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Find A LenderWe Loan Money: Overview
If you’re in need of a loan to cover a big purchase but don’t have the financial or credit strength to get approved by a conventional lender, then an online alternative lending platform like We Loan Money may be right for you.
We Loan Money is an online loan aggregator that works with several reputable lenders across Canada and matches them to borrowers in need of a loan.
What Does We Loan Money Offer?
We Loan Money offers financing for a variety of purposes, including home renovations, furniture, and all types of vehicles. Loan amounts range from $500 to $25,000.
The company helps all types of borrowers, including those with bad credit or no credit. As such, the service may be especially useful for newcomers to Canada and students who haven’t had a chance to establish credit and are looking to build credit. We Loan Money may also be helpful for Canadians who have found themselves in financial trouble at some point and suffered a hit to their credit profile as a result.
We Loan Money also specializes in helping consumers who are dealing with missed loan payments, loan defaults, consumer proposals, and bankruptcy.
We Loan Money Features
The following are some key features of We Loan Money’s financing services:
| Loan Amount | $500 – $25,000 |
| Loan Financing Types | Home renovations Furniture Boats Bikes RVs Snowmobiles Lawn tractors |
| Eligibility | All credit profiles, including bad credit & no credit |
| Hours of Operation | Monday to Thursday: 9am – 7pm Friday: 10am – 5pm Saturday: 9am – 2pm Sunday: Closed |
Benefits Of We Loan Money
There are a few key reasons why many consumers have used We Loans Money to finance a big purchase, including the following:
- Helps you build credit. With an easily-accessible loan from We Loan Money, even those without any credit — including immigrants and students — can get approved for a loan and help them build good credit through timely payments.
- Quick approval. You can get an answer on the status of your application within one business day.
- All types of borrowers accepted. Whether you have bad credit, no credit, or even filed for bankruptcy, We Loan Money works for all types of borrowers.
- All online. The entire application and approval process is done online. All documents are electronically signed, so there’s no need to physically visit a brick-and-mortar location.
- Versatile. The funds obtained from a We Loan Money lender can be used for anything.
Cost Of A We Loan Money Loan
No matter which lender you apply for a loan with, there are specific costs associated with loans that you should be aware of before applying, including the following:
Loan Principal
The amount you borrow from We Loan Money is an obvious cost, but one that warrants mentioning. You’ll eventually need to pay the money you borrow back in full. And the more you borrow, the more you’ll have to repay.
Interest Rate
One of the biggest costs of borrowing money is interest. Lenders make their profits off the interest they charge on loans. The higher the rate, the more expensive the loan will be. Generally speaking, borrowers with healthy finances and good credit scores tend to secure lower interest rates on loans, while bad credit borrowers are usually charged more.
Term Length
A longer loan term means you have more time to pay off your loan balance. Loan payments are smaller than they would be on a shorter term. That said, you’ll pay more in interest over the life of the loan if you choose a longer term.
Fees
Most lenders charge miscellaneous fees on their loans, such as application fees, loan origination fees, early prepayment penalties, and late payment fees. These extra fees can increase your total loan cost.
| APR | Monthly Payment | Total Interest | Total Cost |
| 10% | $87.92 | $54.99 | $1,054.99 |
| 20% | $92.63 | $111.61 | $1,111.61 |
| 30% | $97.49 | $169.85 | $1,169.85 |
| 40% | $102.47 | $229.66 | $1,229.66 |
How To Apply For A Loan With We Loan Money
To apply for a loan with We Loan Money, follow these steps:
Step 1: Apply Online
The entire loan application takes place online. Simply fill out the application form and supply the required documents electronically to complete the application process.
Step 2: Your Application Will Be Reviewed
Once We Loan Money has received your application, their team will review it, along with your credit profile and how you plan to use the money. Based on this information, they’ll match you with the appropriate lender.
Step 3: Wait For an Answer
You should receive an answer about your loan application within one business day.
Step 4: Confirm Purchase
You’ll need to confirm your final purchase before the loan is finalized.
Step 5: Review and Sign Documents
We Loan Money will send you some documents to sign, which can be done electronically via Docusign.
Step 6: Get Your Bank Draft
We Loan Money pays out loan funds via bank drafts.
