💡 Struggling With Debt? Seek Debt Relief NOW.
POS financing (including LendCare) can become expensive if you’re already juggling balances. If you’re overwhelmed by payments, consider a nonprofit alternative like Consolidated Credit Canada. They help Canadians consolidate and manage debt without taking on more high-interest loans.
What is LendCare?
LendCare provides financing through partner businesses so customers can split big-ticket purchases into monthly payments. Categories include auto, powersports, home improvement, healthcare (dental, vision, cosmetic), and general retail. Applications are online with instant decisions in many cases.
Who is it For?
Canadians making a specific purchase at a participating merchant who need structured payments. Pre-approval may use a soft inquiry, but final financing terms depend on your credit, income, and the product you’re financing.
Key Features
- Loan Amounts: commonly $500 – $15,000 for consumer/healthcare; higher for certain verticals (e.g., vehicles). Terms typically 12–60 months.
- APR Range: product-dependent; healthcare examples list about 9.9% – 29.9% APR.
- Credit Check: Pre-approval may be a soft pull; full applications can involve a hard pull.
- Prepayment: Many consumer products show no prepayment penalty.
- Speed: Instant decisions and electronic agreements; funding flows through the merchant.
Pros and Cons
| Pros | Cons |
|---|---|
| Fast, online approvals at checkout | Interest can reach high-20% APR depending on product & credit |
| Soft-pull pre-approvals available on some products | Financing limited to participating merchants (less flexible) |
| No prepayment penalty on many loans | Mixed customer-service reviews & BBB complaints reported |
Sources: LendCare site & FAQ; public review/complaint listings.
How Does LendCare Compare?
When assessing LendCare, it helps to compare merchant POS financing with BNPL and traditional personal loans:
| Company | Min. Credit Score | APR Range | Loan Type | Notes |
|---|---|---|---|---|
| LendCare | Varies (soft pre-qual on some products) | ~9.9% – 29.9% (product-dependent) | Merchant POS installment | Used for specific purchases via partner merchants; many loans open to prepayment w/o penalty. |
| Affirm (formerly PayBright) | Varies | 0% – 31.99% APR | BNPL / installment | Rates shown at checkout; availability varies by merchant/province. |
| Fairstone | No fixed minimum (fair-credit friendly) | Unsecured: ~26.99% – 39.99% Secured: ~19.99% – 25.99% |
Personal loans | Direct-to-consumer loans; terms up to 120 months for secured. |
Sources: LendCare site/FAQ; Affirm; Fairstone product disclosures.
Note: APRs vary by province, product type, merchant promotions, and your credit profile. Always compare total repayment costs.
When to Avoid LendCare
If you’re carrying high-interest balances or living paycheque to paycheque, adding another installment payment can increase risk of missed payments, late fees, and potential negative credit reporting from any lender. Consider nonprofit counselling before taking on new debt.
💡 Need a Better Way Out of Debt?
Instead of more financing, speak with Consolidated Credit Canada for a personalized, nonprofit plan (credit counselling & debt management).
Final Verdict
LendCare is a legitimate POS lender with quick approvals and broad merchant coverage. It can be convenient for specific purchases, and many loans allow early payoff without penalties. However, rates can be high versus prime-rate lending, and public reviews/complaints are mixed… so compare offers and read the contract carefully before you commit.
💬 LendCare Canada FAQ (Frequently Asked Questions)
1. Does LendCare use a hard or soft credit check?
For pre-approval, LendCare indicates a soft inquiry that doesn’t affect your score. Final approval may involve a hard check depending on product.
2. What APRs and terms can I expect?
Examples on LendCare pages show loan amounts around $500–$15,000, terms 12–60 months, and APRs roughly 9.9%–29.9%, but your offer depends on product, merchant and credit.
3. Is there a prepayment penalty?
Several LendCare product pages state loans are open with no prepayment penalty (you can make extra payments or pay in full early). Confirm your specific agreement with them.
4. Does LendCare report to the credit bureaus?
Lenders in Canada may report account activity to credit bureaus; missed payments can hurt your score. Check your loan documents or ask LendCare how your specific product is reported.
5. How fast is the process?
Applications are online with instant decisions in many cases; documents and signatures are electronic at the point of sale.
6. Are there customer complaints?
Public review sites and BBB complaint pages show mixed experiences (billing disputes, communications). Read recent reviews and keep documentation.
Mark Turner is a retired financial writer that now enjoys blogging about different financial topics, such as commodities, inflation, debt, retirement, alternative investments and Canadian politics.
