Use this URL to log into your MyParachute Loan Account: Parachute (turnkey-lender.com). In the top right-hand corner, select Log In and enter your username and password.

We sent your login credentials to you by email when you applied for the Parachute Loan.  Your username is your email address and your password was sent to you in an email from ‘MyParachute’. Be sure to add contactus@myparachute.co to your safe senders list if it landed in your junk folder.

Go to the Log In page, enter your username and click Forgot Password.  Follow the prompts to reset your password.

Your regularly scheduled loan payments are automatically withdrawn from your bank account.

Login to your MyParachute Loan Account and click on ‘Bank Details’.  Click ‘Add Bank Account’ and enter the information prompted to add your new account.  Click the ‘star’ symbol to set this account as your default bank account from which all future payments shall be withdrawn.

Your payment will be withdrawn from your account on the next banking date following the holiday or weekend. In your loan schedule, the payment will appear as paid on the date it is due.

Yes, regularly scheduled payments can be made on a monthly or bi-weekly schedule to best meet your needs.  If you wish to switch your schedule, send an email to contactus@myparachute.co.

Yes, send an email to contactus@myparachute.co advising us of your new pay schedule and we’d be happy to assist you.

All payments, including prepayments, are applied firstly to fees (if any), then to accrued and unpaid interest due, and the balance, if any, is applied to the outstanding principal.

Your MyParachute Loan Account provides you with all the information you’ll need about your loan. In the section that indicates the original loan amount and term, click the up/down arrow (^) to open a new row to display your outstanding balance and outstanding principal.

Your outstanding balance includes the principal and interest owing over the term of your loan.

Your loan is fully open which means you can pay off your loan early or make extra payments at any time and there is no penalty or fees charged for doing so.

Early payments are always applied immediately. Any early payment is firstly applied towards your next regularly scheduled instalment.  You must pay the scheduled principal, already accrued interest and fees (if any), in addition to the interest further reduced until the end of the instalment (based on the reduced principal).  In the case of an overpayment, the future instalments are recalculated.

Yes. If you make an overpayment, the amount of your future payments is reduced based on the reduced remaining principal. The number of future instalments remains the same.

· Log into your MyParachute Loan Account
· Click on Active Loans and then select ‘Make Payment’
· In the dropdown menu choose Regular Payment
· Under Transaction Amount, enter the amount you wish to pay
· Click Submit

Note: Your bank may have a maximum daily or weekly limit on amounts that can be transferred.  For larger payments it may be necessary to make a series of smaller payments over time, or you may send funds via electronic transfer to payments@myparachute.co. You must send us a notification of the payment made with your loan number to contactus@myparachute.co or inquire with us at contactus@myparachute.co for alternate payment methods.

· Log into your MyParachute Loan Account
· Click on Active Loans and then select ‘Make Payment’
· In the dropdown menu choose Pay Off
· The amount required to pay the loan in full will be displayed under Transaction Amount
· Click Submit to automatically transfer funds from your account to pay off your loan

Note: Your bank may have a maximum daily or weekly limit on amounts that can be transferred.  For larger payments it may be necessary to make a series of smaller payments over time, or inquire with us at contactus@myparachute.co for alternate payment methods.

We know life happens and unexpected events can occur.  If you think you may not be able to make your payment on time, or recently missed a payment, send an email to contactus@myparachute.co and we can work with you to figure out a solution that works.

We know life happens and unexpected events can occur.  If, for any reason, you cannot make your payment on time, you can avoid NSF charges by requesting a payment holiday.  In your MyParachute Loan Account, click the ‘Payment Holiday’ button in the top right corner.  Click the calendar icon and select the date when you will be able to make your next payment. We will contact you and inform you of our decision to approve or reject your Payment Holiday request. You must request this payment holiday at least 2 full business days before your payment due date.

If you are eligible, the LPPP provides the following coverages in connection with your
Parachute Loan account:
· Involuntary Unemployment coverage: If you lose your job, the coverage could make up to 12 months of payments, based on your payment frequency, towards your outstanding Parachute balance. This coverage also extends to self-employed individuals.
· Disability coverage: If you become disabled and unable to work, the coverage could make up to 12 months of payments towards your outstanding Parachute balance.
· Critical Illness coverage*: If you or your spouse become diagnosed with a Critical Illness for the first time and survive that First Diagnosis for at least 30 days, the coverage will pay Parachute, an amount equal to the Outstanding Balance at the date of First Diagnosis of the Critical Illness, to a maximum of $25,000.
· Death with Dismemberment coverage**: The coverage will pay Parachute, on Your behalf, upon due proof of the death or dismemberment of You or Your spouse occurring after the effective Date, and while You are covered under the Policy, an amount of insurance equal to the Outstanding Balance of Your Parachute loan amount at the date of death or dismemberment to a maximum of $25,000. If the death or dismemberment of You and Your Spouse occurs simultaneously, only one benefit will be paid.

*The Critical Illness benefit will be paid only once. When You are simultaneously disabled, involuntarily unemployed or involuntarily unemployed as a self-employed, You are entitled to benefits only under one coverage.
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** Before the age 65 (71 in BC), the Loan Payment Protection Program does not require that death arise from accidental circumstances. Beginning from age 65 (71 in BC) and thereafter, the LPPP only provides coverage if death arises from accidental circumstances and death must occur within 90 days of the accident.

· A Parachute Primary Loan Borrower
· A Canadian resident
· A person at least 18 years of age

· The Life and Dismemberment and Critical Illness coverages are available to the primary
Borrower Loan and their Spouse.
· The Disability and Involuntary Unemployment coverages are available only to the Primary Loan Borrower.
· The Primary Loan Borrower is the individual whose name appears first on the Parachute loan agreement (“Borrower”)

The cost for Loan Payment Protection Plan will be calculated by taking the monthly or bi-weekly Premium Rate of 10% multiplied by your regular principal and interest payment, plus applicable taxes, and if your loan balance is zero, your premium payment required would be zero

General exclusions from the coverage include:
· intentionally self-inflicted injury;
· attempted suicide;
· drug, alcohol or solvent abuse;
· the commission, or attempted commission, of an illegal act; or
· military service, declared or undeclared war, or any nuclear, chemical, or biological
contamination resulting from an act of terrorism.

For more information on coverage specific exclusions and conditions of coverage, please see the a sample copy of the certificate of insurance at https://transglobalinsurance.ca/insurance/other/ or view Certificate of Insurance

When the insurance starts:
The effective date of the Loan Payment Protection Program is the date that Trans Global
Insurance Company and Trans Global Life Insurance Company receives your application for insurance.

When the insurance ends:
On the sooner of
· The next payment date after the Insured or the Company receive the Insured Debtor’s
written request to end the insurance coverage.
· The date that is thirty-one (31) days from the date the Insured Debtor has been given
notice by the Insured or the Company of termination of this Policy.
· The date when the Insured Debtor’s Financing Contract is terminated.
· The date when the Insured Debtor is more than thirty days (30) delinquent in making
any required payment in respect of his or her account.

However, the insurance ends for all insured people in the event of death. See the Certificate of Insurance at https://transglobalinsurance.ca/insurance/other/ or view Certificate of Insurance for more details.

Loan Payment Protection Program is optional, and you can cancel it at any time. If you cancel within the first 30 days, the premiums you paid will be refunded to you. If you cancel any time after 30 days, you will not be entitled to any refund of premiums charged.

The LPPP is designed to complement any existing protection by paying in addition to any
other coverage you may have.

To make a claim, follow these steps to contact Trans Global Insurance:

· By calling 1-844-930-6022 between 8:00 a.m. and 5:00 p.m. (MST)
· By email clientcare@transglobalinsurance.ca
· By written notice to TRANS GLOBAL INSURANCE GROUP, Suite 275, 16930-114 Avenue, Edmonton, AB T5M 3S2.

To make a complaint, follow these steps:
· If for some reason you are not satisfied with the resolution to an inquiry or
dissatisfaction, please call 1-844-930-6022 between 8:00 am and 5:00 pm (MT), Monday to Friday.
· Should you require more information regarding the Insurer’s complaint handling
procedure, please visit Trans Global Insurance website to view the complaint resolution
processes which can be found at: https://transglobalinsurance.ca/resolving-complaints/

If you have any questions about this insurance coverage, contact Trans Global Insurance at 1-844-930-6022.