Where would we be without the internet? Whether you’re online shopping, using Amazon, doing some online banking, or even buying car insurance online, the internet certainly provides us with both ease and convenience. But when it comes to one of Canada’s best known, we become hesitant.
Why? The stakes are inevitably much higher as you often have to enter in personal, sensitive information to a company or person you don’t know.
Even more so, how do you know that your information is safe? Nowadays, it seems as if user data and privacy is always at risk. But don’t give up hope, there are plenty of reputable companies online.
The team at LendingArch is here to answer all of your questions about the safety and security of online loans. In this post, we’ll address “is it safe to get an online loan?” along with creating a guide on how to know if the online loan company you’re working with is reputable.
Background on LendingArch
LendingArch is one of Canada’s best known , reputable, and trusted online lending marketplaces. Having loan requests that are worth over $275 million, LendingArch is Canada’s go-to place to finding the right online loan and lenders for borrowers.
Built to make Canadians feel good about saving both time and money, our customers come to us to get information on credit cards and auto loans in addition to getting assistance with paying off credit card debt and obtaining a small business loan.
Drawing from a pool of 40 lenders who have been fully vetted by our professional team, you can rest assured that the rates and companies we match you with are the best of the best.
Additionally, we provide Canadians with a one-stop shop for a variety of loans while giving them the tools they need to feel empowered to make the right decision.
How Does LendingArch Work?
Our number one priority is you, our customer. Simply enter in basic information into one application, and you will instantly receive a ‘love score’ and be matched to cards and loans that you’ll most likely be accepted for. The options that you’ll most likely be accepted for will appear first on the list. As you scroll down, the “love score” lessens and the chance that you won’t get approved is a bit higher.
People love our platform because it reduces the risk of being rejected and eliminates multiple hits on your credit report. Plus, we are actually the only company who currently offers this service in Canada.
How Do We Keep Your Information Safe and Secure?
With any legitimate online company, we know that business success is dependant upon our reputation for keeping our customers information safe, secure, and private. Our team makes sure that your personal information is secured through SSL encryption.
We’ll encrypt both your password and personal details (including your social security number) so it’s only readable to sub services we use during the credit scoring process.
Helping to navigate our customers through the overwhelming process of finding the right Canadian lender, the passionate team of experts at LendingArch is here to assist you through the enter process from start to finish.
Tips for Finding a Reputable Online Loan Company
When it comes to online loans, the LendingArch team has a few tips to ensure you’re dealing with a reputable company.
Look for Red Flags
Borrowing money whether it’s online or offline can be risky. Before moving forward with any lender, it’s important to notice how they treat you.
If you notice any of the following red flags, we recommend that you find another company:
Unethical companies will promise you the world, only to come back and charge you high fees for simply just processing your loan. Whether you’re getting a personal loan or an auto loan, there should be no up-front fees.
Watch out for high interest rates and fees after the loan has been approved. A bad company can have you spend thousands of dollars more while a reputable company can promise you the same amount for much less.
Lending companies don’t want to lose money. While some might be willing to take bigger risks than others, no lending company should ever state “guaranteed approval.” Every person and situation is unique and there can never be a 100% guarantee you’ll get approved until all the details are reviewed and analyzed. Should you come across this, either the company will charge you a fortune or they are stealing money or your data. Our advice is to run far away from scams like these.
There should also be no point in this process where you’ll need to wire money. While there are some fees involved, most companies will have you pay them with a check or credit card, and not through wiring. Any company who demands a wire transfer of funds is in the business to steal your money.
While bankers and lenders don’t always have the best bedside manner, they are all professional and will treat you with respect. If your contact is passive, or if you notice misspellings and errors on their website, you’re more than likely dealing with a scam.
Read Customer Reviews
Leverage the power of Google. Doing a simple search of the company can unearth a lot of valuable and eye opening information. Make sure to read both the positive and negative reviews.
Of course, know that some of these reviews could be fake but it’s important to do your due diligence and try to learn everything you can about other’s experiences with the companies you’re thinking about borrowing from.
Ask for a Referral
Remember that choosing a company that’s recommended to you from a trusted source might be your best bet. You can start by asking relatives, friends, and even close co-workers to see where they borrowed from.
Make sure to ask them about their entire experience. Another source to finding a good lender is through financial podcasts from industry experts.
How Do You Spot a Company That’s Not Trustworthy?
An unsolicited email or phone call is the best way. Nowadays, anyone can get your email address and phone number. Some even go so far as to impersonate a local business.
We recommend that you avoid any foreign email addresses, blocked phone numbers, and local phone numbers that appear ‘off’.
Check for Complaints
In your research phase, make sure to check with the one of Canada’s best known to see if there has been any previous complaints about a particular lender.
Additionally, one of Canada’s best known is another online source to check for a lender’s reputation. On that site, you can read reviews from other borrowers and read about complaints.
Confirm They Have Accreditation and Check Their Website
One of the many reasons financial institutions and vendors should have accreditation is to ensure that they follow industry-standard practices and procedures thus helping to protect the borrowers.
Lenders should make it somewhat obvious if they have accreditation. Licensing goes the same way. It’s important to verify that the lender is up-to-date on licensing and is, in fact, properly licensed in your province.
Furthermore, another step to take in confirming legitimacy is website verification and ownership. A fast search on one of Canada’s best known will provide information about who owns the site and how long it’s been up. In addition, this can show you who truly is an online lender and who isn’t.
Make Sure They Treat You with Respect
At no point in this process should you feel pressured. The best lenders know that this process can be tough and their sales associates will be helpful and professional. If you feel pressured or rushed, that’s a sign that you’ll always feel like that.
One important aspect in choosing a lender is making sure it’s the right fit and that they address all of your needs (not just your financial ones).
Feeling Comfortable and Safe with Online Loans
In addition to leveraging the above guide, we also have a few additional ways that will help put you at ease when applying for online loans:
Protect your password. During this process, sometimes you’ll be asked to create an account. In helping to protect personal information, create a new and strong password that would be hard for someone to hack.
Ensure that your browser is secure. Simply looking for the “lock” icon in the status bar.
Know your credit score before you start applying. Beside being good information to have, lenders will also run a credit report and making sure those numbers match up is important.
Check the domain of the email confirmation to make sure it’s the same name as the company you’re borrowing a loan from. It should never be a gmail, hotmail, or other group email address.
Listen to the security certificate. Oftentimes, browsers will have a pop-up indicating that the site’s security certificate has expired. Listen to that and find another company to go to.
Choose LendingArch to Find Your Ideal Lender
The team at LendingArch knows that finding the right lender who’s verified and meets all of your needs can be a long, overwhelming, and stressful process.
Founded on the principle to help Canadians feel empowered and informed when making financial decisions, we take on the work for you. Utilizing our platform means that you’ll have instant access to some of Canada’s top lenders. All you have to do is fill out our short application.
It’s our team who will do the due diligence and vet lenders (with the above criteria) to ensure you’re matched with the best of the best. You’ll even be able to read real customer testimonials about some of our top lenders.
Furthermore, we’ll always treat you with respect. We know that most of our customers come to us having been turned down before, which is why we are focused on helping you and not concerned by your credit.
What are you waiting for? Let one of Canada’s best known pair you with a trusted lender for your online loans today.