LendDirect Review
- APR Range
- 24.99% - 34.99%
- Loan Amount
- N/A
- Loan Term
- Depends on the loan type
Our verdict
You can get a line of credit or secured loan, but watch out for high rates.
The LendDirect line of credit or secured loan are solid options for people who may not qualify for a bank loan. Eligibility requirements are more flexible than traditional lenders', and the application process is also easier, allowing you to get funding as soon as the same day. The downside is that you will be charged higher rates.
Pros
-
Flexible repayments
-
Fast application and payout
-
Low credit scores are considered
Cons
-
High interest rates
-
Only available in select provinces
What is LendDirect?
LendDirect is an online lender that offers lines of credit and secured loans to qualified applicants. It was founded in 2016 and is based in Toronto. LendDirect offers loan services in AB, BC, MB, NB, NL, NS, ON and SK. Get instant pre-approval if you qualify, borrow what you need and keep the rest in your back pocket for later.
How do LendDirect loans work?
LendDirect lines of credit work just like any other line of credit:
- Get a credit limit up to $10,000, depending on your income and credit score.
- Borrow against your limit as much or as little as you want. Only pay interest on the funds you take out.
- Pay the money back to LendDirect on a set schedule or make early repayments to top up the amount you can borrow again.
Own a car? You can use it as collateral to increase your chances of approval. This is a secured loan, or more specifically, a car title loan. Here’s how it works:
- Borrow up to $25,000 using your car as collateral.
- You can continue to use it, but LendDirect places a lien on your vehicle.
- Pay back the loan in installments.
Is LendDirect legitimate?
Yes, LendDirect is a legitimate business with over 2,460 customer reviews on Trustpilot and a 4.0-star rating. It has a permanent office address in Toronto and partners with reputable brokers.
What we like about the LendDirect line of credit
Get the following benefits when you sign up for a LendDirect line of credit or secured loan.
- Flexible repayments. Make minimum payments on a set schedule with a line of credit. LendDirect will also do its best to work with you if you’re having trouble repaying.
- Fast application. Apply online and receive funding in as little as 15 minutes.
- Convenient pre-approval. Get pre-approved with no impact to your credit.
- Free prepayment. For car title loans, there’s no penalty when you make early repayments.
- Variety of vehicles. For car title loans, standard passenger vehicles such as hatchback cars, sedans, off-road trucks, SUVs, pick-up trucks and vans are accepted. They can be up to 20 years old, which is a lot better than other car title loan lenders.
- Low credit scores are considered. If you have fair or bad credit, you may still be able to get a loan.
What to watch out for
LendDirect loans may come with the following drawbacks:
- High interest rates. Interest rates range from 24.99% to 34.99%, which are high compared to loans from traditional lenders.
- Not available everywhere. You can apply only if you live in AB, BC, MB, NB, NL, NS, ON and SK.
- In-person applications for secured loans. While you can conveniently apply for a line of credit online, you must visit a branch if you want to get a car title loan.
Alternatives to a LendDirect line of credit
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How we picked theseFinder Score for personal loans
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Summary of LendDirect reviews
| Feature | Details |
|---|---|
| BBB-accredited | No |
| BBB rating | A- |
| BBB reviews | 1.5 stars out of 5 with 6 reviews |
| TrustPilot reviews | 4.0 stars with 2,460+ reviews |
The majority of LendDirect reviews indicate that the company offers a high level of professionalism and customer service. Many customers praise how quickly they received financing after applying. Others complain that they were unable to get approved, the service was slow, and they had to pay more for their loan than they originally anticipated.
LendDirect reviews from the Finder survey
Am I eligible for a LendDirect line of credit?
You may be eligible for a LendDirect line of credit if you meet the following criteria:
- Be a Canadian citizen with a valid ID
- Be at least 18 years old
- Have an open and active chequing account in your name
Required documents
LendDirect may ask you to provide the following documents:
| Proof of age/address | Government-issued photo ID |
| Proof of income | Bank records, recent pay stubs |
| Deposit information | Bank account information to deposit funds and set up automatic withdrawals |
| Consent for credit check | Consent for LendDirect to access your credit report |
If you get a secured loan, you’ll also need to bring your ownership documents.
How can I contact LendDirect?
You can contact LendDirect by phone or email. LendDirect customer service hours are Monday to Friday, 9am to 7pm (ET), and Sat from 9am to 5pm (ET).
How much will a LendDirect loan cost?
The cost of LendDirect loans will vary based on your credit score, income and other factors.
- Credit score. The higher your credit score, the less you’ll pay in interest. You’ll usually have to pay more interest with a score below 660.
- Fees. There are no setup fees to take out a LendDirect line of credit. The only time you’ll usually pay fees is if you make late payments. For secured loans, title search and lien fees may apply.
Bottom line
LendDirect is an online provider that offers lines of credit and secured loans to qualified applicants. Enjoy instant pre-approval and flexible financing. Just be aware that LendDirect loans come with high interest rates over 24.99%.
Frequently asked questions
