FAQ

In setting up your account, we follow a collaborative approach that ensures you receive comprehensive support and guidance through the process.

Here’s how it works: Advisory Partner (OneLending):

Your initial point of contact through the discovery & fit process will be with OneLending, serving as your advisory partner. We focus on understanding your financial situation and needs, providing education about the product, and ensuring that OneLending is a suitable solution for you. Our role is critical in helping you understand how you can integrate your banking and lending needs effectively, ensuring the product aligns with your financial goals. We may also identify other uses or ideas for you to leverage this solution. It is important to note that the lender does not offer these products direct to consumer products because of the uniqueness of the offering they look at advisory partners to ensure there is a suitable fit through discovery and education.

Engagement with the Lender (Manulife Bank or National Bank):

Once it is determined that OneLending is a good fit for your financial needs, we engage one of our trusted partners, either Manulife Bank or National Bank, depending on your specific requirements and their product offerings. They will assist in the setup of the account, including the application process, underwriting, appraisals, and administration of your line of credit or loan components.

Ongoing Support:

After your account is set up, OneLending continues to be your partner in managing your account, while Manulife Bank or National Bank handles the banking operations, such as transactions, interest calculations, and other financial services associated with the account.

This structured approach ensures that you receive specialized support at each stage of the process—from educational insights and financial advisement to professional banking services—making your transition to an all-in-one solution smooth and beneficial.

An all-in-one banking solution that integrates your cash flow, banking, and debt into a single platform. This unique product allows you to manage your finances more efficiently, combining the features of a checking account with the benefits of using your idle savings to pay down your loans.

The platform is both a bank account and a lending solution. It combines the functionality of a traditional checking account with the benefits of a flexible loan product. This all-in-one solution allows you to manage your cash flow, daily banking needs, and debt reduction in a single, integrated account. By consolidating your financial activities, it simplifies money management while providing the flexibility to pay down debt faster.

You need to have a certain amount of equity in your home, as it is a secured product. Typically, you are required to have at least 20% equity in your property. This equity acts as collateral for the debt instruments incorporated within the account, providing you with access to funds up to a certain limit based on the value of your home and the amount of equity you have. From there, you would use this capacity to consolidate other loans that you may have.

Both! You can tailor the debt however you see fit that matches your lifestyle and cash flow. The main account is variable interest (base rate), and sub-account(s) can be used to lock in fixed rates. Interestingly, you can also ‘straddle’ fixed rates, to diversify your rates across terms to avoid any interest rate renewal shocks.

The interest rates offered are both variable and based on the market conditions, which means they can fluctuate with changes in the broader economic environment. The rates are competitive and designed to reflect the flexibility and benefits of the product. For specific rate information, it’s best to contact us directly.

It is designed to integrate various types of debt into one manageable account. It can consolidate personal loans, credit card debt, home mortgages, auto loans, business loans, and other lines of credit. This versatility makes it easier for users to manage their debts by having a single payment point and potentially reducing the total interest paid over time due to its unique daily interest calculation feature. The primary requirement is a secured loan on the title of a Canadian property, from there, you can bring in any loan to save interest costs.

There is a transparent fee structure with no hidden costs. The fees are mainly associated with the regular banking services offered through the account. For detailed information on fees, please refer to our fee schedule on our website or contact us.

Your excess cash flow (short-term or long-term) is automatically used to pay down your debts. Furthermore, the platform calculates a portion of your debt by interest daily rather than semi-annually, which means any money deposited into your account reduces your debt immediately, lowering the overall interest you pay over time.

Yes, it functions like a regular checking account, giving you the flexibility to deposit and withdraw funds as needed, while also managing your debt.

It is ideal for individuals looking for an innovative way to manage both their day-to-day banking and debt reduction. It is especially beneficial for those who can maintain regular deposits, such as a stable income, to maximize the benefits of daily interest calculation.

You can borrow up to 80% of the home value. It is important to know that only 65% of this value can be accessible again after you’ve paid down your debt. This means that 15% is entered into a ‘non-readvanceable’ debt term.

An all-in-one offers the flexibility to manage various financial needs through the use of tracking subaccounts. These subaccounts allow you to separate and manage specific financial activities, such as loans to family members, investments in business ventures, or other personal financial arrangements within your main account.

Managing Loans to Family:

You can create a subaccount specifically for a loan to a family member, enabling you to track how much has been lent and the repayments made on that loan. This feature helps keep your personal finances organized and ensures transparency between you and your family member regarding the loan details.

Investing in Business Ventures:

For those who are entrepreneurs or are financially supporting a business, subaccounts can be used to manage funds allocated to these ventures. This allows for a clear separation of personal funds from business investments, simplifying cash flow management and financial reporting for both personal and business needs.

Tracking Interest:

Each subaccount within the platform can track interest independently, which means you can see exactly how much interest is being accrued on different portions of your debt or loan outs. This is particularly useful for managing multiple loans or debts with different interest conditions.

Capitalizing Interest:

You may also allows you the option to capitalize the interest on these subaccounts. Capitalizing the interest means adding the accrued interest to the principal balance of the loan or debt, which can be beneficial in managing cash flow over periods when making interest payments is financially challenging.

Yes! You would set up all your bill payments from this account. In the meantime, you would have your cash working on other debt obligations until your various bill payments are due throughout the month.

Setting up an account is free of charge; there are no setup fees involved. This allows you to open and begin using your account without any upfront financial commitment in terms of setup costs.

Additionally, it is possible to set up your account with zero initial debt. This feature is particularly beneficial for those who want to start using the account primarily for its banking features while having the flexibility to tap into the lending aspects later as needed. This approach allows users to familiarize themselves with the account’s operations without the immediate pressure of managing debt, providing a versatile financial tool that adapts to your personal or business financial needs over time.

Nope! As long as you have capacity, you can use the available balance however you see fit!

That’s one of the best parts of an all-in-one! Your entire debt picture is captured and tracked together, giving you a clear view of your debt trends. This is presented in a consolidated way on your statement to keep you accountable and on track.

Both! There are applications and online access to view, manage, and track all of your cash flow and debt.

You can proceed through the online discovery link on this website to get started.