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Loanz Personal Loan review

Want to apply for a personal loan completely online? Borrow up to $15,000 from online-only lender Loanz.

Borrowers with bad credit or no credit can apply online for a Loanz personal loan and get instant approval. This lender’s application process is fast and seamless, and you can get your personal loan as soon as the same day. However, Loanz has a higher starting interest rate compared to similar lenders.

Finder Rating: 3.5 / 5


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Loanz at a glance

  • Fast, easy application
  • Instant approval
  • Rebuild your credit
  • Loanz reviews are mostly positive
  • High starting rate
  • High maximum rate
  • Unclear fees

Loanz Personal Loan features

Loan amount$1,000 – $15,000
Loan term12 - 60 months
Interest rate29.90% - 46.90%
FeesLoanz says there are no hidden fees, but they don’t specify what fees they do charge. When reviewing your offer, check for fees like a late fee, NSF fee, prepayment penalties and origination fee (processing fee deducted from your loan amount).
Loan typeUnsecured
Basic requirementsRequirements: min. credit score 570, min. income $1,200/month, 3+ months employed

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    What is Loanz?

    Loanz is an online lender specializing in personal loans for people with fair to bad credit scores. It has a fast, streamlined application process, so you can get your money on the same day you apply. When you apply, Loanz gives you a choice between bank verification and manual review. Bank verification is the faster option that allows for instant approval. When you opt for bank verification, you connect your banking details through a secure portal so that Loanz can verify your income and identity. If you prefer the slower manual review, you’ll need to send Loanz documents to verify your income and identity.

    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.

    What we like about Loanz Personal Loans

    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.
    • Fast. You can apply for a Loanz loan completely online via an easy-to-use application form. If you provide all the required information by connecting your banking details, you can get instant approval and receive funds in as little as 15 minutes.
    • Available across Canada except Quebec. You can apply for a Loanz personal loan if you don’t live in Quebec.
    • Use the money for any purpose. Loanz doesn’t restrict how you can use your money.
    • Rebuild your credit. Loanz says it’ll report your payments to the credit agencies, which is a perk that not all bad credit lenders offer.
    • Unsecured. You don’t need collateral to get a personal loan from Loanz.

    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:

    • High starting rate. Interest rates start at 29.9%, which is higher than other lenders offering personal loans to people with fair or bad credit.
    • High maximum rate. You can be charged as high as 46.9%.
    • Potential for fees. While applying for a Loanz personal loan is free, you may come across charges for non-sufficient funds (NSF) and late or missed payments. As a benchmark, NSF fees for bad credit personal loans is usually $50.
    • Higher minimum loan amount. The loan amount starts at $1,000, which is slightly higher than other bad credit lenders.
    • Longer minimum loan term. The minimum loan term starts at 12 months, which is slightly longer than other bad credit lenders.
    • Required information. In order to get instant approval, you’ll need to provide information like your Social Insurance Number and agree to online banking verification.
    • Loanz can refer you to another lender. If you do not meet the requirements to get a loan directly from Loanz, they may refer you to another lender.

    Summary of Loanz reviews

    Loanz reviews have been mostly positive. People who left positive Loanz reviews commented on its quick and simple process. Those who left negative reviews commented on technical difficulties and being redirected to another lender because they weren’t approved by Loanz.

    BBB accreditedNo
    BBB ratingN/A
    BBB customer reviewsN/A
    Trustpilot score4.2 out of 5 stars, based on 130 Loanz reviews
    Finder3.5 out of 5 stars Loanz reviews
    Customer reviews verified as ofSeptember 5, 2022 requirements

    The eligibility requirements for a Loanz Personal Loan require you to:

    • Be a Canadian resident not in Quebec.
    • Be at least 18 years old (19 in some provinces).
    • 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 and income details if you don’t opt to connect your banking details. 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.

    Calculate your personal loan monthly payment

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    Fill out the form and click on “Calculate” to see your estimated monthly payment.


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    How do I apply for Loanz?

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

    1. Click the green ‘Go to site’ button below 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 provided by SMS.
    7. Confirm the details of your application and hit Submit.

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    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.

    Loanz bank verification

    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.

    Bottom line

    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.

    Because interest rates are 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 compare lenders and choose the one with the best terms to suit your needs.

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    Get a free quote without affecting your credit score and get an unsecured loan the same day. 100-day money-back guarantee: If you're not happy with your loan, pay back the principal and get the 100 days of paid interest and fees back.

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    Frequently asked questions about Loanz Canada

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