Loanz Reviews: Read This Before Applying Their Loans 

Companies continue to exploit the increasing usage of the Internet to provide easy access to services that otherwise require in-person and massive paperwork.

One such company is Loanz which provides Canadians with up to $15,000 loan through its online website. 

The common expectation is that since these online companies have low operational costs, their products and services should be affordable compared to brick-and-mortar companies.

Is Loanz.ca living up to this expectation? How does it compare with other online loan providers out there? 

Let’s find out.

About Loanz 

Loanz Canada Inc., popularly shortened as Loanz, is an Alberta-based online loan provider that was founded in 2015 to provide easy and quick loan access to Canadians.

The online loan lender is owned by Consumer Genius Inc., one of the fast-growing consumer acquisition companies in North America.

Loanz offers three major types of loans to Canadians — home improvement loans, emergency loans and wedding loans. But you can apply for a $1000-$15000 loan with them and use it any way you like.

Recently, Loanz expanded its operation to the US where it will serve as an online loan broker that connects consumers with top America’s lenders.

How Loanz Works

Loanz works like other online loan companies online. 

They offer $1,000 to $15,000 loans with 29.9% or 46.9% APR under 12 to 60 terms. 

All you need is to follow the two steps below to access a loan with them:

  • Step 1: Visit their website and fill out the application form by clicking the “Apply Now” button. You can complete the application within 3 minutes or less.
  • Step 2: Connect your bank for verification and faster funding. However, you can decide to skip this process and have Loanz verify your identity manually which will delay fund disbursement.

Upon providing all the required information and meeting the eligibility, Loanz will take it from there and present you with a loan offer. This will include the loan amount, interest, and terms.

Once you review and accept the terms, you will be required to choose a funding method. Depending on the funding method you choose, you may receive your funds within 15 minutes.

Is Loanz Legitimate?

Absolutely! Loanz is a legitimate company that has been in existence for about a decade.

They have proven to be a legitimate company by offering real loans to Canadians.

In addition, their parent company, Consumer Genius, is a recognized leading consumer acquisition company in Canada.

Who is Loanz Affiliated With?

Loanz is affiliated with several reputable companies owned by its parent company (Consumer Genius). 

This includes Carsfast for auto loans and LendingArch Financial for processing loan applications and services.

Eligibility for Loanz

To qualify for a loan at Loanz, you must meet the eligibility below:

  • Be above the age majority in your province 
  • Have a steady source of income
  • Have a chequing account
  • Not be in collections and bankruptcy currently 

Pros and Cons of Loanz

Below are the key pros and cons of Loanz.ca based on the above review: 

Pros

  • Instant loan approval: You don’t have to wait for days to know your fate with Loanz. Once you provide all the required information and meet eligibility, you will get your loan instantly.
  • Fast loan access: You can receive your funds within 15 minutes depending on the funding method you chose.
  • Flexible requirements: You’re not required to have a specific credit score to qualify.
  • Flexible loan terms: Choose from 12 to 60-month terms.

Cons

  • High APR: With up to 46.9% APR, you’re almost paying half of your loan amount in interest and fees which is insane.
  • Lower loan amount: The $15,000 maximum loan amount is among the lowest compared to other online lenders.

Loanz.ca Reviews Complaints

As of the time of writing this review, there were 152 reviews about Loanz.ca on TrustPilot accumulating a 4.1 stars rating. Most of the reviewers seem to be satisfied with Loanz.

However, there are four disturbing complaints attached below:

Sure, no company can satisfy 100% of its customers. But the nature of the above complaints is quite telling.

Most of the complainants had their experience from 2022 to 2023. This is disturbing because Loanz.ca has been in business since 2015. 

Nonetheless, you can’t go wrong with Loanz as it has proven to be a legitimate loan provider.

But before finalizing your decision, compare it with online loan brokers such as Loans Canada which has the following competitive features:

  • Loan amount: $500-$35,000
  • Interest: 2.99% to 46.96% 
  • Terms: 4 months to 60

Depending on what you’re borrowing for, you may want to consider Canada Drives or Carsfast for auto loan, and Ourboro or Lotly for co-home ownership. The attached links will take you to their respective reviews.

Read also: Is Canada Freedom Financial Center Legit?

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