60 and 180 days<\/strong> to repay your funding. Do not apply if you don\u2019t want your information shared with third-party lenders.<\/p>Is Better Than the Bank legitimate?<\/h3>
We\u2019re not giving it our sign-off on legitimacy. We like that it lists office addresses in the 3 provinces where it operates, along with a phone number and email address.<\/p>
But Better Than the Bank doesn\u2019t include its terms and conditions or privacy policy on its website. It\u2019s also registered as a general partnership in Ontario as of December 2013, but it\u2019s showing as inactive as of December 2018 in the Ontario business database.<\/p>
Features of Better Than the Bank loans<\/h3>
Better Than the Bank comes with these key features that may be beneficial to some borrowers:<\/p>
- An online application process.<\/strong> You can apply for a loan completely online with Better Than the Bank. It\u2019ll hand your details over to lenders that can fulfill your loan request.<\/li>
- Quick turnaround time.<\/strong> Better Than the Bank says you can get approved and receive funding for up to $1,000 within 24 hours.<\/li>
- Bad credit is OK.<\/strong> Better Than the Bank specializes in finding lenders that provide bad credit loans and payday loans, both of which do not require a credit check.<\/li>
- Use the funds for any purpose.<\/strong> Once you\u2019re approved for a loan, you can use the money any way you like. You can use it to pay bills or cover a financial emergency.<\/li>
- Unsecured<\/strong>. These loans are unsecured<\/a>, so you don\u2019t need to put up any collateral.<\/li><\/ul>
What to watch out for<\/h3>
Borrowers need to be wary of these crucial red flags:<\/p>
- Not a lender.<\/strong> Better Than the Bank is not a lender. Instead, it classifies itself as an \u201cunderwriting provider.\u201d It collects your application information and sends it to partnered lenders that may fulfill your loan request. Ultimately, it\u2019s up to lenders to make the final decision on your application.<\/li>
- Online application is confusing.<\/strong> We\u2019ve combed through the application process online and it isn\u2019t as straightforward as applications from other lenders. Be patient and play around with each lending option to make sure you\u2019re choosing the right loan option for your needs.<\/li>
- Unclear steep rates. <\/b>Better Than the Bank isn\u2019t transparent about the APRs you could encounter, which are likely in the triple digits. It mentions administrative fees, and based on our knowledge of other lenders in this space, those fees may be in the hundreds.<\/li>
- They may take your application to a payday lender.<\/strong> Because it deals with lenders issuing short-term loans, your loan request may be fulfilled by a payday lender<\/a>.<\/li>
- Small loan amounts with short repayment terms.<\/strong> You can only borrow up to $1,000, with repayment terms of 60 to 180 days. If you need more cash, or you need more time to repay your loan, this isn\u2019t the choice for you.<\/li><\/ul>
Alternative: Cash advances<\/h3>\nCash advances can be much cheaper, with APRs as low as 0% and flexible repayment terms. Fees apply for instant funding.\n
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