About 65% of adult Canadians have taken out a personal loan at least once in their lives, according to a recent survey.
The most common reason for taking out a personal loan is for a new vehicle.
The ease of finding the right lender depends heavily on your credit score. With a decent score, it shouldn’t be hard for you to find loans up to $50,000, with reasonable interest rates.
Even if you have poor credit, you have a chance of getting a loan. But before anything else, you have to find lenders willing to grant a loan to borrowers with a poor credit score.
And that’s where LoanConnect comes in. It’s a specialized search engine that can help you find the right lender. No matter your credit score, you can find a lender that will be willing to lend you full or part of the amount you are seeking.
Learn more In this detailed LoanConnect review.
13 out of every 20 Canadian citizens have gotten a personal loan
Use: Loan Search Engine
Wealthawesome Score: 4/5
- It provides a decent replacement for Payday loans.
- Have a decent collection of lenders.
- Poor credit interest rates can be as high as 46.96% APR.
- Interest rates as low as 4.6%.
- Easy and fast online application process.
- It’s a mediation service, doesn’t furnish loans itself.
- Loan type may affect your approval or rates.
- Lender’s own terms need to be considered.
Summary: Loanconnect is a search engine in Canada that matches lenders with borrowers.
Get matched with a lender
What is LoanConnect?
It’s a search engine for personal loans in Canada. It’s a portal where you can find lenders who are willing to provide personal loans amounting up to $50,000 for durations ranging between six months to five years.
But the best part is that it can help you find lenders that are willing to offer loans to people with poor credit. The current lender pool for bad credit loans in Canada with guaranteed approvals is rather limited, but it’s expected to increase soon.
A good thing about LoanConnect is that it caters to borrowers all over the country. No matter where you are, you can fill out an application, and see who will be willing to lend to you. The better your credit score is, the more options you are likely to find and with very attractive rates.
It’s important to understand that the website itself doesn’t provide loans to people; it just connects you to the lenders. Despite acting as an intermediary, it doesn’t charge anything extra from you. All in all, the company provides an amazing service, but it’s better for people with good credit, and a bit limited for people with poor credit scores.
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LoanConnect Products and Services
To be specific, LoanConnect doesn’t offer a collection of financial products. It primarily just offers loans. These loans are branded under different loan requirements, which we can consider different LoanConnect Products.
Personal Loans/Cash Loans
Personal loans or cash loans can be searched for a myriad of reasons. You may want to buy a car, renovate your kitchen, pay a vet’s bill, or even if you want to pay off your credit card bill. If you have a good credit history, you can get personal loans on very good interest rates.
LoanConnect can help you find guaranteed approval loans for poor credit in Canada. So even if you already are in debt, and your credit history is preventing you from finding a good debt consolidation avenue, LoanConnect.ca may be able to help you. You may not get a lot of choices, especially if your loan value exceeds $15,000, but even partial loans can seem God-sent in a pinch.
Bad Credit Loans
It might be hard to look for bad credit loans in Canada with guaranteed approval if you are simply making a Google search. But if you feed your information to LoanConnect.ca, they might let you find the right lenders for your situation. It’s important to understand that whatever interest rates you find here might be better than the insanely high payday loan rates that can reach up to 442% per annum.
Whether you are opting for a debt consolidation service or a bad credit loan, chances are that you will get the same lenders and the same interest rates. Still, you may want to browse through all the options. Even a 5% difference in interest rates can mean a lot if you are already in a bad financial situation.
How to Apply For a Loan with LoanConnect
Applying for a loan with LoanConnect is very easy.
- Go to the Loanconnect.ca website.
- On the left side of the front page, you will see a green “Find a loan” button.
If you want, you can enter the amount and type of loan you are looking for here, or you may simply press the button and proceed to the next step.
- On this page, you will find three boxes that you have to fill. The first is simply for your contact information.
Make sure this information is accurate, especially the province. Because some lenders that work with LoanConnect may only provide loans for residents of certain provinces. Similar to how Lendingmate.ca only furnishes loans in three provinces.
- Next might be a bit daunting (for its sad questions, not the length).
Be as forthcoming as you can. Lying on this form may get you to the next step, but you will get stuck on the verification stage.
- After that, there is a standard confirmation box.
If you just want to see your options, and not looking for an actual pre-approval, you can hit the “Just look for a Loan” button. It will show you the lenders and loan amounts you qualify for.
Is LoanConnect Legit and Safe to Use?
Since it’s neither providing the loan itself nor taking a cut of loan or repayment, LoanConnect looks relatively safe from a financial perspective.
The website has been operational since 2016, and it got accredited with BBB (Better Business Bureau) in 2018. It has an A+ rating, which is not calculated based on customer reviews. The customer review rating on BBB for LoanConnect is five-star.
It also has a stellar rating on trustspot.io: 4.8/5 based on 135 customer reviews. Most people have found the service to be helpful, and its people highly professional and courteous. And it is working in conjunction with some very legit lenders, which offers it even more credibility.
So yes, from other merits, and after going through some LoanConnect reviews, it seems legit and safe to use.
LoanConnect Alternatives and Competitors
Listing Google as an alternative to LoanConnect would be unfair for both, but as a search engine, it at least bears mentioning. Some other realistic competitors and alternatives are:
It’s another online lender-finder. It has been operational since July 2012 and is easily considered the most widely used loan search engine in the country. It has been around longer, and it also furnishes loans to people with bad credit, but LoanConnect comes out on top with better loan provision type.
Though for people who are newcomers in Canada, or have a very short credit history for another reason, Loanscanada.ca might be the better bet.
Lowestrates.ca is a fin-tech company that offers a wider range of services than LoanConnect. Its founder described it as Expedia for loans. The website allows you to compare different lenders, just like LoanConnect. But it also offers more products like auto mortgages, home insurance, and credit cards. But its lender pool for personal loans is even more limited than LoanConnect.
For searching and comparing small personal loans, LoanConnect seems to be an excellent service.
You Should Use LoanConnect If:
- You are in need of a personal loan fast.
- If you have poor credit history and you are seeking debt consolidation.
- If you want to make an apple to apple comparison between different lenders who are willing to give you a loan.
- You can comply with the lender requirements.
Don’t Use LoanConnect if:
- Have a nest egg, an asset, or a friend or relative that can offer you a low-interest loan.
- If you can withdraw from your long-term savings accounts.
- If a local lender is offering you better terms than you can find on LoanConnect.
It might seem like a simple enough system, but having a portal to compare different lenders is a much faster way to weigh your options, than looking around and filling individual forms.
It’s especially ideal for you if you have a stellar credit history, and just want a small loan to fund a project or a vacation.
You are likely to find many more options and much better rates than sifting through lenders individually.
For people with bad credit, the options might be available but limited. So if possible, do something about your credit score before looking into private loans.