LM Credit review: Is it legit?

What is LM Credit?

LM Credit is a Canadian online personal loan lender. Founded in 2016, LM Credit is based in Mississauga, Ontario and offers loans in all provinces and territories except Quebec. The lender says it aims to work with borrowers to assess their unique financial situation then offer loans to help borrowers improve their credit.

Is LM Credit legit?

LM Credit is an Ontario-based provider with all the hallmarks of a legitimate lender. It’s registered as a federal corporation and is licensed to offer high-cost credit products in provinces like Alberta and BC.

The LM Credit website lists a physical office address, phone number, email contact details, a legal disclaimer and a privacy policy. However, at the time of writing, the disclaimer page states a maximum rate of 50%. Effective January 1, 2025, the maximum rate allowed in Canada is 35% APR.

What we like about LM Credit loans

• Easy online application. You can apply and get pre-approved online in a matter of minutes. Learn more about online loans.
• Different types of income accepted. You may be able to qualify for a loan if you receive income from non-employment sources, for example disability benefits.
• Fast access to funds. LM Credit approves applications in as little as 30 minutes up to two business days. Same-day approval and funding are also available. Learn more about same-day loans.
• Borrow up to $15,000. LM Credit offers loan amounts ranging from $500 to $15,000.
• Terms of up to 60 months. You can repay your loan amount over a term ranging from 9 to 60 months.
• Payments reported to credit bureaus. Your payment history is reported to Equifax and TransUnion, so making on-time payments could help boost your credit.
• Creditor negotiation. LM Credit also says it negotiates with your creditors to help reduce your payment and boost your credit.

What to watch out for

• High rates for bad credit. Steep rates apply to LM Credit loans, so borrowers with bad credit can expect to pay a substantial amount of interest over the life of their loans.
• Could also hurt your credit score. Late and missed payments will also be reported to the credit bureaus, which could drive down your credit score.
• Not available in Quebec. Residents of Quebec are unable to apply for an LM Credit loan.
• Limited customer reviews. There are only a handful of LM Credit reviews available, and those we could find were generally negative.
• Watch out for loan insurance costs. LM Credit also provides access to loan protection insurance. This insurance is optional, so make sure you know what it costs and what it covers before deciding if it’s right for you.

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What loans does LM Credit offer?

LM Credit offers unsecured personal loans. This means you don’t need to provide any assets as collateral for the loan, and you can use the loan funds for purposes like:

• Car or home repairs
• Utility bills
• Debt consolidation
• Paying off collections
• Vacations

What are LM Credit’s interest rates?

LM Credit personal loan rates range from 10.99% to 50%. The lender says the interest rate you will get varies depending on factors like the loan amount, term length and your credit profile. So, if you have bad credit, the rate you’re offered may be quite high.

Related: Best bad credit loans

Summary of LM Credit reviews

Site	Details
Trustpilot	No LM Credit reviews available
Google	3.5/5 based on 79 reviews
BBB accreditation	No
BBB rating	C
BBB reviews	1/5 based on 4 reviews

Reviews as of January 27, 2025

What do LM Credit reviews say?

There are minimal customer reviews for LM Credit online. However, the small number of reviews we could find were generally negative and mentioned complaints about high interest rates and poor customer service.

Am I eligible?

To qualify for an LM Credit loan you will need to:

• Be a Canadian citizen or permanent resident
• The age of majority in your province or territory
• Earn at least $1,200 (net) per month

LM Credit also points out that it may be possible to qualify for a loan if you receive non-employment income, such as disability or employment insurance benefits.

How to get an LM Credit loan

You’ll need to provide the following documents to get an LM Credit loan:

• Government-issued photo ID
• Proof of address
• Two recent pay stubs
• Bank statement (showing the last 90 days of banking information)
• Pre-authorized debit form or void cheque

You can apply for pre-approval from LM Credit online. You’ll need to complete the following steps:

1. Visit the LM Credit website and select Apply Now.
2. Select your residency status, province/territory and employment status.
3. Enter the amount you would like to borrow.
4. Specify whether or not you net at least $1,200 per month and how you get paid.
5. Specify if you have ever filed for bankruptcy or applied for credit counselling or a consumer proposal.
6. Specify if you have any active payday loans.
7. Provide your referral information.
8. Enter personal information, including your name, date of birth, contact details and SIN.
9. Complete the application and upload any required documents.

What to expect once you have an LM Credit loan

Once you’ve received your loan, you’ll have between 9 and 60 months to repay what you borrowed. Loan payments will be automatically deducted from your bank account according to a previously agreed upon schedule, but you also have the option to pay off the loan early without penalty.

LM Credit reports your payment history to Equifax and Transunion. This means that making on-time payments could help improve your credit score, but missing payments could have a negative impact on your score. So, if you think you might struggle to make an on-time payment, contact LM Credit in advance to see if you can reach some sort of solution.

Bottom line

LM Credit is worth a look if your credit history leaves a little to be desired and you need a loan to help get your finances back in order. But with interest rates of up to 50%, depending on your loan and financial situation, borrowing could be expensive. Make sure you can afford to repay what you want to borrow, and compare unsecured personal loans from a range of reputable lenders before deciding where to apply.