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Find A LenderLendCare: Overview
LendCare has been in the financing industry since 2004 and has partnered with multiple businesses across Canada to provide affordable financing options. Today, the company offers both business and consumer financing solutions to cover a variety of financial needs, including point-of-sale financing and flexible consumer loans.
Our Verdict
| Who is LendCare best for? | Best for consumers who: -Have bad credit -Need flexible payment options -Are looking for quick loan approvals |
| What we like about LendCare | -Bad credit accepted -Loan pre-approvals -Flexible loan solutions -Over 2,400 car dealership partners across Canada |
| What we don’t like about LendCare | -Works only with specific merchants |
What Does LendCare Offer?
LendCare offers several financing solutions for both businesses and consumers alike:
Auto Loans
Whether you want to buy a new or used vehicle, LendCare has a financing option to cover either purchase. Apply online and find out how much car you can finance. No hard credit checks are required for pre-approvals.
Simply take a few minutes to fill out the online application and get an instant response. Once pre-approved, visit one of the 2,400 car dealerships Lendcare is partnered with to shop and make your car purchase.
Auto Loan Features
- Pre-Approved Financing: By getting pre-approved for a car loan, you can shop for a vehicle knowing how much you can afford, saving you time and unexpected issues.
- Loan Amounts: Get up to $50,000 in auto financing to cover your vehicle purchase.
- Auto Lender Partners: LendCare is partnered with over 2,400 car lenders across Canada.
- Flexible Payment Terms: Choose from a variety of terms that suit your budget and needs.
- No Early Repayment Penalties: Pay off your car loan at any time without incurring additional early prepayment penalty fees.
Auto Repair Loans
Car issues can creep up at any time, including when finances are tight. If your vehicle requires expensive repairs, LendCare’s auto repair loans can help.
Use the money from your auto repair loan to cover a variety of purposes, including mechanical maintenance, seasonal tire installation, and even engine trouble. Do note that collision or cosmetic repairs are not covered.
Once you’re approved, LendCare will disperse the loan funds directly to the auto repair shop to cover the cost of work completed.
Healthcare Expense Installment Loan
Provincial healthcare plans cover emergency and routine medical care, but not every type of health-related issue is necessarily covered. Vision care and rehabilitative care are not typically covered under government plans.
If you don’t have your own insurance plan and lack the funds needed to cover health care outside your provincial healthcare plan, a healthcare loan from LendCare may help. Loan amounts range from $500 to $15,000, amortization period options range from 12 to 60 months, and interest rates between 9.9% to 29.9%. Amortizations and interest rates depend on your current financial state.
Business Financing
If you’re a business owner in need of extra funds to expand or have specific financing needs within your operations, you may qualify for business point-of-sale financing from LendCare. Their online financing process allows your customers to cover the full cost of their products or services upfront, while spreading out the cost over time and making regular installment payments.
With this type of financing, you get paid for your product or service in full, and your customers pay LendCare over time.
LendCare partners with multiple businesses in several industries, including:
- Automotive
- Healthcare
- Powersports
- Home Improvement
- Retail
Qualifying With LendCare
LendCare’s eligibility criteria are relatively simple.
- Personal Information: You’ll need to provide information about yourself, including your full name, contact information, and consent to run a credit check, if required.
- Credit Score: LendCare works with consumers and businesses of all credit profiles. So, you may not need good credit to qualify.
- Income: LendCare may require information about your income when assessing your loan application.
- Vehicle Information: If you’re applying for an auto loan, you’ll need to provide information about the car you’re buying and financing, including the make, model, and year.
How To Apply With LendCare
To apply for a loan with LendCare, follow these steps:
Step 1: Fill Out The Application Form
Complete the application form online, which only takes a few minutes. Your credit score won’t be affected, as only a soft credit check is conducted as part of the pre-approval process.
Depending on the loan type you apply for, you may be required to provide loan-specific documents and information. For instance, car loans will require that you provide information about the vehicle you’re purchasing. Business loans may require information about the type of industry you’re in and how long you’ve been in operation.
Step 2: Get A Quick Decision
LendCare will provide you with a quick decision once you submit your loan application. Armed with a pre-approval, you’ll know how much of a loan you can secure. If you’re using the funds to buy a car, pay for car repairs, or cover an expensive medical procedure, you’ll know what you can afford before you commit to a transaction.
Step 3: Use Your Borrowed Funds
Once you get approved for financing, you can use the borrowed funds as necessary, whether it’s to buy a car, cover vehicle repairs, pay for healthcare expenses, or provide your customers with a point-of-sale financing option.
What We Like About LendCare
LendCare’s financing solutions offer several perks to both consumers and businesses alike:
- Lower Credit Score Requirements: Unlike banks and other traditional financial institutions, LendCare works with consumers with all types of credit profiles. Those with low and high credit are eligible for financing with LendCare.
- Loan Pre-Approval: Get pre-approved for a loan within seconds with no effect on your credit score. Armed with this information, you’ll have a better understanding of what you can get approved for before committing to a purchase or transaction.
- Thousands Of Car Dealership Partners: If you’re in the market for a car loan, LendCare works with over 2,400 dealerships across Canada to make auto financing highly accessible.
- Flexible Solutions: LendCare understands that everyone’s financial situation is not the same. That’s why they provide flexible and customizable financing solutions that work with you.
What We Think You Should Watch Out For
Along with the benefits of LendCare come a couple of potential drawbacks to consider:
- Specific To Merchant Partners: Customers can only access LendCare point-of-sale financing if the merchant is a LendCare partner. This limits where their services may be compared to a regular personal loan from other lenders.
- High Interest Rates: Rates can be pretty high depending on your financial profile.
Is LendCare Safe?
Yes, LendCare is considered a safe financial services provider. They’ve been in operation since 2004 and have since grown significantly and developed partnerships with thousands of businesses and served tens of thousands of clients.
LendCare is also a subsidiary of goeasy Ltd., a publicly traded and well-established consumer lender in Canada, which provides LendCare with additional credibility. Under the goeasy policy, the company details measures taken to ensure privacy of information, data management, and security safeguards, including safe online portals and encryption.
What Do Consumers Think Of LendCare?
It’s helpful to see what others have to say about lenders before applying. So, what do consumers think of LendCare?
| Better Business Bureau (BBB) | Accredited B+ rating |
| Google Rating | 2.7/5 stars 2,165 reviews |
| Trustpilot Rating | 1.2/5 stars |
| Social Media Presence | Instagram: 688 followers Facebook: 533 followers LinkedIn: 6K followers |
| Physical Location | Head Office: 1315 Pickering Parkway, 4th Floor Pickering, ON Quebec Office: 900 Boul. de Maisonneuve Ouest, Suite #1910, Montréal, QC |
Final Thoughts
LendCare makes a great option if you’re looking to finance a car, vehicle repairs, or healthcare procedures. It can also help boost sales by providing you with a point-of-sale option to your customers to spread out the cost of their transactions. Plus, LendCare works with all credit scores and provides instant pre-approvals to help you quickly find out what you can afford in a loan.
