Frequently Asked Questions.
LoanConnect is a search engine for unsecured loans up to $50k. Our goal is to provide Canadian's with the best possible loan options, based on personal needs and credit circumstances. Whether you have excellent, good, or poor credit we've got lenders for you. At LoanConnect you have options. Isn't it time you made a choice?
Our lenders offer rates starting from 10% to 46.96% APR. Rates go up from 10% APR based on needs, personal financial information, and credit history.
LoanConnect searches multiple lenders through utilizing secure web technology. Our website functions much like a travel booking website, we take your information and needs and then query providers that match those requirements. After you choose the loan you want, you are sent to that lender's website to finish the application. Best of all, the majority of our lenders offer instant approval credit, if approved, your money can be deposited to your bank in as little as 12 hours!
Our lenders offer loans to those with excellent, good, poor or no credit. Hence, we serve virtually anyone looking for an unsecured loan under $50,000. In order to apply you must be age of majority in your province of residence and be a Canadian Citizen or Permanent Resident.
As long as your debt payments don't total over 60% of your income, you are fine to apply. In fact, by having an outstanding loan you have established a credit history, so it might actually improve your chances of being approved.
Your credit score is not effected by searching our website for lenders. After you find a loan, you are sent to the lender, that lender generally does a soft credit check that does not affect your score. If the lender requires a full credit check you will be notified and will have a choice not to proceed if you are concerned about your score being affected.
Complete the simple application on our website, we provide you with loan options, select the loan for which you would like to formally apply, then formally submit the application on your chosen lenders website. If approved, the lender will deposit the money in your account in as little as 12 hours.
You don't need to know your credit score in order to apply. In the application, we have provided a link to a tool that can help you better estimate your score. If you are typically on time with debt payments, have a steady income, and haven't gone through a bankruptcy or consumer proposal, your score will generally be good or better.
We have unsecured lenders who lend to virtually every market. However, our loans typically max out at $50,000.
Yes. You are not bound to a loan by applying for one.
Please contact us at firstname.lastname@example.org.
Yes. We have lenders who lend to those with a past bankruptcy or consumer proposal. A perk to applying with us is that those lenders compete for your business, ensuring that you get a good rate.
We wouldn't recommend this. Making another application on the lender's site will duplicate things and take up more time. At any point you can login to your profile at LoanConnect and see if new loans have become available or if your rates have changed.
We take data security very seriously. Hence, we use the latest security to encrypt and protect your personal information. Firstly, your personal information is only shared with lenders that match your profile. All information sent out from our website is through an encrypted channel that is only accessible by that lender, at that particular time.
A loan origination fee is an amount charged by a lender to issue a loan. If the lender you choose charges an origination fee that amount will already be built into the monthly payment amount given to you in our search results. When formally applying for the loan on the lender's website they will disclose this amount before issuing the loan. In most cases if a lender charges an origination fee the amount tends to be around $100.
Payment terms vary per lender. In most cases payment terms are between 12 months and 60 months. Information regarding payment terms of the loan will be included in search results enabling you to choose which terms best suit your needs.
Apply now and get approved in minutes!
Apply now and get approved in minutes!
*APR ranges from 5.75% to 46.96%, and loan repayment terms range from 3-120 months. As an example, the total cost of borrowing a $2000 unsecured personal loan at 29.96% for 24 months is $2685.12, or $111.88 monthly. Additional administration fees may apply and vary by lender. Annual Percentage Rate (APR), loan term and monthly payments shown are estimated based on information you provide and that which is made available from our lender network. Terms are subject to final credit review and approval, and interest rates are subject to change at any time and may vary by province. Fees may apply and vary by province/territory, and may include insurance, administration, home valuations and other applicable fees. Be sure to review the lender’s Terms and Conditions and all available loan documents carefully before proceeding.
**Auto loan APR ranges from 1.90% - 4.95% with loan repayment terms between 72 and 84 months.