LoanConnect Review (Features, Pros and Cons 2024)

Are you in need of a loan, but your credit score is too low for a bank to approve you?

Well, you’re not alone. Many Canadians struggle with their finances, and that’s where LoanConnect comes in. They provide unsecured personal loans to everyone, even people with bad credit. We’ve combed through the latest LoanConnect reviews as well as see the LoanConnect ratings and prepared our own.

What Do I Need to Know about LoanConnect?

LoanConnect Canada is an online platform that provides Canadians with loans through their search engine. The company was founded in 2016 with the aim to be Canada’s number one online loan and approval provider. Their headquarters are in Toronto, but the service is available throughout all provinces and territories in Canada.  

LoanConnect is not a direct lender, which means that the company serves as a mediator between lenders and customers. They offer unsecured loans from unsecured lenders that cover basically every type of loan – college loans, short-term loans, debt consolidation loans, business loans, home renovation loans, and many more. 

Currently, the company doesn’t provide secured personal loans. The annual percentage rate (APR) depends on the lender, ranging from 6.99% to 46.96%.

In this review, we cover:

✔ LoanConnect Canada features
✔ Loan application procedure, terms, and the latest LoanConnect loans reviews by customers
✔ Pros and Cons
✔  FAQ

LoanConnect Reviews 2021: Services Overview

Since LoanConnect is not a direct lender and only connects lenders with customers in need, pretty much every type of loan is available. So, if you have a medical emergency, want to buy a new car, or just want to renovate your home, LoanConnect will have an option for you. 

According to the LoanConnect debt consolidation reviews, debt consolidation loans are the most popular among the customers. Other common types of loan that are available with LoanConnect are:

• Business loan
• Personal loan
• Student loan
• Emergency loan

The rates, terms, and other details of the loan ultimately depend on the lender of your choosing, but LoanConnect will provide you with all the necessary information.

Personal Loans Features

The personal loans details with the latest LoanConnect interest rates are:

• The minimum loan amount that you can borrow is $500, and the maximum is $50,000.
• APR is between 6.99% and 46.96%.
• Weekly, bi-weekly, or monthly payments depend on the lender you choose.
• Loan term ranges from 3 to 120 months
• Fees and Penalties: Origination fee, prepayment penalty, late payment penalty, returned payment fee all depend on the lender you end up choosing.
• LoanConnect provides secured and unsecured loans.
• Automatic withdrawal of funds is available with some lenders.
• All details of the loans are explained in the fine print of the lender, so make sure you read it carefully before you commit to the loan.
• You can get pre-approved in just 5 minutes, but the actual approval will depend on the lender.
• Typical funding time is 48 hours after you are approved.

Loan Eligibility Criteria

If you want to get pre-approved for a loan, you have to meet the following LoanConnect loan requirements:

• Over 18 or the age of majority in your province
• Canadian resident 
• Minimum credit score, minimum length of credit history, and income threshold are not required
• Current total debt not more than 60% of your income

How to Apply for a Personal Loan with LoanConnect 

Step 1: 

Click on the red “Apply Now” button in the right upper-right hand corner of the website www.loanconnect.ca. 

Step 2: 

You will be taken to a page where you need to fill out the following details: Loan Amount, Loan Purpose (Debt Consolidation, Pay off Credit Cards, Home Improvement, Purchase an Item, Grow Your Business, Cover Medical Expenses, Pay for a Wedding, Buy a Car, Take a Vacation, Bills and Expenses, Rebuild Your Credit, Other). 

Next, you should provide your personal information: First Name, Last Name, Email, Date of Birth, Phone Number, Street Address, Unit, City, Province, Postal Code, Whether you have been living at your current address for less than three years, Employment Status, Annual Income, Citizenship Status, and Housing Status.

Also, you need to give consent in order for your information to be used, accepting all the terms and conditions of LoanConnect.

Step 3: 

After you click accept and go on with the application, you will need to fill in the following steps: Housing costs, Other expenses, Credit score (Excellent 724+; Good 660-724; Fair 560-659; Poor 300-559). Once you fill them all out, you need to click on “Find a loan.”

Step 4: 

If they match you with a lender, you will get an offer. If that’s not the case, you should email the support team at [email protected].

Pros & Cons

Loan Connect Credit Reviews: Privacy & Security Policy

LoanConnect and Asset Direct Canada provide a search engine for tailored loans to customers. Therefore, users looking for finance goods and services can get the loans they need from this lender.

The personal information that LoanConnect will take from users includes: 

• Personal contact information such as Name, Address, Title, Phone Number, and Email Address
• Information verification such as date of birth, social insurance number, and credit rating
• Financial information such as housing status, total yearly income, total monthly debt payment, and employment status 
• Loan amount and purpose

LoanConnect uses your personal information in order to:

• Contact and communicate with you 
• Better understand your needs, preferences, and interests 
• To address customer service matters 
• To protect the customer orders from frauds 

Nevertheless, all the information that LoanConnect takes from users is with user consent. 

LoanConnect User Reviews & Feedback

We went through the most common LoanConnect reviews and complaints, and here’s what we found:

• On Trustspot, LoanConnect has an average of 4.8-star rating out of 145 reviews. 9 out of 10 people will recommend this lender’s services. 
• On HowToSaveMoney, LoanConnect has a rating of 3.9 stars.
• On MoneyUnder30, the user reviews are giving LoanConnect a 6.5-star rating out of 10. 

LoanConnect Alternatives

According to the latest LoanConnect personal loan reviews, some of the credit lenders that can easily replace LoanConnect are the following:

Borrowell is a loan lender founded in 2014 and the first service that offers Canadians the chance to have free access to their credit scores. Some of the services that Borrowell offers are loans, credit cards, insurance, mortgages, investing, and banking products. 

Mogo is a fintech company providing users with free credit reports, personal loans, identity fraud protection, a prepaid Visa debit card, mortgages, and bitcoin exchange. 

Credit Karma is a US company that extended to Canada in 2016. It offers services to residents of Alberta, Manitoba, British Columbia, Ontario, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland and Labrador, and Saskatchewan. 

Wrap Up

LoanConnect functions as a search engine for different loan lenders that will fit your needs. They are accredited by the Better Business Bureau and have an A+ rating, which makes them a primary choice for many customers. 

Users mostly choose LoanConnect because it requires no minimum credit score while offering multiple types of loans. LoanConnect reviews reveal the lender has a high rating high levels of customer satisfaction.