Loans Canada Review 2022 Copy

Why should you go with Loans Canada?

Loans Canada is a loan search and comparison site, not a lender. Loans Canada handles all of your comparisons for you. You only submit a single loan application through the platform, and that application is subjected to a comprehensive evaluation by a diverse network of lenders. The first benefit is that it makes looking for a loan simple, quick, and painless on your credit score. You won’t have to spend time phoning numerous lenders or submitting your credit score through a hard check to find out that you don’t qualify. Second, because Loans Canada works with a wide range of online lenders, there are few circumstances in which a borrower will not qualify for any sort of loan. Loans Canada can almost certainly find a lender who is prepared to work with your specific circumstances, no matter what your financial situation or credit history is.

Who is Loans Canada most suitable for?

• Have a steady source of income.
• Have an active chequing account
• Valid Canadian address
• You are a Canadian citizen or permanent resident.
• You are the legal age in your home province.
• Meet the 600 score or higher credit score requirements. 
• You have all the supporting documents to verify your address, income, employment and personal identification.
• If required, know someone who will cosign for you.
• Have the assets to secure a secured loan.

Lending terms

Loans Canada is not a lender, but rather a loan search platform and comparison website. Loans Canada works with financial service providers that follow Canadian legal and regulatory requirements. Loans start at $500 and can go up to $35,000 depending on the length of time for which you want to borrow. The interest rates range from 2.99 percent to 46.96 percent, depending on our partner’s evaluation of your credit profile. The lender terms for the amount you may borrow, repayment periods, loan term and APR differ from one lender to the next.

Fees and penalties

The fine print of the loan agreement is where all of the conditions and terms are set out, as well as additional fees and penalties. The Origination Fee, Prepayment Penalties, Late Payment Penalties, and Returned Payment Fees are all determined by each lender. If you miss a payment, your lender may charge you a penalty of around $45 (depending on your lender). If you do not make a payment on your loan, it will be terminated, and additional collection methods will be used to recoup the balance.

How to apply for a loan with Loans Canada

• Fill out the online application form. Visit https://loanscanada.ca/ and click the apply now button to fill out an application for a loan. You’ll need to provide personal and financial information such as your name, phone number, address, job title, and monthly salary. You’ll also be asked to consent to Loans Canada’s credit check on your account. When you’ve completed your application, detailing how much you want to borrow, you’ll typically be contacted by any lenders you match within more depth to discuss your potential loan. The lender you select will then contact you directly and you won’t need to deal with Loans Canada anymore.

• Compile all of your paperwork. After you’ve submitted your request, organize any essential paperwork. This might be bank statements, a letter of employment, pay stubs and a government-issued identification card. It’s preferable to gather everything you may need ahead of time so that you’re ready when asked to provide additional information and don’t cause delays in your approval.

• Wait for approval. It’s never easy to wait, but the good news is that this step shouldn’t take too long. You should receive a response from a lender within 48 hours on average. Although it is essential to remember that this does vary from lender to lender. If you want to know the status of your loan application, you may always contact the lender.

   

• Receive Funding. When you’ve obtained final loan approval, the money will be sent to you. This should take less than a business day for most lenders. The majority of lenders will send your money straight to your bank account, but some may give the option to get a cheque.