Louis Riel Capital Corporation

Red River Métis Personal Loan Program

The purpose of this interest bearing loan program is to provide financing to Red River Métis Citizens. The loan can be used for a variety of reasons such as the purchase of vehicles, or home renovations. Louis Riel Capital Investments Inc. and/or its agent Louis Riel Capital Corporation administers and manages the personal loan program.

Delivered by Louis Riel Capital Investments Inc. (LRCII) a subsidiary of the Louis Riel Capital Corporation (LRCC)

LRCII's and/or its agent LRCC's financial services are extended and delivered on the basis of prudent and sound business principles and practices so as to protect the integrity of its capital base and to ensure the continued delivery of its services. Personal loans are not designed to assist everyone. The applicant has to meet several basic requirements, in addition to specific conditions that will be identified as the application progresses.

Description of Loan Program:

Interest bearing loan up to $40,000.00 plus a loan set up fee. It is available to Red River Métis Citizens who meet the general eligibility requirements.

General Eligibility:

Loans will be available to Red River Métis Citizens:

Who are employed full-time and have successfully completed any applicable employment probationary period;
Who repay the loans through Pre-Authorized Debit (PAD) program directly from the client bank account.
Who qualify with a satisfactory credit score, can provide explanations for judgments and/or collections.
Whose ability to repay the loan is reflected adequately based on an analysis of current income vs debt & personal expenses.
Who can provide collateral to secure the loan where necessary.

Application Process:

Failure to provide the necessary documentation and answers to questions in a timely manner will result in application processing delays. Please note that some applications may require additional processing time.

Please contact our office directly and speak to our credit team for more details about our Personal Loan Program.

Personal Loan Application

Personal Statement Of Affairs (each applicant must fill out a separate form)

Common Questions for the Red River Métis Personal Loan Program (RRMPLP):

How long does the approval process take?

We will typically provide an approval within 5 business days of receiving your application provided you submit everything required. Note that some applications may be more complex and require more processing time.

If approved, how long is the approval valid for?

Your approval will be valid for 90 days from the date of approval.

How are the funds paid out?

Funds are paid out via EFT transfer or cheque. LRCC reserves the right to advance funds directly to the vendor.

What are the rates and terms on loans?

Rates and terms are dependent on a variety of factors including the amount of the request, past credit history, and the collateral/security being provided for the loan. As a result, there is not one set rate or term for loan requests. Terms will vary between 1-10 years and our rates are designed to be competitive with other mainstream lenders, such as banks or credit unions.

What does it mean under Eligibility when it says "Who can provide collateral to secure the loan where necessary"?

Depending on the amount of loan funds requested, LRCC may require collateral in order to advance loan proceeds. This can come in a a few different ways, but the primary items used for collateral would be personal consumer vehicles such as a car, or a mortgage on owned property. For larger loan requests, we will require collateral to approve funding.