Pay off your Consumer Proposal faster with the Encore Credit Recovery Loan.

The Recovery Loan is a five-year loan with a reasonable interest rate that is used to pay off your lump sum Consumer Proposal.

The Loan is designed to have about the same monthly payment as a standard five-year Consumer Proposal, but it allows you to rebuild your credit rating years faster so you can take charge of your financial life.

Below is an illustration of how the Recovery Loan compares to a Standard Consumer proposal:

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Compare the Encore Credit Recovery Loan and a standard Consumer Proposal

EXAMPLE: 

Total Unsecured Debt $48,000

standard consumer proposal Encore Credit Recovery loan
Standard proposal repayment terms 60 MOS Recovery loan repayment terms 60 MOS
Standard monthly payment $285 Principle & interest payment $285
Total amount of Consumer Proposal $17,100 Total amount of Recovery Loan to be repaid $17,100
Total Savings (not including interest) $30,900 Total Savings (not including interest) $30,900
Time on credit report 8 yrs Time on credit report 3 yrs

Don’t sit around on your bad credit rating a day longer than you
have to. Find out who is a candidate for the Encore Credit Recovery Loan.

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Features of the
Encore Credit Recovery Loan

EASY APPLICATION PROCESS

Simply complete the attached online questionnaire to see if you qualify.

QUICK APPROVAL PROCESS

Usually within 24 hours upon receiving your completed questionnaire, you will receive a conditional approval from us.

PAYS OFF YOUR CONSUMER PROPOSAL

Usually within 30 days of Creditor Acceptance / Court Approval (or roughly 3 months after you first meet your Trustee).

REPORTS TO CREDIT BUREAU

Your monthly payments start the credit recovery. Paying a standard consumer proposal through a Trustee does not.