FatCat Loans Help Centre: Frequently Asked Questions

Applying and eligibility

This section covers the most common questions borrowers ask before starting an application, including bad credit, bank account requirements, income, and why an application may be declined.

Do I need to pay any fees prior to obtaining my loan?

No upfront fees (at any stage in the process) are required to obtain ANY type of loan through us. Our service is completely FREE to use. There are no hidden fees whatsoever.

BEWARE OF FRAUDSTERS who pretend to be FatCat Loans, or ANY other lender on our panel that contacts you via email or phone asking you to pay them money/crypto-currency to get your loan paid out.

FatCat Loans or ANY of our lenders will NEVER ask you to pay ANY loan processing fees to provide you with a loan. DO NOT pay ANY fees or charges whatsoever to ANYONE (no matter how convincing they seem) if you are asked to do so.

Can I apply for a loan if I have bad credit?

Yes, you may still be able to apply for a loan if you have bad credit. Some lenders consider more than just your credit score and may also look at your income, affordability, banking activity, and overall financial profile.

That said, poor credit can affect the rates, terms, and loan products available to you. It may also reduce the amount you are offered or lead to stricter repayment structures.

Before applying, it is a good idea to compare the total repayment amount, not just whether you can get approved.

What to do next: Read our Bad Credit Loans page and use the True Cost of Borrowing Calculator before accepting any offer.

What do I need to apply?

You usually need basic personal, financial, and banking information to apply. This may include your full name, address, age, income details, employment status, contact information, bank account details, and the amount you want to borrow.

Some lenders may also ask for supporting information or verification documents, depending on the product and their internal checks.

What to do next: Make sure all details are accurate and up to date before submitting your application, as inconsistencies can slow down the process.

How old do I have to be?

You must generally be at least 18 years old to apply. This is the usual minimum age for entering into a credit agreement in Canada.

Individual lenders may have additional requirements, but being under 18 would normally make you ineligible.

Do I need a bank account?

Yes, in most cases you will need a Canadian bank account in your own name. Lenders often use this for both funding and repayments.

A bank account may also be used as part of affordability or identity verification checks.

What income types may be accepted?

Accepted income types vary by lender. Employment income is commonly accepted, but some lenders may also consider other regular income sources depending on their criteria.

The important point is usually whether the lender believes the repayments will be affordable based on your financial situation.

Why was my application declined?

An application can be declined for many reasons. These can include affordability concerns, lender risk criteria, incomplete information, unstable income, high existing debt, or a credit profile that does not meet that lender’s requirements.

A decline does not always mean every lender will make the same decision, but it is important not to apply repeatedly without first understanding whether the repayments would realistically fit your budget.

What to do next: Review your finances, use the Loan Calculator, and consider whether a smaller amount or different loan type would be more appropriate.

Credit checks and approval

This section explains how credit checks may work, whether applying could affect your credit score, and what lenders may look at when deciding how much to offer.

Will applying affect my credit score?

It may, depending on the lender and the type of check they carry out. FatCat Loans itself does not make a lending decision, but lenders may carry out checks if they proceed with your application.

Some lenders may use an initial soft assessment or other screening method, while others may carry out a harder inquiry at a later stage.

What to do next: Always read the lender’s terms carefully and ask what type of check they use if that matters to you.

Do lenders use soft or hard credit checks?

That depends on the lender and the loan product. Some lenders may start with a soft credit review or alternative risk check, while others may perform a harder inquiry when making a final lending decision.

Because practices vary, borrowers should never assume all lenders use the same approach.

Does pre-qualification guarantee approval?

No, pre-qualification or matching does not guarantee approval. It may indicate that you fit certain broad criteria, but the lender still makes the final decision and may apply further checks.

Approval, rates, terms, and final loan amounts can all change after full review.

What affects how much I can borrow?

The amount you may be able to borrow depends on the lender and your financial profile. Lenders may consider income, affordability, existing debts, bank activity, credit history, and the type of product you are applying for.

Requesting a larger amount does not necessarily improve your chances. In many situations, borrowing only what you genuinely need is safer and more sustainable.

What to do next: Before applying, compare different borrowing amounts using the True Cost of Borrowing Calculator.

Loan costs and repayment

This section covers APR, the total cost of borrowing, upfront fees, repayments, early repayment, and what happens if you miss a payment.

What is APR?

APR stands for annual percentage rate. It is a standard way of expressing the yearly cost of borrowing and can help you compare loan offers more consistently.

However, APR is not the only figure you should check. You should also look at the total repayment amount, payment frequency, fees, penalties, and whether the repayment structure fits your budget.

What to do next: Use our True Cost of Borrowing Calculator and review official guidance on clear disclosure in financial documents.

What is the total cost of borrowing?

The total cost of borrowing is the amount you repay above the amount originally borrowed. This can include interest and, depending on the product, other fees or charges.

Many borrowers focus only on the monthly payment, but the total repayment figure is often the more important number when comparing options.

Are there any upfront fees?

No, FatCat Loans does not charge upfront fees to use the platform. If anyone claims to represent FatCat Loans and asks you to pay money before receiving a loan, that is a major warning sign.

What to do next: Read our Fraud Alert page immediately if you are unsure whether a message is legitimate.

How are repayments made?

Repayment methods vary by lender. In many cases, repayments are collected directly from your bank account on scheduled dates, but exact arrangements depend on the lender and product.

Always read the lender’s agreement carefully so you understand the payment dates, frequency, and consequences of missed payments.

Can I repay early?

Some lenders allow early repayment, but this varies. Some products may let you repay early without penalty, while others may include conditions or charges depending on the agreement.

What to do next: Check the lender’s terms before accepting if repayment flexibility matters to you.

What happens if I miss a payment?

Missing a payment can lead to extra fees, additional interest, collection activity, and harm to your credit profile. The exact consequences depend on the lender and the product.

This is why it is essential to compare the full repayment schedule before accepting any loan and to only proceed if the payments are genuinely affordable.

What to do next: Compare the total repayment, not just the monthly figure, and use the calculator before you accept any offer.

Timing and funding

This section explains how quickly funds may arrive after approval, what can delay them, and why borrowers should be careful about guarantees or overpromises.

How quickly can I get my money?

Funding time depends on the lender, your bank, the time of application, and whether additional verification is needed. Some lenders may fund on the same day in certain cases, while others may take longer.

Fast funding should never be the only thing you compare. The full cost and repayment structure matter just as much.

Is same-day funding guaranteed?

No, same-day funding is not guaranteed. Even where fast funding is advertised, actual payout timing may still depend on verification, bank processing times, weekends, holidays, and lender cutoffs.

What can delay payout?

Common delays include incomplete application details, identity checks, bank processing times, and applications submitted outside normal business hours.

What to do next: Submit accurate information and do not rely on funding speed alone when comparing offers.

Product understanding

This section helps borrowers understand the main differences between the loan products they may see on sites like ours.

What is a personal loan?

A personal loan is usually a lump-sum loan repaid over a fixed term in scheduled payments. These loans are often used for debt consolidation, emergency expenses, planned purchases, or other one-time financial needs.

Learn more about Personal Loans

What is an installment loan?

An installment loan is a loan that is repaid in scheduled installments over time. The payment structure is usually defined in advance, although the exact terms vary by lender.

Learn more about Installment Loans

What is the difference between a personal loan and a line of credit?

A personal loan usually provides a fixed amount up front, while a line of credit is revolving credit. With a line of credit, you can borrow, repay, and borrow again up to your approved limit.

These products can differ significantly in both flexibility and cost structure.

Learn more about Lines of Credit

Can I use a loan for debt consolidation?

Yes, in some cases a loan can be used for debt consolidation. Borrowers sometimes use personal or installment loans to combine existing debts into one structured repayment.

However, consolidation is only beneficial if the new structure is genuinely more manageable and does not create more long-term cost.

Learn more about Debt Consolidation Loans

Safety and trust

This section addresses borrower safety, how to spot scams, and how to verify whether a loan message or lender appears legitimate.

How do I know if a lender is legitimate?

A legitimate lender should clearly explain the loan terms, costs, repayment structure, and contact details before you commit. Be cautious if anyone guarantees approval, pressures you to act immediately, uses unofficial email addresses, or avoids giving clear written terms.

How do I avoid loan scams?

The most important rule is never to pay money upfront for the promise of a loan. Scammers often create urgency, use unofficial communication channels, or ask for payment by unusual methods such as gift cards, crypto, or transfers.

What to do next: Read our Fraud Alert page and review official consumer guidance from the Financial Consumer Agency of Canada.

Will FatCat Loans ever ask me for money upfront?

No, FatCat Loans does not ask borrowers to pay money upfront to use the platform. If anyone claims to represent FatCat Loans and asks for advance payment, treat it as suspicious and stop engaging until you verify it through official channels.

What to do next: Contact us through our Contact Us page if you are unsure.