LM Credit: Overview
LM Credit is a lender in Mississauga that has been in business since 2016. They’re a loan company that specializes in providing individuals with unsecured personal loans that will help them build their credit and get their finances back on track. What makes it different from most lenders is that they will negotiate directly with your creditors or your bank to help you build your credit faster.
Whether you need some funding to consolidate your debts, pay for repairs or cover some expenses, LM Credit will get you the funds you need quickly. LM Credit is a great credit source for low-credit individuals as they base their approvals on more than just your credit score and income.
Is LM Credit Legit?
Yes, LM Credit Inc. is a legit lender in Canada, that has been in business for 10+ years. They’re available across Canada, except Quebec, and hold the required licensing in the provinces they operate in. On Google, reviewers give LM Credit 3.7 out of 5 across 53 reviews, which is respectable. That said, the Better Business Bureau gives them an F rating, with 17 complaints logged in the last three years.
Are You The Right Borrower For LM Credit?
If you’ve been rejected in the past for bad credit, and need a loan to help you get your finances back on track, LM Credit can be a good option. LM Credit can be a good fit if:
- Your Bank Says No – If you’ve been rejected by your bank, but need a decent sized loan to consolidate, LM Credit can help. Whether you’ve been bankrupt, have bad credit or are on benefits, LM Credit works hard to get you approved.
- You Need A Large Loan – If you have bad credit, getting a large loan can be difficult, but LM Credit accepts borrowers with various credit and financial backgrounds. With them, you can get up to $15,000, which is a steep increase from what a payday lender will offer.
- You Want To Build Credit And Lower Your Payments – LM Credit not only works hard to get you approved, but they negotiate directly with your creditors to bring down your payment and help you rebuild your credit. Plus, they report your loan payments to the credit bureaus, helping you to build a good payment history.
What We Verified
Before we write about a lender, we run it through the same set of checks, so you can see the basics without having to dig through a company’s website yourself.
What We Verified
Last checked 9 Oct 2026What They Offer
LM Credit offers unsecured personal loans from $500 to $15,000, with rates starting as low as 10.99%. Plus they offer flexible terms between 9 to 60 months, available in every province and territory except Quebec.
Unsecured Personal Loan
An unsecured personal loan. No car, no home, no co-signer required.
Loan Features
- Unsecured – LM Credit loans are unsecured, meaning no asset is required for approval.
- Personal Process – LM Credit works with you to provide a tailored loan that meets your needs. As such, they like to talk to you on the phone to complete the application process with them.
- Payments Are Reported – At LM Credit, payments are reported to both credit bureaus, Equifax and TransUnion.
- Approval Speed – As mentioned, LM Credit likes to complete the loan application over the phone, so approvals depend on how long it takes to get you on the phone. Typically, they get you approved within 2 business days and sometimes as fast as 30 minutes.
- Flexible Payments – Terms can stretch up to 60 months. A $5,000 loan over 60 months gives you a far smaller monthly payment than the same loan over 12 months. While you may pay more interest for the breathing room, it makes payments much more manageable.
- Same Day Funding – Approved applications will have funds deposited the same day rather than the next business day.
Loan Protection
You can add optional loan insurance to protect you in case of job loss, injury, illness, and if you pass away. The optional Loan Protection Plan is a Credit Group Insurance Plan underwritten by Canadian Premier Life and Canadian Premier General Insurance and offers the following:
- If you are laid off, your payments are covered up to 6 months*
- If you are injured or ill, your payments are covered up to 6 months*
- If you suffer a critical illness or pass away, you will receive full payment of your outstanding principal balance*
*Limitations and exclusions apply for all coverage types.
How Fast You Get Your Money
| Stage | How long it takes |
|---|---|
| Filling in the application | Minutes, online |
| Decision | Within 2 business days, sometimes as fast as 30 minutes |
| Getting the money | Same day, once approved |
| How it arrives | Direct deposit |
Are You Eligible?
There is no published minimum credit score or income to measure yourself against. However, LM Credit does publish the document list required for applying.
| What you need to provide | Why they want it |
|---|---|
| Government issued photo identification | To confirm you are who you say you are |
| Proof of income, such as pay stubs | To see what is coming in and how reliably |
| Three months of bank statements | The real test. This shows your spending, your other debts and any returned payments |
| Proof of address | To confirm where you live and which province’s rules apply |
| A void cheque or pre-authorised debit form | So payments can be withdrawn automatically |
How To Apply
What An LM Credit Loan Costs
LM Credit offers rates starting at 10.99%.
| You borrow | Over | Interest at 10.99% | Roughly what you repay |
|---|---|---|---|
| $2,000 | 24 months | About $237 | About $2,237 |
| $5,000 | 36 months | About $892 | About $5,892 |
| $10,000 | 48 months | About $2,404 | About $12,404 |
| $15,000 | 60 months | About $4,564 | About $19,564 |
These numbers are for illustrative purposes only. Actual numbers and rates may vary.
Are There Any Fees For Late Payment?
LM Credit does not publish a late fee amount. Their FAQ says that if you miss a payment or are late, they will work with you to create a plan that avoids any penalties. So if you know a payment will not clear, call them before the date rather than after it.
Are There Any Fees For Paying Your Loan Off Early?
No. You can pay your loan out at any time during the term, with no penalty for doing so.
Is LM Credit Licensed?
Yes, LM Credit is licensed in the provinces it is required. Currently, it’s licensed in Alberta, British Columbia, Saskatchewan, Manitoba, Nova Scotia and Prince Edward Island. It is not licensed in Ontario, New Brunswick, Newfoundland and Labrador or the territories, since no law requires it to be. Instead, they simply must obey the laws, including the federal 35% rate cap.
For example, Ontario licenses payday lenders and mortgage brokers rather than installment lenders, so there is no certificate to issue. What governs an Ontario lender instead is the Consumer Protection Act, which requires the full cost of credit in writing before you sign, and the federal 35% cap that applies across the country.
| Province | Rate cap | What LM Credit holds | Regulator | Status |
|---|---|---|---|---|
| Alberta | 35% APR | High Cost Credit licence 349200, valid to 28 February 2027 | Service Alberta, Consumer Protection Act | Verified |
| British Columbia | 35% APR | High Cost Credit Grantor licence 84359 | Consumer Protection BC, BPCPA Part 6.1 | Verified |
| Saskatchewan | 35% APR | Continuous licence 316922 as a financing corporation, held since 2019 | Financial and Consumer Affairs Authority | Verified |
| Prince Edward Island | 35% APR | Certificate of Registration 155351, nature of business recorded as high-cost lending | Consumer Services PEI | Verified |
| Nova Scotia | 35% APR | Listed as a Lender Extending Credit on the provincial register | Service Nova Scotia | Verified |
| Manitoba | 35% APR | Certificate published on their site. The scan carries no readable number | Consumer Protection Office, Manitoba | Verified |
| Ontario | 35% APR | No certificate. Ontario licenses payday lenders, not installment lenders | Consumer Protection Ontario | Not required |
| New Brunswick | 35% APR | No certificate. No separate high-cost credit licensing band | Financial and Consumer Services Commission | Not required |
| Newfoundland and Labrador | 35% APR | No certificate published | Digital Government and Service NL | Not required |
This is why the certificates do not all look alike. Alberta and British Columbia issue a specific high-cost credit licence, so that is what LM Credit holds there. Saskatchewan licenses it as a financing corporation instead, Nova Scotia lists it on a register of lenders extending credit, and Prince Edward Island registers it as an out of province corporation. Different paperwork, same company.
LM Credit Pros
- Less Risk – Oftentimes, borrowers with bad credit will need to offer their car or house as security to get a large loan. However, at LM Credit, that is not required.
- Licences Are Displayed – LM Credit makes their licences easily located and published as PDFs, with numbers and expiry dates.
- Up To $15,000 Unsecured – Enough to consolidate real debt, with nothing pledged against it.
- Cheaper Than A Payday Lender – While LM Credit interest can be high, it can still be a cheaper option than a payday loan.
- Build Credit – On time payments can help build your credit history.
LM Credit Cons
- Documents, Not Just A Form – Compared to payday lenders and some other online lenders, LM Credit has a longer and more rigorous application process.
- High Cost – While starting rates are low, rates can still go as high as 34.99%.
How LM Credit Compares
| LM Credit | Spring Financial | Fairstone | |
|---|---|---|---|
| Loan amount | $500 to $15,000 | Up to $35,000 | Up to $50,000 |
| Term | 9 to 60 months | 6 to 84 months | 6 to 120 months |
| Rate | 10.99% to 34.99% | 9.99% to 34.95% | 19.99% to 34.99% |
| Funding | As soon as the same day | Same day | Varies |
| Security | Unsecured | Unsecured | Secured and unsecured |
Before You Borrow, Try These
Depending on what you need the money for, one of these may suit you better.
A Line Of Credit
A fixed loan hands you the whole amount on day one and charges interest on all of it from that moment, whether you spend it this week or in six months. A line of credit works the other way. You are approved for a limit, you draw what you need, and you pay interest only on the part you have actually used.
So if the car repair might be $900 or might be $2,200, a $2,200 loan costs you interest on the full $2,200 either way. A line of credit lets you take the $900 and leave the rest alone.
Rates are usually lower too, often in the single digits to high teens at a bank or credit union against 10.99% to 34.99% here. The trade off is the bar. You will face a credit check and a few days of waiting, and if a bank has already turned you down, a line of credit from the same bank is unlikely to go any better. Worth one phone call before you commit to a fixed term, and worth setting up for next time even if you borrow here today.
Check Out Your City Services
If what is driving this is arrears rather than a purchase, rent you are behind on, a disconnection notice, a bill that has gone to collections, there may be money available that you do not repay at all.
211.ca maps it. Put in your postal code and it returns the community and government programmes near you that deal with exactly these situations, free and confidentially. It is worth the delay. Clearing arrears with a grant beats clearing them with a five year loan, and it does not leave you with a payment to make every month afterwards.
How We Reviewed LM Credit
This review draws on the information LM Credit publishes about itself, including the licence certificates on its own site, together with publicly available sources such as Nova Scotia’s register of licensed lenders. Every lender in our directory goes through the same eleven point verification check, and you can read about how that works on our review methodology page.
