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Loanz is a brand new loan provider in Canada on a mission to make apply for a personal loan as easy as possible. They are a full online-only lender so there is no need to visit a store front to complete your application or submit documentation.
This is a great lender if you have fair to poor credit.
Loans are between $1000 to $15,000, 12 month to 60 month terms and interest rates are between 29.9% and 46.9% (available everywhere in Canada except Quebec BUT they have a partner lender in Quebec to help you there).
This is a great option for people with fair to poor credit as that is the area Loanz specializes in. Very easy to do the application as its entirely online so you can use your phone or your desktop. Great to borrow if you need to pay off high interest payday loans or have bills to pay and you don’t want to miss them. Deal with any kind of financial emergencies through Loanz as you can get funded the same day.
Loanz has one of the easiest loan applications we have seen so far, the application is entirely online and can be done on your phone. Just fill out the online form with your contact details, where you work, how much income you make from all sources and your address. At that point you will have two options –
If you want an instant pre-approval and money same day then you can attach your online banking (its read only) for Loanz to be able to quickly pre approve you and no document upload on your part. If you are okay with uploading documents and IDs, then you can opt for the manual review which would not give you a real time approval but would mean you are doing things at your speed.
Once you have done that, you will be given your term and loan options, open your account and you can choose how you want to be funded (e transfer or instant funding).
– You need to be at least 18 with a valid ID
– Have a cheqing account
– Have a steady form of income
Be at least 19 years old with a valid ID A chequing account A steady source of income Note: You may be required to provide additional documentation.
Once you have been approved and signed the e docs you can choose how you want the funds: - e-Transfer within minutes - Direct Deposit - up to 1-2 business days
No worries Loanz is geared towards "not great credit" and takes into account a lot of other factors not just your credit score