Thousands of consumers all across Canada use Loans Canada to help them compare and review different lenders and financial service providers. As such, we strive to provide accurate and unbiased information on all the reviews featured on Loans Canada.
How We Review Lenders And Other Financial Service Providers
Our Team
All featured reviews are conducted in a way that provides the readers with the necessary information to make an informed decision. Our reviews are researched and conducted by our team of experts who have deep knowledge and passion for the industry. Together, our team has years of experience reviewing and writing on different financial topics including debt, budgeting, investing, mortgages, investments, insurance, and all things related to personal finance.
We rely on the expertise of our team to provide accurate, insightful, and unbiased reviews that will allow readers to properly make informed financial decisions.
Factors We Look For
When reviewing lenders, robo-advisors, credit cards, insurance providers, investment platforms, and other financial services, we look at a few key areas to determine their value.
Business Transparency
Business transparency involves open and honest communication between the business and consumer in terms of their business ethics, policies, and fee structure. When writing a review, we place particular emphasis on the company’s fee structure to examine a company’s commitment to transparency. We check to see if all the costs are explained and how readily available the information is.
Business Reputability & Trustworthiness
When assessing the reputation of a lender or financial service provider, we look at a number of aspects that can show history, trustworthiness, and reliability.
Some of these aspects include whether it is a properly licensed business and if it refrains from engaging in any unethical business practices. We also base their reputation on their years in business, user reviews, and whether they are BBB accredited.
Depending on what is being reviewed there may be more or fewer factors assessed.
Consumer Security
Does the lender or financial service provider offer their clients a safe and secure interaction? Given that our reviews are based on companies, products and services that deal with sensitive information, security holds significant weight.
We check to see if they explain how their data is secure and what they do to ensure the protection of their client’s information. For example, we check to see if they offer a secure connection that is protected with 128-bit encryption or 256-bit encryption.
Customer Service
Customer service is an important part of a user experience. Each review analyzes whether clients are able to contact the lender or service provider. Various support channels such as phone, email, online chat, and informational pages like FAQs are all important aspects of customer service that we look for.
User Experience
Another important area that we analyze is the lender or service provider’s platform. How does it rate in terms of user experience or user-friendliness? Is the app or site easy to use? Is the information easy to find?
Loans Canada Trust Seal
The Loans Canada Trust Seal is given to lenders and other financial service providers that have earned our trust and have demonstrated certain qualities.
The financial service providers with the Loans Canada Trust Seal show:
- Strong Security – They have taken serious measures to protect consumer data.
- Good Customer Service – They provide easy ways for customers to reach their support teams.
- Transparent Fees – Their fees are easily accessible and understandable.
Lenders
Additionally, lenders who receive the Loans Canada Trust Seal demonstrate:
- Responsible Lending Practices – These lenders are fully licensed and comply with both the lending and collection laws.
- A Fair Underwriting Process – These lenders have a much more inclusive approach when approving and rejecting applicants in comparison to banks.
- Reputable – The lenders who receive the Loans Canada Trust Seal are well-established financial services in the alternative lending industry.
Investment Platform
Additionally, investment platforms that receive the Loans Canada Trust Seal will have a combination of the following features:
- Easy account set up
- Has accessible educational material/resources
- Extra features like goal setting, risk management, sustainable investing options, progress reports and analysis, and other options.
Credit Cards
Similarly, credit cards that receive the Loans Canada Trust Seal will have a combination of the following features:
- Good rewards value
- High Welcome bonus
- Extra perks like travel insurance, lounge access, travel credit, mobile device insurance, exclusive discounts and other benefits.
Disclaimer: All data collected is gathered through publicly available information and user reviews. All information is subject to change at the lender or service provider’s discretion.
