LoanConnect Review for 2024

In a world of abundant loan and lender choices, it may seem it has never been easier to obtain financing for large purchases, unexpected expenses, or debt consolidation.

But how do we know we got the best deal we could with so many lenders offering such a wide range of terms for personal, bad credit, and other loans?

The answer can be provided by an online platform like LoanConnect, where you can compare select lenders and their offers and make an informed decision quickly.

What Is LoanConnect?

LoanConnect is a personal loan search engine allowing prospective borrowers to compare lenders and the types of secured and unsecured personal loans they offer. Loan purposes range from home improvement to debt consolidation.

LoanConnect acts as an intermediary between customers in Canada, including those with a bad credit score, and lenders in its network. An especially useful feature is the option to compare interest rates and loan repayment terms before settling on one.

Below you’ll find an overview of LoanConnect’s loan features, such as loan types, the application process, maximum loan amount, and annual percentage rate.

How LoanConnect Works

Before we get into the specifics, note that LoanConnect uses secure web technology to search for lenders once you specify your needs. The search will produce a list of options. 

Once you’ve opted for a loan, you’ll be redirected to the lender’s website to complete the loan application process. If your application proves successful, you will get money in your bank account shortly.

Unsecured Loans

LoanConnect has various types of loans on offer, including for the most common purposes in Canada:

• Vacation
• Wedding
• Car purchase
• Credit rebuilding
• Debt consolidation
• Home improvement

When you select a secured or unsecured personal loan meeting your needs, the next step is to apply for the loan. Note that loan application won’t affect your credit score since the lenders in the LoanConnect network use a soft credit check to determine a borrower’s eligibility.

LoanConnect Application Process

If you’re wondering how to apply for a loan with LoanConnect, check out our step-by-step summary:

1. Choose the loan amount and the loan type.
2. Supply your personal information, including your name, date of birth, and phone number.
3. Fill in the remaining information, including your employment status and yearly income.
4. Agree to terms and conditions and credit information check.

Through LoanConnect, you can apply for personal loans in Canada if your debt payments don’t exceed 60% of your income. Once you submit the request, you can expect to be pre-approved in a matter of minutes. Then you will be required to proceed to the direct lender’s website.

LoanConnect Personal Loans - APRs

The APR depends on a range of factors, including your credit score, loan purpose, and the lender. A Canadian citizen with a bad credit score usually has to pay a higher annual percetage rate, whose elements include the interest rate, lender fees, insurance, and other related costs.

The APR range at LoanConnect varies from 8.99% to 46.96%, so compare lenders thoroughly before making a decision. Our review found that clients should have a credit score of at least 550 when applying for unsecured personal loans to have a realistic chance of approval.

Prospective borrowers with a poor credit score face unfavourable odds of getting cash loans, but the approval ultimately depends on the lender.

Bad Credit Loans - Facts

Credit score is a huge factor in whether a lender will finance a borrower and at what interest rate. The general rule of thumb is the higher the score, the better the chances of being approved for a loan and the lower the interest rate the borrower will get. 

Therefore, you should strive to meet the minimum credit score requirements or even find a way to improve your credit score if possible.

Personal Loans - Amount Range

The loan amounts you can apply for range from $300 to $50,000. You can apply for any loan amount within this range for any loan type you can find through this specialized search engine.

Personal Loan Terms

You can apply for personal loans with loan terms anywhere between 12 and 60 months. Of course, the longer the term, the more interest will accrue, so don’t overextend your repayment period if you don’t need to.

LoanConnect Customer Support

You can phone the customer service at 1-855-936-5626 or send an email to [email protected]. The customer support staff is highly supportive and efficient - you can expect timely and to-the-point answers to all your questions, be they about payday loans, bad credit loan options, personal loan rates, or credit card debt.

LoanConnect Security

LoanConnect uses data encryption to keep your financial information secure. When applying, your information is sent out to the lenders matching your profile via an encrypted channel.

Plus, your personal and financial information is available only at that particular time.

LoanConnect Legitimacy

LoanConnect is a legitimate business with accreditation and an A+ rating from the Better Business Bureau. There is no more accepted industry standard of what is considered a legit business.

LoanConnect Benefits and Drawbacks

LoanConnect has strengths and weaknesses you should know about before using its services to get a personal loan. While the latter aren’t deal breakers for most clients, you should still take them into account to be able to make an informed decision.

Advantages

• Efficient customer service and premium security
• One-stop comparison of lenders offering unsecured loans
• Quick money transfer to the client’s bank account upon approval
• Some of the best personal loan rates in the market, starting from 8.99%
• High likelihood of personal loan approval even for clients with bad credit scores
• Availability of various unsecured loan types, including debt consolidation, relocation, and car loans

Disadvantages

• Entirely online process - you can’t visit LoanConnect in person
• A limited number of lenders - you may need to look elsewhere to find secured or unsecured personal loans for your needs

Before you choose a lender to help you manage your personal finances, you may want to check out alternatives in search of a better deal.

Conclusion

As part of ou review, we explored the personal loan options available through the specialized search engine, including bad credit loans and various unsecured loans.

Note that fees for personal loans in Canada may vary by province, so compare different lenders and platforms offering secured and unsecured loans before you commit to a lender.