Smarter Loans review

Our verdict

Our verdict

Smarter Loans is an independent loan search website where you can compare loans from dozens of lenders. It's quick and easy to get pre-approved for loans from its network of lenders, compare your options and then apply for the loan you want online. However, just remember that Smarter Loans doesn't offer access to all legitimate Canadian lenders, and high rates apply for bad credit.

Pros

• Network of over 50 lenders
• Easy to compare products from multiple lenders
• Features loans from legitimate lenders
• Free to use

Cons

• Doesn't feature all loan providers
• Not a direct lender
• High rates for bad credit

Smarter Loans Personal Loan is not currently available on Finder

Have you considered LoanConnect Personal Loan?

Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.

• Low interest rates starting at 6.99% for secured loans
• Easy online application process
• Quick deposits within 24 hours of applying
• High loan amounts of up to $50,000 for secured loans
• Lenders can provide bad credit loans

Learn more

No thanks, compare other personal loans options.

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Loan Amount

$500 - $50,000

Loan Term

3 – 84 months

Interest Rate

Varies

Smarter Loans was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 67.31%

What is Smarter Loans?

Smarter Loans is an online loan directory where you can compare a range of financial products and services. If you’re looking for a personal loan, Smarter Loans makes it easy to compare loans from a network of 50 lenders on a single platform.

Once you fill out an online questionnaire about your borrowing needs, and potentially submit to an optional soft credit check, you can get pre-approved for loan offers from Smarter Loans’ lender network. If you get an offer you like, you can then complete a full loan application.

Is Smarter Loans legit?

Smarter Loans was founded in 2016 and is based in Toronto. It is free to use, works with dozens of legitimate and licensed lenders, and is a member of the Canadian Lenders Association.

Smarter Loans is not BBB accredited, but it does have an active social media presence.

Features of loans from Smarter Loans

What are the interest rates of Smarter Loans?

The interest rate you’ll get will vary depending on the lender and type of loan you choose, your credit score, your income and your existing debt levels. At the time of writing (August 2023), personal loan APRs listed on the Smarter Loans website ranged from 6.99% to 47.72%.

What we like about Smarter Loans

• Large network of lenders. Smarter Loans offers access to loans from a network of over 50 lenders.
  Compare multiple loan offers. By filling out a single application, you’re able to compare loan offers from multiple lenders in one place.
• Easy to weigh up your options. The platform’s user-friendly interface makes it simple to compare the features, rates, fees and eligibility requirements of different loans to find one that’s right for you.
• Lender requirements. Lenders that are featured on Smarter Loans must meet a range of eligibility criteria, including being properly licensed, having been in business for at least two years and following responsible lending practices. More than 30 professional journalists across the country are enlisted to help investigate and choose loan providers that are featured on the platform.
• Available across Canada. Smarter Loans can help borrowers in all provinces and territories find loans.
• Financial education resources. The Smarter Loans website also features a wide range of articles, videos and loan calculators to help you broaden your financial knowledge and understand your credit options.

What to watch out for

• Not a direct lender. Smarter Loans is a loan comparison website, not a direct lender, so you’ll be dealing with a third-party provider once you take out a loan.
• Some lenders not featured. Smarter Loans does not feature a complete list of legitimate Canadian lenders, so keep in mind that you may be able to find a more suitable loan elsewhere.
• High rates for bad credit. If your credit score is poor, you’ll only be able to qualify for loans with higher interest rates than people with good to excellent credit.

Alternatives to Smarter Loans

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Loans Canada Personal Loan Loans Canada Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$300 - $50,000	3 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Spring Financial Personal Loan Spring Financial Personal Loan		Customer Survey: ★★★★★	9.99% - 46.96%	$500 - $35,000	6 - 60 months	Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
LoanConnect Personal Loan LoanConnect Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$500 - $50,000	3 - 120 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Aim Finance Personal Loan Aim Finance Personal Loan		Not yet rated	46%	$1,000 - $5,000	9 - 24 months	Requirements: min. credit score 580	Go to site View details	Compare	loading Fetching your data...
Mogo Personal Loan Mogo Personal Loan		Customer Survey: ★★★★★	9.90% - 46.96%	$200 - $35,000	6 - 60 months	Requirements: min. income $13,000/year, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
Fat Cat Loans Personal Loan Fat Cat Loans Personal Loan		Not yet rated	6.99% - 46.96%	$300 - $50,000	3 - 120 months	Requirements: min. income $1,000/month, min. credit score 300	Go to site View details	Compare	loading Fetching your data...

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What do Smarter Loans reviews have to say?

Smarter Loans reviews from customers online are generally positive. People who left positive comments about the provider mentioned factors such as being quickly and easily matched with loans you’re able to qualify for, as well as the wealth of financial education resources provided on the Smarter Loans website.

Summary of Smarter Loans reviews

Smarter Loans reviews from Finder survey

The website is well presented and the fees are transparent, although there is a bit too much information to fill in.

Smarter Loans Customer from Calgary, Alberta

Personalized customer service and support to help guide you through the loan process and answer any questions you may have.

Smarter Loans Customer from Markham, Ontario

I had some trouble applying, at first, but customer service really helped.

Smarter Loans Customer from Hamilton, Ontario

They gave me an answer right away and they were able to give me the loan I asked for and at a low rate.

Smarter Loans Customer from Winnipeg, Manitoba

What types of loans does Smarter Loans offer?

Smarter Loans offers access to a variety of loans, including:

• Personal loans. You can access unsecured personal loans from a wide range of lenders, including options for borrowers with bad credit. Loan amounts range from $500 to $50,000, and terms of up to 7 years are available.
• Lines of credit. A line of credit provides access to cash whenever you need it, up to your approved limit. You only pay interest on the money you borrow, and secured and unsecured options are available.
• Payday loans. Payday loans are short-term loans of up to $1,500. They’re typically designed to be repaid by your next payday, and the maximum amount a lender can charge you varies from $14 to $17 for every $100 borrowed (or more in the three territories) depending on your province. Learn more about the best payday loans.
• Car loans. Smarter Loans’ lending partners offer loans to help you purchase a car, SUV, truck, motorcycle, boat and more. Terms of up to 96 months are available, there are options for bad credit, and the maximum loan amount varies from lender to lender. Learn more about the best car loans.
• Car title loans. An auto title loan is secured by your vehicle, allowing you to access a better rate than you can get with an unsecured loan.

Other loan types you can access include home equity loans, credit building loans and business loans.

What are the eligibility requirements?

The eligibility requirements vary depending on the type of loan you are applying for and the lender you match with. However, as a general guide you will need to:

• Be the age of majority in your province or territory
• Be a Canadian resident
• Earn steady employment income

The documentation you’ll need to supply also varies depending on the loan and the lender, but often includes:

• Proof of ID
• Proof of income/employment
• Bank statements (many lenders support online bank verification)

It’s easy to see the eligibility and documentation requirements of each lender on the Smarter Loans website.

How to get a Smarter Loans loan

If you’d like to compare loans from the network of lenders in the Smarter Loans directory, here’s what you need to do.

1. Head to the Smarter Loans website and click “Pre Apply”.
2. Select the type of loan you want. For the purposes of this example, we’ll select “Personal & Installment”.
3. Enter your name, email address, phone number and date of birth.
4. Specify how much you’d like to borrow.
5. Select the purpose of your loan.
6. Enter your address.
7. Provide details of your income and employment.
8. You have the option to complete a soft credit check to pre-qualify for offers from lenders.
9. Review and compare loan offers.
10. Connect with the lender you choose to complete a full application.

Bottom line

Smarter Loans is well worth visiting if you’re searching for a wide range of loans. It offers easy access to a large network of reputable lenders, and you can compare multiple loan offers by submitting a single application. Just remember that there are other legit lenders that are not featured on Smarter Loans, so it may be possible to find a loan that’s better suited to your needs elsewhere.

Frequently asked questions

• How long does it take to get a loan with Smarter Loans?

  The time taken to apply, get approved and get funded varies from one lender to another. However, you can typically get the loan amount deposited into your bank account within 24-48 hours.

• Can I get a loan through Smarter Loans if I have bad credit?

  Yes. Many of the lenders in the Smarter Loans directory offer loans to borrowers with bad credit. However, you'll need to accept a higher interest rate than borrowers with good to excellent credit. Learn more about the best bad credit loans.

• How do lenders qualify to get listed on Smarter Loans?

  Lenders must complete an application form as well as an in-person or phone interview. They must also satisfy a range of eligibility requirements, such as:

  • Licensed to operate in relevant provinces.
  • In business for at least two years.
  • Offer easily accessible customer support.
  • Follow responsible lending practices.
  • Have measures in place to protect customer data

• How much can I borrow with a loan through Smarter Loans?

  This depends on the lender and the type of loan you apply for. You can typically qualify for amounts of up to $15,000 with an unsecured personal loan, while secured loans offer access to amounts of up to $50,000.