Frequently Asked Questions (FAQ's)
Q. What is Paays?
A. Paays was founded in January, 2018 and is a new financial technology (FinTech) company, 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 and plan to be live across Canada in early 2019.
Q. Is Paays a lender or bank?
A. Paays is not a lender or a bank. Paays acts as a loan broker, connecting consumers to Partner Lenders with monthly payment options for travel purchases. All documentation conforms to Consumer Protection Act requirements in the applicable province.
Q. Who are Paays Partner Lenders?
A. Our current Partner Lender is Progressa and we will be adding additional lenders in early 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, 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 do support a large range of credit histories, so it’s worth applying if you’re unsure. Exceptions would be any recent bankruptcies, 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. Input phone number and email address.
C. Input name and address.
D. Agree to terms, including internet banking.
E. 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. Our introductory loan term is 12 months, and the interest rates range from 15.50-34.99%. 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, and we’ve validated your information and you’ve e-signed the documents, 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).
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.
Q. Who are Paays’s travel partners?
A. Our Travel Partners are: Expedia, TourRadar, Contiki, Hotels.com, VRBO, Intrepid, Best of Las Vegas, Home Away, Travelocity. 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 at a Paays travel partner.
Q. Does Paays charge any fees to consumers?
A. Unlike other point of sale financing companies, Paays does not charge ANY fees to consumers who use the service (no setup, administrative, commission or referral fees).
Q. Can I pre-pay my loan before the maturity?
A. Yes. All loans arranged through Paays are pre-payable, without penalty.
Q. What if I decide not to proceed after getting approved?
A. No problem. We’ll keep your approval live for 30 days if you change your mind!