LoansLoans.ca short-term loans review
- APR Range
- 28.00% - 32.00% + broker fee
- Loan Amount
- $500 - $1,000
- Loan Term
- 3 - 12 months
- Min. Credit Score
- 300
Our verdict
Get access to emergency cash in under 24 hours with a short-term loan or payday loan from LoansLoans.ca.
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 easier to get approved for than loans from financial institutions, but they are also very expensive. You'll pay a broker fee in addition to the interest if you get a short-term installment loan.
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
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
| Feature | Short-term installment loan | Payday loan |
|---|---|---|
| Loan amount | $500 – $1,000 | Up to $1,500 |
| Loan term | 3 - 12 months | By your next payday, up to 62 days |
| Interest rate | 28.00% - 32.00% | $15 for every $100 borrowed in Ontario, $15 for every $100 borrowed in BC |
| Fees | Late payment fee (2.66% per month), $45 NSF fee, broker fee | Late payment fee, NSF fee |
| Basic eligibility criteria | $1,200 min income paid by direct deposit, employed for at least 2 months | $1,200 min income paid by direct deposit, employed for at least 2 months |
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 $1,000, 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:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get a decision.
- Provide documents to verify your income and identity.
- Get approved and sign your contract when ready.
- Get funded.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.Compare personal and payday loans
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.| Province | Max. cost of borrowing a $100 payday loan | Cooling off period to cancel loan | Max. penalty for returned cheque or pre-authorized debit |
|---|---|---|---|
| Alberta | $15 | 2 business days | $25 |
| British Columbia | $15 | 2 business days | $20 |
| Manitoba | $17 | 48 hours excluding Sundays and holidays | $20 |
| New Brunswick | $15 | 48 hours excluding Sundays and holidays | $20 |
| Newfoundland and Labrador | $14 | 2 business days | $20 |
| Nova Scotia | $15 | Next business day (2 days for online loans) | $40 (default penalty) |
| Ontario | $15 | 2 business days | $25 |
| Prince Edward Island | $15 | 2 business days | N/A |
| Quebec | Limit of 35% AIR | N/A | N/A |
| Saskatchewan | $17 | Next business day | $25 |
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.
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