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LendDirect review

Get a rotating credit limit that fits your budget and only pay interest on the money you take out.

3.9 ★★★★★ (14 reviews) Write a review

Our verdict

The LendDirect line of credit is a good option for people looking for open-ended personal financing. LendDirect offers an online application, fast funding and flexible repayments. Interest rates are on par with what you would pay for a credit card, but they can also be much higher depending on your credit score.

Best for: People with fair credit looking for ongoing access to flexible financing.

  • Flexible repayments
  • Fast application and payment
  • No need to reapply
  • High interest rates
  • Only available in select provinces and territories
Learn more

Loan Amount


Loan Term

No end dates

Interest Rate

19.99% - 46.93%

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LendDirect was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 83.08%

What is LendDirect?

LendDirect is an online lender that offers lines of credit to qualified applicants. It was founded in 2016 and is based in Toronto. LendDirect offers loan services in all provinces and territories except Manitoba, Nunavut, Quebec and Yukon. Get instant pre-approval if you qualify, borrow what you need and keep the rest in your back pocket for later. Interest is the same as with most credit cards and is only charged on what you borrow.

How does a LendDirect line of credit work?

LendDirect lines of credit work just like any other line of credit:
  • Get approved for a specific amount. Get a credit limit up to $15,000, depending on your income and credit score.
  • Borrow all or a portion of funds. Borrow against your credit limit as much or as little as you want. Only pay interest on the funds you take out.
  • Pay funds back to your account. Pay the money back to LendDirect on a set schedule or make early repayments to top up the amount you can borrow again.

Most recommended + Best-rated

LendDirect made it to both the Top 15 Most Recommended and Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Is LendDirect legitimate?

Yes, LendDirect is a legitimate business with over 2,000 customer reviews on TrustPilot and a 4.6 star rating. It has a permanent office address in Toronto and partners with reputable brokers. LendDirect also has Twitter and Facebook accounts but has a fairly inactive social media presence overall.

LendDirect line of credit features

Loan amountUp to $15,000
Loan typeUnsecured
Loan termNo end dates
Interest rate19.99% - 46.93%
FeesLate payment fees
Serviced provincesAvailable in all provinces and territories except Manitoba, Nunavut, Quebec and Yukon
Basic eligibility criteria- Be a Canadian citizen with a valid ID
- Be at least 18 years old
- Have an open and active chequing account in your name

What we like about the LendDirect line of credit

Get the following benefits when you sign up for a LendDirect line of credit:

  • Flexible repayments. Make minimum payments on a set schedule. LendDirect will also do its best to work with you if you’re having trouble repaying your line of credit.
  • Fast application. Apply for a LendDirect line of credit in under 15 minutes.
  • Instant payment. Get funds delivered into your bank account within as little as 15 minutes via Interac e-Transfer (times may vary based on business hours).
  • No need to reapply. You don’t need to apply for more funds once you pay your line of credit down, you can borrow whatever balance remains on your account.
  • Free prepayment. There’s no penalty when you make early repayments.
  • Optional loan insurance. Pay an extra fee to cover your line of credit payments if you can’t make them due to unanticipated illness, injury, unemployment or loss of life.

What to watch out for

LendDirect lines of credit may come with the following drawbacks:
  • High interest rates. Interest rates range from 19.99% to 46.93%, which are high compared to loans from traditional lenders.
  • Not available everywhere. You may not be able eligible to apply for LendDirect lines of credit depending on where you live, as it doesn’t service all of Canada. You can apply if you live in all provinces and territories except Manitoba, Nunavut, Quebec and Yukon.

Summary of LendDirect reviews

BBB ratingB-
BBB reviews1.5 stars out of 5 with 6 reviews
TrustPilot reviews4.6 stars with 2,063 reviews
Customer reviews verified as ofAugust 14, 2023

The majority of LendDirect reviews indicate that the company offers a high level of professionalism and customer service. Many customers praise how quickly they received their lines of credit after applying. Others complain that they were unable to get approved, service was slow and they had to pay more for their loan than they originally anticipated.

LendDirect reviews from Finder survey

Alternatives to a LendDirect line of credit

1 - 3 of 3
Name Product Ratings Interest Rate Loan Amount Loan Term Requirements
LoanConnect Line of Credit
Customer Survey:
19.99% - 46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
Loans Canada Line of Credit
Customer Survey:
9.90% - 21.50%
$5,000 - $35,000
6 months - 5 years
Requirements: min. credit score 300
MogoMini Line of Credit
Customer Survey:
$1,000 - $3,500
No end dates
Requirements: min. income $13,000/year, min. credit score 500

Am I eligible for a LendDirect line of credit?

You may be eligible for a LendDirect line of credit if you meet the following criteria:

  • Be a Canadian citizen with a valid ID
  • Be at least 18 years old
  • Have an open and active chequing account in your nameRequired documents
LendDirect may ask you to provide the following documents:
Proof of age/addressGovernment issued photo ID
Proof of incomeBank records, recent pay stubs
Deposit informationBank account information to deposit funds and set up automatic withdrawals
Consent for credit checkConsent for LendDirect to access your credit report

How to apply for LendDirect lines of credit

You can apply for a LendDirect line of credit in under 15 minutes by following these steps:

  1. Visit the website and click on the orange “Apply now” button in the top right corner.
  2. Set up your a password to secure your account and create a security question and answer.
  3. Provide personal information such as your full name, email address, phone number, residential address, birth date and what type of ID you intend to use (e.g. drivers license, permanent residence card, passport, provincial photo ID, etc.). You’ll also be prompted to enter your SIN but you can skip this step.
  4. Answer questions about your employment history and monthly income. Verify your income and add additional income sources if you like.
  5. Provide your bank account information including your transit number, institution number and bank account.
  6. Submit your application and wait for pre-approval.
  7. Once approved, agree to your amount and interest rates (getting approved can take a few hours or a few days, depending on what info needs to be validated).
  8. LendDirect should deposit your funds in as little as 15 minutes via Interac e-Transfer of approval within normal working hours.

How can I contact LendDirect?

You can contact LendDirect by filling out the online form on its website under the “contact us” section (in the grey line at the bottom of the page). You can also call the customer service hotline or send an email. LendDirect hotline hours are Monday to Friday: 8am to 11pm (ET) and weekends from 9am to 5pm (ET).

How much will a LendDirect line of credit cost?

The cost of LendDirect lines of credit will vary based on your credit score, income and other factors.

  • Credit score. The higher your credit score, the less you’ll pay in interest. You’ll usually have to pay more interest with a score below 650.
  • Fees. There are no setup or prepayment fees to take out a LendDirect line of credit. The only time you’ll usually pay fees is if you make late payments.

Example of how much a LendDirect line of credit could cost

Julie wants to take out a line of credit to help her cover the costs of renovations on her home. She has a good credit score (around 660) and wants a $5,000 credit limit but she only ends up using $2,800. Let’s take a look at how long it would take her to repay her debt over 1 year.

Initial line of credit amount$5,000
Interest rate26.99%
Total amount borrowed for renovations$2,800
Amount left on line of credit$2,200
Time to pay off amount borrowed12 months
Monthly payments$268.84
Total interest on amount borrowed$426.02
Total of 12 payments$3,226.02

Julie will pay $426.02 to borrow $2,800 over a year. If she dips into her line of credit to do additional renovations, that number will increase. The amount she owes will go down every time she makes a payment and she’ll have more funds available to borrow.

Bottom line

LendDirect is an online provider that offers lines of credit to qualified applicants. Enjoy instant pre-approval, borrow up to $15,000 and get a revolving line of credit that lets you borrow as much as you need, when you need it. Just be aware that LendDirect comes with high interest rates (over 19.99%) with high interest rates for borrowers with lower credit scores.

Frequently asked questions about LendDirect

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