Lenditt: Overview
Lenditt is a fintech firm based out of Orleans, ON, which specializes in instant payday loans of up to $1,500. The entire application process takes place online and is 100% paperless. With no hidden fees, easy approval, and funding accessible within minutes, Lenditt may be suitable for those who are in need of a quick cash fix before their next payday.
Our Verdict
| Who is Lenditt best for? | Best suited for consumers who: - Have limited to moderate credit - Need a quick cash fix - Only require a small loan to help bridge the gap between paycheques |
| What we like about Lenditt | - Fast Funding - Easy Application - Process - No Collateral Required |
| What we don’t like about Lenditt | - Only Available In Ontario - High Interest Rates - Small Loan Amounts |
What Does Lenditt Offer?
Lenditt provides small instant payday loans to residents of Ontario. You can use the funds to cover a last-minute expense to tie you over until your next payday.
| Loan Amounts | $250 - $1,500 |
| Loan Terms | Repayment is due by the next payday (up to 62 days) |
| Interest Rate | $14 for every $100 borrowed (Get 50%* off the cost of borrowing based on your credit score) |
| Funding Time | Within 15 minutes to 3 hours |
| Funding Method | e-transfer |
| Availability | Ontario |
Qualifying With Lenditt
Securing an instant loan with Lenditt is relatively easy. To qualify, you’ll need the following:
- Be between 21 and 64 years of age
- Be employed and show 3 months of employment history through bank statements
- Have valid photo ID
- Have a chequing or savings account
Documents Required
To support the information you provide to Lenditt, you’ll need to provide the following documents:
- Valid photo ID (ie. driver’s license, passport, or health card)
- Selfie for photo proof
- Proof of income (ie. bank statements or paystubs)
How To Apply With Lenditt
To apply for an instant loan from Lenditt, follow these steps:
- Step 1: Download The Lenditt App And Create An Account. You can get the Lenditt app either through Google Play or the App Store. Then, create an account and sign up to get the process started. You’ll need to provide your phone and email address and verify them to complete this process.
- Step 2: Check Your Eligibility. Make sure you can qualify for a Lenditt loan by providing your personal and financial information.
- Step 3: Enter Your Banking Information. Enter your banking information, which is required to have your funds deposited.
- Step 4: Choose Your Loan Offer. Select the best loan offer for your needs.
- Step 5: Upload Your Photo ID. To verify your identity, you'll need to provide a government-issued ID, such as a passport or driver's license.
- Step 6: Get Funded. Once approved, you’ll receive an e-transfer with your funds within 15 minutes to 3 hours.
What We Like About Lenditt
Lenditt offers several perks, including the following:
- Fast Funding. Once you're approved, your loan funds will be accessible within minutes in your bank account.
- Easy Application. It’s quick and easy to apply for a loan with Lenditt thanks to the mobile app’s user-friendly interface. Plus, there’s no need to collect various paperwork to apply.
- No Collateral Required. You don’t need to back your loan with a valuable asset, and therefore won't be at risk of repossession.
What We Think You Should Watch Out For
Before applying for an instant loan from Lendit, consider the following potential drawbacks:
- Not Available Everywhere. Lenditt only works with borrowers in Ontario.
- Very Expensive. The rate to borrow can be quite high compared to other types of loan products.
- Small Loan Amounts. Lenditt is only appropriate for those who need access to small loan amounts. If you need a few thousand dollars, you'll need to look elsewhere.
- Short Loan Term. You need to repay your loan by your next payday (up to 70 days), which can be difficult if you can't come up with the funds for full repayment.
Is Lenditt Safe?
One way to determine the legitimacy of a lender is whether they're licensed. Lenditt is licensed as a payday lender in Ontario and displays this information clearly on its website, which is a sign that this lender is legitimate. The company also displays their phone number, email address, and physical address in Orleans, ON.
Further, Lenditt utilizes several tools and technologies to ensure robust protection of personal information, according to its Privacy Policy.
What Do Consumers Think Of Lenditt?
Consumers have positive things to say about Lenditt overall, and the company also boasts a growing social media presence:
| Better Business Bureau (BBB) | Not BBB Accredited |
| Trustpilot | 4.4/5 stars |
| App Reviews | Google Play: 3.7/5 stars App Store: 4.1/5 stars |
| Social Media Presence | Facebook: 28 followers Instagram: 97 followers LinkedIn: 108 followers X: 6 followers |
| Physical Location | 5955 Jeanne D'Arc Blvd S Orleans, ON K1C 2N1 |
How Does Lenditt Compare To Wagepay?
Both Lenditt and Wagepay offer quick payday loans to help consumers cover costs when money is short and bridge the financial gap until payday. So, how do these lenders compare to each other?
| Lenditt | Wagepay | |
| Loan Amount | $250 - $1,500 | $100 - $1,500 |
| Interest Rate | $14 per $100 borrowed | - Up to $8 per $100 advanced establishment fee - 24% interest up to 62 days |
| Loan Term | By your next payday (up to 70 days) | By your next payday |
| Funding Time | Within 15 minutes to 3 hours | Within 30 minutes |
| Availability | Ontario | Ontario & BC |
Final Thoughts
An instant loan from Lenditt may be just what you need if you're looking for a quick and accessible solution when facing an urgent financial need. With Lenditt, you can get access to up to $1,500 within minutes of approval, and use the funds to cover all sorts of expenses before your next paycheque. However, keep in mind that Lenditt's loans are only available to those in Ontario, and consider the relatively high fees and short repayment terms that can make these loans expensive and difficult to repay.
