LoansLoans.ca short-term loans review

Our verdict

Our verdict

LoansLoans.ca is a broker that helps people find a short-term installment loan or payday loan. It doesn't do credit checks and instead will review your pay stubs and bank statements to determine your eligibility. These loans are very expensive. You'll pay a broker fee in addition to the interest if you get a short-term installment loan.

Best for: People who need an emergency loan with no credit check

Pros

• Get funded in less than 24 hours
• Bad credit is okay

Cons

• Extremely expensive
• Broker fee up to $300
• Short repayment terms
• Self-employed workers are not eligible

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Loan Amount

$300 - $1,750

Loan Term

3 - 12 months

Interest Rate

28.00% - 32.00% + broker fee

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LoansLoans.ca Installment Loan

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What is LoansLoans.ca?

LoansLoans.ca is a broker that provides quick short-term personal loans and payday loans. Fill out an online application, get a decision within an hour, send your documents and receive your money within 24 hours.

Is LoansLoans legit?

Yes, LoansLoans.ca is operated by NCR Financial Services, a company that’s registered in Quebec and has been in business for over 15 years. NCR is licensed as a payday lender in Ontario and BC at the time of writing.

Features of loans from LoansLoans.ca

How much will I pay for a loan from LoansLoans.ca?

How much your loan will cost will depend on the type of loan you get from LoansLoans.ca. If you sign up for a payday loan, you’ll pay $15 for every $100 borrowed in Ontario and $15 for every $100 borrowed in BC. This works out to APRs in the triple digits.

If you choose a short-term installment loan, its cost will depend on the interest plus the broker fee, both of which will be included in your monthly payments.

What can I use my funds from LoansLoans.ca for?

LoansLoans.ca doesn’t regulate how you can spend the money you borrow, so you can use it for any legitimate purpose. However, since short-term installment loans and payday loans are expensive financing options, it’s best to use them for financial emergencies only.

What are the benefits of a short-term loan with LoansLoans.ca?

• Online application. It’s easy to apply for a loan from the comfort of your own home in less than 15 minutes.
• Fast approval. Your application will typically be reviewed in a matter of minutes and you’ll usually receive your money in less than 24 hours (when approved).
• Direct deposit. Once all of your documents go through, your money will be deposited directly into your bank account.
• No collateral required. You won’t have to secure your loan with an asset like your home or vehicle.
• Bad credit doesn’t matter. Most lenders that LoansLoans.ca works with won’t check your credit score before approving you for a loan.
• No fee for early pay-outs. You’ll be able to pay off your balance at any time without any extra fees or charges.

What should I watch out for?

• High rates and fees. You’ll pay a high interest rate and broker fee. LoansLoans is not clear about how much broker fee it’ll charge, but if we compare it to other short-term loan lenders in this space, the fee may be over $200.
• Small amounts. You’ll only be able to qualify for a loan of up to $1,750, which may not be enough to cover your expenses.
• No funding for self-employed. If you’re self-employed, you typically won’t qualify unless you receive your income through direct deposit.
• Minimum income requirements. You need to be gainfully employed to qualify, with a minimum income of $1,200 per month.

What should I know before I apply for a loan through LoansLoans.ca?

Eligibility requirements

To apply for a loan from LoansLoans.ca, you need to meet the following criteria:

• Be at least 18 years old (and 19 in some provinces).
• Be a citizen or resident of Canada.
• Have a net salary of $1,200 per month.
• Have at least 2 months of consistent employment with the same employer.
• Have a Canadian bank account and be paid by direct deposit.
• Be free from bankruptcy or other forms of unmanageable debt.

Required documents and information

• Government-issued ID. You’ll have to show proof of ID like your driver’s licence or passport.
• Proof of address. You’ll need to supply proof of residence using your ID and some form of utility or cell phone bill listing your current address.
• Pre-authorized debit. You can supply a void cheque or pre-authorized debit form to authorize deposits and withdrawals from your account.
• Bank statements. You’ll have to supply a detailed bank statement listing your last 60 days of activity.
• Proof of income. You’ll be required to submit your most recent pay stub.
• Liberation letter. You may also need to supply a liberation letter if you’ve recently come out of a bankruptcy or consumer proposal.

How to apply with LoansLoans.ca

If you think you meet all the eligibility criteria and you’re ready to get started with your loan application, just follow the steps below:

1. Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
2. Review and submit your application.
3. Get a decision.
4. Provide documents to verify your income and identity.
5. Get approved and sign your contract when ready.
6. Get funded.

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Bottom line

LoansLoans.ca is a loan provider that offers short-term loans and payday loans with fast approval times. Just be aware that the interest rates for these loans are much higher than what you’ll pay for a traditional loan.

Frequently asked questions

• Can I get a loan from LoansLoans if I have bad credit?

  Yes. LoansLoans.ca looks at factors like your income and job stability to determine your loan eligibility.

• How do I make my payments?

  Your repayments will be taken directly from your bank account on specified days of the month. The amount you owe will be withdrawn automatically each month, so it’s important to make sure you have sufficient funds to cover your payment at that time or you may need to pay a fee for defaulting.

• Who can I contact if I have questions about my account?

  LoansLoans.ca has an on-call team of customer service reps that can give you a hand with managing your loan via email and over the phone.

• Can I get a loan through LoansLoans.ca if I'm self-employed?

  Unfortunately, since LoansLoans.ca requires that your salary must be paid via direct deposit in order to be eligible for a loan, self-employed individuals will not be eligible.

• Can I get a second loan if I haven't paid off my first one?

  No. LoansLoans.ca requires you to pay off your first loan before getting a second loan.