Northstar Brokers Review

Northstar Brokers Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated March 30, 2022

Have you ever needed access to quick cash? With Northstar Brokers, you can apply and get approved for short-term loans that can put much-needed cash in your hands in less than 24 hours. Let’s take a closer look at Northstar Brokers to help you decide if it’s the right short-term loan resource for you.

Who Is Northstar Brokers?

Northstar Brokers is a private lending firm that offers loans to consumers who may have a tough time getting approved for a loan from a conventional lender. Loans are available any time and they have flexible lending requirements. They offer a wide range of loan products, including quick, short-term loans and debt consolidation loans. 

The firm has simplified the lending process and promises to use innovative technology to provide immediate approval upon loan submission requests, with funds made available shortly after applying. Borrowers can receive their loan within 30 minutes when they apply in person or within 24 hours when they apply online. 

What Does Northstar Brokers Offer? 

Northstar Brokers offers short term loans between $300 to $3000. This short-term loan provides quick funds almost immediately after loan application and is suitable for those who need emergency funding for a pressing need. 

Applying for a cash advance can be done in minutes without all the detailed information and documentation typically required from traditional lending institutions. Moreover, thanks to their expertise and vast network of lenders they work with, they can offer fast loans up to $3,000. 

Features Of A Northstar Brokers Loan 

  • No Credit Check – Traditional loans usually require a credit check on the borrower. But with Northstar Brokers Loan,  bad credit borrowers can get approved for a loan as there is no credit check
  • Fast Approval – Borrowers can get the funds they need to cover an emergency expense quickly. Funds can be directly deposited into your account within 24 hours or even on the same day of your application.
  • Bad Credit Accepted – You won’t have to prove that you have a good credit score to get approved for a loan with Northstar Brokers.
  • Higher Loan Amounts. Compared to other short-term loans or payday loans, Northstar Brokers offers loans up to $3,000. 
Lookout Can You Get A No Credit Check Loan In Canada?

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Cost Of A Loan With Northstar Brokers

If you take out a loan with Northstar Brokers, the way you repay the loan will affect your loan cost. In general, the short-term loan with Northstar Brokers comes with a weekly minimum finance fee of $12 for every $100 per week of capital you borrow. 

Example 1. 

If you borrow $500, the minimum weekly finance fee is $60, which is payable when you get your next paycheque. If you opt for a bi-weekly loan, the minimum finance fee would be $120.

Example 2. 

You have the option to reduce your overall principal by paying an additional amount toward your loan repayment. Payments made towards your loan will help you get closer to repaying the full loan amount. For instance, if you borrowed $500, you could make the $60 weekly finance fee plus another $100 to bring your loan amount down to $400.

Example 3. 

If you are able to, you can pay off the entire amount plus the finance fee to close the account. For instance, you can pay the $60 finance fee plus the entire $500 loan amount to fully repay your debt. 

It’s important to note that this is not an installment loan. Instead, the full loan amount is due on your next payday. If you want to renew your loan, you’ll have to request it with Northstar Brokers. 

Benefits Of A Loan With Northstar Brokers

There are plenty of perks that come with applying for a Northstar Brokers loan, including the following:

  • Quick application. The application process is simple. It only takes a few minutes to complete and doesn’t require a ton of documents to submit to the lender.
  • Fast funding. You can expect your funds to be deposited into your account within 24 hours after being approved for a loan. In some cases, you may get your funds on the same day.
  • Accepts poor credit. A credit check isn’t required, which means you can get approved for a loan even if your credit score is on the low side.  
  • High loan amounts. Depending on your financial health, you may be able to qualify for higher loan amounts.
  • Flexible payment options. If you take out a personal installment loan, you can choose your repayment schedule, including bi-weekly or monthly payments.  

Drawbacks Of A Loan With Northstar Brokers

Along with the benefits of a loan with Northstar Brokers come a couple of drawbacks to consider:

  • Missed payment fee. If you miss a payment, you will incur an additional $40 fee at the end of the contract.
  • Finance fee. There is a lending fee that comes with a loan with Northstar Brokers, which will be added to your loan amount. That means you’ll not only have to pay back the amount you borrow, but also an additional fee on top of it. With Northstar Brokers, the lending fee is $12 for every $100 per week of capital you owe. 

Requirements For A Loan With Northstar Brokers

In order to be eligible for a Northstar Brokers loan, you’ll need to fax in certain documents regarding your personal and financial details. 

Personal Information

  • Identification – Northstar Brokers required two photo IDs and your Social Insurance Number (SIN) to verify your identity. 
  • Proof Of Address  – You’ll also need to provide a utility bill to prove your address. You must also have lived at the same address for at least 6 months to be eligible. 

Financial Information

  • Employment – You must be employed full-time for at least 6 months to be eligible. You’ll also need to provide two most recent pay stubs to verify income.
  • Bank Account – Northstar Brokers also requires that you have a bank account that has been active for 3 months. You’ll also need to fax in your bank statements from the last 90 days. 
  • Paycheque – You must be paid by your employer by cheque or direct deposit to be eligible.  
  • Payment – For loan repayment, you’ll need to provide a void cheque or pre-authorized debit form
  • Financial Health – To be eligible, you must also not be in bankruptcy or have any wage garnishments.

How To Apply For A Loan With Northstar Brokers

Applying for a loan with Northstar Brokers is easy. Just follow these 3 simple steps:

1. Submit the required documents -The lender will require some documents for review. After you submit this information, it will be sent to Northstar Brokers’ finance firms for approval.

2. Sign your contract – After you’re approved, Northstar Brokers will send you a contract for you to sign. 

3. Receive your funds – Northstar Brokers will send you your money soon after you sign the loan contract via online money transfer.

Northstar Brokers FAQs

How fast will I get my funds through Northstar Brokers? 

If you apply in person you can receive your cash within 30 minutes. If you apply online before 11:00 am, you can get your funds as quickly as the same day. If you apply online after 11:00 am, you’ll receive your funds after 24 hours. 

How much can I borrow through Northstar Brokers?

You can borrow between $300 to $3,000 with Northstar Brokers.

What documents do I need to apply with Northstar Brokers? 

To apply, you’ll need to fax Northstar Brokers two pieces of photo ID, your SIN, a utility bill with your address, your last 2 pay stubs, and your bank statements from the last 90 days. Lastly, you’ll need to also provide a void cheque or pre-authorized debit form for repayment. 

Final Thoughts

Northstar Brokers offers fast-cash loans that are easy to apply and get approved for, and funds can be deposited into your account within the hour in some cases. But such loans are usually expensive. Make sure you’re capable of repaying the loan in full by its due date before you apply.

Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same. She's used a variety of financial tools over the years and is currently growing her money with Wealthsimple, while stashing some capital in a liquid high-interest savings account so that she always has a financial cushion to fall back on. She's also been avidly using her Aeroplan TD credit card to collect as many Aeroplan points as possible to put towards her travels!

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