LendDirect Review (June 2024) – Pros, Cons, Features, & Pricing

LendDirect, a new online marketplace of private loan providers of both consumer and business loans, is simple and convenient for borrowers to use. Learn more in our LendDirect review.

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Last Updated: Jun 17, 2024


  • Convenient and flexible
  • Unlimited cash advances
  • No reapplying necessary

Qualify for personal loans and personal lines of credit - Get started now

By tapping into the enormous potential that using social media to facilitate person-to-person lending presents, as opposed to lenders as middlemen, lenders as peers, or banks as a final service provider,LendDirect has positioned itself as the first digitally native loan marketplace.

What is LendDirect?

LendDirect is a peer-to-peer lending corporation where borrowers can compare loans by interest rate, duration of loan, and location.

LendDirect provides Canada personal loans; it was founded on creating better options for personal loans. The service eliminates the pressure of being pre-approved and assists Canadian customers with funding loans up to $50,000 without collateral.

The LendDirect corporation states that their marketing agrees with credit unions so they can provide consumers with no pre-payment penalties. Applications are quick and easy to complete online.

The company offers credit insurance to protect against default when loans are paid off with full payment. They offer lower application fees and although they focus on small to medium enterprise loans, they can offer larger loans to customers who meet their criteria.

What criteria do I need to meet to get a larger loan?

The criteria that you will need to meet is your ability to prove you can pay back the loan.

The way they can determine this is by looking at your credit score. Your credit score is a number that indicates your creditworthiness which is determined by how often you make payments on time and the amount of debt that you’ve accumulated.

A lender wants to be able to ​utilize loans of a higher quality of borrowers who have solid credit scores and little debt, so they will therefore only lend larger amounts on these types of loans.

Can I still apply for a loan with a low credit score?

Poor credit scores are not a problem with LendDirect personal loans. The majority of the corporation’s qualifying applicants have low credit scores, and LendDirect still lends to hundreds of borrowers each month.

Many people have a low credit score and still manage to get loans from banks and other financial institutions. But they should be aware of the risks involved with a low credit score.

If you want to know if you can still get a loan with a low credit score, you should ask yourself the following questions:

Question 1 – Why do banks or other financial institutions reject my application?

The reason why banks and other financial institutions reject your loan application is because of your credit history. When you apply for a loan, they will check your credit score before approving or denying the loan.

Question 2 – Can my Credit History Determine My Financial Future?

Your credit score is the sum of your payment history with your creditors (banks, finance companies, and moneylenders) ranked from the highest to the lowest. This score is an estimate of how likely you are to repay your debts and what interest rate your lender will charge you.

Question 3 – What is my Fair Market Value?

Before buying or selling a home, the neighbor’s 1% commission is not calculated into the market value of your home. One agent can charge more than one client for their services to an equal extent. The neighbor’s 1% commission is calculated into the “bid” or asking price of your home.

Question 4 – Is there a way to get information on an online home evaluation service?

Your home evaluation reports are a simple service that lenders use to calculate your credit score. They contribute a small amount to your credit score, typically 3/4 of 1%.

You can get detailed home evaluation reports for free by visiting the annualcreditreport.com website or by calling 1-888-567-8688. You are entitled to receive these evaluations free of charge if you have been denied a mortgage based on your financial situation.

Is LendDirect a scam?

LendDirect is legitimate and not a scam. LendDirect’s criteria are much more flexible and simpler for anyone trying to apply for a loan, making this corporation unique from how banks or other loaning companies are typically run.

For the most part, LendDirect is all about helping Canadians get more personal loans that they otherwise couldn’t get. So, the company is legit, and their free personal loan calculator allows Canadians to see how easy it can be to secure a loan that meets all of their needs including APR if they are interested in that sort of thing.

Personal loans available with LendDirect

LendDirect provides personal loans at competitive rates. Like most credit unions, LendDirect loans are not bonded, but all of the employees at LendDirect are ESA accredited, which means that they are bound by ethical practices.

What loans does LendDirect offer?

LendDirect has many different loan options that you can choose from to help with your needs. Most of the corporation’s loans are offered at a fixed rate, and some loans even have an interest-only period.

LendDirect also has some loan options that are slightly higher interest rates. One of their best programs is the i5 Loan. This program allows you to get a fixed rate of 6% on your personal loan. If you do not qualify for this high-interest rate, then the i5 Loan may be a good option for you.

Other loan programs provided by LendDirect are standard or conventional loans. The standard loan has rates of 6%, 8%, 10%, and 12%. The conventional loan does not offer much in terms of rates but can offer very competitive fees for this type of loan.

You can use your loan repayments as your monthly interest. Choosing to pay a slightly higher amount of interest is also an option for you.

LendDirect aids you in achieving your goal/s. Paying debt, having sudden expenses, purchasing a car/home are all examples of what this corporation’s loans can assist you with.

Instant loans

LendDirect is a company that offers instant loans. It’s an online marketplace for personal loans where borrowers can easily connect with lenders.

Instant loans are a type of loan that is given out over the internet. They can be used to pay for emergency needs or unexpected expenses. Instant loans are convenient because there is no need to leave home, no need to wait in line at a bank, and it is much more difficult for the lender to verify that you have the necessary financial resources.

Instant loans are a type of loan that is given out over the internet. They can be used to pay for emergency needs or unexpected expenses. Instant loans are convenient because there is no need to leave home, no need to wait in line at a bank, and it is much more difficult for the lender to verify that you have the necessary financial resources.

Emergency loan

When you are in a situation where you need money fast, the LendDirect corporation is really helpful when getting a loan. It’s fast and easy to get a loan with LendDirect because you don’t need to apply for a loan in person, you don’t need to share your bank account details with the lender, and the process is quick.

Unemployment loan

LendDirect is an online marketplace for personal loans. But they offer loans to people who are unemployed. It can be beneficial to those who are unemployed as they do not have the credit score required to obtain a loan through traditional means.

How to get a loan with LendDirect

When applying for a loan with LendDirect, the borrower interacts with the website using their computer using a web browser, allowing you to use your personalized login with LendDirect.

You must have a minimum net worth of $10,000 and proof of ID or Bank statements to be approved for a personal loan. In order to get approved for a personal loan, it is necessary to provide information regarding your personal financial situation as well.

After the approval of your loan from LendDirect, your money will be deposited directly into your checking account. Other options are to have your money sent (within a maximum of 2 hours) through Interac e-Transfer. The average time frame in receiving your loan is within a span of 24 hours.

The process can seem quite complicated, but it is actually really simple. Here are the steps to take:

  • The first thing you need to do is find out what type of loan you’re looking for.
  • Once you’ve found that, go to the website and fill in the required information.
  • Once the information is provided, you’ll be asked to provide your bank account details so that Lend Direct can transfer the loan money into your account.

What happens if I miss a payment?

If you miss a payment, they simply continue to deduct the amount from your line of credit. LendDirect’s automatic overdraft protection will transfer the missed amount to your next available loan payment. You will have to wait until it is exhausted, or you can contact them, and they will give you a new line of credit.

LendDirect interest rates

Next in our LendDirect review are the interest rates. LendDirect offers personal loans at 8.99% APR with an interest-only option for up to 36 months.

They are looking to help borrowers by providing a new way to get personal loans. Interest rates are available for people who need money quickly or have a very good credit score.

LendDirect offers personal loans with varying interest rates. They offer a wide range of loan types which will suit the needs of most people.

The company has a variable interest rate and is currently at 8%. They say they’re the most reputable lender in Canada with their rates and fees set to 7.99%. They offer an interest rate of 8.99% for loans between $25,000 and $100,000 over 5 years.

What is the difference between LendDirect and other loan companies?

  • LendDirect was founded on creating better Canadian personal loan options.
  • Unlike other personal loan options, a LendDirect line of credit works similarly to a credit card. They offer their services in the UK, Canada, and internationally.
  • LendDirect also offers secured loans for not just personal loans, but also car financing and home loans.
  • LendDirect corporation is a great company for those who need quick cash, as they have been around since 2007 and have been able to keep their rates low.

What are the hours for LendDirect?

Finally in our LendDirect review, customer service. LendDirect call center is available Monday to Friday from 8 AM-9 PM and Saturday and Sunday from 9 AM-5 PM.

You can apply for a loan anytime online or you can walk into any of the branches during their hours. With more than 1500 locations in all states and territories, you are certain to find the LendDirect branch near your local Post Office.

To find a LendDirect corporation near you, all you need to do is search in your phone or laptop “LendDirect near me”, and the nearest location will pop up.

LendDirect also offers an online application process, which can be completed in less than five minutes and is available 24 hours a day, seven days a week; making creating a LendDirect login simple enough to get started. LendDirect hours are practical for those in need of loans.

LendDirect Review Conclusion

Overall, as we found in our LendDirect review, it is very inclusive when it comes to their customers. They aim to make borrowing easier and more flexible.

Consumers with poor credit scores, for example, with lower-than-average salaries can be able to submit an application.

This is because their platform features no credit checks or complicated origination fees when applying for loans. ‘Now, individuals can finance their lifestyle without thinking about the negative implications of their debt! Thanks for reading our LendDirect review.

LendDirect Reviews

  • I was impressed with LendDirect. I got a loan from them, and they were very efficient, and the process was incredibly easy. They also threw in a very generous interest rate.
  • LendDirect was helpful and professional. The location was great for its accessibility to public transportation, which made it easy to get around the city for a long day of work.
  • LendDirect is a personal loan marketplace that offers competitive rates and flexible loans. I got approved for a line of credit with Lend Direct after filling out a quick online application.
  • I was really in a tight spot, and LendDirect came to my rescue. I appreciate the fact that they were easy to deal with, helpful, and I really will recommend them to my friends and family.

LendDirect Features

How To - Comparewise

LendDirect was founded on creating better Canada personal loan options.5 minutes

How To - Comparewise
Convenient & Flexible

Access funds just as you would a credit card.

How To - Comparewise
Unlimited Cash Advances

Request a cash advance and received your funds through e-transfer in as little as 15 minutes.

How To - Comparewise
No Need to Reapply

As you pay back your cash advance that amount gets put back toward your available credit.

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FAQs about LendDirect

Why choose LendDirect?

When banks aren’t an option for you, LendDirect might be your answer – a fast and convenient alternative for getting a personal loan.

Is LendDirect a bank?

LendDirect may look and feel similar to a bank but what separates them is their dynamic flexibility.  LendDirect can approve with lending criteria that is much easier to meet, making LendDirect a great alternative when banks aren’t the solution.

What is the difference between a personal loan and a line of credit?

A payday loan can come in handy when you’re a couple hundred dollars short and just need the money to get by until you get paid. These are short-term, high-cost loans that the borrower pays back on their next pay day. Personal lines of credit are less expensive than payday loans, and are typically used for higher dollar amounts (up to $15,000 with LendDirect), and are paid back over time. In addition, with a line of credit, you can access additional funds without having to reapply for cash (like with a payday loan).

How much can I get with a LendDirect loan?

LendDirect has many different loan options that you can choose from. Most of their loans are offered at a fixed rate and some even have an interest-only period. You can get up to $15000 based on your credit rating and income.

What do I need to apply with LendDirect?

You need to meet these requirements to apply for LendDirect:

  1. Be a Canadian citizen with a valid ID
  2. Be at least 18 years old
  3. Have a stable source of income
  4. Have a current and active bank account

September 19, 2022
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