At LoanConnect our ultimate goal is to help as many customers as possible achieve financial success. This can be achieved through a personal loan, credit counseling, credit rebuilding, or even understanding it’s not time to take on more debt at all. Our knowledgeable team is here to help customers by sharing their expertise in the lending landscape and financial management best practices. However, despite our expertise, we are not an actual lender. LoanConnect is a lending marketplace here to connect you to the best resource for your situation.
LoanConnect has set up our marketplace by building strategic partnerships with over 20 Canadian lenders. Through these partnerships we have created a one-stop shop for customers looking for personal loans and other financial products. Our customer service team has worked closely with these lenders to become knowledgeable on specific approval criteria; knowledge that they will happily share with our customers to assist those in need of support through the application process. The LoanConnect team is friendly and dedicated to helping get customers approved for the right loans. Our partnerships with other financial resources also allow us to assist customers in need of other financial support.
The Application Process
The LoanConnect application asks a set of questions regarding your personal information such as age, income, and location. Entering these critical pieces of information if your first step in the pre-approved process. Through your personal details our system matches you with pre-approval options in minutes. Accuracy during the application process is crucial as it determines what pre-approvals you receive. Incorrect information could cause you to be wrongly matched with lenders who will not be able to help. Ensuring the information is correct the first time will save you potential declines, and ultimately time.
Our system runs a TransUnion soft pull to get your credit score, which does not affect your credit. This information allows us to provide you with accurate, tailored loan options. Incorrectly indicating your credit score on your application can cause instant declines when your application is passed to the lender. Allowing the TransUnion pull can improve your pre-approval results, and ultimately save you time in the application process.
Once you have decided to take a loan offer, the lender will perform a hard credit check. Unlike the TransUnion soft pull, this hard credit check will show on your credit report. Too many hard checks will negatively impact your score, which we do our best to avoid through our best-match system. It could also mean a quick decline from lenders who are worried about too many credit inquiries in a short period of time.
If you are not approved after your first application, we recommend reaching out to us at team@loanconnect.ca. Our support team can review your application to try and determine the reason for the decline. Reviewing your application details before submitting to other lenders can save additional pulls against your credit.
What Our Customer Support Can Do For You
Our team of experts work to help as many customers as possible. Their knowledge and advice are available to our customers in the following ways:
Voicemail Inquiries
Please monitor your voicemail and your email inbox for responses to these inquiries.
Email Inquiries
Our team works to respond to all emails before the end of the same working day. Should your email arrive after regular business hours, we will response as quickly as possible the following business day.
Continued Learning
Regular research of the lending industry and continued familiarization with our partners’ loan requirements maintains our team’s expertise.
Application Review
A regular review of declined applications is conducted to check for errors and possible solutions. If errors are found that our team believes they can help rectify, they will reach out to discuss further options.
Knowledge Support
Our team cannot advise you how to handle your personal finances; they can however share knowledge and recommendations to help you make an informed decision for your personal situation. Sometimes this is in the form of planning to make improvements before applying for a loan.
What Our Customer Support CANNOT Do For You
While our customer support team is knowledgeable of the lending industry, they cannot approve your loan. Although LoanConnect is not the lender, we can help connect you with the best options and find potential errors in your application. Fixing these errors will hopefully provide you with better options, but we do not make the approval decision. Our team also cannot make changes to your application or contact the lender on your behalf.
Common Customer Concerns/Inquiries
1. Why did LoanConnect turn down my application?
We are not the lender, the approval or decline is not in our control. However, we will do our best to determine the reason for the decline and provide alternative solutions.
2. Why have I not heard back from the lender I applied to?
Lenders often do their first outreach through email, so please ensure you’re checking all email folders, including your spam. If after 1-2 business days you haven’t heard from the lender, reach out again. You can ask for an update on your application status to know where things are sitting.
3. Why was I declined after being pre-approved?
Unfortunately the pre-approval does not always turn into a final approval. Our best-match technology does its best to match customers to the right lenders, but it is not the full picture. A pre-approval means “before approval”. The lender still has to conduct a full review before deciding to approve or deny the application. Sometimes additional details result in the lender not being able to help.
4. I need lower interest rates.
Typically a credit score under 600 sees the highest interest rates, while credit scores above 730 see the lowest rates. However, every lender is different. Some lenders provide variable interest depending on your individual score and other financial factors. While other lenders offer one interest rate regardless of where you stand. At the end of the day, the best way to get a lower interest rate is to work on improving your credit.
5. I need help with my application. / I completed the application but didn’t get any offers.
These two questions often go hand in hand and can lead to our application review support. Our team are not Licensed Financial Advisors (LFA) so they can only make recommendations based on their industry knowledge and understanding of our lending partners. However, this expertise can help source possible errors that affected your results. Finding these errors and correcting them will often lead to more, or better loan options. For example, removing items that don’t need to be counted in your monthly expenses could improve your debt-to-income ratio (DTI) and open up your loan options. These corrections will ideally improve your application results, but there is no guarantee.
6. I don’t want emails about loan offers from LoanConnect
We understand you may not want to hear about all of our lenders, but the emails you receive are tailored to the information you have provided us with. If at any time you would like to stop getting them simply find the “Unsubscribe” button in the bottom of any email.
How to Contact LoanConnect’s Customer Support
You can contact LoanConnect’s Customer Support team by emailing team@loanconnect.ca. Our team will make all efforts possible to respond to your email within 24 hours, unless received over the weekend. We are located in Ontario and are open from 10am – 6pm EST Monday through Thursday, and 9am – 4pm on Friday’s. We are also available by phone, but might be on a call with other customers. Sending an email will ensure your call is not missed as the vast majority of our communication is through email.
Final Thoughts
Our team will work with you as much as possible within their control to get you the best results and pre-approvals our lenders have available. If you feel you have been wrongly declined we would be happy to discuss that with you to find out why, and see if we can find you a better option. Please understand that this process will involve a lot of questions, but should discover any errors holding you back, or alternatives that will get you where you want to go as quickly as possible. LoanConnect’s Customer Support is here for you, and with patience and understanding we hope to get you where you need to be.
