Planet Loan Inc. Review: Is It Legit?
- Loan Amount
- N/A
- Serviced Provinces
- Ontario, Alberta and British Columbia
Our verdict
This website says it offers payday loans, but we can't sign off on its legitimacy.
Must read: No longer available
Is Planet Loan Inc. legitimate?
We’re not signing off on the legitimacy of Planet Loan Inc. for a number of reasons:
- Not a licensed payday lender. We couldn’t find Planet Loan Inc in business licence registration databases in provinces such as Ontario, Alberta and British Columbia.
- Doesn’t follow payday lending regulations. Planet Loan Inc doesn’t abide by payday lending laws. For example, in the FAQ section on the Planet Loan Inc website, it says you can borrow additional money before paying out your first payday loan – however, most provinces don’t allow lenders to issue a second payday loan to a borrower.
- Underdeveloped website. The Planet Loan Inc website is fairly basic, contains minimal information and features spelling and grammatical errors.
- Phone number. Planet Loan Inc shares a phone number with other lending companies. The number listed on its website is the same as that listed on the websites of Faxless Payday Loan.
- F rating from the BBB. Planet Loan Inc. is not accredited by the Better Business Bureau (BBB). The BBB gives Planet Loan Inc. an F rating. At the time of writing, the BBB has closed 56 complaints against Planet Loan Inc. in the previous three years.
- No physical address. The address listed on the Planet Loan Inc. website is that of a UPS store in the United States rather than a physical branch location. It’s also the same address listed on the websites of Faxless Payday Loan.
- Not registered. We couldn’t find Planet Loan Inc. listed in Canada’s Business Registries.
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Summary of reviews about Planet Loan Inc.
Planet Loan Inc. has an average rating of 1 out of 5 from seven reviews on the Better Business Bureau website. Some reviewers report that they applied for a loan from Planet Loan Inc, and provided their personal and financial information, but then didn’t receive a loan. Other customers report that emails and phone calls to Planet Loan Inc often go unanswered.
Another common gripe among the 50-plus complaints the bureau has received about Planet Loan Inc was the lender deducting loan repayments earlier than scheduled, resulting in NSF fees.
What information does Planet Loan Inc. ask for?
Planet Loan Inc. asks for the following sensitive information:
- First and last name
- Phone number
- Address
Planet Loan Inc. may ask for more personal information, such as your bank account details, as you go through the application.
Bottom line
If you’re searching for a payday loan, we recommend considering options other than Planet Loan Inc. Our research into Planet Loan Inc. turned up several red flags – of particular note was the fact that we couldn’t find the business listed as a licensed payday lender on provincial government databases.
As a result, we recommend comparing a range of loans from legitimate payday lenders to find financing that suits your needs.
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