How AvenaWise Works

AvenaWise is a co-borrower service, not a lender. You apply online in about two minutes, we review your application without pulling your credit score, and if it is approved we join your loan as a co-borrower so a lender will fund it. Amounts run from $250 to $1,500, repaid over 12 weeks.

Below is the whole process, start to finish, including what we check, what it costs and when borrowing is not the right answer.

What a co-borrower service actually is

A traditional lender decides whether to give you money based on its own risk model, and that model leans heavily on your credit history. A thin file or a rough patch from years ago can end the conversation before your current income is even considered.

AvenaWise works differently. We do not lend you money and we do not collect it back the way a lender would. We join your application as a co-borrower, so the lender assesses the two of us together rather than assessing you alone. If your credit file is the specific reason you keep getting declined, that is the wall a co-borrower gets you past.

If you want the longer version, we wrote one: what a co-borrower service is, and how it differs from a lender.

The process, step by step

1. Fill in the application

It takes about two minutes. You give us your contact details, your employment information, two references, and you connect your bank account for verification.

2. Connect your bank account

The connection is read-only. It confirms your income and that the account is active and in your name. It cannot be used to move money or change anything about your account. We explain exactly what it can and cannot do in this plain-English breakdown.

3. We review your file

A person looks at your application, usually within a few hours during business hours. We are not running an automated credit check, so what matters is whether your current income can comfortably carry the repayments.

4. You sign the contract

If you are approved, you receive a contract setting out the amount, every charge, the payment schedule and the total you will repay. Read it before you sign. If a figure is unclear, ask us then rather than afterwards.

5. The money arrives

Funds are deposited directly into the account you connected. Here is what happens after signing, including how repayment dates work.

What we look at

Since your credit score is not part of the decision, here is what is:

• Whether you are 18 or older
• Whether you have steady employment, and how long you have been there
• How often you are paid
• What is already coming in and going out of your account
• Whether the repayment fits alongside your existing commitments

No credit pull, no score threshold. Full eligibility details are here.

How long it takes

Quick is not the same as instant. The application itself takes minutes. The review usually takes a few hours during business hours, and funding follows once the contract is signed. Applications submitted late at night or over a weekend are reviewed the next business day. Incomplete employment details and bank connections that fail to verify are the two things that most often slow a file down. More on realistic timelines.

Repayment

Loans are repaid over 12 weeks on a schedule that lines up with your pay cycle. Because every term runs longer than 62 days, these are not payday loans and do not require a payday lending licence in any province.

If you think you are going to miss a payment, contact us before the date rather than after. Arrangements made in advance are almost always easier than ones made afterwards. We cover this in what to do about a missed payment, and when renewing makes sense.

What it costs

Two separate things make up the cost, and it is worth understanding both before you sign:

• Lender interest. The lenders we work with charge 22% APR on the loan itself.
• The AvenaWise co-borrower fee. We charge a separate fee for acting as your co-borrower. It is set when your application is reviewed and varies by file.

Your contract states the full cost before you sign: every charge, the payment schedule, and the total amount you will repay. Nothing is added afterwards. If any number in it does not make sense to you, ask us to explain it before signing.

When borrowing is not the right answer

A short-term loan is a tool for a specific job: a one-off expense you can repay from income you already have coming in. A car repair, a dental bill, a rent shortfall in a month that went wrong.

It is not a fix for a structural gap where your monthly costs regularly exceed your monthly income. Borrowing against a gap like that tends to widen it. If that describes your situation, it is worth looking at an employer pay advance, a payment plan directly with the creditor, or a free credit counselling service before taking on any new borrowing, from us or anyone else.

Common questions

Is AvenaWise a lender?

No. We are a co-borrower service. We join your application so a lender evaluates us together, rather than lending to you directly.

Will applying affect my credit score?

No. We do not pull your credit, so applying leaves no mark on your file.

How much can I access?

Between $250 and $1,500, repaid over 12 weeks.

Is AvenaWise legitimate?

A fair question to ask of anyone you hand your banking details to. Here are the checks worth running, and how we answer each of them.

How do I reach a person?

Email info@avenawise.com, or use the contact form. For questions about renewing an existing loan, email approbation@avenawise.com.

Ready to start

The application takes about two minutes and no credit check is involved.

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