Loanz review: Personal loan provider

Our verdict

Our verdict

Loanz offers same-day personal loans with a fast, seamless application and instant approval. Loanz offers funding for borrowers with bad credit or no credit, but its starting rates are higher than similar lenders.

Best for: Borrowers with no credit history or poor credit scores.

Pros

• Get funds in as little as 15 minutes
• Open to bad credit borrowers
• No collateral required
• Easy online application

Cons

• Can't borrow less than $1,000
• High minimum and maximum APR
• Long minimum term (12 months)
• Not available in Quebec

Loanz Personal Loan is not currently available on Finder

Have you considered LoanConnect Personal Loan?

Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.

• Low interest rates starting at 6.99% for secured loans
• Easy online application process
• Quick deposits within 24 hours of applying
• High loan amounts of up to $50,000 for secured loans
• Lenders can provide bad credit loans

Learn more

No thanks, compare other personal loans options.

Learn more

Loan Amount

$1,000 - $15,000

Loan Term

12 - 60 months

Interest Rate

29.90% - 46.90%

Loanz was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 74.50%

What is Loanz?

The Loanz brand was created in 2013 in California. But the company has been providing personal loans in Canada since 2016 when it was aquired by Consumer Genius Inc., a Calgary-based fintech company. Loanz specializes in funding for people with bad to fair credit. It operates entirely online and offers a seamless application as well as same-day funding.

Is Loanz legit?

Yes, Loanz is a legitimate personal loan provider. Loanz Canada Inc. is registered as an Alberta Business Corporation with an office in Calgary. Loanz USA Inc. is similarly registered.

Summary of Loanz personal loans

What we like about Loanz

• Anyone can apply. Loanz accepts applications from borrowers with bad credit or no credit history.
• Fast. The application process is straightforward and can be completed entirely online. It’s possible to get instant approval and receive funds in as little as 15 minutes.
• Available across Canada (except Quebec). Residents of all provinces and territories except Quebec are welcomed to apply.
• Use funds for anything. Loanz doesn’t restrict how you can use your money.
• Rebuild your credit. Loanz reports to credit bureaus, so making your payments on time and in full can rebuild your credit score.
• Unsecured. You don’t need collateral to get a personal loan from Loanz.

What to watch out for

• High rates. Interest rates on the high side for personal loans, ranging from 29.90% - 46.90%.
• Possible fees. It’s free to apply for a Loanz personal loan. But you could run into fees for late or missed payments and non-sufficient funds (NSF). Generally, NSF fees for bad credit personal loans is $50.
• High minimum loan amount. You can’t borrow less than $1,000.
• Long minimum term. The minimum loan term starts at 12 months, which is slightly longer than other bad credit lenders.
• Might be referred to another lender. If you don’t meet the requirements to get a loan directly from Loanz, you may be referred to another lender.

Alternatives to Loanz

Loans Canada Personal Loan

Go to site

---

Loan Amount

$300 - $50,000

---

Loan Term

3 - 60 months

---

Interest Rate

6.99% - 46.96%

SkyCap Financial Personal Loan

Go to site

---

Loan Amount

$500 - $10,000

---

Loan Term

9 - 60 months

---

Interest Rate

19.99% - 39.99%

Spring Financial Personal Loan

Go to site

---

Loan Amount

$500 - $35,000

---

Loan Term

6 - 60 months

---

Interest Rate

9.99% - 46.96%

Summary of Loanz reviews

What do Loanz reviews have to say?

Loanz reviews have been mostly positive. People who left positive Loanz reviews commented on its straightforward application process and the satisfaction of getting approved for funds to cover one-off expenses.

Those who left negative reviews commented on difficulties reaching customer service, technical problems during the application process and being redirected to another lender because they weren’t approved by Loanz.

What types of loans can you get through Loanz?

Loanz offers unsecured personal loans, so you don’t need any collateral (assets) to secure your loan. The company caters to borrowers with bad to fair credit or no credit history at all. You can apply for loans from $1,000 to $15,000. Terms range from 12 - 60 months, and APRs range from 29.90% - 46.90%.

How does getting a personal loan through Loanz work?

To get a Loanz Personal Loan, you’ll need to submit an online application, which can be completed in minutes. Loanz will provide an instant application decision.

You’ll have to provide bank information, which can be done by electronically connecting Loanz to your bank account or by submitting information yourself for manual review. The latter option will take longer.

If approved for a loan, you can choose the method by which you want to receive funds. Money can arrive in as little as 15 minutes. Interest rates start at 29.9%% but vary depending on your situation.

Am I eligible for a loan?

To be eligible for a Loanz Personal Loan, you must satisfy the following:

• Be a Canadian resident not in Quebec.
• Be at least the age of majority in your province or territory (18 or 19 years old).
• Have a minimum $1,200 monthly income.
• Have a minimum 570 credit score.
• Have a chequing account.
• Have a valid phone number, mailing address and email address.
• Not in bankruptcy.
• Not in collections.

After you apply, you’ll need to verify your identity. If you don’t want Loanz to collect your bank details by connecting to your bank account, you’ll have to provide this information yourself for manual review. Note that this may delay your application. You may be asked to provide:

• Government-issued ID to prove your identity and address
• Proof of your employment status and monthly income (via pay stubs or bank statements).
• An active Canadian banking account with direct deposit capability.

How to apply for a Loanz personal loan in 7 steps

If you’re ready to apply for a Loanz personal loan, follow these steps:

1. Click the green ‘Go to site’ button on this page to start your application. Choose how much you’d like to borrow from $1,000 to $15,000.

2. Select what you need the money for (consolidate debt, pay bills, emergency, wedding, buy a car, or other).

3. Fill in your date of birth.

4. Answer if you own or rent your home, and provide your mailing address.

5. Provide details about your income, employer and employment status (full-time, part-time, retired, freelance etc).

6. Provide your full name, email address and phone number. Verify your phone number via the 4-digit code texted to you.

7. Confirm the details of your application, and hit Submit.

Preview of the Loanz application

The application is very easy to fill out. You’ll need to answer around 21 questions about your personal and financial situation. Below is a preview of their user-friendly application. The whole process takes 1 to 2 business days.

‹ ›

What is bank verification?

Halfway through the Loanz application, you’ll be directed to log in through an encrypted portal called Flinks to authorize your bank to send Loanz electronic copies of your bank statements. Lenders like Loanz use online bank verification to determine your eligibility for a loan. For instance, they’ll want to evaluate your income and check whether you have recent NSF transactions in your bank account.

I got the Loanz Personal Loan. Now what?

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.

How much will a personal loan from Loanz cost?

When you get a Loanz Personal Loan, your APR will range from 29.90% - 46.90%. There are no fees to apply. You may be charged a non-sufficient funds (NSF) fee for bounced payments, and you may face fees for late or missed payments.

The cost of your personal loan will depend on your interest rate (which is decided based on personal and financial factors), loan amount and loan term. As an example, a $10,000 Loanz Personal Loan with a 35% APR and loan term of 48 months (4 years) will have a monthly payment of $389.71 and a total loan cost of $18,706.22, which includes $8,706.22 paid towards interest alone.

• How to use this personal loan monthly payment calculator

  1. Enter the amount you want to borrow under Loan amount.
  2. Write the number of years you have to pay off your personal loan under Loan terms (in years). If your loan term is in months, divide it by 12 first.
  3. Enter the interest rate you expect to pay on a personal loan under Interest rate. If your personal loan comes with fees, enter the annual percentage rate (APR) instead.
  4. Hit Calculate.

Bottom line

Loanz is an online lender worth considering if you have trouble getting approved for a personal loan because of bad credit. The application process is quick and easy, but be prepared to pay a high interest rate. Compare multiple lenders before applying to make sure you’re getting the best rate and terms for your situation.

Compare other personal loan options

Sort by:

Name	Product	Ratings	Interest Rate	Loan Amount	Loan Term	Requirements
Loans Canada Unsecured Personal Loan Loans Canada Unsecured Personal Loan		Customer Survey: ★★★★★	8.00% - 46.96%	$300 - $50,000	4 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
goPeer Personal Loan goPeer Personal Loan		Not yet rated	8.99% - 34.99%	$1,000 - $35,000	36 - 60 months	Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 650, min. 5-year credit history. (Avg. approved rate of 15.80%)	Go to site View details	Compare	loading Fetching your data...
Spring Financial Personal Loan Spring Financial Personal Loan		Customer Survey: ★★★★★	9.99% - 46.96%	$500 - $35,000	6 - 60 months	Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
Symple Personal Loan Symple Personal Loan		Not yet rated	6.99% - 32.00%	$5,000 - $50,000	12 - 84 months	Requirements: min. credit score 650, min. income $50,000/year, no history of bankruptcies	Go to site View details	Compare	loading Fetching your data...
SkyCap Financial Personal Loan SkyCap Financial Personal Loan		Customer Survey: ★★★★★	19.99% - 39.99%	$500 - $10,000	9 - 60 months	Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy	Go to site View details	Compare	loading Fetching your data...
LoanConnect Unsecured Personal Loan LoanConnect Unsecured Personal Loan		Customer Survey: ★★★★★	5.99% - 46.96%	$100 - $50,000	3 - 120 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Mogo Personal Loan Mogo Personal Loan		Customer Survey: ★★★★★	9.90% - 46.96%	$200 - $35,000	6 - 60 months	Requirements: min. income $13,000/year, min. credit score 500	Go to site View details	Compare	loading Fetching your data...

loading

Load More

CompareClear

Frequently asked questions about Loanz

• What are the interest rates of a Loanz personal loan?

  The interest rates of a Loanz personal loan range from 29.90% - 46.90%.

• Who owns Loanz Canada?

  Loanz Canada is owned by Consumer Genius Inc., which is a parent fintech company that also offers personal financing solutions in the US and Australia.

• What can I use the Loanz personal loan for?

  Loanz says you can use the money for anything you need. While it asks you during the application process about why you're applying, it doesn't add any stipulations for how the money must be used.

• Will I be approved for a loan even if my credit score isn't great or if I have no credit?

  Loanz considers applications from borrowers with poor credit scores or no credit history, but approval is not guaranteed. If you don't qualify for a personal loan with Loanz, you maybe referred to another lender.

• Do I have to pay any fees to Loanz?

  You won't pay any fees to apply for a Loanz, and you're under no obligation to accept what you have been approved for. But if you take out a loan, you may come across fees and charges for late or missed payments and non-sufficient funds. Check with Loanz about these details before committing to a loan.