LoansCanada provides a free loan search platform that allows loan seekers to connect with lenders that adhere to Canadian laws and regulations. It allows loan seekers to compare different loan options available to them. The platform is open for all – even to people with a bad credit history or a history of bankruptcy.
As a CLA-approved vendor, LoansCanada follows the best practices when it comes to connecting people with lenders. However, since the company is a loan broker and not a lender, we need to look beyond the surface to get a better understanding of how the loan process works and the pros and cons of getting a loan through LoansCanada. Hence, in this article, we will discuss LoansCanada’s services, loan process, and customer feedback to give a final verdict about the platform’s usefulness and legitimacy.
Brief Overview
Headquartered in Toronto, Ontario, LoansCanada is a loan search and comparison company. It offers a list of loan providers that offer personal loans, car loans, business loans, credit cards, and home equity loans. Through LoansCanada, users can also check their credit score for free and choose a credit-building service from the website to rebuild their credit.
LoansCanada’s extensive network of lenders allows users to get multiple offers. All these offers are matched to the user’s circumstances, which they fill out during the application process.
Official Name: LoansCanada
Website: https://loanscanada.ca/
BBB Rating: A+
Headquarters: Toronto, Ontario, Canada
Phone Number: 1 (877) 995-6269
Email: info@loanscanada.ca
Google Reviews: 3.9/5 stars (90+ reviews)
Services Provided by LoansCanada
LoansCanada markets itself as a loan search and comparison company. However, it also lists credit checks and credit-building services. With the largest lender network in Canada, LoansCanada can connect loan seekers with providers offering car loans, personal loans, business loans, home equity loans, insurance, and debt relief services.
Here is a rundown of the services that LoansCanada provides:
Personal Loans
Through LoansCanada, users can find the right personal loan provider. So, whether you have a bad credit history or want a no-credit-check loan, LoansCanada has it all.
Debt Relief
LoansCanada’s Debt Relief services enlist a range of loans for people who are deep in debt and want a solution. Loan types include debt consolidation loans, debt settlement, bankruptcy consultations, and credit rehab savings loans.
Car Loans
Customers can search for car refinancing loans, car repair loans, car title loans, and student car loans.
Business Loans
LoansCanada also lists business loans provided by its network of lenders. Under the business loan category, you can get a loan of up to $500,000. The loan application process comprises three simple steps and in most cases, same-day approvals and next-day funding.
Credit Cards
Through LoansCanada, you can apply for different credit cards. Customers can choose these cards for balance transfer, credit building, business, and travel. Customers can also browse cards based on filters like no annual fee, student friendliness, rewards, cashback, and sign-up bonuses. They can also narrow their search based on the credit range offered by the cards ranging from excellent to low.
Home Equity Loans
Loans Canada is not a mortgage broker, but it can help users find mortgage refinancing loans, second mortgages, and new construction mortgages. It also connects users to bridge loan providers that give a short-term financing solution for homeowners who want to sell their existing home to purchase a new home.
Insurance
Through LoansCanada, customers can find home insurance, auto insurance, tenant insurance, life insurance, travel insurance, disability insurance, critical illness insurance, and health insurance.
Free Credit Score Check
LoansCanada allows users to get a free credit score check when they sign up on the platform. This credit score check does not affect the user’s credit score.
Credit Building
LoansCredit enlists several products that allow users to build credit. Here are some credit-building options enlisted at LoansCanada:
- KOHO’s Credit Building Programs
- Credit builder loans
- Using a Secured Credit Card
Customer Feedback and Reviews
LoansCanada is a trusted, CLA-certified, and BBB-accredited service. However, to get a first-hand overview of the provider, let’s look at some reviews.
Google Reviews: 3.9/5 Stars
LoansCanada has a 3.9 rating on Google based on 94 reviews. Some of the reviews show that customers have had a bad experience because of misinformation. Although LoansCanada is only a platform to connect loan seekers to third-party loan providers, users can often misinterpret LoansCanada as being the one providing the loans. On its website, LoansCanada has a disclaimer for customers to only provide their information to trusted sources and be aware of online phishing scams.
Advantages of Choosing LoansCanada
Range of Loan Types: LoansCanada enlists a wide range of loan types, from home loans to insurance and business loans.
Free Credit Check: When users sign up for LoansCanada, they can get a free credit check that won’t affect their credit score. However, users should be aware that although LoansCanada promises no hard checks, third parties providing the loans could conduct hard checks before providing users with the loan amount. Users should make sure to read the terms and conditions of the loan thoroughly before confirming.
In-depth Guides: At LoansCanada, users will find detailed guides for selecting the right type of loan for their needs.
Disadvantages of Choosing LoansCanada
High Interest Rates: If users have poor credit, they might get offers with high interest rates.
Affiliated Providers: In many cases, users might get loan offers from providers that pay LoansCanada to get listed. So, users might miss better offers with lower interest rates.
Hard Credit Checks: Even though LoansCanada does not conduct a hard credit check, some loan providers might perform hard credit checks. It is up to the user to see which lenders might conduct hard credit checks and proceed wisely.
Final Thoughts: Should You Choose LoansCanada?
With its huge network of loan providers, LoansCanada is one of the best loan search platforms in Canada. But LoansCanada is not just a loan search engine. Its detailed guides are quite helpful for users to pick the type of loan or service that best suits their needs.
The application process is quite easy and users can get access to expert help and guidance when they go for specific loan types. However, the advice users get from LoansCanada is not financial or professional. They should be taken as mere guides that can just assist users in making the right financial decisions for themselves.
Another point to keep in mind is that LoansCanada does not offer loans and only sends loan offers that match the user’s circumstances and needs. Therefore, any additional checks and loan conditions must be read thoroughly before going through with the loan processing.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
