Sign up & start saving!
Our monthly newsletter is launching soon with the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
LoanConnect review: Find your lender matches
Use this online platform to compare lenders and find the best personal loan for your needs.
LoanConnect’s large database of lenders can finance a wide range of borrowers, from poor to excellent credit. You can get your loan as soon as the same day. LoanConnect is free to use and is available in all provinces.
Finder Rating: 4.6 / 5
★★★★★
No reviews yet.
Write a review
6.99% - 46.96%
Interest Rate
$50,000
Max. Loan Amount
300
Min. Credit Score
LoanConnect at a glance
- Compare lenders in 1 place
- Pre-approval in 5 minutes
- Options for good and bad credit
- High rates for bad credit
- Not a direct lender
What is LoanConnect?
Based in London, Ontario, LoanConnect is an online broker that is partnered with many lenders to help people find a loan. You fill out 1 application in less than 5 minutes to get matched with lenders that want to finance you. Lenders are generated based on your unique profile.
LoanConnect works with all types of borrowers. If you’ve been denied by banks or you’re carrying payday loan debt you’d like to get rid of, LoanConnect can help you find a loan. LoanConnect also has lender partners for prime borrowers looking for a low interest loan.
Is LoanConnect legitimate?
It is. LoanConnect is a registered business and is BBB-accredited with an A+ rating.
LoanConnect personal loan features
| Feature | Details |
|---|---|
| Loan type | Secured or unsecured |
| Loan amount | $100 – $50,000 |
| Loan term | 3 - 120 months |
| Interest rate | 6.99% - 46.96% |
| Fees |
|
| Serviced provinces | All provinces |
| Basic eligibility criteria | Currents debts must total less than 60% of income, min. credit score 300 |
What we like about LoanConnect
- Easy to compare lenders. LoanConnect works with multiple lenders to help you find the best rates and terms for your personal loan.
- Quick deposits. You can get your money within 24 to 48 hours of applying.
- Secured and unsecured options. You can apply for a loan with or without collateral.
- Low starting rates. Rates start at 6.99% for unsecured loans and 6.99% for secured loans.
- Flexible loan amounts. You can apply for as little as $100 and as much as $50,000.
- Transparent contracts. The online platform is laid out in a way that allows you to clearly see the rates and terms that apply to each loan.
- Bad credit doesn’t matter. Loan decisions are based on factors like your income, so the state of your credit won’t be as important. People with a past bankruptcy or consumer proposal can also apply.
- Secure. LoanConnect says it uses the latest security to protect your personal information.
What to watch out for
- High interest rates for bad credit. You could get a rate up to 46.96%.
- Limited providers. You’ll only get quotes from companies that LoanConnect works with, so you could miss out on a better deal from outside lenders.
- Online only. You’ll have to be able to navigate the loan process online and you won’t be able to visit LoanConnect in person to meet with your lender.
Summary of LoanConnect reviews
LoanConnect reviews have been mostly positive. Clients have commented that LoanConnect is knowledgeable, helpful and thorough.
| Feature | Details |
|---|---|
| BBB accredited | Yes |
| BBB rating | A+ |
| BBB customer reviews | 4.64 out of 5 stars, based on 14 LoanConnect reviews |
| Trustpilot score | LoanConnect reviews not available |
| Customer reviews verified as of | May 19, 2022 |
How LoanConnect compares to similar providers
| Feature | LoanConnect
| Loans Canada
|
|---|---|---|
| Loan amount | $100 – $50,000 | $300 – $50,000 |
| Loan term | 3 - 120 months | 4 - 60 months |
| Interest rate | 6.99% - 46.96% | 5.4% - 46.96% |
| Fees | No application, origination or brokerage fees | No application, origination or brokerage fees |
| Serviced provinces and territories | All provinces | All of Canada |
| Basic eligibility requirements | Minimum credit score of 300 | Minimum credit score of 300 |
| Go to LoanConnect site | Go to Loans Canada site |
Am I eligible?
Eligibility requirements
- Be at least 18 years old (19 years old in some provinces and territories)
- Be a citizen or resident of Canada
- Have a valid bank account
Required documents and information
- Government-issued ID. You’ll have to show proof of ID, such as your driver’s licence or passport.
- Proof of income. You’ll be required to submit documents such as pay stubs and letters of employment to verify how much money you make.
- Other financial documents. You may be asked to submit other documents such as bank statements or tax forms to give a full picture of your financial health.
How do I apply?
Follow these steps to get started with your loan application:
- Visit LoanConnect’s website and fill out an online application.
- Input personal information such as your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and negotiate the terms of your loan if you meet the eligibility requirements.
Preview of LoanConnect’s application
LoanConnect has an easy, simple application you can complete in less than 5 minutes.
Step 1
Enter loan amount
Step 2
Enter loan purpose
Step 3
Enter your name
Step 4
Enter your address
Step 5
Enter your employment and housing
How much money can I save?
The amount of money you’ll be able to save using LoanConnect depends on your unique financial situation along with other personal factors. That said, you’re bound to save a decent amount on interest alone just by comparing multiple lenders to find the best rates.
Just to be safe, you might also like to compare a couple of quotes from outside providers with the results you get from LoanConnect. This is because LoanConnect only advertises the rates of companies it works with, so it may leave out a handful of suitable options.
What can I use my loan for?
LoanConnect won’t usually interfere with how you spend the money you borrow, but may ask you to specify how you intend to use your loan. Some reasons you might like to borrow money include:
- Routine expenses. Use your loan to cover the cost of monthly expenses like rent, utilities and groceries.
- Emergency expenses. Get the money you need to pay for unexpected expenses like funeral costs, medical bills and car repairs.
- One-time payments. Put the money you borrow towards a large one-off purchase such as flights, home renovations, wedding costs and student loans.
- Debt consolidation. Use your loan to pay off your outstanding credit card debt or to cover your unpaid bills so that you only have to make one easy payment.
I got a LoanConnect loan. Now what?
Once your money has been deposited into your account, you’ll be responsible for starting your repayments. You’ll usually pay your loan back through automatic withdrawals from your bank account.
You may want to set a budget to make sure you can afford your repayments. You’ll also want to understand what fees you might need to pay for services such as setting up your loan, or making late or early repayments.
Bottom line
LoanConnect provides a user-friendly online platform to help you compare lenders for your next personal loan. It’s a solid option if you’re looking for multiple loan offers for your unique financial situation.
Compare LoanConnect to other personal loans
1 - 8 of 8
