Tekaloan review

Our verdict

Our verdict

Tekaloan offers small loans for borrowers with good and bad credit. There's no credit check and you can get approved with money in the bank in less than 24 hours.

Best for: First-timers can borrow up to $500 with the ability to defer payments if you run into financial difficulties. Just watch out for high fees and some negative reviews that question Tekaloan's legitimacy.

Pros

• No credit check
• Get approved in under 24 hours
• Flexible repayment

Cons

• Small amounts
• High interest rates and fees
• Some negative reviews online

Tekaloan Personal Loans is not currently available on Finder

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Loan Amount

$500 - $1,000

Loan Term

90–120 days

Is Tekaloan legitimate?

It’s difficult to know if Tekaloan is legitimate. The company has over 500 customer reviews with a 4.6 rating on Trustpilot and the website seems to be running a valid SSL certificate. It also lists its office address, phone number and email.

That said, there’s very little information you can find about the company online and it doesn’t display its business licence on its website. It also has very few professional reviews and a limited social media presence.

What is Tekaloan?

Tekaloan is an online lender that offers short-term, small-value installment loans. The company is based in Vancouver and operates entirely online. It’s not clear when Tekaloan was founded, but it started releasing regular blog posts in February 2019, implying it’s at least a few years old.

The company offers loans in Alberta, Ontario, BC, New Brunswick, Nova Scotia, Newfoundland, Manitoba and PEI.

Tekaloan features

What we like about Tekaloan

• Quick loans. Get a loan decision in less than 24 hours, with your electronic transfer sent within minutes of getting approved online. Learn more about fast and easy loans.
• No credit check. You can apply with bad credit and you won’t need to undergo a credit check to validate your information.
• Instant bank verification. Speed up your loan process by signing into your bank account through a secure online platform to validate your application.
• Many payment methods. Make your repayments through automatic withdrawal, money transfer or credit card payment.
• Decent repayment period. You’ll usually have a minimum of 3 months to repay your loan, which is a reasonable timeframe for such a small amount.
• Payment deferrals. You can defer your payment for a fee of $28. There’s a 5-day grace period for missed payments without an NSF fee.
• Prepayment allowed. Your first payment must be made as scheduled but you can pay your loan off whenever you want with no penalty.
• Repeat borrowers qualify for more. You can qualify for loans between $750 and $1,000 when you repay your first loan and establish a good track record.
• Secure service. Tekaloan claims that the process to apply for a loan is 100% secure and your information will be kept confidential.

What to watch out for

• Small amounts. You can only borrow up to $500 for your first time, though this amount may increase if you decide to borrow again.
• High interest rates. Your loan will cost 23% or more in annual interest.
• High surety fee. You may pay high fees to guarantee your loan, depending on your agreement with Tekaloan.
• NSF/deferral fees. You’ll pay fees if you need to delay a payment or if you don’t have enough money in your account to cover a payment.
• Strict eligibility criteria. You’ll need to meet several income and employment requirements to get approved.
• Tekaloan contacts your employer. Tekaloan calls your employer directly to verify your employment details.
• Some income isn’t accepted. You won’t be able to qualify using income from self-employment, government assistance, private pensions or your student loan. However, you may qualify with EI after you pay off your first loan.

Summary of Tekaloan reviews

Many customers praise Tekaloan’s customer service, indicating that the company is fast, friendly and easy to use. Some customers complain that the rates are too high while a few express frustration that they were pre-approved for a loan and received no further contact after connecting their bank accounts, leading them to worry about fraud.

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Spring Financial Installment Loan Spring Financial Installment Loan		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...
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Am I eligible for a Tekaloan?

You’ll need to meet the following criteria to qualify with Tekaloan:

• Be a Canadian citizen who is at the age of majority in your province
• Have at least 3 months of continuous employment with the same employer
• Own a Canadian bank account in which you receive your pay by direct deposit
• Make over $1,200 per month in income
• Have little or no insufficient funds transactions or active short-term loans
• Not be on the verge of bankruptcy or about to enter into a consumer proposal

How to apply

Follow these steps to apply with Tekaloan:

1. Visit the Tekaloan website and click on the Apply now button.
2. Input your personal information, including residential address, income, banking and employment details, emergency contact information and the reason you need the loan.
3. Upload documents to provide proof of ID and income or sign up through instant bank verification.
4. Click Apply now at the bottom of the application and wait to be contacted, typically within 24 hours.

How can I contact Tekaloan?

You can contact Tekaloan by calling its customer service hotline or by sending an email. Hotline hours run 24/7 Monday to Friday and on weekends from 5am to 5pm ET.

Bottom line

Tekaloan may be a good choice for you if you want to borrow between $500 and $1,000 with the option to defer your payments if you run into financial difficulties. It’s suitable for borrowers with good and bad credit.

Just watch out for high fees and interest rates, strict income/employment requirements and some negative online reviews.

Frequently asked questions

• How can I speed up my loan approval?

  You can apply using instant bank verification to quickly confirm your personal and banking information. You should also ensure that you have your name on your voicemail and that you've given consent to your employer for a job confirmation to speed up your application.

• Can I defer my loan payments if I run into issues with repayment?

  Yes, you can pay a fee of $28 to defer your payments if you run into financial difficulties. However, you can't defer your first or last payment on the loan, nor can you defer two consecutive payments. You should also keep in mind that the more you defer, the more interest and fees you'll pay.

• Can I prepay my loan in advance?

  Sort of. The first payment of your loan must be made as scheduled but you can pay back part or all of your loan at any time you want. Just be aware that before you repay your full loan, you must stop your regular payments within 48 hours (and surety fees within 7 days, if applicable).

• What types of income aren't accepted?

  You won't be able to qualify with income from self-employment, government assistance, student loan, pension, disability payments or other income from insurance. You may be able to qualify with EI beyond your first loan as long as you paid it off on time.