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We’re not signing off on the legitimacy of Planet Loan Inc. for a number of reasons:
|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)|
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.
Planet Loan Inc. asks for the following sensitive information:
Planet Loan Inc. may ask for more personal information, such as your bank account details, as you go through the application.
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:
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.
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