Loanz personal loan review
Want to apply for a personal loan completely online? Borrow up to $15,000 from online-only lender Loanz.
Whether you have bad credit or no credit history at all, Loanz encourages Canadians to apply to receive an instant decision on their application, with high approval rates.
29.9% - 46.9%
Max. Loan Amount
If you’re looking for a personal loan but don’t want to make a stop at the bank or credit union, Loanz is an online-only lender promising a quick and easy application process. Here are the product highlights:
- Think of a Loanz personal loan if you need cash of between $1,000 and $15,000. If you need more funding, you may have to look elsewhere.
- Pick something else if you prefer to borrow from a lender that has a bricks and mortar location. What sets Loanz apart from its competitors is that it works with its clients through a fully digital process.
- Keep in mind that terms for Loanz personal loans are between 12 months and 5 years.
To be eligible, you must be a Canadian resident, of the age of majority in your province, and employed with a stable source of income to make payments to your personal loan.
What makes Loanz personal loans unique?
The creators behind Loanz say there is a lack of options for Canadians looking to apply for an online-only personal loan through a completely digital process. Loanz aims to fill that gap with its online-only application platform, so borrowers don’t need to step foot in a physical storefront, whether they’re applying for a loan, receiving funds or making repayments.Loanz says it can give consumers an instant decision on their loan application, with funds sent out within 24 hours of approval. Canadians can apply for a personal loan for any reason, from planning a vacation to paying for a wedding or consolidating debt.
What are the benefits of a Loanz personal loan?Loanz has features that set it apart, including:
- Anyone can apply. Whether you have bad credit or no credit history at all, Loanz encourages Canadians to apply to receive an instant decision on their application, with high approval rates.
- An online-only application process with a quick turnaround on loan decisions. Borrowers can apply for a Loanz loan completely online via an easy-to-use application form. If you’re approved, you should receive funds within 24 hours, making for a seamless process.
- Flexible loan amounts. You can apply for a personal loan of just $1,000, right up to $15,000, depending on your needs. Remember to only borrow what you need and can afford to pay back to avoid going into unnecessary debt.
- Flexible repayment terms. Repay your loan over the course of 12 months up to 5 years.
- Available across Canada. You can apply for a Loanz personal loan in all 10 provinces and 3 territories.
What to watch out for
Shouldering more debt is always a risky decision. Here’s what to keep in mind before you take out a personal loan with Loanz:
- Steep interest rates. Interest rates start at 29.9% right up to 46.9% to borrow with Loanz. That’s on par with credit cards and bad credit loans. With interest rates this high, you could be paying thousands of dollars in interest over the lifetime of your loan.
- Potential for additional charges. While applying for a Loanz personal loan is free, you may come across charges for non-sufficient funds, and late or missed payments.
- No in-person interaction. Because Loanz is an online-only lender, you can’t visit a physical storefront to receive in-person customer service.
Am I eligible?
To be eligible for a Loanz personal loan, you need to:
- Be a Canadian resident.
- Meet the minimum age requirement, which varies from province to province.
- Be able to demonstrate an ability to make repayments, with a steady income. Loanz does not say if it has a minimum income requirement.
- Have an active bank account in your name with direct deposit capability.
- Have a valid phone number, mailing address and email address.
After you apply for a loan, you will need to verify your identity and application details. You may be asked to provide:
- Government-issued ID that is proof that you’re of the legal age in your province or territory.
- Proof of your employment status and monthly income (via pay stubs or bank statements).
- A valid Canadian identification card to confirm your identity, your address and phone number.
- An active Canadian banking account with direct deposit capability.
Compare personal loans
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.
Is Loanz legit?
It is. The Loanz brand has already been active in the California mortgage markets since 2015, and it’s also affiliated with LendingArch, which is a Canadian auto finance network. Loanz‘ parent company is Consumer Genius Inc., which has reach in the United States and Australia. Consumer Genius was recently named Canada’s 17th fastest growing company by the Globe and Mail’s Report on Business. It was also named Canada’s fourth fastest growing technology company by Maclean’s Magazine.
How do I apply?
If you’re ready to apply for a Loanzpersonal loan, follow these steps:
- Head to the Loanz homepage to start your application. Choose how much you’d like to borrow from $1,000 to $15,000. Click Next.
- Select what you need the money for (consolidate debt, pay bills, emergency, wedding, buy a car, or other). Click Next.
- Fill in your date of birth, and click Next.
- Answer if you own or rent your home and provide your mailing address.
- Provide details about your income, employer and employment status (full-time, part-time, retired, freelance, etc).
- Provide your full name, email address and phone number. Verify your phone number via the 4-digit code provided by SMS.
- Confirm the details of your application and hit Submit.
I got the Loanz personal loan, now what?
With an easy-to-use application process and an even faster decision on your loan application, you could end up receiving your funds for your personal loan within a business day. Make sure you are financially prepared to take on a new personal loan and the debt repayments you’ve committed to.Loanz personal loans start at $1,000 up to $15,000, with terms of 12 months up to 5 years. With this in mind, understand the terms of your loan clearly and take stock of the charges you might incur for missed or late payments. For borrowers who didn’t qualify for a conventional personal loan with a bank or credit union, this is an opportunity to use your Loanz personal loan to build up your credit history.
Mark your payment due dates on your calendar and make sure you have sufficient funds in your bank account to make repayments. Keep in mind that Loanz has steep interest rates, so your goal is to repay your loan as quickly as your budget allows.
If you’ve ruled out applying for a personal loan in person, Loanz is one of many contenders worth considering in the online loans industry. You can apply from anywhere in the world that has a safe Internet connection.
Because interest rates are so high, it’s worth your while to do your homework and comparison shop before settling on Loanz. Keep in mind that there are many online lending platforms that provide a digital-only application process, so your goal is to choose the lender with the best terms to suit your needs.
You can also consider the wider range of personal loan options available to you.