Loonie Financial review: Is it legit?

Is Loonie Financial legit in Canada?

We’re unsure whether Loonie Financial is legit or not for a few reasons.

On the plus side, the lender’s website lists an address, contact details and important legal documents. Loonie Financial is also listed in Quebec’s business registry, and it has a high-cost credit licence in the same province.

But in addition to Loonie Financial, there are a number of other business names linked to the lender’s high-cost credit licence, including Uncle Warbucks, Rapital Capital, Dash of Cash and Money Messiah. A quick Google search of these lenders reveals that they have previously fallen foul of regulators in the USA. For example:

• Uncle Warbucks, Money Messiah and Dash of Cash have all previously received desist and refrain orders from the Department of Business Oversight of the State of California for making loans to California residents without a licence.
• Rapital Capital received a 2022 cease and desist order from Michigan’s Department of Insurance and Financial Services for offering loans to Michigan consumers and charging interest higher than what is permitted under Michigan law.

Our research also raised a few other issues.

• No reviews. We couldn’t find any reviews from Loonie Financial customers on independent websites.
• No BBB page. We couldn’t find a Better Business Bureau page or BBB accreditation for Loonie Financial.
• Uncle Warbucks. Uncle Warbucks has an average score of 1/5 from 15 BBB reviews, while the BBB has received 19 complaints about the lender in the past 3 years.
• Payday loan limit. The Loonie Financial homepage mentions “installment payday loans,” but the lender also claims to offer loans of up to $2,000. This is above the federally mandated payday loan limit of $1,500.

That’s why we recommend considering other options if you’re looking for a loan.

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Pros and cons of Loonie Financial

Pros

• Easy online application. Thanks to instant bank verification and an easy online application process, you can apply for a Loonie Financial loan in just five minutes.
• No credit check. You won’t need to complete a credit check to apply for a loan, so bad or limited credit won’t stop you from getting funded.
• Same-day funding. Loonie Financial says it offers an automated approval process, so you can get approved and get your money via electronic funds transfer the same day.
• Payment deferral. If you may not be able to make an on-time payment, you have the flexibility to defer one payment by contacting Loonie Financial.

Cons

• High cost of borrowing. Loonie Financial offers loans with high maximum APRs, so you’ll need to make sure you’re aware of the total cost of a loan before applying.
• Some income types not accepted. ODSP benefits, Canada Pension Plan and child tax benefits are not accepted as income by the lender.
• No customer reviews. We couldn’t find any customer reviews for Loonie Financial on independent websites.

Loonie Financial reviews

Site	Details
Trustpilot	N/A
Google	N/A
BBB accreditation	Not accredited
BBB rating	N/A
BBB reviews	N/A

Reviews as of August 20, 2025

What do Loonie Financial reviews say?

Unfortunately, we couldn’t find any customer reviews for Loonie Financial. However, BBB reviews for Uncle Warbucks, another business name associated with the lender’s Quebec high-cost credit licence, are negative. The most common complaint is the extremely high cost of repaying loans.

Feedback or complaints about Loonie Financial on Reddit

We couldn’t find any feedback about Loonie Financial on Reddit.

What are the interest rates of Loonie Financial?

Loonie Financial says it offers loans with a maximum APR of 32%. You will then repay your loan over a period ranging from 62 to 160 days in 3, 6 or 12 installments.

The loan example provided on the Loonie Financial website says that if you borrow $500, the average amount you will have to repay is $660. However, we’re not sure if this aligns with an APR of 32%. Let’s say you borrow $500 at 32% APR and make repayments every 2 weeks for 5 months—that still only works out to a total repayment of $536.87.

If your loan is unpaid, Loonie Financial says an interest rate of 2.66% per month applies.

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Am I eligible?

To qualify for a Loonie Financial loan, you will need to:

• Be 18 years or older
• Be a Canadian citizen
• Receive your income by direct deposit
• Have held a steady job for the last six months

How to apply for loans like Loonie Financial

Online lenders of short-term loans require you to provide your personal and contact information, as well as a few other details, when you apply for a loan. Loonie Financial’s application asks for these as well, so be ready to provide details like your date of birth and SIN along with your phone number, email and residential address.

Many online lenders also offer instant bank verification, which allows them to review an electronic copy of your bank statement to verify your income. This removes the need to upload any paperwork, speeding up the application and approval process.

Loonie Financial also offers instant bank verification, so you don’t need to worry about gathering your documents together. However, you will need to upload proof of ID to confirm your identity.

Bottom line

A same-day online loan with no credit check may sound like a good deal, but proceed with caution. With high loan APRs and a few red flags around Loonie Financial, we recommend considering other lenders.