LoanConnect Personal Loan review
Use this online platform to compare lenders and find the best personal loan for your needs.An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Secured from 1.90%, Unsecured from 9.90%-46.96%
Max. Loan Amount
Min. Credit Score
- Best for borrowers who want to use an online platform to compare prices from multiple lenders at one time.
- Choose something else if you want to apply directly with a single lender or you’d like to negotiate your loan in person.
- Apply with any credit score as long as you’re a citizen or resident of Canada, and are over the age of majority in your province or territory.
What makes LoanConnect unique?
LoanConnect is unique because it allows you to apply for up to $50,000 in less than 5 minutes, all from the comfort of your own home. You may be able to qualify even with bad credit, and it’s possible to get money deposited into your account on the same day that you apply.
How does LoanConnect work?
LoanConnect is a loan comparison platform that lets you compare multiple lenders at one time. Lenders are generated based on your unique profile so that you’re only matched with suitable options. All you need to do is fill in your personal details and information about your current financial situation to get started.
The list of lenders you get matched with will be broken down by factors such as how much you’ll pay in interest, how long your term will be, your average monthly payments and the amount of money you can qualify for. From there, you can choose your favourite provider and apply for a loan.
What are the benefits of LoanConnect?
You can take advantage of the following benefits with a LoanConnect Personal Loan:
- 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’ll usually get your money within 24 hours of applying, provided you meet eligibility criteria.
- High loan amounts. You’ll be able to apply for loans up to $50,000, depending on personal factors such as your credit score and income.
- 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.
What to watch out for
You may want to consider the following drawbacks before you apply for a LoanConnect Personal Loan:
- High interest rates. The interest rates you’ll pay range from 1.9% for secured loans, and between 9.90% and 46.96% for unsecured loans.
- 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.
Compare other personal loans
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.
Am I eligible?
- 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.
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.
LoanConnect provides a user-friendly online platform to help you compare lenders for your next personal loan. Find out what you need to qualify and start your application today to find out how much you’re eligible to borrow.