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Loans Canada offers loans for all types of borrowers, including people with fair or bad credit. You fill out 1 online application in less than 10 minutes to get matched with lenders that are open to financing you. It takes 1 to 3 business days to get a loan. The platform is free to use.
Secured from 2.00%, Unsecured from 8.00% to 46.96%
Interest Rate
$50,000
Max. Loan Amount
300
Min. Credit Score
Loans Canada is specialty online platform that you can use for free to find lenders. When you apply to Loans Canada by providing your personal and financial information, Loans Canada will use this information to match you with lenders for your situation. This is especially helpful if your current financial situation limits your options – for example, if you have bad credit or have experienced bankruptcy in the past. Loans Canada has partners that can work with borrowers who do not qualify for a bank or credit union loan.
You can complete Loans Canada’s application in less than 10 minutes and get approval from a direct lender within 24 to 48 hours. All in all, you can get a personal loan within 1 to 3 business days, which is faster than applying to banks or credit unions.
It is. Operating since 2012, Loans Canada is a member of the Canadian Lenders Association and is accredited by the Better Business Bureau with an A+ rating. Loans Canada has been mentioned in CBC News, Toronto Star and Financial Post.
Watch out for scammers posing as Loans Canada. Never give out your bank account login information, and do not respond to unsolicited emails with an attractive loan offer and claims that there are no upfront fees.
Feature | Details |
---|---|
Loan amount | $300 – $50,000 |
Loan term | 3 - 60 months |
Interest rate | Secured from 2.00%, Unsecured from 8.00% to 46.96% |
Fees | No application, origination or brokerage fees |
Serviced provinces and territories | All of Canada |
Basic eligibility requirements | Minimum credit score of 300 |
Website | Go to site |
See the types of personal loans that Loans Canada’s partners offer, plus other types of loans.
Many people have commented that Loans Canada is easy to use and fast, and those with less-than-perfect credit were able to get a loan. However, there have also been some comments about high interest rates and fraud. Watch out for scammers pretending to be Loans Canada.
Feature | Details |
---|---|
BBB accredited | Yes |
BBB rating | A+ |
Google rating | 4.3 out of 5 stars, based on 82 Loans Canada reviews |
Trustpilot score | Not available |
Customer reviews verified as of | May 17, 2022 |
Feature | Loans Canada | LoanConnect |
---|---|---|
Loan amount | $300 – $50,000 | $500 – $50,000 |
Loan term | 3 - 60 months | 3 - 120 months |
Interest rate | Secured from 2.00%, Unsecured from 8.00% to 46.96% | Secured from 1.90%, Unsecured 6.99%-46.96% |
Fees | No application, origination or brokerage fees | No application, origination or brokerage fees |
Serviced provinces and territories | All of Canada | All provinces. |
Basic eligibility requirements | Minimum credit score of 300 | Minimum credit score of 300 |
Go to Loans Canada site | Go to LoanConnect site |
Loans Canada has many lenders in its database for personal loans, including:
Since Loans Canada is partnered with many types of lenders, it only has basic eligibility requirements:
To increase your chances of getting approved for a personal loan by one of Loans Canada’s partners, you’ll need to show you’ve had no recent NSF transactions in your bank account, show no recent payday loan debt and demonstrate you have enough monthly income to take on more debt.
If you want to apply for a loan with Loans Canada, click the green “Go to site” button to be securely redirected to fill in an online application. You’ll need to submit personal and financial information such as your name, phone number, address, occupation and monthly income. You’ll also be required to consent to a credit check.
Once you’ve submitted your application with details about how much you want to borrow, you’ll be contacted by the lenders you match with to discuss your prospective loan in more detail. From there, the lender you choose will coordinate with you directly and you will no longer need to deal with Loans Canada. Your lender may ask you to submit documents to prove the information you provided, such as a government-issued ID (e.g. driver’s licence, passport) and proof of income (e.g. bank statements, pay stubs).
Step 1: Enter desired loan amount.
Step 2: Choose the loan purpose.
Step 3: State your credit score
Loans Canada’s application has around 11 steps to complete.
Once you’ve signed the contract with the lender you choose and you’ve received your funds, you’ll start to repay your loan. You’ll need to repay the lender rather than Loans Canada directly. You’ll usually have to sign up for automatic withdrawals from your bank account to begin to repay your loan.
Loans Canada provides a user-friendly platform that lets you compare multiple lenders all in 1 place. You can apply with good or bad credit and get approved on the same day or next day in many cases. From there, it will take about 1 business day to get the money deposited into your account.
Overall representative example
If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.