Parachute Review 2026Apply Now Check if I Qualify ↓
Written and analysed by Smarter Loans Editorial Team · Reviewed by Vlad Sherbatov
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Four questions checked against Parachute's published criteria, per product. No application started.
Parachute reads credit as a band, 600 to 750, and sitting above it is as disqualifying as sitting below.
Below 600 the answer is the familiar one. Above 750 the answer is also no, because the published range has a top as well as a bottom, and the product lives between them.
No bankruptcy, consumer proposal or judgement can appear on the credit bureau. The wording covers the record itself, not only programmes still in force, so a discharged history still shows and still counts.
2 reviews from borrowers who used Parachute. Each is submitted by a verified borrower and moderated for authenticity; it renders as written, positive or not, and lenders cannot remove it.
I liked the Parachute team, they are very friendly and informative.
I applied with high debt amounts and was approved within 1 day.
Parachute was founded with the purpose of providing financial well-being for Canadians dealing with high-interest rate (predatory) debt. They are creating a world in which people have control over their finances, feel financially secure and empowered to make better choices.
The interest rate on a loan from Parachute ranges from 24.99% to 29.99%.
You can borrow anywhere from $3,000 to $25,000 from Parachute and have within 36 and 60 months to pay it back.
Many Canadians choose to borrow through Parachute as their APR rates are often much cheaper, they have no early repayment fees and accounts are easily managed online, with you in charge. Canadians choose Parachute because they go beyond just the debt consolidation loan process with you. They help you to get financially fit by engaging with you throughout the loan process with recommendations and exciting ideas to help you improve your credit score – and then reward you for that hard work!
Fill out Parachute's simple application form on their website to see if you’re eligible for their debt consolidation loan. They typically require a credit score of at least 600, and can provide loans up to $25,000.
If you're approved for a loan by Parachute then they'll start by simplifying all your debt into one easy payment. This makes your debt easier to track and control. Then, they'll you give you a personalized roadmap to help you achieve improved financial well-being. And finally, they reward you for following their guide to healthy financial behaviour.
Parachute borrowers are individuals living in Canada. To borrow with Parachute you need to be at least 19 years old, have a fair credit history and a regular income.
Parachute offers a calculator on their website for you to get a sense of what you might be approved for based on the information you enter. There is no obligation to proceed.
Here's what you'll need to apply for a loan from Parachute - 1. Proof of income (at least 2 most recent paystubs) 2. Most recent statements for debts to be consolidated 3. Bank account Information 4. 2 pieces of government issued ID (Driver's License or Provincial ID with photo plus one of Passport, SIN card, PR card, or Birth Certificate)
Parachute works with customers to put them on the right path and reward them for achieving monthly financial goals. The more you succeed, the more you're rewarded. Parachute's goal is financial well-being for everyone.
Parachute's three step approach combines a lower interest rate debt consolidation loan with no hidden fees that resets a consumer's finances; a data driven app that monitors, educates and guides better financial behaviour; and a rebate system that motivates that behaviour with cash-back rewards.
