KOHO Cover
- Borrow up to $250 with no income required
- No credit check
- No interest
5 loans like LendDirect
Compare six providers similar to LendDirect.
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.
5 loans like LendDirect
1. Mogo
$300 – $5,000
Loan amount
Loan amount
Up to 34.36%
APR
APR
Open
Term
Term
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.
- Preapprovals with no impact to credit score
- Potentially cheaper than payday loans
- High interest rates
| Loan Amount | $300 – $5,000 |
|---|---|
| APR Range | Up to 34.36% |
| Loan Term | Open |
| Serviced Provinces/Territories | BC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT |
| Min. Credit Score | 600 |
| Fees | None |
| Requirements | Canadian resident, age of majority in your province of residence, annual net income of $35,000 |
2. Loans Canada
$5,000 – $35,000
Loan amount
Loan amount
8.99% – 35%
APR
APR
Open
Term
Term
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.
- Get connected to lenders that match your profile
- Fast preapprovals
- Not a direct lender
- Your options are limited to its network
| Loan Amount | $5,000 – $35,000 |
|---|---|
| APR Range | 8.99% – 35% |
| Loan Term | Open |
| Serviced Provinces/Territories | All of Canada |
| Turnaround Time | Receive funds within as little as 24 hours. |
| Min. Credit Score | 300 |
| Fees | No application, origination or brokerage fees |
| Requirements | Canadian citizen, age of majority in your province of residence |
3. LoanConnect
$500 – $60,000
Loan amount
Loan amount
8.99% – 35%
APR
APR
Open
Term
Term
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.
- Get connected to lenders that match your profile
- Fast preapprovals
- Not a direct lender
- Your options are limited to its network
| Loan Amount | $500 – $60,000 |
|---|---|
| APR Range | 8.99% – 35% |
| Loan Term | Open |
| Serviced Provinces/Territories | All provinces |
| Turnaround Time | Receive funds within as little as 24 hours. |
| Min. Credit Score | 300 |
| Fees | No application, origination or brokerage fees |
| Requirements | Canadian citizen or permanent resident, age of majority in your province of residence, any current debts total less than 60% of your income |
4. Nyble
$30 – $250
Loan amount
Loan amount
Starting at 0%
APR
APR
31 days, extendable
Term
Term
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, get access to premium services, including funding in 1-30 minutes, credit monitoring 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 for fast transfers and other premium perks
| Costs | 0% |
|---|---|
| Loan Amount | $30 – $250 |
| Loan Term | 31 days, extendable |
| Credit Check | No |
| Turnaround Time | 1-30 minutes with a paid membership or 1-3 business days with a free membership. |
| Requirements | You must be 18 years or older and have a minimum monthly income of $1,000. |
| Serviced Provinces | All provinces and territories |
| Apple App Store Rating | 4.8 |
| Google Play Rating | 4.8 |
5. Cash Money
$500 – $10,000
Loan amount
Loan amount
Up to 34.99%
APR
APR
Open
Term
Term
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 and 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 Range | Up to 34.99% |
| Loan Term | Open |
| Serviced Provinces/Territories | AB, BC, MB, NB, NL, NS, ON and SK |
| Turnaround Time | Get access to funds anytime once approved |
| Min. Credit Score | 600 |
| Fees | Establishment fees, missed payment fees and default penalty fees may apply. |
| Requirements | Steady source of income, active bank account, min. 600 credit score |
How does LendDirect compare?
You can read our LendDirect review for details, but here are the highlights:
- Flexible repayments
- Flexible amounts
- Fast approvals
- Fast funding via Interac e-Transfer
- High interest rates
- People with poor credit may not get approved
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 |
| Credit check | Often required | Required |
| Payout method | e-Transfer or direct deposit | e-Transfer or direct deposit |
Dive deeper: Best installment loans in Canada
How do I sign up for loans like LendDirect?
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.
Related: Guide to lines of credit in Canada
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