Trust check
Is 514 Loans legit?
514 Loans has been helping customers for several years and publishes their privacy policy. However, they don't have a BBB profile or social media, and they aren't CLA certified.
514 Loans: Overview
514 Loans is a Montreal-based online service that has been helping Canadians since 2017. With one quick online application, 514 Loans can find you an installment loan of $300 to $3,000.
Their goal is to help you get the money you need quickly, with no credit check. A loan from 514 Loans can help you stay on top of rent, an unexpected car repair, credit card bills or utilities, so you can avoid late fees and penalties.
Is 514 Loans Right For You?
514 Loans can be a good fit if:
- Your credit has held you back from other loans. 514 Loans looks at your banking history instead of your credit report, so a low score doesn't stop you from applying, and on-time payments are reported to Equifax and TransUnion to help you rebuild.
- You need a small amount fast and want a few months to repay it. You can borrow $300 to $3,000 and repay it in payments that match your pay schedule, with money often sent the same day you sign.
- You'd rather fill out one application than many. 514 Loans can find you a loan with a single application, and the whole form takes just a few minutes online.
What Does 514 Loans Offer?
514 Loans can find you a short-term installment loan.
Installment Loans
Through 514 Loans, you can apply for an installment loan of $300 to $3,000 and repay it over 90 to 120 days. Your payments are set up automatically to match how often you get paid, whether that's weekly, every two weeks, twice a month or monthly. Your final amount, rate and fees are based on your application and banking history.
If a payment doesn't go through, there's a $50 fee, and your bank may charge its own fee too. If you know ahead of time that a payment will be tight, it's cheaper to reschedule it for $35, so it's best to get in touch before your due date.
| Loan Amount | $300 to $3,000 |
| Interest Rate | 22% to 32% APR |
| Term | 90 to 120 days |
| Funding Time | Often the same day, or within 24 hours, after you sign your loan agreement |
| Funding Method | Deposited into your bank account |
| Repayment | Automatic payments that match your pay schedule: weekly, every two weeks, twice a month or monthly |
| Where To Apply | Online |
| Provinces Available | Across Canada |
Installment Loan: Extra Features
- No Credit Check - 514 Loans checks your income through your bank account instead of pulling your credit report. There's no hard inquiry, so applying doesn't affect your credit score.
- Credit Reporting - Loans are reported to Equifax and TransUnion. Making your payments on time can help you build or rebuild your credit history over the life of your loan.
- Early Repayment - You can pay your loan off early, and because interest is only charged on what you still owe, paying early lowers your cost. Check your loan agreement for any administration fee before you pay it off.
- Payment Rescheduling - If you know a payment will be hard to make, you can move it for a $35 fee. You can't move your first payment or two payments in a row, and you can reschedule up to two payments per loan.
- No Employer Calls - Nobody calls your employer or asks for a reference. Your income is checked through the deposits in your bank account, which keeps things private.
How Fast Can You Get Your Money From 514 Loans?
You can often get your money the same day you sign your loan agreement, although in some cases it can take up to 24 hours. Same-day funding is common, but it isn't promised.
Once your application is approved, you'll be contacted directly with your loan offer. After you sign the electronic loan agreement, the money is deposited into the bank account you used to verify your income. 514 Loans' office is open Monday to Friday, 9 am to 6 pm, but lenders may contact you outside those hours.
Who Qualifies For A Loan Through 514 Loans?
To qualify for a loan through 514 Loans, you'll need a full-time income and an active bank account where your pay is deposited. 514 Loans looks at your overall financial profile, including your income, banking history and existing debts, rather than your credit score.
Requirements
- Be a Canadian citizen
- Be over 18 years old
- Have a Canadian address
- Be employed full-time (self-employed people may qualify if their income can be verified through their bank account)
- Have an active bank account that receives your income
- Not be in a consumer proposal or bankruptcy
Documents Required
You'll only need two documents, plus a quick online bank verification:
- A photo ID, like a driver's licence or passport
- Proof of address, like a utility bill or recent bank statement
Having these ready before you apply can help you get a decision faster.
How To Apply With 514 Loans
Applying through 514 Loans is done online and takes about five minutes. There's no application fee. Here's what to expect:
Step 1: Choose Your Amount And Apply
Pick how much you'd like to borrow and fill out the short online application. You'll share some basic details about yourself, your income and your bank account.
Step 2: Upload Your Documents
Upload your photo ID and proof of address. These help confirm who you are and where you live.
Step 3: Verify Your Bank Account
Complete a quick Internet Banking Verification (IBV) by logging in to your online banking. It's read-only, so nobody can move money from your account, and it lets lenders see your income without asking for pay stubs.
Step 4: Hear From A Lender And Sign
If your application is approved, you'll be contacted directly with an offer. Read the loan agreement carefully, and once you sign it electronically, your money is deposited into your bank account.
How Much Does A Loan Through 514 Loans Cost?
Loans through 514 Loans have an APR of 22% to 32%, depending on your application. Your rate depends on your application, and the borrowing cost includes interest and membership fees.
The only other fees are for payments that don't go through: $50 for a returned payment and $35 to reschedule one. A membership fee also applies while you have a balance, so check every fee in your loan agreement before you sign.
Is 514 Loans Licensed?
514 Loans isn't a lender, so they don't need a lending licence. Instead, they find you a loan that fits your needs.
What Do Customers Say About 514 Loans?
514 Loans has a 1.7 rating on Trustpilot from 29 reviews. While they don't have a Better Business Bureau (BBB) profile and aren't certified by the Canadian Lenders Association (CLA), you can call their team at 1-844-508-2274, Monday to Friday from 9 AM to 6 PM, use the contact form on their website or send them an email if you have questions.
From 29 customer reviews.
514 Loans doesn't have a BBB profile.
Not listed in the CLA's certified lender directory.
Pros And Cons Of 514 Loans
What We Like
- No credit check to apply: 514 Loans looks at your banking history instead of pulling your credit report, so applying won't affect your credit score.
- Payments instead of one lump sum: You repay your loan in smaller payments that line up with your pay schedule, which can make it easier to fit into your budget.
- Money as soon as the same day: Once you sign your loan agreement, same-day funding is common, which helps when a bill can't wait.
- Help building credit: Loans are reported to Equifax and TransUnion, so making your payments on time can help build your credit history.
What To Watch Out For
- Fees vary by lender: While your rate and fees depend on your application, your loan agreement lists every fee before you sign.
- Short repayment period: While 90 to 120 days is a short time to repay, smaller payments spread over a few months can be easier to manage.
How 514 Loans Compares
Comparing 514 Loans, Green Loans and MDG on loan amount, interest rate, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.
| Feature |  514 Loans Personal Loan Learn more |  Green Loans Personal Loan Apply now Learn more |  MDG Cash Installment Loan Apply now Learn more |
|---|---|---|---|
| Loan amount | $300 – $3,000 | $100 – $1,000 | Up to $20,000 |
| Interest rate | 22% - 32% APR | 22% - 35% | 19.8% – 34.99% |
| Term | 90 – 120 days | Depends on loan amount | Up to 36 months |
| Available in | All provinces | All provinces except MB | All provinces |
| Funding time | Often the same day, up to 24 hours after signing | Within 24 hours | 15 – 30 minutes with Instant Transfer Next business day with standard transfer |
| Funding method | Deposit to your bank account |
| Direct deposit |
| Repayment |
|
| Pre-authorized debit agreement |
| Eligibility |
|
| Be a Canadian resident |
| Requirements & documents |
|
|
|
Figures are as listed by each lender and can change. Check the lender's site before you apply.
Final Thoughts
514 Loans can help if you need a small amount quickly and want to repay it in payments instead of all at once, especially if your credit has kept you from other options. Before you sign, read your loan agreement carefully, check the lender's name and make sure you know every fee before you sign.
