Can't find the answer you're looking for? We've shared some of our most frequently asked questions to help you out. If you still can't find the answer you're looking for just contact us!
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.
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 have submitted an application in May 2019.
How do I learn about how the donation pool is used for loans?
Please refer to the statistics on our home page.
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.
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.
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 email@example.com
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.
Are donations to Beneficent Zakat eligible?
Donations to Beneficent are not Zakat eligible, as they do not fund debt forgiveness or other Zakat-eligible services.
What kind of debt qualifies for Beneficent’s Loan Program?
Loans or other debt 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, click here
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. However, we will evaluate larger amounts on a case-by-case basis.
Can I apply for a loan if I do not reside in Canada?
Unfortunately, Beneficent cannot offer loans to applicants residing outside of Canada or in currency other than Canadian Dollars at this time.
How do you evaluate credit-worthiness?
Our loan committee uses a combination of references, guarantors, 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?
Yes, a guarantor is required for every loan.
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.