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Better Than the Bank review

Weigh the benefits and drawbacks of applying to Better Than the Bank.

If you’ve applied for a loan and been rejected, Better Than the Bank will connect you to partnered lenders that are willing to issue you funding of up to $1,500 with repayment terms of up to 180 days. Bear in mind that you can only apply for loans in Ontario, British Columbia and Quebec.

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Loan Amount

60 to 180 days

Loan Term

Please note: All information about Better Than the Bank has been collected independently by Finder and this product is not available through this site.

What is Better Than the Bank?

Better Than the Bank is not a lender, but a broker connecting you with partnered lending institutions that issue bad credit loans, payday loans and installment loans. It calls itself an “underwriting provider,” conducting the underwriting process before lenders make the final decision on lending you money. You can only apply for up to $1,500 and you have between 60 and 180 days to repay your funding. Do not apply if you don’t want your information shared with third-party lenders.

Is Better Than the Bank legitimate?

We’re not giving it our full sign-off on legitimacy. We like that it lists office addresses in the 3 provinces where it operates, along with a phone number and email address. We also like that it clearly lists interest rate ranges, APRs and a cost breakdown.

But Better Than the Bank doesn’t include its terms and conditions or privacy policy on its website. It’s also not accredited by the Better Business Bureau, where it has 2 stars out of 5.

Information above is as of June 30, 2022

Features of Better Than the Bank loans

Better Than the Bank comes with these key features that may be beneficial to some borrowers:

  • An online application process. You can apply for a loan completely online with Better Than the Bank. It’ll hand your details over to lenders that can fulfill your loan request.
  • Quick turnaround time. Better Than the Bank says you can get approved and receive funding for up to $1,500 within 24 hours.
  • Bad credit is OK. Better Than the Bank specializes in finding lenders that provide bad credit loans and payday loans, both of which do not require a credit check.
  • Use the funds for any purpose. Once you’re approved for a loan, you can use the money any way you like. You can use it to pay bills or cover a financial emergency.
  • Unsecured. These loans are unsecured, so you don’t need to put up any collateral.

What to watch out for

Borrowers need to be wary of these crucial red flags:

  • Not a lender. Better Than the Bank is not a lender. Instead, it classifies itself as an “underwriting provider.” It collects your application information and sends it to partnered lenders that may fulfill your loan request. Ultimately, it’s up to lenders to make the final decision on your application.
  • Online application is confusing. We’ve combed through the application process online and it isn’t as straightforward as applications from other lenders. Be patient and play around with each lending option to make sure you’re choosing the right loan option for your needs.
  • Steep interest rates. Better Than the Bank says its partners charge a maximum interest rate of 32%, while the maximum APR is 109.5%. APR is the interest rate and fees you’ll pay to get the loan.
  • They may take your application to a payday lender. Because it deals with lenders issuing short-term lenders, your loan request may be fulfilled by a payday lender.
  • Small loan amounts with short repayment terms. You can only borrow up to $1,500, with repayment terms of 60 to 180 days. If you need more cash, or you need more time to repay your loan, this isn’t the choice for you.

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How much will a loan cost me?

That depends on how much you decide to borrow, how long it’ll take you to repay your loan and the interest rate and APR you’re charged from your lender.

Here’s the prime example Better Than the Bank points to on its site: If you’re borrowing $300 for 14 days, expect an APR of 109.5%. All in, you’ll need to repay $332 within 2 weeks of your funding being issued.

Am I eligible for a loan through Better Than the Bank?

To be eligible for a loan through Better Than the Bank, you must meet the following criteria:

  • Be the age of majority in your province.
  • Earn at least $300 per week and be at the same job for the last 3 months.
  • Have a valid telephone number.
  • Have a valid email address.
  • Not have “too many” NSF charges in the past few months.

How do I apply for a loan through Better Than the Bank?

To apply for a loan via Better Than the Bank, head to the organization’s website and click on “Apply Now” in the top right-hand corner. Follow the prompts:

  1. Choose the credit product you’d like to apply for from the drop-down menu, and using the sliding scale, identify how much you’d like to borrow.
  2. Choose the loan terms you’d like, ranging from 60 days to 180 days. If you have a promo code, include it in the text box, then click “Apply Now” to proceed.
  3. Create an account by providing your email address and a password.
  4. Fill in the application form, which includes your full name, contact details, employment information and monthly income.
  5. Once you’ve completed the application form, hit submit. Better Than the Bank will connect you with providers who have looked over your loan request and are willing to give you funding.

Bottom line

If you’ve been turned down by lenders because of bad credit, Better Than the Bank claims it can connect you with lending institutions that can finance your loan request. The downside? It may be in the form of a bad credit loan or payday loan, which you can directly apply for yourself. Before proceeding, make sure you’re okay with handing over your financial details to Better Than the Bank since it’s going to share this information with third-party lenders.

Frequently asked questions

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