LendDirect Reviews, Ratings And Fees March 2023

Based on 6
Customer Reviews
400 Carlingview Drive
Toronto, Ontario
M9W 5X9
  • Monday to Friday 8 am - 11 pm EST
  • Saturday to Sunday  9 am - 5 pm EST

Who Is LendDirect

A LendDirect Line of Credit is an unsecured personal loan product that qualified borrowers can use to access up to $15,000, on an ongoing basis with unlimited, no-fee cash advances. Although their business is primarily based online, they have several physical branches located throughout Southern Ontario and will also accept clients living in Alberta, British Columbia, and Saskatchewan.

If your application is accepted and you request a direct deposit, you can expect to receive your open-ended line of credit within one business day. However, if you apply during their standard Monday to Friday business hours and prefer an Interac e-Transfer, you might be able to collect your funding as little as 15 minutes following approval. The credit limit you’re eligible for will be based on your creditworthiness.

Personal Line of Credit Explained

1. Fill out and submit an application

A LendDirect personal line of credit application can be completed 100% online or at a local branch. When completing the application you will be required to provide income and bank information as well as personal information. 

2. Income verification

You will be asked to submit specific documentation to verify your income before a decision is made.

3. Receive a lending decision

Once your application is complete and all your documentation submitted, you will receive a decision from LendDirect.

4. Receive your money

You can choose to receive your money via direct deposit or Interac e-Transfer® to have access to it within two hours.

5. Start payment schedule

As you make regular on-time payments you can also choose to make larger payments to save on interest. 

6. Withdraw more cash

One of the biggest advantages of the LendDirect personal line of credit is that as you pay off your balance you’ll be able to access more money (up to your credit limit) through cash advances

A Line of Credit For Any Expense

A personal line of credit from LendDirect can be used any way you want to cover any expense you might be facing. Even those that are unexpected like a car repair or a medical emergency.  No matter what your reason is, LendDirect’s personal line of credit can help you reach your financial goals by consolidating your debt, paying for unexpected expenses or covering any large purchases. 

Paying Your Bills

Paying your bills is necessary to keep your finances and thereby life, under control. However, oftentimes, life will throw you hurdles that will make it hard for you to keep up with your expenses. With LendDirect’s personal line of credit, you can manage any hitch that comes your way. 

Consolidate Credit Card Debt

Credit card debt tends to accumulate quickly because it’s so easy to spend more than what you have budgeted for. To help pay down your credit card debt and reach your financial goals, try consolidating your debt with a personal line of credit. This will allow you to turn all of your credit card payments into one singular manageable payment with one interest rate.

Cover Large Expenses

Car repairs, plumbing problems, roof leaks, medical emergencies are all potential reasons you may need a personal line of credit. No matter what the expense is, LendDirect can help you finance it. 

What Does it Take to Qualify With LendDirect?

Luckily, qualifying for a personal line of credit through LendDirect seems fairly straightforward and the whole application process can be completed within a few minutes. If you’re confused about how the procedure works, all you have to do is check out their website, send them an email, or speak to their customer service.  

Otherwise, there are some basic requirements you’ll need to pass in order to qualify with LendDirect, such as:

  • Proof that you’re a Canadian resident between the ages of 18 and 70
  • Proof that you’ve been employed for at least 3 months
  • Proof of your address (must live in AB, BC, ON, SK, NS, PE, NL or NT) 
  • A minimum monthly income of $1,500 
  • An active bank account with direct deposit 

Once you’ve been approved, you will typically receive your loan within the same day, which you can accept via direct deposit or Interac e-Transfer. That said, it may take a bit longer if you apply outside of their designated business hours. From that point on, you will have access to a line of credit with an open-ended repayment term.

How Can Customers Apply With LendDirect? 

As mentioned, prospective clients can apply with LendDirect using their webpage or at one of their branches in Southern Ontario. While it can take a couple hours to process and approve your line of credit when you apply in person, you may get confirmation within 60 minutes if you do it online, which doesn’t require any faxing or phone calls.

If you apply at a LendDirect branch, you may need to provide the following personal and financial documents:

  • Government identification (passport, driver’s license, etc.) 
  • Recent pay stubs or other proof of income
  • Recent bank statements 
  • A pre-authorized debit form or VOID cheque   

Although filling out your LendDirect application is easy enough, it’s important to keep in mind that you will usually be able to access the best approval chances, interest rates, and credit amounts when you apply with a good income and other financial merits.

What Are The Best Features of a LendDirect Line of Credit?

No matter which lender you’re applying with, it’s always smart to speak with a customer service representative and find out everything you can about the products they offer before making your final decision.   

A line of credit from LendDirect offers a wide variety of benefit including but not limited to:

  • Credit amounts of up to $15,000 with minimal approval requirements 
  • Unlimited cash advances up until your approved credit limit (no need to reapply)
  • Courtesy payment extensions (if you have a valid reason for insufficient funds)
  • No fixed payment amounts and interest is only charged on what you borrow
  • You can repay your balances early without being penalized 

LendDirect FAQs

How is LendDirect different from a bank? 

LendDirect is considered an alternative lending institution. They have more relaxed lending criteria making them ideal for consumers who don’t quite make the cut with traditional banks. 

What happens if I miss a payment? 

In general, when you miss a payment your account will be placed in a “past due” balance. You may also be charged a penalty fee or a higher interest rate. Your credit will also be affected, but most lenders won’t report it to the credit bureau until 30 days or more have passed. LendDirect suggests you call them beforehand so that they can help you keep your account in good standing. 

How fast can I get my funds?

At LendDirect, you can receive your funds through e-transfer or direct deposit. If you choose to obtain your funds through direct deposit, it will take 1-2 business days. On the other hand, an e-transfer can have your money ready in as little as 15 minutes.

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Personal Line of Credit

Up to $15,000
Interest Rate
19.99% APR
Term (Months)
Funding Time
In as little as 15 minutes with Interac e-Transfer
Funding Method
Interac e-Transfer (up to $10,000) Direct deposit
Repayment Options
Automatic debit
Canadian citizen Between the ages of 18 and 70 Steady income Active bank account Credit checkValid government-issued ID Proof of income

Reviews & Ratings

See what others have to say about LendDirect

They really help you in times of need. Thank you guys. A special thanks to Karla working at the Brampton location. Great customer service.

- Rosemarie (June 14, 2022)

Fantastic customer service representative at the Brampton location who stayed late after the facility had closed to complete the process of my applica... read more

- Laura Martin (August 13, 2021)

Excellent customer service. 19.99% interest may be high but not as high as other places. Representatives are always friendly and courteous and knowled... read more

- Lori (February 23, 2021)

Great company, great service! Very happy with them from day one!

- Patricia Bartra (November 18, 2019)

Customer service was really great, were really helpful!

- Amelia L. (June 10, 2019)

Honestly it’s high interest rate but they were fast so I am happy

- Michael (June 10, 2019)


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LendDirect Reviews on Loans Canada
Best Personal Loan Provider by Greedy Rates

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