LendDirect is an alternative lender that offers lines of credit to borrowers who may not get approved by banks or credit unions. Its loan rates range from 29.99% - 46.93%, and you can withdraw as much or as little as you need based on your approved limit.
It’s a legitimate option if you’re looking for an online line of credit, but if you’d like to explore loans like LendDirect, check out our list below.
Fora is a fairly new lender of lines of credit in Canada. Its rates and loan amounts are similar to LendDirect, and it's possible to get approved with a low credit score. Once you're approved, you can get your funds as soon as the same business day.
Mogo is a Canadian fintech company that's been in business since 2003. Its MogoMini line of credit is designed for borrowers who want to avoid payday loans but can't get approved for loans with lower interest rates.
Loans Canada is a loan search platform with a large network of lenders, including those that offer loans like LendDirect. Submit one application to get matched with lenders.
LoanConnect is another loan search platform that can help you find a line of credit through its network of lenders. You can apply online within minutes and get matched with a suitable line of credit lender. LoanConnect works with borrowers with all types of credit.
Apply online for an interest-free line of credit of up to $250 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
Easy application process
No credit checks
No interest
Can improve your credit score
Roll over your loan
Loan amount may not be enough for your needs
$11.99 per month for fast transfers and other premium perks
Loan amount
$30 – $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Cash Money is an alternative lender that has been in business for decades. You can apply for Cash Money's line of credit if you live in AB, BC, MB, NB, NL, NS, ON & SK, and you can get a fast decision. Cash Money and LendDirect are owned by the same company.
Fast approvals
Fast funding
Not available in all provinces
High cost of borrowing
Loan amount
$500 – $10,000
APR
Up to 46.93%
Term
No end dates
Min. credit score
600
Fees
Establishment fees, missed payment fees and default penalty fees may apply.
Bad credit installment loans vs line of credit loans like LendDirect
If you have a low credit score and looking to get a loan online, installment loans are another option. Many installment loans online are easier to get than lines of credit. However, they offer less flexibility with repayments since they require regular fixed payments.
Bad credit installment loans
Line of credit loans like LendDirect
Loan amount
Up to $10,000
Up to $10,000
Loan term
3 - 60 months
Open
Cost
Can be cheaper or more expensive than lines of credit, depending on how long it takes a borrower to pay off their line of credit balance
Can be cheaper or more expensive than installment loans, depending on how long it takes a borrower to pay off their line of credit balance
Repayments
Make regular equal payments monthly, pay off your loan any time without penalty
Make minimum payments monthly, pay off your balance any time without penalty
Speed
Approvals and funding as soon as the same day
Approvals and funding as soon as the same day
24/7 funding
Not available
Not available
Eligibility
Meet minimum credit score and income requirements, have an active chequing account
Meet minimum credit score and income requirements, have an active chequing account
Ease of approval
Somewhat easier to get approved for than lines of credit like LendDirect
Somewhat harder to get approved for than bad credit installment loans
Loans like LendDirect require the following information:
Basic personal information
Active bank account
Steady source of income paid into your bank account
To sign up, provide your name, address, phone number, email, employment details and housing status. Then you’ll verify your income and identity by either going through instant bank verification or by emailing bank statements and proof of employment.
Bottom line
LendDirect is an alternative lender of lines of credit in Canada, allowing you to withdraw as much as you need up to your limit. If LendDirect is not an option for you, loans most similar to LendDirect that you can consider include Fora, Mogo and Cash Money. All these lines of credit have higher interest rates than lines of credit you’d get from a bank or credit union. If you get this loan, it’s important to avoid overspending and to pay off the balance as soon as possible.
Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
Read our guide to finding a small loan, even if you have bad credit.
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