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- Borrow up to $250 with no income required
- No credit check
- No interest
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 34.99%, 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.
Loan amount | $300 – $5,000 |
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APR | Up to 34.36% |
Term | Open |
Min. credit score | 600 |
Fees | None |
Serviced provinces | BC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT |
Loan amount | $5,000 – $35,000 |
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APR | 9.99% – 35% |
Term | Open |
Min. credit score | 300 |
Fees | No application, origination or brokerage fees |
Turnaround time | Receive funds within as little as 24 hours. |
Serviced provinces | All of Canada |
Loan amount | $500 – $60,000 |
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APR | 8.99% – 35% |
Term | Open |
Min. credit score | 300 |
Fees | No application, origination or brokerage fees |
Turnaround time | Receive funds within as little as 24 hours. |
Serviced provinces | All provinces. |
Loan amount | Up to $250 |
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APR | Starting at 0% |
Term | 30 days, extendable |
Fees | 0% |
Turnaround time | 1-30 minutes with a paid membership or 1-3 business days with a free membership. |
Serviced provinces | All provinces and territories |
Loan amount | $500 – $10,000 |
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APR | Up to 35% |
Term | Open |
Min. credit score | 600 |
Fees | Establishment fees, missed payment fees and default penalty fees may apply. |
Turnaround time | Get access to funds anytime once approved |
Serviced provinces | AB, BC, MB, NB, NL, NS, ON & SK |
You can read our LendDirect review for details, but here are the highlights:
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 |
Credit check | Often required | Required |
Payout method | e-Transfer or direct deposit | e-Transfer or direct deposit |
Loans like LendDirect require the following information:
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.
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.
The Finder personal loans ratings and review methodology provides a data-based method to assess and rate personal loan providers in the Canadian marketplace.
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