Tuesday, September 17th
2024 Canadian Personal Loan Reviews
Loan Away
- Personal term loans available in Ontario, Alberta, Newfoundland and Labrador, and British Columbia
- Borrow from $1,000 to $5,000
- Loan terms between 6-36 months
- APRs between 19.9% and 45.9%
- Funds direct deposited within a day in most cases
- "A+” rated by the BBB
Loan Away, a Canadian online lender, claims to approve over 80% of personal loan applications, offering one-day funding on loans ranging from $1,000 to $5,000. Despite an "A+" rating from the BBB, customer reviews tell a different story, with over 50 1-star reviews complaining about incompetent support, missing payments, and threatening messages from the company. Outdated website content, inactive social media links, and an eight-year-old site copyright are even further proof of Loan Away's lack of credibility, making it a lender we'd avoid.
LendingMate
- Loans only for residents of Ontario and British Columbia
- Loan amounts range from $2,000 to $10,000
- Terms span from 12 to 60 months
- No origination fees or hidden costs
- Interest rates are set at 34.9% or 43% per annum
- Approval involves a phone call with you and your guarantor
LendingMate starts out as much more limited than most of the personal loan providers we evaluated: they only operate in two Canadian provinces (ON, BC) now, and you'll only get funded for up to $10,000 if you have someone to serve as a guarantor. Even if you qualify, the BBB and former LendingMate clients would advise you to go elsewhere: an "F” rating and plenty of 1-star reviews speak volumes. LendingMate continues to be one of our least-recommended options when it comes to personal loans in Canada.
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Who Offers the Best Personal Loans in Canada?
In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.
Fortunately, for those seeking personal loans in Canada, there are lenders that can help you bridge the financial gap without sinking you further into trouble. The online world presents Canadian consumers with a wide variety of options for personal loans. Some directly link you with funding, while others act as intermediaries, connecting you with reputable financial partners to secure your loan.
Canadian Personal Loan FAQ
Continued from above...
A relatively new player gaining traction is the social lending network, or peer-to-peer lending, where everyday individuals invest in funding loans for their Canadian neighbors. This arrangement creates a win-win, with investors earning on the interest you pay and you getting the funds you need without sky-high rates or fees.
Regardless of the path you choose, it's crucial to understand the terms of any personal loan offers you receive. Not repaying a loan (on time or at all) can have a detrimental impact on your credit score, a setback that can be challenging to set right down the road.
Before signing on the dotted line, make sure you're clear on the interest rate, repayment terms, and any potential origination fees or prepayment penalties. While the allure of accepting the first cash offer you receive may be strong, take your time and be a discerning consumer.
As you navigate the array of personal loan options in Canada, you'll need to figure out where to start and which service to trust. Consider these factors:
- Direct funding or referral platform. Will the provider directly fund your loan, or will they connect you with various lenders for comparison? If it's a referral service, who are their lending partners, and can they be relied upon?
- Transparency. Does the service disclose upfront the average interest rates paid by borrowers? How hard is it to find out how much you can borrow? Are any fees clearly outlined?
- Reputation. What do other borrowers say about the lender or referral platform? Are they rated and/or accredited by the BBB? Is the provider established and trustworthy?
- Timeframe for receiving funds. How long will it take to get your loan funded? Some lenders can transfer money within an hour of your loan's approval, while others may have you waiting for a week or longer. Choose accordingly if you're trying to get money quickly.
For an in-depth review of the best online sources for personal loans in Canada, look no further than our list here at Top Consumer Reviews. We're confident that our insights will assist you in quickly getting the funds you need with terms you can manage. Be a well-informed borrower on your financial journey!
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