC) to recover the GST they paid on their own business purchases.
This system ensures the tax is ultimately borne by the final consumer, not by businesses in the supply chain.
Harmonized Sales Tax (HST)
The HST is a blended tax used in provinces that have combined their provincial sales tax (PST) with the federal GST.
The CRA collects and administers the HST for these provinces, then remits the provincial portion to the respective government.
The HST rate varies by province because each participating province sets its own provincial component.
Application of GST/HST to Loan Services
In Canada, GST or HST applies to the principal amount of a personal loan or interest charges.
The provision of financial services, including lending money and collecting interest, is classified under consumption taxes.
Fees Subject to GST/HST
Loan processing or administration fees – Fees a lender charges to process your loan application are taxable.
Loan cancellation charges – Penalties for cancellation of a loan are considered taxable services and are subject to GST/HST.
Late payment fees – Charges for missing a payment are also considered taxable services and are subject to GST/HST.
Documentation charges – Fees for preparing paperwork related to your loan may also be taxed.
17. Contact Us
For any questions, support, or account-related concerns, contact us at:
📧 admin@trueloans.ca