Break the Cycle of Debt
Financial stability with an Escalator Loan
Stuck in the predatory (Payday) loan system? See how the DUCA Impact Lab can help with a personalized debt re-payment loan.Contact Us
The DUCA Impact Lab is a registered charity established by the DUCA Financial Services Credit Union Ltd. The mission is to bring better banking to all, including helping individuals break free from predatory lenders. After a successful pilot program, the Impact Lab looks to expand their reach and help even more Canadians. Learn more at www.ducaimpactlab.com.
Let us help you break free of the Payday loan trap so you can better manage your personal finances and debt obligations:
Unlike the exorbitant interest rates and fees associated with Payday loans, the Escalator Loan has no hidden fees or penalties.
Each Escalator Loan has a flat rate of Prime +8%, a rate much lower than that of predatory lenders.
Borrowers who make payments on time receive a rebate equivalent to a 2.00% reduction on the interest rate.
|Pre-Escalator Loan||Escalator Loan|
|Principal||Pre-Escalator Loan$4,000||Escalator Loan $4,000|
|Interest Rate (APR)||Pre-Escalator Loan46.93%||Escalator Loan 13.45%**|
|Term||Pre-Escalator Loan5 Years||Escalator Loan 2.5 Years|
|Monthly Payment||Pre-Escalator Loan$217.29||Escalator Loan $157.74|
|Total Payments||Pre-Escalator Loan$13,027.38||Escalator Loan $4,732.28|
|Total Interest Costs||
Pre-Escalator Loan $8,027.38
More than DOUBLE
the borrowed principal
|Escalator Loan $732.28|
|Rebate to Borrower||$113.58|
**Rate example only
This Escalator Loan Borrower reduced the following:
*Criteria to qualify for an Escalator Loan:
Willingness to complete a phone assessment and the DUCA Impact Lab Cash Flow Tool
Have existing high interest debt (outside of the DUCA Credit Union)
Debt cannot exceed $18,000
Must be a Canadian citizen or Permanent Resident
Not available in Quebec
Cannot have undischarged bankruptcy
Cannot have outstanding child support without a payment plan in place
Cannot owe money to the Canada Revenue Agency without an approved payment plan in place