Thousands of consumers all across Canada use Loans Canada to help them compare and review different lenders and financial service providers. As such, we strive to provide accurate and unbiased information on all the reviews featured on Loans Canada.
Loans Canada Review Methodology
Every lender in the Loans Canada directory goes through the same 11 checks. Every check verifies one piece of information about the company, from where it is licensed and how long it has been in business, to what it tells you about cost before you apply and how you can reach it for help.
Together they give you a clear, dated picture of who you would be borrowing from, verified against public sources. Review the full list below to learn what each check means.
What Each Check Means
| Check | What it tells you |
|---|---|
| Licensed | Whether the lender is licensed in every province it operates in |
| In business since | The year the company was established |
| Presence | Whether the lender is online only, or also has a location you can walk into |
| BBB accredited | Whether the business holds Better Business Bureau accreditation, and its letter rating |
| CLA certified | Whether the lender appears in the Canadian Lenders Association certified lender directory |
| Trustpilot | The score and the number of reviews together, so you can see how much the score is built on |
| Social media | Which social media accounts the lender has |
| Total costs disclosed | Whether you can find out what borrowing will cost you before you apply |
| Customer support | The ways you can reach a person for help |
| Privacy policy | Whether a privacy policy is published and easy to find |
| Loans Canada Trust Seal | Whether the lender meets the criteria for our Trust Seal, listed below |
Note: Lenders cannot buy a check mark. Every result comes from a public source.
How We Verify Each Check
Licensed
A yes means the lender is licensed in every province where it operates and where a licence is required. We search each province’s public registry under the lender’s name.
The check clears only when the lender appears on the registry for every province it claims to serve and where a licence is required.
A licence is not required everywhere. Some lenders can operate legally in a province without one, because provincial law does not require a licence for that type of lending. In Ontario, for example, private lenders other than payday and mortgage lenders do not need a licence, but they must still follow the Consumer Protection Act.
Years In Business
Using public sources, we verify the year the company started operating, so you can see how long the lender has been serving Canadians.
Presence: Online Only Or Physical Locations
This check tells you whether you can apply online, in person at a branch, or both. We determine it by checking whether the company has physical branches you can walk into.
Neither answer is better than the other, it comes down to how you prefer to borrow.
BBB Accredited
This check tells you whether the lender is accredited with the Better Business Bureau, along with the letter rating the BBB has assigned it. We determine it by looking the company up on the BBB’s own website.
Accreditation is a paid membership, which is worth knowing when you read the profile. A lender that is not accredited is not a bad lender. What accreditation does signal is that the business applied, met the BBB’s standards for trust, and agreed to respond to complaints filed through it.
The letter rating is the more useful half, since it reflects how the business actually handles those complaints. A lender can hold an A+ without being accredited at all.
CLA Certified
We check the Canadian Lenders Association certified lender directory to see whether the lender is listed. In the CLA’s own words, certified organizations “meet rigorous standards for regulatory compliance and industry best practices.”
The CLA is an industry association, and certification comes with paid membership, so it tells you a lender has chosen to join and to meet the association’s standards. It is not a regulator, and not appearing on the list is not a mark against anyone.
Trustpilot
We record the score and the number of reviews, on the date we checked, and we always publish them together. A 4.9 built on twelve reviews and a 4.9 built on forty thousand are very different things, and you cannot tell them apart from the score alone.
Social Media
We check which social media accounts the lender has, whether that is Facebook, Instagram, X, LinkedIn, YouTube or TikTok. We take the channels listed on the lender’s own website and confirm each one exists and belongs to the company.
Total Costs Disclosed
We check whether you can find out what borrowing will cost you on the lender’s own website, without submitting an application. That might be an interest rate, an APR, a cost per $100 borrowed, or a worked example showing total repayment.
Customer Support
We check the ways you can reach a person for customer support, whether that is by phone, email, live chat, in a branch, or through an in-app message.
Privacy Policy
We check whether the lender publishes a privacy policy you can easily find and read, setting out how your information is used and stored. We confirm the policy exists and that it is reachable from the lender’s own website without an account.
Loans Canada Trust Seal
This check is for lenders who have received the Loans Canada Trust Seal. The seal is awarded to lenders and other financial service providers that have earned our trust and have demonstrated certain qualities.
The financial service providers with the Loans Canada Trust Seal show:
- Strong security. They have taken serious measures to protect consumer data. For example, we look at how your information is protected, including 128-bit or 256-bit encryption.
- Good customer service. They provide easy ways for customers to reach their support teams. For example, we look at the channels that reach a person: phone, email, live chat or a help centre.
- Transparent fees. Their fees are easily accessible and understandable. For example, we look at whether costs are explained, and how easily you find them before applying.
- Responsible lending practices. They are fully compliant with lending laws. For example, we look at licensing, years in business and BBB accreditation.
- An established reputation. They are well established in the alternative lending industry.
Loans Canada Trust Seal
How Often We Verify These Checks
We do our utmost to keep the information updated. Every block shows the date it was last checked.
If You Think We Got Something Wrong
Whether you are a borrower or a lender, if you see a mistake, email us and we will look into it. It helps if you can tell us what the correct information is and where we can confirm it. We will check the source and correct the block if it is wrong, then re-date it
Common Questions
Do fewer checks mean a lender is risky?
Where does the information come from?
Who runs these checks?
Examples Of Sources We Use
- Better Business Bureau. (2026). BBB business profiles. https://www.bbb.org/
- Consumer Protection BC. (2026). Check a licence. https://www.consumerprotectionbc.ca/check-a-licence/
- Government of Ontario. (2026). Search for a business licence, registration or appointment. https://www.ontario.ca/page/search-business-licence-registration-or-appointment
- Trustpilot. (2026). Business reviews. https://ca.trustpilot.com/
- Canadian Lenders Association. (2026). Certified lender directory. https://www.canadianlenders.org/
Disclaimer: All data collected is gathered through publicly available information and user reviews. All information is subject to change at the lender or service provider’s discretion.
