Advertiser Disclosure

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Planet Loan Inc. review

Should you apply?

Planet Loan Inc. claims to offer fast access to payday loans seven days a week. It says that you can get your cash within 20 minutes of getting approved and that there are no credit checks required. However, there are several concerning issues to be aware of before you apply for a loan.

No reviews yet. Write a review

Tim Falk

Updated

Dec 20, 2022

Please note: All information about Planet Loan Inc. has been collected independently by Finder and this product is not available through this site.

Is Planet Loan Inc. legitimate?

We’re not signing off on the legitimacy of Planet Loan Inc. for a number of reasons:

Not a licensed payday lender. We couldn’t find Planet Loan Inc in business licence registration databases in provinces such as Ontario, Alberta and British Columbia.
Doesn’t follow payday lending regulations. Planet Loan Inc doesn’t abide by payday lending laws. For example, in the FAQ section on the Planet Loan Inc website, it says you can borrow additional money before paying out your first payday loan – however, most provinces don’t allow lenders to issue a second payday loan to a borrower.
Underdeveloped website. The Planet Loan Inc website is fairly basic, contains minimal information and features spelling and grammatical errors.
Phone number. Planet Loan Inc shares a phone number with other lending companies. The number listed on its website is the same as that listed on the websites of Apple Cash and Faxless Payday Loan.
F rating from the BBB. Planet Loan Inc. is not accredited by the Better Business Bureau (BBB). The BBB gives Planet Loan Inc. an F rating. At the time of writing, the BBB has closed 56 complaints against Planet Loan Inc. in the previous three years.
No physical address. The address listed on the Planet Loan Inc. website is that of a UPS store in the United States rather than a physical branch location. It’s also the same address listed on the websites of Apple Cash and Faxless Payday Loan.
Not registered. We couldn’t find Planet Loan Inc. listed in Canada’s Business Registries.

Legitimate alternatives to Planet Loan Inc.

⚠️ Warning: Be cautious with payday loans

Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider payday loan alternatives:

Visit 211.ca. A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
Debt relief companies. There are services to help you reduce your debt payments.
Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
Side jobs. Sell unwanted items online, sign up for food delivery and more.

1 - 2 of 2

Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer	Table description
Cash Money Payday Loan Cash Money Payday Loan		$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, NL, NS, ON, SK	Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).	Instant decision and e-Transfer funding. Income of at least $1,000/month required.	Go to site View details	Compare	loading Fetching your data...
iCASH Payday Loan iCASH Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer	AB, BC, MB, NB, NS, ON, PEI	Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.	24/7 instant approval and e-Transfer funding. Income of at least $800/month required.	Go to site View details	Compare	loading Fetching your data...

Maximum borrowing costs of payday loans per province

Always refer to your contract for exact repayment amounts and costs as they may vary from our results.

Province	Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & PEI	$15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia	$17 per $100 borrowed
Newfoundland and Labrador	$14 per $100 borrowed
Northwest Territories, Nunavut & the Yukon	Up to $60 per $100 borrowed
Quebec	Limit of 35% annual interest rate (AIR)

Summary of reviews about Planet Loan Inc.

Planet Loan Inc. has an average rating of 1 out of 5 from seven reviews on the Better Business Bureau website. Some reviewers report that they applied for a loan from Planet Loan Inc, and provided their personal and financial information, but then didn’t receive a loan. Other customers report that emails and phone calls to Planet Loan Inc often go unanswered.

Another common gripe among the 50-plus complaints the bureau has received about Planet Loan Inc was the lender deducting loan repayments earlier than scheduled, resulting in NSF fees.

What information does Planet Loan Inc. ask for?

Planet Loan Inc. asks for the following sensitive information:

First and last name
Email
Phone number
Address

Planet Loan Inc. may ask for more personal information, such as your bank account details, as you go through the application.

Overview of payday loan regulations in Canada

Payday lending laws in Canada vary between provinces and territories. These regulations outline the maximum amount a lender is allowed to charge borrowers, impose limits on the maximum loan term and also stipulate the information a lender must provide you with before you sign a loan agreement.

Let’s take a brief look at the regulations where you live:

British Columbia. Maximum cost of $15 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 50% of your paycheque.
Alberta. Maximum cost of $15 for every $100 borrowed and loan terms of between 42 and 62 days.
Saskatchewan. Maximum cost of $17 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 50% of your take-home pay.
Manitoba. Maximum cost of $17 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 30% of your net pay.
Ontario. Maximum cost of $15 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 50% of your net income.
Quebec. Maximum annual interest rate of 35%.
Newfoundland and Labrador. Maximum cost of $14 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 50% of your take-home pay.
New Brunswick. Maximum cost of $15 for every $100 borrowed and maximum loan term of 62 days. The maximum amount you can borrow is limited to 30% of your net pay.
Nova Scotia. Maximum cost of $17 for every $100 borrowed and maximum loan term of 62 days.
Prince Edward Island. Maximum cost of $15 per $100 borrowed and maximum loan term of 62 days.
Northwest Territories, Nunavut and the Yukon. Maximum cost of $60 per $100 borrowed and maximum loan term of 62 days.

Bottom line

If you’re searching for a payday loan, we recommend considering options other than Planet Loan Inc. Our research into Planet Loan Inc. turned up several red flags – of particular note was the fact that we couldn’t find the business listed as a licensed payday lender on provincial government databases.

As a result, we recommend comparing a range of loans from legitimate payday lenders to find financing that suits your needs.

Tim Falk

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.