Loanz Reviews, Ratings And Fees January 2022

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ADDRESS
855 2 St SW
Calgary, Alberta
T2P 4J9
BUSINESS HOURS
24/7
WEBSITE
PROVIDER DETAILS

Who Is Loanz

Are you in need of a personal loan but are having difficulties getting approved from your bank because of bad credit? If so, Loanz may be the answer to your borrowing troubles. 

Not only does Loanz make getting approved for a loan easy, but it also provides immediate approvals and makes funds accessible within minutes.

Let’s take a closer look at Loanz to help you decide if this is the right lending platform to apply for your next personal loan.

Who Is Loanz?

Loanz is an online lender that offers personal loans that are approved quickly, with funds being available in as little as 15 minutes. 

The founders of Loanz created the lending platform to provide Canadians with alternative options to get their hands on the cash they need without all the hurdles that often come with traditional loan channels. The Loanz lending process is entirely digital, so Canadians can apply for a loan from their computer or mobile device without having to physically visit a lender. 

Applicants can use the funds from their personal loan for any purpose, including to make a large purchase, cover the cost of an urgent expense, or consolidate debt. 

What Does Loanz Offer?

Loanz offers unsecured personal loans: 

  • Loan amount: $1,000 to $15,000
  • Interest rate: 29.9% to 46.9%
  • Term: 12 months to 5 years
  • Collateral: None required

Advantages Of Working With Loanz

There are a few key reasons why you may want to apply for your next personal loan through Loanz:

  • Fast application process. Unlike traditional loan channels, there’s no need to wait long for your application to be processed or to access your borrowed funds. Instead, you can apply for a loan using the online application form and get quick approval and access to your funds in less than an hour. 
  • Accepts any credit. Conventional lenders typically require that borrowers have a good credit score in order to get approved for a personal loan. With Loanz, any credit score is accepted. This makes this lending platform ideal for those with less-than-stellar credit who are unable to get approved for a loan through banks and credit unions. 
  • Flexible loan terms. You can choose between 12-month to 5-year terms to repay your loan. 
  • Helps build credit. Every timely payment you make toward repaying your personal loan may help boost your credit score. That way you’ll be in a better position to secure other loans in the future at lower interest rates. 
  • Unsecured loans. There’s no need to use any asset of value to collateralize your loan, as personal loans from Loanz are unsecured. 
  • Fast funding. Get access to your borrowed funds in as little as 15 minutes. 

Disadvantages Of Working With Loanz

Along with the benefits of Loanz are a couple of drawbacks to consider as well:

  • No mobile app. You can apply for a personal loan with Loanz using your mobile device, but you’d have to do so using a web browser, as there is currently no mobile app.
  • High APR. Interest rates can be as high as 46.9%, depending on your financial profile, which can make your personal loan very expensive.

Cost Of Borrowing From Loanz

The cost to borrow from Loanz depends on 3 key factors:

  • APR
  • Term
  • Loan amount

Let’s illustrate how much a personal loan could potentially cost you based on specific metrics. Suppose you apply for a $5,000 loan with a 35% interest rate on a 2-year term. Here is what you can expect your loan to look like:

Loan Amount$5,000
Interest rate35%
Term2 years
Monthly payment$292.59
Total paid$7,022.23
Total interest paid$2,022.23

How To Apply For A Personal Loan With Loanz

Applying for a personal loan with Loanz is easy. Just follow these 3 simple steps:

Step 1: Apply Online

Fill out the online application, and choose your loan amount and term. 

Step 2: Connect Your Bank Information

This optional step allows you to connect your banking details that will allow Loanz to verify your financial status and qualifications for a loan. You can skip this step if you choose, but this will make the process take a little longer. In turn, you won’t receive your funds as quickly. 

Step 3: Get Your Funds 

You’ll have the chance to go over your loan terms before you accept. Shortly afterward, you’ll receive your funds. In fact, you can expect the money to be made available to you within 15 minutes.

What Do You Need To Qualify For a Loan With Loanz?

Eligibility requirements for a personal loan with Loanz are as follows:

  • Be over the age of majority in your province
  • Have an active chequing account
  • Have a steady income
  • Not currently in collections or bankruptcy

You’ll also need to provide the following documents:

  • Government-issued ID
  • Proof of employment status 
  • Proof of income
  • Valid Canadian ID card to confirm your identity, address, and phone number
  • Bank account information

Loanz FAQs

What fees does Loanz charge?

You may be charged fees for late or missed loan payments, or for non-sufficient funds on your account if you set up automatic payment withdrawals. 

How fast can I get a loan through Loanz? 

Loan approval is almost instant after completing and submitting your application.

Is Loanz safe to use? 

All information you provide when applying is securely stored, so you don’t have to worry about your sensitive information being accessible to others.

What can I use my Loanz loan on? 

Funds from a Loanz personal loan can be used for just about any financial need you have.

What makes Loanz unique? 

The loan application process with Loanz is completely digital. Plus, you’ll get a quick decision about your loan application, and funds are sent out within minutes.

Final Thoughts

If you have had trouble getting approved for a personal loan through traditional channels because of bad credit or other financial issues, you may have better luck with Loanz. This platform is designed for borrowers who are in need of quick funds but don’t meet the eligibility requirements of banks and credit unions. That said, keep in mind that the interest rates can be very high, which can make your personal loan very expensive. 

Services

Offered Services

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

Personal Loan

  • $1,000 - $15,000
Interest Rate
  • 29.9% - 46.9% APR
 
Term (Months)
  • 12 - 60
Funding Time
  • In 15 mins or more
Funding Method
Repayment Options
  • Must be at least 18 - 19 years old depending on the province 
  • Must have an active chequing account
  • Must have a steady source of income
  • Must not have any debt in collections
  • Must not be in bankruptcy
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