LoanConnect is Canada’s leading online platform for unsecured personal loans and installment loans. Using their innovative search engine, you can find a loan that matches your needs in 5 minutes or less at a reasonable cost.
There are many good lending options in Canada and you can easily access them online. Even if your credit score is bad, you can qualify for a personal loan and save hundreds to thousands of dollars while working to get your financial life back on track.
What is LoanConnect?
LoanConnect was launched in 2016 and ranks top in Canada to get loans at competitive rates regardless of your credit rating.
They are situated in Toronto, however, you can access loan connect website anywhere in Canada to apply for a loan.
The maximum loan amount available for 6 to 60 months is $ 50,000 on their platform. The rate varies from 4.6% APR to 46.96% APR, depending on your credit history.
Apply For a Loan With LoanConnect
Finding a loan can be difficult if your credit is bad. Banks are usually wary of lending if your credit score ranges from poor to fair.
Although pay-day loan stores are always open for business, their loans come with a catch – ridiculously high annual percentage interest rates that make you poor.
Companies like Loanconnect provide a middle ground. They give borrowers access to lenders who are comfortable with a wide credit profile (including bad credit) and who do not need collateral.
Apply for a loan, answer some basic financial questions and confirm the amount of your loan. Their search engine will match you to a preferred and suitable lender within minutes and then you will be directed to complete your application on that lender’s website.
Most of their lenders offer instant approval, which means you can get cash-in-hand (such as your bank account) within 12 hours.
The basic requirement to apply for a loan through LoanConnect Canada is that you must be at least 18 or 19 years of age in your province and be a Canadian citizen or permanent resident.
What types of loans are available?
Apply for a loan for any purpose using LoanConnect in Canada. According to their website, some of the types of loans available include:
- Bad credit loans
- Business capital loans
- Debt consolidation loans
- Emergency loans
- Home renovation loans, and more.
The interest rate you pay depends on how the lender assesses your creditworthiness.
In general, you will pay an annual percentage rate (starting at 4.6%), which is significantly lower than pay-day loans like Moneymart and CashMoney (up to 600% APR depending on your province).
When you take out a loan with one of LoanConnect’s lenders, you can further reduce your interest charges by paying extra and repaying your loan early.
Is LoanConnect Legit
LoanConnect is a legitimate company that aims to make it easier for Canadians to access their money when they need it. They are recognized by the Better Business Bureau and have an A + rating. At TrustSpot, he has a TrustScore 9.7 / 10.
What is considered bad credit in Canada?
Your three-digit credit score is a reflection of how lenders assess their risk when lending you money. In Canada, a credit score is a number between 300 and 900.
In general, scores below 560 can be considered weak credit; 560 to 659 reasonable; 660 to 724 good; 759 above 724 is very good and above 760 is excellent.
A poor credit score means that when you apply for a loan you will pay a higher interest rate than approved.
Loan options when you need instant cash
It happens in life!
If you are facing an emergency and need quick cash, here are some options for you.
Banks: If your credit score ranges from very good to excellent, you can qualify for a loan at your bank and get a highly competitive rate. If your cash demand is minimal, you may also consider over-drafting your checking account and paying the corresponding fee.
Credit Card: You can use a portion of the credit limit on your credit card and pay it back as soon as possible. Regular card interest rates for cash advances range from 16.99% (for purchases) to 24.99%.
A 0% transfer credit card may also work if you qualify. A transfer fee may apply.
LoanConnect: LoanConnect connects you with trusted lenders who have been thoroughly verified by them. You can borrow up to $ 50,000 and the interest rate is much lower than what you would pay for a pay-day loan.
Some of the lenders on their platform include Borewell, Easy Financial, Lending Arch, Consolidate Credit Credit, and many more.
LoanConnect contact my review is positive. As an alternative to pay-day loans when you have a bad loan for a suitable loan, their innovative services can help you find a separate online loan that works and does not put you in a vicious cycle of debt.
If you are in debt on your head, it may not be financially meaningful to take out a high-interest loan and you should contact a credit counselor for advice.
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