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Liberty Loans 500 review

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Liberty Loans 500 Personal Loans
APR Range
29% + broker fee
Loan Amount
$500 - $5,000
Loan Term
90 - 180 days
All information about Liberty Loans 500 Personal Loans has been collected independently by Finder. Finder is not connected with Liberty Loans 500 products, and this page is not sponsored, endorsed or administered by, or associated with, Liberty Loans 500. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Get same-day funding for a loan of up to $5,000, but watch out for high interest rates and fees.

Liberty Loans is an online loan broker that offers access to loans ranging from $500 to $5,000 from a network of partner lenders. You can apply online with no credit checks and get funded the same day, then pay back your loan over a term of up to 180 days.

However, loans have a high average APR of 29%, and you'll also need to watch out for brokerage and service charge fees. While fee amounts aren't specified online, based on our knowledge of similar loan providers, you may pay up to $300 in fees. There's also no phone number or office address listed on the Liberty Loans 500 website, so proceed with caution when deciding if this is the right broker for you.

Pros

  • No credit checks
  • Fast access to funds
  • Easy online application
  • Largely positive customer reviews

Cons

  • High APRs
  • Watch out for brokerage fees
  • No phone number or address listed
  • Website mentions "no refusal" loans

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Liberty Loans 500?

Liberty Loans 500 is a Canadian online loan broker. It lets borrowers apply for loans of up to $5,000 online, with the loans paid back in 3, 6 or 12 installments. If you’re approved for funding, your loan amount is sent to you by email transfer the same day.

Loan repayments are then debited from your account based on your income schedule.

Is Liberty Loans 500 legit?

A business named Liberty Loan 500, not Liberty Loans 500, is listed in the Quebec Enterprise Register.

However, there are a couple of factors that we found during our research that gave us cause for concern. One is that there is no phone number or address listed on the Liberty Loans 500 website. A physical office address and being able to contact the provider over the phone are important features we use to verify the legitimacy of a broker.

The second factor is that the Liberty Loans 500 website mentions “no refusal”. A responsible lender or broker will always need to review your income and financial situation before approving your loan application to determine whether you can afford repayments.

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Features of Liberty Loans 500

  • Borrow $500 – $5,000. Loan amounts of up to $5,000 are available.
  • Loan terms of 90 - 180 days. You can pay your loan back in 3, 6 or 12 installments depending on the frequency of your pay. Loan terms of up to 180 days are available.
  • 29% APR. Liberty Loans 500 says it partners with lenders that offer an approximate annual interest rate of 29%.
  • No credit checks. You won’t need to complete a credit check to qualify for financing, so a bad credit history won’t stop you getting a loan. Learn more about no credit check loans.
  • Same-day funding. Liberty Loans 500 says it offers fast approvals and that your loan amount will be sent to you the same day. If you apply within business hours, you can get your money within an hour.

What to watch out for

  • High APR. An average annual interest rate of 29% applies to loans from Liberty Loans 500’s lending partners.
  • Brokerage fees. Brokerage fees are charged when you apply for a loan through Liberty Loans 500. The fee amount is not listed on the broker’s website. However, based on your knowledge of similar providers, you may be charged up to $300 in brokerage fees.
  • No phone number or address. There is no phone number or physical office address listed on the Liberty Loans 500 website. We’d like to see this information listed to help confirm the broker’s legitimacy.
  • “No refusal”. The Liberty Loans 500 website mentions “no refusal”. Reputable lenders will always assess your financial situation and ability to repay a loan before approving your application.

What are Liberty Loans 500’s interest rates?

Liberty Loans 500 says it works with lenders that offer an average annual interest rate of 29%. If there’s an outstanding balance on your loan, interest will then be charged at a rate of 2.41% per month.

Brokerage fees also apply when you take out a loan. Unfortunately, the fee amount is not specified on the Liberty Loans 500 website.

What do Liberty Loans 500 reviews say?

The reviews we found for Liberty Loans 500 are largely positive. Customers praise the broker for fast responses and approvals, efficient customer service and an easy application and funding process.

People who left negative Liberty Loans 500 reviews mentioned factors such as poor customer service and rejected loan applications.

Summary of Liberty Loans 500 reviews

SiteDetails
Trustpilot4.8 out of 5 stars, based on 64 Liberty Loans 500 reviews
GoogleN/A
BBB accreditationNot accredited
BBB ratingNR
BBB reviews1 out of 5 stars, based on 2 Liberty Loans 500 reviews
Reviews as ofNov. 15, 2023

Am I eligible for a loan from Liberty Loans 500?

To qualify for a loan from Liberty Loans 500 you will need to:

  • Be 18 years or older
  • A Canadian resident
  • Have a valid Canadian address
  • Have an active bank account
  • Have a regular income

How to apply

If you’d like to apply for a Liberty Loans 500 loan, here’s what you need to do.

  1. Navigate to the Liberty Loans 500 website and click the “Loan application” link.
  2. Enter your email address.
  3. Enter your name, date of birth and language spoken.
  4. Provide your phone number and email address.
  5. Choose your desired loan amount.
  6. Provide details about your income and financial situation, as well as details of your references.
  7. Provide proof of ID.
  8. Submit your application.

What to expect once you’ve received your loan

Loan terms range 90 - 180 days. Depending on how often you receive your income, you can pay back your loan in 3, 6 or 12 regular installments. There’s no mention on the website of whether you can pay your loan back early without penalty.

If you don’t have enough money in your account to make an on-time payment, an insufficient funds fee of $55 applies.

If you think you will struggle to make a payment, you can contact Liberty Loans 500 to sort out a new payment arrangement. But if you miss a payment, the broker will hand your file over to a collection agency.

Bottom line

A same-day loan with no credit check sounds attractive, but you’ll need to watch out for high APRs and brokerage fees. And while Liberty Loans 500 has mostly positive customer reviews, the lack of address and phone contact details, plus the website’s mention of “no refusal”, makes us reluctant to sign off on the legitimacy of this broker.

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