Liberty Loans 500 Review: Is It Legit?
- APR Range
- up to 35%
- Loan Amount
- $100 - $3,000
- Loan Term
- 3 – 6 months
Our verdict
Liberty Loans 500 matches borrowers with short-term lenders, but its website raises some questions about its legitimacy.
Liberty Loans is an online loan-matching service that offers access to loans ranging from $100 to $3,000 from a network of third-party lenders. You can apply online with no credit checks and get funded the same day, then pay back your loan over a term of 3 – 6 months.
However, Liberty Loans 500 doesn't advertise a specific APR. It just says rates vary by lender and cannot exceed 35% annually. There's also no phone number or office address listed on the Liberty Loans 500 website, and some of the information provided is inconsistent. These inconsistencies make it difficult to verify the service, so we can't sign off on its legitimacy.
Pros
-
No credit checks
-
Fast access to funds
-
Easy online application
-
Accepts non-employment income
Cons
-
High APRs
-
No phone number or address listed
-
Website mentions "no refusal" loans
-
Not a direct lender
-
Terms vary by lender
What is Liberty Loans 500?
Liberty Loans 500 says it’s a Canadian loan-matching service that matches borrowers with third-party lenders offering short-term cash advances. Loans of $100 to $3,000 are available, with terms typically ranging from 3 – 6 months.
If you’re approved, the funds can arrive the same day or the day after approval and are transferred electronically. Repayments are made through fixed payments that are automatically deducted from your bank account.
Is Liberty Loans 500 legit?
A business named Liberty Loan 500, not Liberty Loans 500, is listed in the Quebec Enterprise Register. The business is currently registered, but Liberty Loan 500 is listed as a former name that hasn’t been in use since January 27, 2022. The registry doesn’t confirm that this business operates the current libertyloans500.ca website.
There are a couple of other factors we found during our research that gave us cause for concern. One is that there is no phone number or address listed on the Liberty Loans 500 website. A physical office address and a way to contact the provider over the phone are important features we use to verify the legitimacy of a broker.
Also, Liberty Loans 500 doesn’t publish its lender network, so we couldn’t verify the licences of lenders it may match you with. As a result, we can’t sign off on Liberty Loans 500’s legitimacy.
Alternatives to Liberty Loans 500
Features of Liberty Loans 500
- Borrow $100 – $3,000. Loan amounts of up to $3,000 are available.
- Loan terms of 3 – 6 months. Liberty Loans 500 doesn’t explicitly state what loan terms are available, but says short-term cash advances are typically repayable over 3 – 6 months.
- APR. Liberty Loans 500 doesn’t advertise a specific APR. However, it says its partner lenders’ rates cannot exceed the legal limit of 35% per year.
- No credit checks. Liberty Loans 500 says its lending partners don’t conduct a formal credit check. Instead, they use Instant Bank Verification to assess your current income and banking information.
- Same-day funding. You can usually get a decision within an hour if you apply during business hours. If approved, your loan amount will be sent the same day or the following day.
What to watch out for
- High APR. Liberty Loans 500 says its lenders charge higher interest rates than banks, but won’t charge more than 35% annually because rates above this are considered a criminal interest rate under the Canadian Criminal Code.
- Loan terms and rates vary by lender. Since Liberty Loans 500 is not a lender, but a loan-matching service, the interest rate and repayment term you receive will depend on the lender you’re matched with.
- No phone number or address. There is no phone number or physical office address listed on the Liberty Loans 500 website. We’d like to see this information listed to help confirm the broker’s legitimacy.
- “No refusal” and “guaranteed” loans. Liberty Loans 500 uses “no refusal” and “guaranteed” language on its website, which is misleading because these terms suggest that everyone will be approved. However, the site’s FAQ says that a “guaranteed” application simply means there’s no formal credit check, and that approval is subject to the lender’s eligibility requirements.
What are Liberty Loans 500’s interest rates?
Liberty Loans 500 doesn’t advertise a specific APR. It says its partner lenders may charge higher rates than banks, but rates cannot exceed 35% annually. The actual rate you receive will depend on the lender you’re matched with, but lenders must disclose the full APR before you sign your loan agreement.
If you’re offered a loan, be sure to review the agreement carefully to see the interest rate, fees and total cost of borrowing before accepting it.
What do Liberty Loans 500 reviews say?
We couldn’t find any external reviews specifically for libertyloans500.ca. There are reviews for libertyloans500.com on Trustpilot, but the two websites don’t appear to be affiliated. The application page on libertyloans500.ca actually redirects US applicants to FundsJoy rather than libertyloans500.com.
Am I eligible for a loan from Liberty Loans 500?
To qualify for a loan from Liberty Loans 500, you will need to:
- Be 18 years or older
- A Canadian resident
- Have regular and verifiable income (employment, benefits or self-employment)
- Have an active bank account
- Not currently be in an undischarged bankruptcy
How to apply
If you’d like to apply for a Liberty Loans 500 loan, here’s what you need to do.
- Navigate to the Liberty Loans 500 website and click Apply Now.
- Select the amount you want to borrow from $100 to $3,000.
- Select your approximate credit score range.
- Select your employment status and indicate whether you receive your income by direct deposit.
- Enter your email address, full name and phone number.
- Provide your date of birth.
- Enter your address, how long you’ve lived there, whether you rent or own your home and your monthly housing payment.
- Provide details about your financial situation, including whether you’re currently in debt, your total debt and monthly income.
- Provide employment details, including your job title, employer, time at your current job, pay frequency and next pay date.
- Submit your application.
What to expect once you’ve received your loan
Loan terms typically range from 3 – 6 months, with fixed payments automatically deducted from your bank account.
There’s no mention on the website of whether you can pay your loan back early without penalty or whether you’ll be charged an insufficient funds fee if you don’t have enough money in your account when a payment is deducted, so check your loan agreement for further details.
If you think you’ll struggle to make a payment, don’t contact Liberty Loans 500; contact your lender directly to discuss your options.
Bottom line
Liberty Loans 500 isn’t a lender; it just matches borrowers with independent lenders offering short-term cash advances of up to $3,000. However, its website has some inconsistent information and doesn’t list a phone number, physical address or specific APR range. It doesn’t publish its lender network, making it difficult for us to independently verify the service and the lenders you’re matched with. If you apply, verify that your lender holds the required licence before signing your loan agreement.
Frequently asked questions
Your reviews
