Frequently Asked Questions (FAQ's)
Q. Who is Paays?
A. Paays is a financial technology (FinTech) company founded in 2018 and is focused on delivering affordability to travel consumers by providing monthly payment options for travel purchases.
Q. Where is Paays based and where does Paays operate?
A. Paays is a Canadian company, with headquarters in downtown Toronto. We currently operate in the provinces of Alberta, British Columbia and Ontario with plans to be live in other Canadian provinces during 2019.
Q. Is Paays a lender or bank?
A. Paays is not a lender or a bank. Paays acts as an intermediary, or loan broker, connecting consumers to Partner Lenders with monthly payment options for travel purchases.
Q. Does Paays charge any fees?
A. Paays does not charge any fees or commissions to approved borrowers. Paays is remunerated through lender and travel partner referral commissions.
Q. Who are Paays Partner Lenders?
A. Our current Partner Lender is Progressa and we will be adding additional lenders over the course of 2019.
Q. What travel purchase amount can I apply for?
A. You can apply for as little as $1,000 and up to a maximum of $3,500 of purchase financing, per loan.
Q. What type of credit history do I need to get approved?
A. First of all, you need to have a credit history. If we can’t find you in the credit bureau, then you are not likely to get approved. Apart from this, we generally see good approval rates on credit scores above 600. Exceptions would be any recent bankruptcies, consumer proposals, arranged settlements, etc.
Q. How does the application process work?
A. From our website, Paays.com, input a travel purchase amount to estimate a monthly payment.
B. Click “Get Started”
C. Input phone number and email address.
D. Input name and address.
E. Agree to terms, including internet banking.
F. Confirm loan amount and Click Apply
Q. How long does the approval process take?
A. As quickly as you can complete the steps above.
Q. What loan terms and interest rates are offered, and how does this compare to credit cards?
A. You may be approved for a 6 or 12-month payment plan. Interest rates range from 16.50-31.99% (AB) and 16.50-34.99% (BC and ON). Typical (non-promotional) credit card interest rates in Canada range from 19.99-29.99%.
Q. Once my loan is approved, how do I get my loan proceeds?
A. After your loan is approved, you’ll need to validate your banking information and e-sign the documents, before we load your loan funds onto a virtual pre-paid MasterCard. This card can then be easily used for booking at one of Paays travel partners (below), or your own preferred travel provider. All hotel, cruise, flight and packages are eligible.
Q. Can I get approved for a lower amount than what I applied for?
A. Yes. Your loan may be approved, but for a lower amount than what you had requested. The minimum approved amount is $1,000.
Q. Who are Paays’s travel partners?
A. Our Travel Partners are: Expedia, TourRadar, Contiki, Hotels.com, VRBO, Trafalgar, Best of Las Vegas, Home Away, Travelocity, Sandals/Beaches and Palace Resorts. This list will continue to grow, so keep checking back here for additional travel partners!
Q. Can I use my pre-paid MasterCard for another purchase?
A. Any unused balance on the card is yours, but can only be used for travel purchases. Contact Paays to “unlock” the card for small, residual balances.
Q. Can I pre-pay my loan before the maturity?
A. Yes. All loans arranged through Paays are pre-payable, without penalty. Please consult your loan document for information on contacting your lender to make a pre-payment.
Q. What if I get approved and need some time to book?
A. No problem. We’ll keep your approval live for 30 days so you have time to find your best deal!