Who – and what – is Ophelia?
Ophelia comes from the Greek word ophelos (ὄφελος), which means “help, accumulate.” It was important for our business’s name to reflect the heart of our mission: to help you pay off your debt faster, while accumulating savings that will help you achieve your most cherished goals and aspirations.
Why was Ophelia founded?
Patrick Roy, one of the founders, helped his mother through her bankruptcy a few years ago. Through this experience, he discovered that there was no safety net in place to protect people from tumbling into a pit of debt, and no constructive way out once they hit rock bottom. Instead of waiting for a solution to fall from the sky, he decided to found Ophelia to change things.
Is Ophelia already up and running?
Almost! Ophelia is currently in the development and testing phase. We are aiming to launch within the next few weeks, so stay tuned!
Is Ophelia a bank?
Ophelia is not a bank. Ophelia is a financial technology (Fintech) company whose mission is to help people reduce their debt load by turning their debt into savings over time.
Is Ophelia a licensed insolvency trustee?
No. Ophelia is focused on offering a debt consolidation solution with a savings accumulation feature.
If debt is controlling almost all aspects of your life (debt keeps you up at night, debt collectors call you frequently, you hide significant debt from your spouse), we invite you to use the search tool of the Office of the Superintendent of Bankruptcy to find a licensed insolvency trustee.
Beyond consolidating my debt and helping me accumulate savings, will Ophelia help me improve my budgeting and financial literacy?
Yes. That’s why once you become an Ophelia client, we will share some of our tips and tricks, so you can improve your budgeting habits. Do not worry, our goal is not to lecture you!
To learn more about our consumer tips, we invite you to visit the Ophelia Tips and Tricks section of the FAQ.
Is Ophelia a payday loan company, like I often hear about on the radio and TV?
No, Ophelia does not do payday loans. In fact, that would go against our mission to reduce people’s debt and help them accumulate savings.
Does Ophelia hold a money lending license from the Quebec Consumer Protection Bureau?
Yes of course! Our license number is 17091. You can find us in the database of the Quebec Consumer Protection Bureau.
Are there any Ophelia branches?
We do not have Ophelia branches. If we decided to open brick-and-mortar locations, it would be very difficult for us to offer our signature reduced interest rates and aggressive savings structure.
Are Ophelia loans available for the self-employed?
Unfortunately, our loans are not available to self employed individuals at the moment. However, we would like to offer our solution to self-employed individuals as soon as possible.
Are Ophelia loans available for SMEs?
No. Ophelia loans are available only for individuals.
How can I ask the Ophelia team a question?
Any questions or comments can be directed to firstname.lastname@example.org. We would be happy to chat with you!
What debts can I consolidate with Ophelia?
Credit cards, personal loans, personal lines of credit… pretty much anything that’s costing you an arm and a leg in interest!
Is there a minimum or maximum amount of debt that I can consolidate with Ophelia?
Yes. The minimum amount is $2,000 and the maximum is $35,000.
What will my Ophelia loan amount be?
Your Ophelia loan amount corresponds to the amount of your eligible debts. For example, if you have a credit card with a balance of $8,000 and a personal loan with a balance of $5,000, the total amount of your Ophelia loan will be $13,000.
Are there origination fees with Ophelia?
No, we don’t charge origination fees.
What are the interest rates offered by Ophelia?
Our interest rates vary depending on your credit score, your payment history, your current financial situation, and your savings goals. Ophelia’s interest rates start at 12.00% and max out at 23.33%. The range of rates we offer to new clients may vary based on changes in the credit environment in Canada.
Did you know that the Quebec Consumer Protection Bureau has the right to refuse money lending licenses to compagnies charging more than 35% on a loan? Be careful! For more information, visit the page of the Quebec Consumer Protection Bureau.
Is the interest rate on my Ophelia loan fixed or variable?
Most of our loans are fixed rate loans, that is to say that your interest rate on your Ophelia loan stays the same throughout your loan term, even if the Bank of Canada raises the policy interest rate. This way, you can always know what to expect and budget for – no unpleasant surprises.
In some cases, we may require a variable interest rate. It depends on your financial situation as well as the Bank of Canada’s policy interest rate.
What are the loan terms offered by Ophelia?
Our loan periods vary depending on your credit score, payment history, current financial situation, loan amount, monthly payment amount, and savings goals. Ophelia’s loan durations start at 2 years and max out at 6 years. In some cases, the term can be up to 7 years – but we want you to have your savings in-hand much quicker than that!
Will my payment to Ophelia be larger than the payments I was previously making towards the debts Ophelia consolidated?
Generally, no. With Ophelia, the amount you pay will be more or less the same as the payments you were making on the debts we consolidated for you.
In some cases, your payment may be slightly higher. It depends on your financial situation.
Where can I find my customer number and my loan agreement number?
This information can be found on your loan agreement and on each account statement we send to your email address.
Where can I check my Ophelia loan balance?
You can check the balance of your loan on your most recent statement of account at any time.
Will I receive a document indicating all the payments I have to make to fully repay my Ophelia loan?
Yes. This document is called an amortization schedule. It indicates all the payments you will have to make until you have fully repaid your loan. What’s convenient is that you can see the date of all your payments and how each payment is divided between repaying your loan, paying interest and accumulating your savings.
Your amortization schedule is attached to your loan agreement and will be sent to your email address when we originate your loan.
How will I receive the money from my Ophelia loan?
The money from your Ophelia loan is not directly transferred into your bank account. To make your life easier, we transfer the money from your Ophelia loan directly to the balance of the debts you have asked us to consolidate.
How long does it take for the funds from my Ophelia loan to be applied to the balance of the debts I have consolidated?
The funds take about 3 to 5 business days to be deposited on a credit card and 3 to 10 business days for a personal loan or a personal line of credit. If there is a problem, we keep a copy of the money transfer confirmation in our files. This document shows the amount transferred, the date and the account number to which we sent the money. For example, if you had a balance on a credit card, the account number will match the number of that credit card.
When Ophelia consolidates my credit card, does my card stay active?
Yes. Note that the balance on your credit card will be reduced by the amount of money we transferred to it.
When Ophelia consolidates my personal loan, does my loan remain active?
Yes. The balance of your personal loan will be reduced by the amount of money we transferred to it. After the 3 to 10 business days expected delay, we suggest that you contact the financial institution responsible for your personal loan to confirm if you still have a balance to pay on this loan. If the balance is $0, you can ask for a debt release letter to confirm that you no longer owe them anything.
When Ophelia consolidates my personal line of credit, does it remain active?
Yes. Note that the balance of your line of credit will be reduced by the amount of money we transferred to it.
Can I get a loan from Ophelia even if I don't have any debts to consolidate?
No. For now, we are focused on debt consolidation loans only.
What happens when I make the last payment on my Ophelia loan?
Many good things! First of all, we will say thank you and congratulations! Then, you will be able to cash the accumulated savings (yeah!), which will be transferred to the same account from which you made your Ophelia payments. We will also send you a debt release letter (a legal document) that confirms that you have paid your Ophelia loan completely and that you owe us no more!
I am already an Ophelia customer and have a question about my loan. At which email address can I send my question?
Send your question to email@example.com. We will be happy to answer you!
What does Ophelia do with the savings I accumulate?
The savings you accumulate belong to you, and only you: Ophelia does not lend this money to other customers or use it for business purposes.
How does Ophelia calculate the amount of savings I am going to accumulate?
The amount of savings you will accumulate depends on your current financial situation and savings goals.
Where can I check the balance of my Ophelia savings account?
At any time, you can check the balance of your savings on your most recent account statement.
Are Ophelia savings invested in the stock market?
No. First, Ophelia is not allowed to do that. Second, the stock market is volatile (it goes up and down). It’s interesting when it goes up, but it’s a lot less when it goes down. Your savings would be at risk if it were invested in the stock market and this is not the goal of the Ophelia savings.
When will I have access to my Ophelia savings?
You will gain access to your Ophelia savings when your loan is repaid in full: either at the end of the loan term, or earlier if you have made prepayments. You can check the balance of your savings on your most account statement at any time.
When the balance of your Ophelia loan equals your savings balance, you have the option of using some or all of your savings to pay off your Ophelia loan. You decide!
To activate this option, you must send an email to firstname.lastname@example.org and indicate your customer number, your loan agreement number and the amount of savings you wish to apply to the balance of your loan.
How will I receive my accumulated savings?
We will either send you a check or make a direct deposit into your bank account.
I am already an Ophelia customer and have a question about my accumulated savings. At which email address can I send my question?
Send your question to email@example.com. We will be happy to answer you!
Ophelia Tips & Tricks
What are Ophelia tips & tricks?
Beyond offering you a loan, we want to help you improve your financial habits. That’s why Ophelia shares consumer tips to help improve your budget.
Don’t worry! We will not lecture you or give you too complicated stuff. Our tips and tricks are more about how to better manage small daily expenses that accumulate faster than you think.
Are Ophelia tips & tricks available only to Ophelia customers?
Yes, but we may make them available to the general public in the future.
How will I receive Ophelia tips and tricks?
By email or SMS.
Do I have to pay to receive the tips & tricks?
No it’s free!
How often will I receive tips & tricks?
This is not yet officially decided, but we can reassure you that it will not be more often than every two weeks, at most once a month. We do not want to flood you with a mountain of emails or SMS.
Do I have to apply Ophelia tricks & tips to get a loan?
No. Our goal is to share things that have worked for other people.
What should I do if I want to share tips & tricks with Ophelia?
If you have any ideas for saving, feel free to share them with us at firstname.lastname@example.org.
Are you going to give me advice on stock market investments, insurance products or tax?
No. First, Ophelia is not allowed to do that. Secondly, if you have questions about the stock market, insurance products or taxes, we invite you to ask your questions to the experts legally authorized to do so.
To make your life easier, here are some starting points to find the help you need:
How does the Ophelia payment work in relation to the savings I accumulate?
With each Ophelia payment, one portion is put towards accumulated interest, another is put towards the balance of your loan, and the rest is placed in your savings account.
How do I make my Ophelia payments?
Your Ophelia payments will be made via pre authorized debit, using the account you linked when creating your Ophelia loan.
What is the payment frequency for an Ophelia loan?
Your payments will be debited from your bank account every two weeks. We will send you a reminder SMS 3 days before the date of your payment.
How do I know if I have an upcoming payment?
To know the date of your next payment, we will send you a notification by email or text message. The information is also included on your most recent account statement.
How do I know if Ophelia received my payment?
Each time we receive your payment, we send you a payment confirmation and an up-to-date account statement to your email address.
What happens if I miss a payment?
We will contact you by email or phone to remind you of the missed payment. You will have 5 days to remedy the situation. In the event that you are unable to make the payment due, we will take compensation from your Ophelia accumulated savings up to the amount of the capital and interest due on default. For example, if your Ophelia payment is $250 and $200 of that payment is allocated for repayment of your loan (principal and interest), we will only take $200 from your Ophelia savings to make up for the late payment. That means will not take the amount of your usual Ophelia payment.
After the fourth missed payment, we will communicate with you to better understand your current financial situation in order to help find a solution.
Is there a late payment fee with Ophelia?
No late payment fees are charged by Ophelia. It would be absurd to charge you late fees with your Ophelia savings to cover your outstanding payments.
Can I change the bank account from which the pre-authorized debits are made?
Yes. Simply write to email@example.com and attach your new check specimen and the date we can begin to withdraw from this account.
Can I make a prepayment?
Yes. You can prepay at any time without incurring any penalties or fees. Write to us at firstname.lastname@example.org with the following information:
- Your loan agreement number
- The prepayment amount
- The date you want to prepay
Please give us at least 3 business days to process your prepayment.
Does the prepayment amount have to be the same as my regular Ophelia payment?
No. The prepayment amount is whatever you want it to be. It can be smaller or larger than your Ophelia payment. You decide!
Can I pay my entire Ophelia loan in advance?
Yes, and all the better! You will have less debt to pay, not to mention all the interest you will save!
What happens to my savings if I repay my Ophelia loan faster than expected?
When you finish paying off your Ophelia loan, you cash out the amount of savings you have accumulated to date. So if you have made prepayments, your savings will be less than the amount indicated in your Ophelia loan agreement simply because you paid your loan off faster.
I am already an Ophelia customer and have a question about how payments work. At which email address can I send my question?
Send your question to email@example.com. We will be happy to answer you!
How can I be sure that the communications I received come from Ophelia and not from fraudsters?
Whenever we communicate with you by email, it will be from an email @opheliafintech.com. If you receive an email from another address, it does not come from Ophelia.
Under no circumstances we will ask you to confirm your banking information without you having completed a loan application with us.
Under no circumstances we will ask you for money (except according to the amount of the pre-authorized debits provided in your loan agreement), gift cards, prepaid or debit cards or any other monetary item.
Under no circumstances will we ask you to transfer money via Western Union or any other means. All money transfers to Ophelia to pay your loan will be made by pre-authorized debits according to the payment schedule that is attached to your loan agreement.
Under no circumstances will we ask for your password in unsolicited communication such as letters, phone calls or emails.
If you have received an SMS, a phone call or an email that appears to be fraudulent, we advise you not to answer or open the attachments. Do not click on any of the links and contact any of the phone numbers provided. Please report these emails as spam or phishing to your email provider.
If you are concerned about the legitimacy of emails, SMS, phone calls, or mailings that appear to be Ophelia, please contact us at firstname.lastname@example.org.
Report fraudulent activity on the Canadian Anti-Fraud Centre website or by phone at 1-888-495-8501.
If you believe you have been the victim of fraud or have been asked to give personal or financial information, please contact your local police department.