January 9, 2016

Frequently Asked Questions

Below are our frequently asked questions. Click on a link to jump to the section you are interested in:
General
Donations
Loan Applicants

 

General

 

What does Beneficent gain from this?
Beneficent is a non-profit organization that exists for the sole purpose of eliminating interest based debt from our community. Our organization does not financially profit from this service, but we consider accomplishing our goal of eliminating interest-based debt a benefit in itself.

How much have you provided in loans so far?
Please see the updated stats on our home page.

Are there any fees payable for your services?
There are absolutely no fees associated with our services.

What type of an organization is Beneficent?
We are currently registered as a non-profit organization with the government of Canada. We are seeking charitable status and hope to apply by the end of 2018.

How do I learn about how the donation pool is used for loans?
Please refer to the statistics on our home page.

How much of each donation is used towards admin cost?
Currently, all of the external donations we receive are used directly to help individuals seeking financial assistance. Our administrative costs are currently covered by the directors.

How do you choose who is eligible for loans?
We have a dedicated loan committee which meets regularly to review applications based on financial need and ability to replay in order to determine who is eligible.


Donations

 

Where and how can I donate?
You can donate here or by sending us an e-transfer at transfers@beneficent.cc. You have the option of donating one time or setting up a fixed monthly amount.

I wish to cancel my automatic donations. Is this possible?
Yes. Simply let us know that you are unable to donate any longer and your automatic donations will be cancelled. You can reach us at contact@beneficent.cc

I am interested in volunteering my time. How do I sign up?
Great! You can sign up here.

Can I donate a lump sum of money in cash?
Absolutely. You can choose to donate regularly or in a lump sum if that is more convenient for you.

Can I donate anonymously?
Unfortunately, we do not support anonymous donations. We are, however, committed to keeping donor information private.

Is there a minimum donation required?
Absolutely not, however we do recommend monthly donations in any amount – no matter how small – to help us forecast for the year.


Loan Applications

 

What kind of debt qualifies for Share the Wealth?
Loans or other amounts that are high interest rate bearing and due within 12 months. For example, credit card bills, rent, outstanding fees due to job loss, etc. Other forms of debt may qualify on a case by case basis. For more information, visit (link to STW page)

Do you provide loans to help with OSAP payments?
Unfortunately not. Once the pool of funds is large enough, this may be possible.

What is the maximum amount that a borrower is eligible for?

Currently, the maximum loan amount is $4,000.

How do you evaluate credit-worthiness?
Our loan committee uses a combination of references, guarantors (if available), and other financial information such as bank statements. The more information you can provide us with, the more informed our decision. The loan committee will evaluate your application when it convenes each week.

What if I urgently require a loan and cannot wait until the next loan committee meeting?
If you are in urgent need of a loan, submit your application on our website with a comment explaining your situation. A loan officer will reach out to you if you are eligible for immediate consideration.

Is it necessary to have a guarantor for every loan?
In short, yes. If you do not list a guarantor in your application, you may be eligible for a significantly reduced loan amount. However, this would only be applicable towards loans under $1,000.

How long do I have until my repayment begins?
This depends entirely on your specific situation and we will work with you to determine an appropriate payment schedule.

What happens if I cannot pay back my loan?
While that would be unfortunate, we understand that this is a possibility. The first step is to renegotiate an alternative schedule of repayment, according to what works best for all parties. From there, we can jointly arrive at the most beneficial solution. If no resolution is reached, your guarantor will be responsible for the repayment of your loan.

I am too embarrassed to approach you for a loan. Can I borrow anonymously?
Currently, we do not have a system in place to accommodate anonymous loans. We encourage you to still contact us, and in return we will do our utmost to respect your privacy in your time of need.

 

For any other inquiries please email us at contact@beneficent.cc