Have you been looking for a place to get a loan to support your weakened finances or your growing business? Or are you a new immigrant trying to find some extra cash to buy your dream car or home? Search no more because Loans Canada is here to help.
With more than 2 million customers, they have been serving Canadians since 2012. Doesn’t matter what credit score you have, you can always rest assured that you’re covered. Here is our Loans Canada review so you can see if their services are right for you.
Pros and Cons of Loans Canada
To start off our Loans Canada review, here are some pros and cons of using their services.
Pros
Cons
+ Compare multiple lenders + Competitive rates + One quick application + All online
– May not get approved by all lenders – Make sure to read all documents for list of fees
Pros of Loans Canada
Loans Canada is a good choice for you, especially if you need a loan urgently and want to evade direct interactions with traditional money lenders. Loan application processes could be daunting tasks.
Now imagine that, after surmounting those grueling application hurdles, your request is denied because of a low credit score or bankruptcy or delayed for bureaucratic reasons.
As a matter of fact, credit scores do not matter; you get linked with a variety of money lenders who are willing to give loans irrespective of credit score. Gone are the days when you search anxiously through long lists of sophisticated money lenders to find one that does not discriminate against credit scores.
When founding Loans Canada in 2012, Scott Satov had a goal to connect Canadians in need with the most appropriate money lenders and low credit scores weren’t going to get in his way.
One of the most interesting things about Loans Canada is that no matter what kind of loan you are looking for, you get it at the lowest possible interest rate.
This is mostly due to the fact that there are so many lenders competing for your attention. This can be lifesaving, especially if you are taking a long-term loan, leaving you with relatively less interest to pay.
Similarly, with fast and reliable services, you can secure your desired loans within 48 hours, irrespective of your location. You also get to mingle with high-ranking partners who have been in the business of money lending for ages, leaving you with little to worry about as regards the best approach to take.
Furthermore, Loans Canada has an easy-to-use interactive online platform that features reviews. Borrowers like you get to rate the services of money lenders, further informing you about which lender is the best option for you. This way, you can choose a service that you’re confident about.
Loans Canada also conducts massive research for their customers, freeing them from the burden of romping through a lot of financial jargon. With the information you provide during your application for a loan, established systems help you find the most suitable money lender for your profile.
What more? There are flexible payment plans for everyone. You have the freedom to decide whether you want to pay weekly or monthly.
As common knowledge, there are countless money lenders for different needs. Being on Loans Canada’s platform offers you the opportunity to meet several of them in the same place, with the possibility of a long-term partnership for maximal financial expansion.
Cons of Loans Canada
While there are a host of benefits to gain from borrowing from Loans Canada, it may not quite live up to your expectations. Low credit scores could incur significantly higher interest rates.
Depending on the lender you end up choosing, you may spend more money during the loan application process and, once your loan gets approved, canceling it can only be done at an extra cost. Also interesting to note is the fact that repaying some loans early can lead to sanctions.
Even though there are plenty of lenders working on the Loans Canada platform, your choice of which to work with is limited. You won’t know about other lenders elsewhere with potentially better rates.
Quotes are also not available online and obtaining them requires that you call customer service over the phone. That’s archaic, don’t you think so?
How good are their services?
Customers have mixed reactions regarding the quality of services offered. While there are a lot of positive Loans Canada reviews, negative Loans Canada reviews appear to come from those who had the misconception that Loans Canada is a direct money lender.
Contrary to this idea, they only serve as a platform to link prospective borrowers to potential lenders.
Being an online platform allows Loans Canada to cover most of Canada, from a base in Toronto. Quotes are gotten on toll-free lines and customer care services are available between 9.00 AM and 5.00 PM Eastern Standard Time. Services are accessible only during workdays of the week.
What kind of loans can you get?
Loans Canada offers a plethora of options for virtually anything you want to do. In general, the most common kind of loans obtainable are discussed below.
Loans Canada Services
Features
Car Loans
Get matched with a top lender
Business Loans
Get the funding your business needs
Credit Builder Loans
Boost your credit score one loan payment at a time
Personal Loans
Competitive rates and a range of lenders
Debt Consolidation
Simplify your loans and make one easy payment per month
Credit Card Loans
Get help with credit card debt to avoid late fees
Mortgage Loans
Get the house of your dreams with competitive mortgage rates
Title Loans
Use your vehicle as collateral to get more cash now
Car Loans
Whether you are looking to buy a brand new car or a fairly used one, you have the freedom to choose from a host of money lenders.
More intriguing is the fact that Loans Canada helps you sort among available lenders to determine which of them is best for your financial situation and the kind of automobile you want.
Business Loans
A lot of times, businesses and startups run into dry grounds in terms of funding and owners go out in search of support.
Banks and most financial companies are usually reluctant to grant loans to this category of people, due to obvious factors. If you happen to be in this group, Loans Canada has made life simple and are handing out lifelines to entrepreneurs throughout Canada.
Loans to Build Credit Score
It is no news, if you don’t have a reassuring credit score, you don’t stand a great chance with most financial aid companies. Not with Loans Canada though. Loans and credit scores have a bi-directional relationship, meaning credit scores impact your chances of obtaining a loan.
At the same time, you can take loans and repay them according to the contract, to nurse your credit score back to health. When you decide it’s time to set your fiscal reputation back on the right path, there’s a gamut of lenders willing to serve you.
Personal Loans
People request loans for different purposes. Purchasing the next best car or buying that new posh apartment. You might not even have any business or any intentions of starting one.
It may be that you just need some money to take care of issues arising in your private life and, while many may raise objections to this, Loans Canada won’t bat an eyelid before connecting you to the most suitable client.
Life is sometimes unpredictable, things may spiral out of control very quickly. You may have amassed a considerable amount of debt and need help paying them off. You don’t rob Peter to pay Paul, they say.
Loans Canada will help you find lenders offering lower interest rates than the one you’ve acquired before, lowering the chances of you incurring higher debts. Your financial situation doesn’t really count as a screening factor. Rest assured, someone’s got your back.
Obtaining a credit card is one thing, understanding that it is a form of loan is another. Ironically, spending money appears to be easiest with credit cards, despite them attracting significantly high-interest rates.
The interests accrued for using a credit card occasionally make repayment challenging, requiring some external support. Many clients are on the Loans Canada platform, ready to help you fund your repayment.
Title Loans
Title loans are those loans you get using your vehicle as collateral. In the process, a lien is placed on such a vehicle and you barter your vehicle title, vehicle registration and other important documents for an agreed sum. This is usually for very short periods of time, most times, a month.
Mortgage Loans
Loans Canada provides you with several options if you want to buy or maintain a home or some other form of real estate. In this case, that property you’re trying to obtain serves as collateral for your loan.
What costs can I incur from using Loans Canada?
Nothing good comes free, the saying goes. As we discussed earlier, Loans Canada offers Canadians with low credit scores the opportunity to get amazing loans. This does not come free every time, as having a low credit score attracts relatively higher rates.
Depending on the provider, you may also have to pay what is called “origination fees”. This is a term lenders use to refer to payment for loan processing.
Similarly, cancellation of loans and repayment of loans earlier than stipulated time take more money from your pocket.
A kind of cost that is not particularly apparent is the havoc unscrupulous elements can wreak on this platform. Unsuspecting people are conned out of money.
Are the loans you get from Loans Canada insured?
Yes, you can get insurance for your loans. In a world of new realities, nothing must be taken for granted. Several platforms request users to pay insurance fees before granting a loan request.
To insure your loans, a call to customer service will suffice.
Despite the fact that Loans Canada is a well-known and trusted brand, there is still a level of risk from scammers on their online system.
Can you get discounts and promotion offers on Loans Canada?
While Loans Canada does not offer promotions themselves, several partners work with money lending services to offer borrowers different kinds of discount opportunities. A couple of these partners are listed on the website, giving you quick access to how they can be of help.
For Canadians living in Quebec, Easy Financial offers a no-interest deal for the last 6 months of a loan term. To qualify for this bounty though, you have to pay borrowed money regularly and respect other agreement terms.
Great Canadian Rebates and Rakuten [formerly Ebates] offer cashback opportunities, credit card guides, referral and signup bonuses for budget-conscious customers.
Rakuten in particular is widely known for allowing people to cashback on online shopping platforms. Bonuses start rolling in when you sign up with them [signup bonus]. You also get points for referring customers, as well as cash backs from various merchants and any ongoing deals.
RedFlag also offers something similar, serving as an online tool to help you find the best deals on your financial transactions online. With them, you can find a list of dealers and merchants near you offering discounts and coupons.
How good is customer care service?
There have not been many complaints about how Loans Canada handle the welfare of customers. While there’s a lot of positive Loans Canada reviews, negative Loans Canada reviews appear to come from those who had the misconception that Loans Canada is a direct money lender.
Contrary to this idea, they only serve as a platform to link prospective borrowers to potential lenders.
Based primarily in Toronto, Ontario, Loans Canada’s services reach all throughout Canada. Customers can contact administrators via toll-free lines available on the company’s website.
Services are available from 9:00 AM to 5:00 PM Eastern Standard Time, from Monday to Friday. They can also be reached on social media platforms such as Facebook or via email.
Easy-to-use website
Loans Canada has a website that is user-friendly and packed with an assortment of features such as calculators to help estimate how much you’ll pay monthly for loans you take. A comprehensive lender database and loan application guide.
There’s also a tool to compare different money lenders and many more provide customers with a satisfying experience. Regular updates about partners and information about promos are also provided on the company’s blog.
How to get started with Loans Canada
Application for loans will require you to consider a host of important variables like what you need the loan for and what interest rates are available. In deciding what lender to apply to, you should also consider what the repayment plans are and what other customers say about them.
To start, visit loanscanada.ca and choose what type of loan service you want, as discussed above. Fill the online application form for your chosen lender and submit it. After submission, make provisions for documents such as bank statements, government-issued identity and others as required by your lender.
Track your application by checking for email notifications and phone calls. Approval of loans don’t take long, usually requiring about 48 hours. Once your loan is approved, your funds will be made available to you and you can receive it via any channel you’ve specified.
Alternatives to Loans Canada
Not sure if Loans Canada is the best for you? Because not all active money lenders ply their trade here, you may not find the lender with the kind of rates you’re looking for. So, where else should you check out?
LoanConnect offers loans between the ranges of $500 to $50,000 over a duration of 6 months to 5 years. Like Loans Canada, there’s no discrimination against credit score and annual income.
The Annual Percentage Rate is between 4.6% and 46.95%. Unlike its older competitor, you can secure a loan from LoanConnect within 12 hours and the application process takes just about 5 minutes.
Fairstone Loans provides up to $35,000 for as long as 10 years. Interest rates vary between 19.99% and 39.99%. To get a loan here, your credit score has to be fair, at the minimum.
Loans obtained from Fairstone do not impact greatly on credit scores. However, interest rates may be clouded out during the application process and customers have complained about poor customer service.
Other alternatives include Car Loans Canada, which offers loans up to $82,000 dollars, with arguably the lowest APR of all. As the name suggests, they are best for auto loans. Credit scores are not an issue with them but you have to earn at least $2,000 monthly to qualify for a loan.
Compliant with the Personal Information Protection and Electronic Documents Act [PIPEDA], there is a level of security for your documents.
On a final note, Loans Canada helps connect both old and new Canadians to the best money lender, personalized for their needs. An awful lot of banks and other traditional lenders are usually reluctant to approve loans for individuals with nonreassuring credit scores. For other reasons not so clear, some people just get rejected.
Their online platform provides prospective customers with different features to ease decision-making. Lender comparison tools and different loan calculators, among others, help borrowers feel comfortable during the loan application process.
After providing some basic information about yourself, you are automatically provided with several lending options. Blog posts provide reviews and timely updates about lenders, relevant market information and alerts about useful discounts and coupons.
The website is simple and made to ease you through the application process. They’ve been around for a long time, hence have won the trust of many customers over the years.
Every loan service definitely has its own positives, Loans Canada stands out for many reasons, some of which we’ve discussed above. They are good for building credit history, so if you don’t have a credit history, a try is worth it. We recommend them for people turned down by banks and new immigrants to Canada.
Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.
Loans Canada provides loan comparison which include lenders, credit and financial services. They make it simple for Canadians to go through the borrowing experience.
Why should I apply with Loans Canada?
When you apply with Loans Canada, it is more time and cost efficient as you are able to compare different options in one platform. So if you need a loan urgently and want to skip the traditional money lenders, the loan application is an easy task.
Can I apply even if I have bad credit?
Yes. Just because you have a bad credit score, doesn't mean you're restricted from applying for a loan. Loans Canada does not look at your score for you to qualify.
Does Loan Canada check my credit report?
No. Loans Canada will only collect the minimum information required for your application and at no point do they check your credit report. Loans Canada can get you linked with a variety of money lenders who are willing to offer you loans despite your credit score.
Is Canada Loans free?
Because Loan Canada offers Canadians with low credit scores the opportunity to access loans, depending on the provider, you might have to pay "origination fees". Origination fees are the cost of the loan processing. If you live in Quebec, Loans Canada works with Easy Financial so that you can access a no-interest deal for the last 6 months of a loan term.
