Notary Information

• What if I want to renew my loan with PADS, will I need to go to the notary again?

  The need for passing by a notary may vary depending on the loan's nature. Typically, if you decide to renew the loan without increasing the loan amount, a visit to the notary may not be required. However, if the renewed loan amount exceeds the original registration, then notarization may be necessary.Popular

• Will the notary contact me prior to taking the appointment?

  Yes, once your loan application status changes to “notary review”, within the coming days you will receive a scheduling email from the notary directly to book an appointment. Please reach out to PADS in the live chat if you have further concerns.Popular

• How long will it take to receive the funds into my account?

  After signing the loan deed at the notary, you can expect to receive the funds within a few business days. The disbursement will be initiated once the new lien is registered on the land registry.Popular

• What are the fees associated with the notary?

  The fees are clearly outlined in your commitment agreement. Additional fees may apply depending on specific requirements outlined by the notary. These could include tasks such as removing existing liens, adding or removing an individual from a property title, and other related services. It's important to note that any additional fees will be explained by the notary before the disbursement of funds, ensuring transparency and clarity in the process.Few readers

• Why do I have to go to a notary?

  In the province of Quebec, when registering a lean on a given property, it is required by law to have the transaction notarized.Few readers

• Can the notary meeting be virtual?

  In some cases, yes but this depends on the loan approval, and it is at the discretion of the notary to decide.Few readers

• Why did the notary change the initial fee from the commitment agreement?

  There might be additional fees depending on what the notary needs to do with other leans associated with the subject property. Examples could include removing existing leans, adding or removing an individual from a property title, etc.Few readers

• What do I need to bring with me to the appointment?

  The notary will outline all of what is needed prior by getting in to contact with you prior to the visit.Few readers

• Is a certificate of location mandatory for my notary transaction?

  No. For PADS as well as for the notary, a certificate of location in not necessary.Few readers

Mortgage Statement

• My mortgage has a co-signer/guarantor. Does this affect anything in my application?

  This would be supported on a case-by-case basis. Please add your co-signer/guarantor on the contacts section in the loan application. For further assistance, please don't hesitate to contact our PADS customer service representatives via live chat on our website.Popular

• Why does PADS require my mortgage statement?

  We request the most recent, up-to-date mortgage statement to ensure that we can accurately assess your eligibility for a loan considering any existing mortgage debt on your property. This information is necessary for verification purposes in our loan application process.Few readers

Pre-authorized Debit Agreement

• Why do you need a bank statement if I already entered my banking information?

  The bank statement is crucial for validating the provided bank information. It serves to confirm not only that the account belongs to you but also verifies your home address in the process. It's important to note that simply connecting to your online account doesn't provide visibility into whether there is a joint account holder. The bank statement, however, clearly outlines all account holders and their associated details, ensuring accurate verification.Popular

• What is a Pre-authorized Debit (PAD) agreement?

  A Pre-authorized Debit (PAD) agreement is a formal arrangement that allows a service provider to automatically withdraw funds from a customer's bank account to cover recurring payments. It authorizes the provider to collect payments for bills, loans, or other expenses without requiring manual initiation from the customer.Few readers

• Why do I need to sign a Pre-authorized Debit (PAD) agreement?

  A Pre-authorized Debit (PAD) agreement is needed for PADS Finacial to authorize automatic withdrawals from your bank account for recurring loan repayments, ensuring convenient and timely payment processing.Few readers

Income verification and Flinks

• Does Flinks support joint bank accounts or business accounts?

  Flinks primarily focuses on personal bank accounts, but some joint or business accounts may be supported.Popular

• How do I grant permission for Flinks to access my bank account?

  To grant permission, you will be directed to a secure Flinks portal where you can select your bank and log in using your online banking credentials. Flinks then establishes a secure connection to your bank.Popular

• I'm using a small or regional bank, and Flinks doesn't seem to support it. What can I do?

  While Flinks supports many banks, availability can vary. If your bank is not supported, please contact our support team to explore alternative verification methods.Popular

• What measures are in place to prevent unauthorized access to my bank account through Flinks?

  Flinks employs strong security measures such as token-based authentication and data encryption to ensure that only authorized users can access financial data.Popular

• Is Flinks available 24/7 for accessing my financial data?

  Flinks availability depends on your bank's online services. Most banks have regular maintenance windows, so access may be temporarily unavailable during those times.Few readers

• Is my financial data safe when using Flinks?

  Yes, Flinks employs advanced security measures to protect your financial data. They use encryption and adhere to strict security standards to ensure the confidentiality and integrity of your information.Few readers

• Flinks is asking for my bank account credentials. Is this safe?

  Yes, when connecting your bank account, Flinks uses secure protocols to protect your credentials. However, always make sure you're using our official platform to enter your information.Few readers

• What is Flinks?

  Flinks is a technology platform that enables PADS to connect users' bank accounts, verify account ownership, assess financial health, and access real-time financial data. Flinks offers a secure, reliable connection between financial institutions and applications, ensuring that users' data is accessed and transferred with their consent and in compliance with PIPEDA, the Personal Information Protection and Electronic Documents Act.Few readers

• How can I resolve issues with multi-factor authentication (MFA) during the connection process?

  If you encounter MFA challenges, follow your bank's MFA instructions carefully. Flinks will guide you through the necessary steps to complete the process.Few readers

• Why do you require access to my bank account?

  PADS leverages Flinks technology to securely connect with your bank account, enabling automatic income verification. This eliminates the need to upload numerous documents, and your data is protected through tokenization and encryption. This not only simplifies the application process but also enhances the speed of approval.Few readers

• Is Flinks available for all banks?

  Flinks supports a wide range of banks, but availability may vary by region. Most major banks are supported.Few readers

• What information does Flinks access from my bank account?

  Flinks accesses basic information like your account balance, transaction history, and account details. It does not access sensitive data such as your account login credentials.Few readers

• How does Flinks ensure compliance with data privacy regulations?

  Flinks is committed to data privacy and compliance. Flinks follows PIPEDA, the Personal Information Protection and Electronic Documents Act of Canada.Few readers

• Can I use Flinks to connect accounts from international banks?

  Flinks typically supports a range of international banks. However, availability may vary depending on the specific bank and region. Check our platform for a list of supported institutions.Few readers

• How often does Flinks update my financial data?

  Flinks typically updates your financial data with each new login, ensuring you have access to the most current information from your bank.Few readers

• How long does it take for Flinks to retrieve my financial data?

  Flinks usually retrieves data within a few minutes, depending on your bank and its response time.Few readers

• How does Flinks connect my bank account to your platform?

  Flinks connects PADS to your bank account through a process called financial data aggregation, which is facilitated by the use of APIs (Application Programming Interfaces).Few readers

• Is it possible to retrieve credit score information through Flinks?

  Flinks primarily focuses on transactional and account data. Credit score information is not included in the data retrieved through their service.Few readers

• Can I disconnect my bank account from Flinks if needed?

  Yes, for more assistance regarding this question, please contact our PADS customer service representatives via live chat on our website.Few readers

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Co-Applicant/Spouse

• Why do I need to add my spouse?

  Your spouse, even if they might not own the property, is subject to certain entitlements by law. This can vary case by case, but it is crucial for the notary to be aware of this once your file is sent to them for funding.Popular

• Why do I need to add a co-applicant?

  Co-applicants are considered co-owners of the property and are then subject to the same regulations and liabilities as the primary applicant.Few readers

• My co-applicant/spouse is a registered company. How does this work?

  When a co-applicant is an entity, usually a resolution of that company will be sufficient to act as a signing officer directly. Again, this can vary depending on the loan type, property type, and duration.Few readers

• My spouse is no longer with me, do I still need to add to my application?

  If you are considered divorced, you don’t need to add them to your application. We do require (if approved) a divorce certificate for the notary once the loan application is ready to be funded.Few readers

Phone Verification

• Why do I need to verify my phone number?

  We require phone verification for online loan applications to confirm the applicant's identity, mitigate fraud risk, and enable prompt communication for any necessary follow-up or clarification. This process assists us in validating the provided information and safeguarding our interests.Few readers

Application Documents

• Why do I not see where to upload my second ID?

  If you already signed the commitment agreement, you would find where to upload your ID this way: Log in to your portal Go to your user profile On your user profile click the “documents” section and you will find where to upload the second ID. For further assistance, please don't hesitate to contact our PADS customer service representatives via live chat on our website.Popular

• Why do I need to upload a second piece of ID?

  A second form of identification is a crucial component of our policy and procedures. Additionally, it is required by the notary to verify your identity accurately.Few readers

• Why do I need to upload a death certificate?

  A death certificate is required to authenticate the validity of the property ownership declaration provided during the application process if a co-owner is presumed to be deceased. This helps ensure accuracy and compliance with legal requirements.Few readers

• What ID types can I upload for a second piece of ID?

  For the time being you can only upload your valid passport or permanent resident card. Please note that expired IDs are not going to work. For further assistance, please don't hesitate to contact our PADS customer service representatives via live chat on our website.Few readers

• Why do I need to upload my marriage certificate?

  The marriage certificate must authenticate the validity of the marital status declaration provided during the application process. This helps ensure accuracy and compliance with legal requirements in the loan approval process when going to the notary to disburse the loan.Few readers

• Why do I need to upload a divorce certificate?

  A divorce certificate is required to authenticate the validity of the property ownership declaration provided during the application process if a co-owner or spouse of the property owner is presumed to be divorced. This helps ensure accuracy and compliance with legal requirements.Few readers

Identity verification and liveness test

• Why would I want to switch to my phone for verification?

  Switching to your phone can offer a more convenient way to complete the verification process. It allows you to use your mobile device's camera, which is often more accessible and easier to use for tasks like document scanning or liveness verification.Popular

• Can I skip the liveness verification and proceed with my application?

  Liveness verification is a mandatory security step. Skipping it is not possible, as it helps protect your identity and prevent fraudulent activities. If you have concerns, please contact our support team for assistance.Popular

• Is my personal information safe during the liveness verification process?

  Yes, we take your privacy and security seriously. The liveness verification process is designed to ensure your data is protected. We do not store sensitive information beyond what is necessary for verification purposes.Few readers

• Can I switch back to my computer if I've started the verification process on my phone?

  Yes, you can switch between devices as needed during the verification process. If you started on your phone but prefer to continue by computer, simply log in to your account on the computer and navigate to the verification process. The system should guide you to pick up where you left off.Few readers

• What is a liveness test?

  A liveness test is a process where you verify your identity by filming yourself with your computer or phone camera. The purpose of a liveness test is to verify your identity and ensure that it’s in fact you that is applying for a loan and not someone else. It’s an added layer of security to the PADS Financial online application process. Liveness verification helps mitigate the risk of fraud, identity theft, and unauthorized loan applications by ensuring that the individual applying for the loanFew readers

• How can I start the liveness verification process?

  To begin the liveness verification, follow the on-screen instructions of the PADS online application. You will be guided through the necessary steps to complete the process.Few readers

• Can I retake the liveness test if I fail?

  Yes, you can retake the liveness test if you fail the first time. Follow the instructions in the app to retry the process. Make sure to follow the prompts carefully for a successful verification. For further assistance, please don't hesitate to contact our PADS customer service representatives via live chat on our website.Few readers

Loan application status

• What if I do not like my loan offer, what can I do?

  If you do not like your loan offer you can simply request PADS to reconsider while providing a reason. You can request changes by doing the following: Log in to your portal. Go to the loan applications tab and click on your corresponding loan application’s file (the three dots on the right). On the top right-hand corner of the page (next to the loan application number) you will find three icons corresponding to the decision you wish to make after viewing your loan details proPopular

• What does it mean when my application status is “Funding”?

  Once all parties have successfully signed the commitment agreement the loan application status changes to “funding”. At this stage, PADS requires a selected number of documents depending on the file's nature, including proof of home insurance on the subject property to be uploaded to the portal.Popular

• What does it mean when my application status is “Approval Required”?

  When this status is applied, this means that a loan offer has been sent to the borrower and requires action to be taken. You can choose to either accept the terms of the loan, decline the loan, or send it back to the underwriter with your desired comments.Few readers

• What does it mean when my application status is “Underwriter Feedback?

  When your status changes to "Underwriter feedback," it indicates that the underwriter has questions regarding your file and requires clarification about specific information provided in the loan application.Few readers

• What does it mean when my application status is “co-applicant invite”?

  Once you've submitted your application and included your spouse or co-applicant's information, the status of your loan application will remain as "co-applicant invite" until they sign up and complete their part of the application process.Few readers

• What happens once I approve my loan?

  Once you approve your loan by clicking on the “review” tab you will be able to generate the commitment agreement. It's important to note that once it's generated, the agreement will need to be signed by the PADS Financial team first. Following their signature, you'll receive an email containing a link to the document for your electronic signature.Few readers

• What does it mean when my application status is “Notary Review”?

  Once this status is applied to your loan application, it indicates that the notary has received your loan documentation and is currently reviewing to ensure that all documents are up to date. You can expect the notary to contact you within 24 to 72 hours of receiving your application.Few readers

• Where can I see the changes requested by the underwriter?

  Log in to your portal. Navigate to the loan application tab. View your corresponding loan application and look for the "underwriter feedback" status. On the right you should see a “Edit” action to click on. You'll then be redirected to the exact places where changes are required along with a brief description for clarification provided by the underwriter. For further assistance, please don't hesitate to contact our PADS customer service representatives via live chFew readers

• How can I approve or decline my loan offer?

  You will be able to view the icons corresponding to the decision you wish to make when logging in to your loan application page on the top right-hand corner: Log in to your portal. Go to the loan applications tab and click on your corresponding loan application’s file (the three dots on the right). On the top right-hand corner of the page (next to the loan application number) you will find three icons corresponding to the decision you wish to make after viewing your loan detailFew readers

• What does it mean when my application status is “Expired”?

  When your application status is labeled as "Expired," it signifies that your loan application has reached its expiration date. If you wish to revisit your loan application, you can start a new one with the same information, and we will gladly reconsider it once submitted.Few readers

• What is a loan application status?

  A loan application status is an indicator assigned to an applicant at various stages of the application process. Applicants can track their progress by logging into their portal and navigating to the "loan applications" section. Additionally, they will receive email notifications each time their application status changes, allowing them to stay informed about their current stage in the process.Few readers

• What does it mean when my application status is “Declined”?

  If this status changed has been placed on your loan application, it means that PADS has formally declined your request for a loan within the given loan application with a provided short description. If you wish to understand more, contact us using live chat for further help.Few readers

• What does it mean when my application status is “Underwriter Check”?

  Once all supporting documentation has been uploaded to the portal and the file is ready to be disbursed, PADS thoroughly verifies the documents before sending everything to the notary.Few readers

• Where can I see the loan offer?

  Log in to your portal. Go to the loan applications tab and click on your corresponding loan application’s file (the three dots on the right). Go to the loan details tab within the loan application and you will find the amount approved, terms, interest rate, fees and conditions related to your loan. For further assistance, please don't hesitate to contact our PADS customer service representatives via live chat on our website.Few readers

• What does it mean when my application status is “Underwriter Review”?

  Once you submit your loan application the status will be “Underwriter review”. During this time, PADS Financial is evaluating your loan application. You can expect to receive an update within 24-48 hours.Few readers

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Credit score

• Can I get a loan with a bankruptcy on my credit report?

  While having a bankruptcy on your credit report may impact your loan options, we consider various factors in our approval process.Popular

• What is the minimum credit score required to get approved for a loan?

  There is no minimum credit score required to get approved for PADS home equity loan.Few readers

• Will applying for a loan with PADS impact my credit score?

  The pre-approval will not impact your credit score. Completing and submitting your application will require a credit check which may or may not impact your credit score depending on your credit history.Few readers

• Is there a minimum credit score requirement for loan approval?

  No, there is no minimum credit score required to be approved for a loan with PADS.Few readers

• Can I get a loan if I have a history of bad credit or previous loan defaults?

  If they have accrued equity on their property, PADS will not turn away borrowers due to bad credit.Few readers

• What if I have bad credit? Can I still get a loan?

  You could potentially qualify for a loan from PADS despite having bad credit if you have enough equity on your property.Few readers

• How do lenders use credit scores?

  Lenders use credit scores to evaluate creditworthiness and determine loan approval and interest rates.Few readers

Home Insurance

• I contacted my insurance provider, but they refused to add PADS as a creditor to my insurance policy. What should I do?

  If your current insurance provider isn't willing to add PADS as a creditor to your policy, don't worry, there are a couple of options for you: Shop around: You can explore other insurance providers who are open to adding PADS to your policy. Sometimes different companies have different policies, so it's worth checking out your options. Get in touch with us: Reach out to one of our friendly agents! You can chat with us live on our website or shoot us an email at support@padsfinanciaPopular

• Why is PADS asking me for a home insurance policy?

  PADS is requesting your home insurance policy for a couple of important reasons. First off, it helps secure the funding for your loan with us. This policy is key to making sure both you and PADS are protected if anything unexpected happens that requires an insurance claim. It's all about keeping you covered in case of property damage. Plus, from our side, it helps ensure that we can still get loan repayments sorted out if anything happens to your property.Popular

• What information should I be ready to share with my insurance provider?

  When you reach out to your insurance provider, they'll likely want to know a few key details. They might ask about the lender's name (which is "PADSIUM Capital Investments Inc." as stated in your commitment agreement), the amount of your loan, how long the loan lasts, and what the interest rate is amongst other items. For further assistance, please don't hesitate to contact our PADS customer service representatives via live chat on our website.Popular

• Will I incur any fees/penalties if I change insurance provider?

  Generally, if an insurance provider refuses to add “PADSIUM Capital Investments Inc.” then you should not incur any additional fees when switching to a new insurance provider. This may vary from one insurance provider to another.Popular

• Will my premium be higher if I add a PADS as a creditor to my insurance?

  Adding PADS as a creditor to your insurance policy might cause a slight increase in your premiums. This is because it adds a bit more risk from the insurance company's point of view. However, if you don't have an existing mortgage on your property, you might not see any change in your premiums at all. But don't worry! We're here to help you find the best solution. Just reach out to us via the live chat on our website.Few readers

• I already have a home insurance policy. How does it work?

  The first step will be contacting your current insurance provider and requesting to add PADS as new creditor to your insurance policy. For further assistance, please don't hesitate to contact our PADS customer service representatives via live chat on our website.Few readers

About PADS Financial

• Can I apply for a loan with a joint applicant?

  Yes, your spouse or co-owner must be co-applicants on your loan. Having a joint applicant may positively impact the application, especially if the co-applicant has a strong credit history.Popular

• What is the process for loan approval and disbursement?

  Our loan approval process involves a review of your application and verification of documents. Once approved and signed in person with a notary, the funds are disbursed to your designated account.Few readers

• How can I track the progress of my application?

  You can track the progress of your application by logging into your account on the PADS portal and checking the status of your application.Few readers

Email and login

• Why do I need to verify my email address?

  Verifying your email address is a security measure to ensure that you have provided a valid and accessible email. It helps protect your account from unauthorized access and allows you to receive important notifications.Few readers

Commitment Agreement

• What is a commitment agreement?

  A commitment agreement is a formal, legally binding contract that outlines the terms and obligations agreed upon between parties in a transaction, partnership, or relationship. It establishes the rights and responsibilities of each party involved.Popular

• What does prepaid interest mean?

  Prepaid interest refers to the interest paid in advance on a loan or mortgage before it is due. This typically occurs at the time of closing on a loan or mortgage. By paying the interest upfront, borrowers can reduce their monthly mortgage payments because the prepaid interest covers the interest that would have accrued between the loan closing date and the end of the first month. It's important to note that prepaid interest is not an additional fee but rather a way to align the payment scheduleFew readers

• Can I cancel my loan once the commitment agreement has been signed?

  The ability to cancel your loan after signing the commitment agreement depends on various factors and the specific terms and conditions outlined in your agreement. For personalized assistance and detailed information regarding your Commitment Agreement, we recommend contacting PADS Financial directly.Few readers

• I have a question about something on the commitment agreement. Who do I reach out to?

  As this is a question that differentiates based on a particular loan application, we recommend you contact the PADS customer service live chat for further assistance.Few readers

• Why do I need to sign a commitment agreement?

  The commitment agreement is essential to formalize the terms and responsibilities agreed upon between you and the other party or parties involved in a transaction or arrangement. It serves to ensure clarity, accountability, and the legal enforceability of the agreed-upon terms between the Applicant and PADS Financial.Few readers

• What if there is an error on the commitment agreement?

  If you believe there might be an error in the commitment agreement, please contact the PADS customer service live chat for further assistance.Few readers