Is bad credit stopping you from getting loan approval from your bank? If you are looking for loans for bad credit, Loanz may provide what you need.
Loanz is an online lender offering instant access to funding you can use for various purposes.
In this Loanz personal loan review, we will take a closer look at Loanz to help you determine if it is right for you.
Key Takeaways
- Loanz is an online lender offering instant access to funding for various purposes.
- It offers loans for bad credit with quick approval and fast release of funds.
- Loan amounts range from $1,000 to $15,000, with loan terms of up to 60 months.
- Interest rates are from 29.9% to 46.9% APR, depending on your credit profile. The higher your credit score, the lower your interest rates.
What is Loanz?
Loanz, or Loanz Canada, Inc., is an online platform that offers personal loans to borrowers with different types of credit.
As we all know, a personal loan is a fixed amount of money you borrow and repay within a determined period.
Loanz provides unsecured personal loans between $1,000 and $15,000. It offers a fast application and approval process. The release of funds is quick as well.
You can use personal loans from Loanz to:
- Pay bills
- Consolidate debts
- Make a big purchase
- Go on vacation
- Pay for unexpected expenses
- Spend for emergencies, etc.
Loanz has an easy application and approval system, which can get you approved for up to $15,000 within three minutes.
Loanz personal loans are available online and offered in the following Canadian provinces and territories:
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
Types of Loans Offered
Loanz offers different types of personal loans to fit various customer needs. These are home improvement loans, car loans, emergency loans, and wedding loans.
Home Improvement Loans
These are unsecured loans that you can use for home improvement and repairs. When the loan is approved, all funds will be available upfront.
Loan amounts range from $1,000 to $15,000 with fixed interest rates and monthly payments for 12 to 60 months.
Car Loans
Car loans from Loanz come with lower interest rates than traditional payday loans. Loanz works with borrowers with different credits to help them get fast loan approval.
Loanz car loan features include flexible loan payments from 12 to 60 months. It also offers the ability to rebuild or build your credit.
There are no hidden fees, no deposit needed, no upfront fees, and no prepayment penalties.
Emergency Loans
Emergency loans are unsecured personal loans that you can use for different purposes.
Borrowers take out emergency loans for unexpected repairs, debt consolidation, or to tide them over till the next paycheck.
Loans range from $1,000 to $15,000 with fixed interest rates and affordable monthly payments.
Wedding Loans
Wedding loans from Loanz are for couples who need financial help for their big event. Loanz offers wedding loans to borrowers regardless of their credit.
When you apply for a wedding loan, you get a complete loan quote, receive the funds to pay for your wedding, and pay it back with a fixed monthly payment.
You can also use Loanz wedding loans for last-minute wedding expenses, upfront deposits, and to pay off your credit cards.
Loanz Interest Rates
- Loanz interest rates: 29.9% to 46.9% APR
- Loan terms: 12 to 60 months
- Loan amounts: $300 to $15,000
- Funding time: In as little as 15 minutes
The interest rates that Loanz provides to borrowers are influenced by borrower credit history and risk factors.
The general rule is that the higher your credit score, the lower your interest rates.
Borrowers with bad credit often have higher interest rates since lenders view them as high-risk clients due to their credit history.
How to Apply For a Loan From Loanz
Applying for a personal loan at Loanz is simple with these few steps:
- Go to the Loanz Canada website.
- Click the “Apply Now” button.
- Fill out the form and provide the details necessary for your loan request.
- Confirm the details and click “Submit.”
- Wait for Loanz to send you an offer, which will contain the loan amount, terms, and interest rate.
- Review the document and sign it if you agree to it.
- Receive your funds in as little as 15 minutes.
If you want a faster verification of your income and loan eligibility, provide your banking information.
This may take time since a Loanz agent will manually review the documents you presented.
To be eligible to apply for a Loanz personal loan, you must meet the following requirements:
- A Canadian resident
- Be over 18 years old (province-dependent)
- A valid phone number, mailing address, and email address
- Have a chequing account
- Have a steady source of income
- Not in collections
- Not in bankruptcy
- A minimum of 570 credit score
You also need to submit the following documents:
- Government-issued ID such as a driver’s licence or passport
- Valid Canadian ID as proof of identity, address, and phone number
- Proof of income
- Proof of employment status
- Bank account details
Funding can be released and deposited in your bank account in as little as 15 minutes, depending on your chosen funding option.
Interest rates and payments will remain the same until you complete your loan payments.
Pros and Cons of Loanz
In this section, we lay out the pros and cons to help you decide whether a Loanz personal loan is right for you.
We will provide the different reasons why we like Loanz and the disadvantages of taking out a loan from this lender.
Pros:
- Accepts any credit
- Easy application
- Instant approvals
- Fast funding release
- Flexible loan terms
- Unsecured loans
- No collateral required
- Rebuilds your credit by reporting your payments to credit agencies
Cons:
- Interest rates can be high, depending on your financial profile
- Credit check to confirm financial situation and eligibility
- Missed loan payments may result in charges for nonsufficient funds
Is Loanz Legit?
We are certain that Loanz is a legit company. It was established in 2015 by Consumer Genius Inc., a fintech company that provides personal loan solutions in the US and Australia.
One of the largest personal loan platforms in Canada, Loanz reported having over 50,000 personal loan applications per month (as of August 2022).
Below are the Loanz phone number and the company’s physical address:
855 2 St SW
Calgary, Alberta
T2P 4J9
We checked online for Loanz reviews and found that many customers rank the lender highly and “would definitely recommend” it.
“Good customer service” and “great service rendered” are among the most cited reasons for the satisfactory ratings given to Loanz.
Loanz Alternatives
Besides Loanz, other lenders operate more or less in the same manner as Loanz.
These are Loans Canada, Spring Financial, and LoanConnect. Like Loanz, they operate online and offer bad credit loans to borrowers with low credit scores.
We suggest doing a thorough comparison to help you determine what will best suit your personal loan needs.
Loanz vs Loans Canada
Loans Canada is a loan search platform and comparison website that helps borrowers of all credit scores to find loan solutions by matching them with lenders.
Compared with Loanz, Loans Canada offers higher loan amounts, up to $50,000. The interest rates at Loans Canada are also lower, starting from 2.00%.
Loans Canada personal loan features:
- Loan amount: Up to $50,000
- Term: 3 – 60 months
- Interest rates: 2.00% – 46.96%
Loanz vs LoanConnect
LoanConnect is an online search engine that connects lenders with borrowers looking for loan solutions.
Unlike Loanz, which offers only unsecured loans, LoanConnect offers both unsecured and secured personal loans, with loan amounts of up to $50,000.
Funding time at LoanConnect is 48 hours compared with Loanz, which can be as soon as 15 minutes.
LoanConnect personal loan features:
- Loan amount: $100 – $50,000
- Rate: 5.99% – 46.96%
- APR: 6.99% – 46.96%
- Term: 3 – 120 months
Here’s a detailed review of LoanConnect.
Loanz vs Spring Financial
Spring Financial is an online lender that offers personal loans with amounts of up to $35,000.
In comparison, Loanz has a lower maximum amount than Spring Financial, but their rates are nearly similar.
And like with Loanz, personal loans from Spring Financial can be used to pay bills or consolidate debt.
Spring Financial personal loan features include:
- Loan amount: Up to $35,000
- Loan terms: 9 – 60 months
- Interest rates: Up to 46.99%
FAQs
The Loanz interest rate for personal loans is 29.9% to 46.9% APR. The interest rate will depend on the loan amount, loan term, and credit profile. If you have good credit, you will get lower interest rates.
Loan companies may check your bank account to determine if you have the financial capability to take on more debt. Credit reports only show open and closed credit accounts and loans, and payment history.
It is typical for lenders to approve personal loans for borrowers with credit scores of 600 or above since they are the lower-risk types. Many lenders cater to borrowers with scores lower than 600 but would apply higher interest rates on their loans.
Payday loans and car title loans are two of the easiest to get approval for because they require collateral. Even if you do not have the best credit score, it is easy to qualify for these loans because of the collateral, which reduces the risk for the lender.
Related: Best Low Interest Personal Loans.
