FREQUENTLY ASKED QUESTIONS
What does LendingArch do?
LendingArch is an online lending platform that rewards financially responsible Canadians with personalized, affordable loan options. Developed for Canadians who deserve better rates and faster service than what traditional banks or credit cards can offer, LendingArch innovates the lending process using smart technology, real-time data and a simple, online application.
Note: We are not a peer-to-peer lender and only accept lending funds via our funding partner NOLA Fin
What provinces does LendingArch offer loans in?
While our goal is to expand throughout all Canadian provinces and territories, currently, we are available to provide loans to residents of BC, Alberta, Ontario, and Quebec*.
*Quebec lending will be made available very soon.
How does LendingArch offer such low rates?
We develop a 360-degree perspective of your financial persona, including your present self, past behaviors, as well as future potential to create a complete profile. The data gathered allows us to personalize your loan offer and tailor the interest rate directly to you. We reward financially responsible Canadians with better rates that credit cards, and often banks, can't compete with.
How does LendingArch determine my interest rate?
Traditional bank underwriting primarily analyzes an applicant’s past financial behaviors to determine loan eligibility and interest. In comparison, LendingArch leverages thousands of data points and attributes in real-time to accurately determine a rate, which is affordable and in line with your future goals.
We develop a 360-degree perspective of your financial persona, including your present self, past behaviors, and your future potential. Data gathered goes beyond credit score and looks at monthly, personal cash-flow, history of paying bills on time, career and salary, education, what the loan will be used for and more, all of which is verified in seconds. Each dataset holds different weightings in determining your interest.
Does LendingArch offer fixed interest rate or variable interest rate loan?
Unlike banks, all of our personal loan offers are based on a fixed interest rate. This means you can be rest assured that your monthly payment will not fluctuate or increase during the duration of your loan with us.
What is 'APR'?
‘APR’, or Annual Percentage Rate, is the actual hard percentage you will be paying per year for your personalized loan offer. The sole reason this is slightly different is the small origination fee for providing your loan and the quality service you receive as a LendingArch borrower.
Is my interest rate negotiable?
Interest rates, although not negotiable, will change with different personalized loan offers we are able to present you. If you are unhappy with your current offer, we can offer you a different term to suit your financial needs. Your rates can also change in the future based on how your financial persona improves.
How are interest payments calculated?
Interest is calculated on the outstanding principal, or value of your loan still remaining to be paid. At the end of every payment period, interest is being paid off first, and then the additional amount works toward reducing your principal.
What are the fees?
Borrowers are charged a small origination fee (1-5%) upon agreement and finalizing your loan terms. These are openly communicated in the application process.
As a benefit to our members, we allow you to pay the origination fee throughout the life of your loan.
How does an origination fee work?
Once you are approved for a loan, we will add the origination fee onto the total value of the principal you had applied for.
You are approved for a $10,000 debt consolidation loan with a 2% origination fee. The total loan amount you repay would be $10,200, and you would receive $10,000 in your bank account after we deduct the $200 fee.
Do I have to be employed to receive a quote?
No you do not! We understand circumstances arise where an individual is unemployed and still an excellent loan candidate. We will determine your rate with a heavier weighting on other criteria!
How long does it take to receive my personalized quote?
You can have your personalized quote delivered to you in less than five minutes. Pre-approval comes even quicker, with the majority of applicants completing this portion of the application in under two minutes.
What are the minimum requirements to receive a quote?
At LendingArch, we use a unique underwriting approach, which looks at more than just your credit score.
That being said, there are some criteria you will need to meet:
- You must be the ‘age of majority’ within your province. This is a fancy way of saying you have to be old enough by your province's law. If you can vote, you meet this requirement!
- You must also be a citizen or resident of Canada.
Our requirements weigh across different factors and are constantly improving as we add additional criteria to make funds more accessible to financially responsible Canadians. If you were not accepted with your first application, re-evaluate your situation and apply at a later date.
Will checking my rate or applying hurt my credit rating?
Applying and receiving pre-approval status will never hurt your credit rating; we do what is called a ‘soft’ credit check at this point.
Once you complete the next stage of your application, including your employment profile and education, you will receive your personalized loan offer. Upon submitting your desired loan offer, at that point, we are required to perform a ‘hard’ credit check to verify your information. Though this will appear on your credit history, it will cause little to no impact.
What are the minimum credit requirements to receive a loan?
Our requirements to fund borrowers weigh across different factors. Ultimately, we're here to make loan options more accessible to financially responsible Canadians. In addition to looking at credit scores which rank fair or higher, other areas we consider in your loan evaluation include: career and salary, education, personal cash-flow, financial history and paying bills on time, as well as avoiding serious delinquencies, collections, bankruptcy or consumer proposals in recent years.
If you were not accepted with your first application, re-evaluate your situation and apply at a later date. Our evaluation could change, especially as we add more underwriting data criteria and additional services to LendingArch.
Why was I not pre-approved for a personal loan?
There are many factors as to why you may not have been pre-approved for a loan. Wherever possible, we will provide specific reasons and the criteria for which we were unable to fund your loan application. Some factors may relate to your credit score, while others may have to do with your monthly cash-flow, history in paying bills on time and any recent issues, such as defaults and collections. As we review loan applications based on more than a credit score and consider several data points in real-time, we should be able to tell you specific reasons for why your application was not pre-approved.
Can I change my monthly payment dates?
Yes, you can! It's easy to change the monthly payment day and the automatic withdrawl date from your bank account. Just give us a call, or make the update by logging into your account.
If I lose my job, or for any other reason I can’t make a payment, what do I do?
Contact LendingArch as soon as possible! We always want to be closely connected with our members. We will determine a way to help out and better your situation.
Can I pay off my loan early? Is there a penalty?
There is no penalty! We promote financial advancement and our goal is ensure you are leveraging debt responsibly. Making additional payments to your loan or the entire outstanding amount demonstrates financial responsibility. We never penalize for prepayment and paying off your balance before the end of your term. In fact, this improves your financial profile, and would likely result in a better rate next time you borrow with us.
What steps does LendingArch take to prevent fraud?
We take all necessary steps to reduce and eliminate fraud. There are multiple verification checks that occur throughout the application with a number of agencies. This occurs at all levels from identity, to work life, to banking information.
How and when will I receive my loan?
Your loan will be deposited directly to the verified bank account you submitted in your application, generally, one business day following the acceptance of your loan agreement.
This can vary slightly, and sometimes you may actually receive funding within hours after signing your agreement, depending on time of day and your banking institution.
How do I change my password?
If you've forgotten your password or choose to change it at anytime, this can be easily completed from your account dashboard. Just click "Sign In" located at the top of our site, and you'll see the option for changing your password.
Why am I receiving emails from LendingArch?
By registering an account and applying for a loan, you will have opted-in to receive emails from us. These emails are meant to guide you through the application process and provide helpful advice in completing your application. We will also notify you as to whether your application was approved or denied via email, as well as other product updates. If you are not pre-approved for a loan, or prefer to not receive emails from us, you can easily unsubscribe from any email we have sent you. The unsubscribe option can be found near the bottom of each email sent by us.
How much can I borrow?
Our loan options currently begin at $1,000 all the way up to a maximum of $40,000.
Is my personal information secure?
Of course! Your personal information is secured by point to point SSL encryption according to business standards. From a platform level we encrypt your password and your personal details, and to add to this we encrypt your SSN so it's only readable for the sub services we use when doing the credit scoring, etc.
How can I repay my loan?
Payments will be automatically withdrawn from your account at the pre-set payment dates. Not to worry, we will always send you a reminder to ensure we don’t catch you off guard.
What documentation do I have to provide in order to get my loan?
Well, that depends! The standard pieces of information we require can be found below:
- Either your latest 2 pay stubs, or, a copy of your most recent Notice of Assessment
- 1 piece of government issued photo ID
- 1 additional piece of ID
- A bank statement(s) for the most recent 90 days
For some situations, we may require a bit more depending on how you earn your income and status of the application, but we will let you know when you reach the verifying stage.