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

LoanConnect serves as a search engine that generates lender options for Canadian citizens that are seeking out different types of loans. The company was established in 2016 and is based in Toronto, although the services offered are available across all the provinces in Canada through the online platform.

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Last Updated: Jun 18, 2024


  • Canada's Premier Personal Loan Search Engine
  • Get pre-approved for up to $50,000 in 5 minutes
  • Get funds on the same day so you can start driving

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LoanConnect is an approved platform that helps Canadians to compare loan sources at competitive interest rates, offering loans up to $50,000.

What makes LoanConnect a good option?

LoanConnect may be regarded as a good option depending on why you are applying for a loan. It is mostly used to get personal short-term loans.

You can get a loan even with a bad credit score and unsettled debts. Your debts can be as high as 60% of your income and you will still qualify for a loan with LoanConnect.

Using advanced technology, LoanConnect makes use of the information you provide on their website to provide you with options and then redirects you to the webpage of the lender to complete your application.

All of these can be completed in less than 24 hours and you can receive your requested funding on the same day.

Pros and cons of LoanConnect

Using digital platforms to obtain loans has its advantages and disadvantages, and this is not different with LoanConnect.


LoanConnect is available in all provinces across Canada. Although the company is based in Toronto, you can easily access the services of LoanConnect online.

The website generates multiple lender options with the information you provide, giving you the opportunity to choose which is most suitable for your credit rating.

There is no minimum requirement of credit score needed to use the platform and you can get loans as high as $50,000. You can also get any type of loan using LoanConnect and there are no direct fees charged for the services offered.


LoanConnect looks very attractive and basic, but you should be aware of some of the downsides of the platform. For one thing, your options are limited to the lenders available through LoanConnect.

Even though a more suitable lender may exist for you, it would not show up on your options if they are not partnered with LoanConnect.

Furthermore, LoanConnect simply serves as the middle man and holds no direct responsibility for loans obtained through their platform. Apart from that, interest rates can be damnably high, depending on the lender and can be as much as 46.96% for unsecured loans.

Quality of LoanConnect’s products and services

It is rated high and ranked by professionals to be a top choice among Canadians. The ratings of quality of services offered by LoanConnect is based on reviews by different people who have made use of the services.

LoanConnect is unique because you can compare the interest rates from multiple lenders at once in the comfort of your home. You will qualify for different types of loans irrespective of your credit score.

Range of services

LoanConnect offers a lot of options through their world-class search engine. It is one of the preferred options if you want to compare rates offered by multiple lenders.

LoanConnect does not directly give out loans, but you can find any of these loan options through the search engine:

  • Personal loans
  • Debt consolidation
  • Cash loans
  • Online loans
  • Bad credit loans

Although LoanConnect does not directly offer financial products, the various loan options are often categorized as the products available.

Personal loans

You can decide to get a personal loan using LoanConnect for getting a car or a home renovation. This is also very helpful if you need help to cover expenses of basic utilities and rent.

Debt consolidation

The loan obtained from LoanConnect can also be used to cover your outstanding debts including unpaid bills and credit card debts. This would help you to focus on paying a single outstanding loan through the platform.

Cash loans

These short-term loans provide you with the cash you need to spend on your immediate needs, without any restrictions on your choices in making use of the money.

Cash loans are often collected for automobile repairs, home appliances purchases or small business loans.

Online loans

You can get an online loan from LoanConnect for emergencies, school supplies or even a vacation. The loan obtained from the lender can be used until payday, providing you with extra cash in hand to help you get through the tough times between each payday at reasonable interest rates.

Bad credit loans

LoanConnect offers you an opportunity to get loans with bad credit, which may be very hard to do with regular web search.

Although interest rates are high, using LoanConnect is a reasonable choice because of the multiple lenders which you can choose from and compare the more favorable interest rate for you.

Cost of using LoanConnect

LoanConnect does not charge you any special fees to make use of the services provided. LoanConnect’s service partners [financial institutions and lenders] are the ones who get charged commission fees to be able to showcase using the platform.

The cost of borrowing an unsecured loan of $2000 for twenty-four months at 29.96% is $111.88 monthly. The Annual Percentage Rate ranges from 9.90% – 46.96% and depending on the lender, the charges may include additional administration fees.

Some lenders may charge you a loan origination fee, which is included in the monthly payments and usually around $100.

The lender website will disclose how much you would be paying for origination fees if it would be charged. The payment period is between 3 and 60 months and you can get your money in your bank account the same day.

Also, the interest rates are subject to change at any time, depending on the province and other fees may include insurance, home valuation or administration fees as well as other applicable fees.

The Annual Percentage rate for auto-loans over a course of 72 to 84 months can be as low as 1.90% – 4.95%.

Repayments of loans obtained through LoanConnect are totally your responsibility after the money has been deposited in your account.

Automatic withdrawals will be made from your account to cover the fees and interest rates. Late payment penalties and returned payment fees also apply depending on your choice of lender.

You are advised to go through the Terms and Conditions specific to the lender before proceeding to accept a loan offer.

Are LoanConnect products insured?

LoanConnect does not take responsibility for the loans you obtain, but lets you choose which lender is best for your credit. The services of LoanConnect through Asset Direct of Canada are regulated by third-party encryption.

Also, LoanConnect is an approved member of the Canadian Lenders association. The platform is safe and recognised by the Business Better Bureau of Canada.

Asset Direct of Canada uses policies in line with the Personal Information Protection and Electronic Documents Act for authorization and access.

Are LoanConnect’s products and services safe?

The safety of your personal information is assured, as data security is taken very seriously by LoanConnect. All of the information you input on the LoanConnect website is encrypted and available only to the lender you choose to reveal them to.

LoanConnect has been accredited by Better Business Bureau since 2018 with an A-plus rating, based on different factors aside from customer reviews.

The company works with different legitimate lenders, with professional service which improves credibility.

Promotions and discounts

Promotions are not available on the LoanConnect website. However some lenders available through the LoanConnect search engine offer discounts depending on your credit score.

Coupon codes are also available on third-party websites and provide up to 10% discounts on personal loans.

How good are LoanConnect’s customer services?

The customer service agents are deemed professional and helpful by most users. Their customer service is rated very high on TrustSpot up to 9.7/10.

Despite being largely based online, LoanConnect has a physical office with the address available on the website, as well as a telephone number which is available through working hours.

You can also reach them using the email address on the website and expect correspondence as soon as you request assistance from them.

How is the website and online platform?

The website is easy to access and has a simplified view. It is user-friendly, ads-free and straight to the point. You can immediately begin to apply for your personal loan from the very front page in less than 60 seconds.

LoanConnect also has a blog page that features articles with financial advice that you may find useful when seeking out a loan.

A good internet connection is all you need to gain access to LoanConnect’s website. You can also choose to go through the various types of loans available and read through the terms and conditions which are actually concise and simplified for viewing.

With these, searching for loans that suit your credit score is easier than on general-purpose search engines.

How to get started with Loan connect?

You can get started with LoanConnect by following simple steps available on the company’s website.

  • Go to
  • You only need to click the Apply Now button and provide the required information, which include
    • Contact information including your full name, email address, upload of your ID document and other relevant information.
    • Your financial status is reviewed after you submit your proof of income with letters of employment, bank statements or tax forms.
    • Negotiation and Verification if your application is approved after you meet the requirements.

To be eligible for a loan, you are required to meet the following requirements:

  • You must be at least 18 years old
  • You must be a citizen of Canada or be a permanent resident of Canada
  • You must have an active bank account
  • You must have a working email address.

Not sure if Loan connect is right for you?

If you are not convinced that LoanConnect is what you need right now, you can always get an alternative to apply for your personal loans.

  • Borrowell: This is one of the top fintech companies that offers Canadians free access to their credit scores, as well as loans, investment opportunities and other financial products.
  • Loans Canada personal loan: Loans Canada is a primary competitor of LoanConnect and offers a larger network of lenders, which is especially good for people with a short credit history.
  • ConsumerCapital Personal Loan: Grants loans between $1,500 and $12,500 and requires a minimum credit score of 540. The interest rates range from 19.99% – 34.99% and you can get a loan term up to 24 months.
  • Spring Financial Personal Loan: Personal loans up to $15,000 and mortgages are provided at your convenience through their online platform.
  • Mogo: Provides users with more options including free credit scores and other investment options. The fintech company also offers identity fraud protection and debit card.
  • Credit Karma: This company works in partnership with LoanConnect to provide users with a range of options for both short term and long term loans, with open credit lines.

LoanConnect Review Conclusion

LoanConnect is an online search engine that provides Canadian multiple lender options to get loans for personal use without the tedious routine that is common with banks.

The services offered by LoanConnect are ranked highly by Canadians because of the short time taken to provide a user with an approved loan.

With its A-plus rating and impressive customer service, LoanConnect remains a top option for many Canadians in need of unsecured loans.

People choose to use LoanConnect because it gives the option of different types of loans, which do not require a minimum credit score threshold.

The service of LoanConnect is open to every eligible Canadian. However, we recommend making use of the platform to obtain loans that you can repay within the stipulated amount of time. It is advised that you select another option rather than LoanConnect if you cannot meet up the interest rates or you have a large debt to service in a short time.

LoanConnect Features

How To - Comparewise

Search Canada's Lenders and customize your loan regardless of your credit score.5 minutes

How To - Comparewise
Quick Approval

Get pre-approved for up to $50,000 in 5 minutes. See funds the same day.

How To - Comparewise
Competitive Rates

Choose Your loan from anywhere between 6-60 months and rates as low as 5.75% APR.

How To - Comparewise
Compare the market

At LoanConnect you can compare lenders and borrow money at the best rates.

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FAQs about LoanConnect

What is LoanConnect?

What rates does LoanConnect offer?

What are the requirements to apply with LoanConnect?

Will my credit score be affected if I apply?

When you apply for a loan, LoanConnect will send that to the lender, that lender will generally do a "soft" credit check which wont affect your credit score. If the lender needs a full credit check, they will notify you.

Is my personal information safe?

LoanConnect takes information security very seriously, which is why they use the most recent security to keep your personal information safe. All the information you provide are encrypted and only available to the lender you decide to share them to.

September 14, 2022
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