The Government of Canada has increased the wage subsidy from 10% to 75% in an effort to financially support businesses affected by COVID-19.
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
Personal Line of Credit
Up to $15,000
In as little as 15 minutes with Interac e-Transfer
Interac e-Transfer (up to $10,000) Direct deposit
Canadian citizen Between the ages of 18 and 70 Steady income Active bank account Credit check
Requirements / Documents
Valid government-issued ID Proof of income
Is LendDirect legit or a scam? See what others have to say.
Great company, great service! Very happy with them from day one!
This is a trusted service provider in Canada.
Honestly it’s high interest rate but they were fast so I am happy
The provider displayed on this page has not endorsed this listing.
Want to show off your rating on your website? Copy the code below to embed our review widget on your website.