{"id":936309,"date":"2021-07-30T17:08:52","date_gmt":"2021-07-30T21:08:52","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=936309"},"modified":"2026-01-20T13:50:59","modified_gmt":"2026-01-20T18:50:59","slug":"loanz-personal-loan-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/loanz-personal-loan-review","title":{"rendered":"Loanz review: Personal loan provider"},"content":{"rendered":"

What is Loanz?<\/h3>

The Loanz brand was created in 2013 in California. But the company has been providing personal loans in Canada since 2016 when it was acquired by Consumer Genius Inc., a Calgary-based fintech company. Loanz specializes in funding for people with bad to fair credit. It operates entirely online and offers a seamless application as well as same-day funding.<\/p>

Is Loanz legit?<\/h3>

Yes, Loanz is a legitimate personal loan provider. Loanz Canada Inc. is registered as an Alberta Business Corporation with an office in Calgary. Loanz USA Inc. is similarly registered.<\/p>

Summary of Loanz personal loans<\/h3>
Feature<\/th>Details<\/th><\/tr><\/thead>
Loan amount<\/td>$1,000 \u2013 $15,000<\/td><\/tr>
Loan term<\/td>12 - 60 months<\/td><\/tr>
Interest rate<\/td>29.90% - 46.90%<\/span><\/td><\/tr>
Fees<\/td>Loanz says there are no hidden<\/strong> fees, but they don\u2019t specify what fees they do charge. When reviewing your offer, check for fees like a late fee, NSF fee, prepayment penalties and origination fee (processing fee deducted from your loan amount).<\/td><\/tr>
Loan type<\/td>Unsecured<\/td><\/tr>
Basic requirements<\/td>Typical Requirements: min. credit score 570, min. income $1,200\/month, 3+ months employed<\/td><\/tr><\/tbody><\/table>

<\/p>

What we like about Loanz<\/h3>
  • Anyone can apply.<\/strong> Loanz accepts applications from borrowers with bad credit or no credit history.<\/li>
  • Fast.<\/strong> The application process is straightforward and can be completed entirely online. It\u2019s possible to get instant approval and receive funds in as little as 15 minutes.<\/li>
  • Available across Canada (except Quebec).<\/strong> Residents of all provinces and territories except Quebec are welcomed to apply.<\/li>
  • Use funds for anything.<\/strong> Loanz doesn\u2019t restrict how you can use your money.<\/li>
  • Rebuild your credit.<\/strong> Loanz reports to credit bureaus, so making your payments on time and in full can rebuild your credit score.<\/li>
  • Unsecured. <\/strong>You don\u2019t need collateral to get a personal loan from Loanz.<\/li><\/ul>

    What to watch out for<\/h3>
    • High rates.<\/strong> Interest rates on the high side for personal loans, ranging from 29.90% - 46.90%<\/span>.<\/li>
    • Possible fees.<\/strong> It\u2019s free to apply for a Loanz personal loan. But you could run into fees for late or missed payments and non-sufficient funds (NSF). Generally, NSF fees for bad credit personal loans is $50.<\/li>
    • High minimum loan amount.<\/strong> You can\u2019t borrow less than $1,000.<\/li>
    • Long minimum term.<\/strong> The minimum loan term starts at 12 months, which is slightly longer than other bad credit lenders.<\/li>
    • Might be referred to another lender.<\/strong> If you don\u2019t meet the requirements to get a loan directly from Loanz, you may be referred to another lender.<\/li><\/ul>

      Alternatives to Loanz<\/h3>