LoanConnect review: Find your lender matches
- Interest Rate
- 8.00% - 46.96%
- Loan Amount
- $500 - $50,000
- Loan Term
- 3 - 120 months
- Min. Credit Score
- 300
Our verdict
Use the LoanConnect online platform to compare lenders and find the best loan for your needs.
LoanConnect is a loan search platform that allows you to get multiple offers by filling out just one application. It works with a variety of lenders, including those who offer bad credit loans, debt consolidation loans, lines of credit and personal loans. Its large network of lenders can finance a wide range of borrowers, from poor to excellent credit, and you can get your loan as soon as the same day.
If you prefer to apply directly to a lender, look elsewhere, as LoanConnect does not finance any loans.
Best for: People with varied financial history who are looking to compare multiple offers
Pros
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Pre-approval in five minutes
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Choose the best offer
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Options for good and bad credit
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Secured and unsecured loans available
Cons
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High rates for bad credit
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Not a direct lender
LoanConnect was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Overall customer satisfaction score: 73.75%
What is LoanConnect?
Based in London, Ontario, LoanConnect is an online broker that is partnered with over 30 verified lenders to help people find a loan. You fill out one application in less than five 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.
Most recommended
Loan Connect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Is LoanConnect a legitimate company ?
Yes, LoanConnect is a legitimate company in Canada. It is a registered business that has partnered with over 30 lenders since its founding in 2016. LoanConnect has been BBB accredited since 2018 and has an A+ rating. It is also a member of the Canadian Lender’s Association.
Types of loans available through LoanConnect
These are just a few of the types of loans that LoanConnect offers:
- Personal loans
- Debt consolidation
- Online cash loans
- Bad credit loans
- Auto loans
- Home improvement loans
- Vacation loans
- Business loans
- Loans for people with bankruptcy or consumer proposals on their records
LoanConnect personal loan features
| Feature | Details |
|---|---|
| Loan type | Secured or unsecured |
| Loan amount | $500 – $50,000 |
| Loan term | 3 - 120 months |
| Interest rate | 8.00% - 46.96% |
| Fees |
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| 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 8.00% but the rate you’ll be approved for will be based on your personal financial information and credit history.
- Flexible loan amounts. You can apply for as little as $500 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 with LoanConnect
- 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.
- Possible origination fee. While LoanConnect itself doesn’t charge application or brokerage fees, some LoanConnect partner lenders will charge an origination fee of up to $100.
- 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 are mostly positive. Favourable reviews have commented that LoanConnect is knowledgeable, helpful and thorough. Negative LoanConnect reviews tend to focus on working with partner lenders and not getting approved for certain loans.
| Feature | Details |
|---|---|
| BBB accredited | Yes |
| BBB rating | A+ |
| BBB customer reviews | 4.64 out of 5 stars, based on 4 LoanConnect reviews |
| Google reviews | 2.9 out of 5 stars, based on 15 LoanConnect reviews |
| Trustpilot score | LoanConnect reviews not available |
| Customer reviews verified as of | August 17, 2023 |
LoanConnect reviews from Finder survey
I needed a loan to consolidate my high-interest credit card debt and I found LoanConnect online. They have a large database of lenders and they matched me with the best offer based on my profile. I was able to compare different loan options and choose the one that had the lowest interest rate and the shortest term. The process was fast and simple and I received the funds in my bank account within 24 hours.
Is LoanConnect secure and safe to use?
Yes, LoanConnect has secure processes in place to protect your privacy and ensure your safety. LoanConnect only shares your information for a limited time and with partner lenders you qualify with. All information is sent through an encrypted channel using the latest security. All partner lenders are also not allowed to disclose or use your information beyond providing service through LoanConnect.
How LoanConnect compares to an alternative loan broker
| Feature | LoanConnect
| Loans Canada
|
|---|---|---|
| Loan amount | $500 – $50,000 | $300 – $50,000 |
| Loan term | 3 - 120 months | 3 - 60 months |
| Interest rate | 8.00% - 46.96% | 6.99% - 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 for LoanConnect?
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 for LoanConnect?
Follow these steps to get started with your LoanConnect 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.
Application Step 1
Enter loan amount
Application Step 2
Enter loan purpose
Application Step 3
Enter your name, email and birthday
Application Step 4
Enter your phone number and address
Step 5
Enter your employment and housing
Does LoanConnect have a good website and application platform?
We think so. LoanConnect's website is clear and easy to navigate. It has a straightforward layout with plenty of chances to head directly to the loan application. The application itself is relatively simple and shows up clearly whether you’re applying from your computer or mobile phone.
Another nice feature of LoanConnect’s website is that it has a blog section with helpful articles covering a wide range of finance topics, from loans and mortgages to insurance and budgeting.
Does LoanConnect offer loan insurance?
No, LoanConnect does not directly offer loans or loan insurance. However, some of its partner lenders may offer loan insurance – like job loss, critical injury or disability insurance – with their loans. It’s always important to carefully assess if you really need loan insurance before signing up for the extra cost. It can be expensive, and the loan insurance premium is often rolled into the overall cost of the loan and charged interest.
How much does a loan from LoanConnect cost?
The cost of a loan from LoanConnect will depend on the type of loan you get and your personal financial situation. That said, LoanConnect personal loan interest rates generally range from 8% to 46.96% (with loan terms from 3 - 120 months), while its line of credit rates range between 19.99% and 46.96% (on loan terms from Open) and its debt consolidation loan rates between 8% and 46.96% (with loan terms from 12 - 60 months).
Some partner lenders might charge a one-time origination fee of around $100. Make sure to carefully read any loan agreement you’re offered to look for any fees you might have to pay on top of the loan’s interest.
You can use the loan calculator below to help give you an idea of how much a loan from LoanConnect may cost depending on how much you borrow, for how long and at what rate.
Calculate your loan monthly payment cost
Calculate how much you could expect to pay each month on a loan from LoanConnect|
Your loan
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Fill out the form and click on “Calculate” to see your estimated monthly payment.
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Compare personal loansBased on your loan terms
| Principal | $ |
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| Interest | $ |
| Total Cost | $ |
Opting for a loan broker service like LoanConnect is a great way to help ensure you save on interest because you can compare multiple lenders to find the best rate. Just to be safe, you might also like to compare a couple of quotes from outside providers with the results you get through 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 LoanConnect personal 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
Frequently asked questions about LoanConnect
Frequently asked questions
