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Loanz review: Personal loan provider

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Loanz Personal Loan
Finder score
APR Range
29.90% - 46.90%
Loan Amount
$1,000 - $15,000
Loan Term
12 - 60 months
Min. Credit Score
All information about Loanz Personal Loan has been collected independently by Finder. Finder is not connected with Loanz products, and this page is not sponsored, endorsed or administered by, or associated with, Loanz. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Borrow from $1,000 to $15,000 completely online.

Loanz offers same-day personal loans with a fast, seamless application and instant approval. Loanz offers funding for borrowers with bad credit or no credit, but its starting rates are higher than similar lenders.

Best for: Borrowers with no credit history or poor credit scores.


  • Get funds in as little as 15 minutes
  • Open to bad credit borrowers
  • No collateral required
  • Easy online application


  • Can't borrow less than $1,000
  • High minimum and maximum APR
  • Long minimum term (12 months)
  • Not available in Quebec

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Loanz was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 74.50%

What is Loanz?

The Loanz brand was created in 2013 in California. But the company has been providing personal loans in Canada since 2016 when it was acquired by Consumer Genius Inc., a Calgary-based fintech company. Loanz specializes in funding for people with bad to fair credit. It operates entirely online and offers a seamless application as well as same-day funding.

Is Loanz legit?

Yes, Loanz is a legitimate personal loan provider. Loanz Canada Inc. is registered as an Alberta Business Corporation with an office in Calgary. Loanz USA Inc. is similarly registered.

Summary of Loanz personal loans

Loan amount$1,000 – $15,000
Loan term12 - 60 months
Interest rate29.90% - 46.90%
FeesLoanz says there are no hidden fees, but they don’t specify what fees they do charge. When reviewing your offer, check for fees like a late fee, NSF fee, prepayment penalties and origination fee (processing fee deducted from your loan amount).
Loan typeUnsecured
Basic requirementsTypical Requirements: min. credit score 570, min. income $1,200/month, 3+ months employed

What we like about Loanz

  • Anyone can apply. Loanz accepts applications from borrowers with bad credit or no credit history.
  • Fast. The application process is straightforward and can be completed entirely online. It’s possible to get instant approval and receive funds in as little as 15 minutes.
  • Available across Canada (except Quebec). Residents of all provinces and territories except Quebec are welcomed to apply.
  • Use funds for anything. Loanz doesn’t restrict how you can use your money.
  • Rebuild your credit. Loanz reports to credit bureaus, so making your payments on time and in full can rebuild your credit score.
  • Unsecured. You don’t need collateral to get a personal loan from Loanz.

What to watch out for

  • High rates. Interest rates on the high side for personal loans, ranging from 29.90% - 46.90%.
  • Possible fees. It’s free to apply for a Loanz personal loan. But you could run into fees for late or missed payments and non-sufficient funds (NSF). Generally, NSF fees for bad credit personal loans is $50.
  • High minimum loan amount. You can’t borrow less than $1,000.
  • Long minimum term. The minimum loan term starts at 12 months, which is slightly longer than other bad credit lenders.
  • Might be referred to another lender. If you don’t meet the requirements to get a loan directly from Loanz, you may be referred to another lender.

Alternatives to Loanz

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Flexible Terms

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Fast Financing

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Summary of Loanz reviews

Review siteDetails
BBB accreditedNo
BBB ratingN/A
BBB customer reviews1 out of 5 stars, based on 1 review
Trustpilot rating4.1 out of 5 stars, based on 152 reviews
Finder score2.5 out of 5 stars for
Customer reviews verified as ofApril 16, 2024

What do Loanz reviews have to say?

Loanz reviews have been mostly positive. People who left positive Loanz reviews commented on its straightforward application process and the satisfaction of getting approved for funds to cover one-off expenses.

Those who left negative reviews commented on difficulties reaching customer service, technical problems during the application process and being redirected to another lender because they weren’t approved by Loanz.

What types of loans can you get through Loanz?

Loanz offers unsecured personal loans, so you don’t need any collateral (assets) to secure your loan. The company caters to borrowers with bad to fair credit or no credit history at all. You can apply for loans from $1,000 to $15,000. Terms range from 12 - 60 months, and APRs range from 29.90% - 46.90%.

How does getting a personal loan through Loanz work?

To get a Loanz Personal Loan, you’ll need to submit an online application, which can be completed in minutes. Loanz will provide an instant application decision.

You’ll have to provide bank information, which can be done by electronically connecting Loanz to your bank account or by submitting information yourself for manual review. The latter option will take longer.

If approved for a loan, you can choose the method by which you want to receive funds. Money can arrive in as little as 15 minutes. Interest rates start at 29.9%% but vary depending on your situation.

Am I eligible for a loan?

To be eligible for a Loanz Personal Loan, you must satisfy the following:

  • Be a Canadian resident not in Quebec.
  • Be at least the age of majority in your province or territory (18 or 19 years old).
  • Typically need to have a minimum monthly income of $1,200.
  • Have a chequing account.
  • Have a valid phone number, mailing address and email address.
  • Not in bankruptcy.
  • Not in collections.

After you apply, you’ll need to verify your identity. If you don’t want Loanz to collect your bank details by connecting to your bank account, you’ll have to provide this information yourself for manual review. Note that this may delay your application. You may be asked to provide:

  • Government-issued ID to prove your identity and address
  • Proof of your employment status and monthly income (via pay stubs or bank statements).
  • An active Canadian banking account with direct deposit capability.

How to apply for a Loanz personal loan in 7 steps

If you’re ready to apply for a Loanz personal loan, follow these steps:

  1. Visit the website to start your application. Choose how much you’d like to borrow from $1,000 to $15,000.
  1. Select what you need the money for (consolidate debt, pay bills, emergency, wedding, buy a car, or other).
  1. Fill in your date of birth.
  1. Answer if you own or rent your home, and provide your mailing address.
  1. Provide details about your income, employer and employment status (full-time, part-time, retired, freelance etc).
  1. Provide your full name, email address and phone number. Verify your phone number via the 4-digit code texted to you.
  1. Confirm the details of your application, and hit Submit.

Preview of the Loanz application

The application is very easy to fill out. You’ll need to answer around 21 questions about your personal and financial situation. Below is a preview of their user-friendly application. The whole process takes 1 to 2 business days.

What is bank verification?

Halfway through the Loanz application, you’ll be directed to log in through an encrypted portal called Flinks to authorize your bank to send Loanz electronic copies of your bank statements. Lenders like Loanz use online bank verification to determine your eligibility for a loan. For instance, they’ll want to evaluate your income and check whether you have recent NSF transactions in your bank account.
Loanz bank verification

I got the Loanz Personal Loan. Now what?

Make sure you are financially prepared to take on a new personal loan and the debt repayments you’ve committed to.Loanz personal loans start at $1,000 up to $15,000, with terms of 12 months up to 5 years. With this in mind, understand the terms of your loan clearly and take stock of the charges you might incur for missed or late payments. For borrowers who didn’t qualify for a conventional personal loan with a bank or credit union, this is an opportunity to use your Loanz Personal Loan to build up your credit history.

Mark your payment due dates on your calendar and make sure you have sufficient funds in your bank account to make repayments. Keep in mind that Loanz has steep interest rates, so your goal is to repay your loan as quickly as your budget allows.

How much will a personal loan from Loanz cost?

When you get a Loanz Personal Loan, your APR will range from 29.90% - 46.90%. There are no fees to apply. You may be charged a non-sufficient funds (NSF) fee for bounced payments, and you may face fees for late or missed payments.

The cost of your personal loan will depend on your interest rate (which is decided based on personal and financial factors), loan amount and loan term. As an example, a $10,000 Loanz Personal Loan with a 35% APR and loan term of 48 months (4 years) will have a monthly payment of $389.71 and a total loan cost of $18,706.22, which includes $8,706.22 paid towards interest alone.

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Bottom line

Loanz is an online lender worth considering if you have trouble getting approved for a personal loan because of bad credit. The application process is quick and easy, but be prepared to pay a high interest rate. Compare multiple lenders before applying to make sure you’re getting the best rate and terms for your situation.

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MDG Financial Installment Loan
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Requirements: no min. income, min. credit score 560

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