Loanz Personal Loan: Quick Personal Loans Canada with Instant Approval

# Loanz Personal Loan: Quick Personal Loans Canada with Instant Approval

Loanz offers a straightforward and quick solution for personal loans in Canada, even if you have bad credit. With an entirely online application, fast personal loans can be in your account in as little as 15 minutes. Whether you're dealing with unexpected expenses or looking to consolidate debt, Loanz promises instant loan approval and a smooth application process.

What is Loanz?

Loanz, established in 2013 in California, has been serving Canadian borrowers since 2016 under Consumer Genius Inc., a Calgary-based fintech company. Specializing in unsecured loans for individuals with bad or no credit, Loanz is a trusted name in the personal loans market in Canada. Its seamless online loan process makes it an attractive option for those needing fast financial support.

Overview of Loanz Personal Loans

Loan Amounts and Terms

• Loan Amounts: $1,000 to $15,000
• Loan Term: 12 to 60 months
• APR Range: 29.90% – 46.90%

Key Features

• Fast Application: Get funds in as little as 15 minutes.
• Bad Credit Friendly: Open to borrowers with low credit scores.
• No Collateral Needed: These are unsecured loans.

How to Apply for Loanz Personal Loans

Applying for a Loanz personal loan is easy and quick. Here’s a step-by-step guide:

1. Visit Loanz.ca: Start your application on their website.
2. Choose Loan Amount: Select an amount between $1,000 and $15,000.
3. Specify the Purpose: Indicate why you need the loan (e.g., debt consolidation, emergency).
4. Provide Personal Information: Input your date of birth, address details, and home ownership status.
5. Employment and Income Details: Share information about your job and income status.
6. Submit Contact Information: Enter your full name, email, and phone number. Verify your phone number via a code.
7. Review and Submit: Confirm the application details and submit.

The process is user-friendly, with around 21 questions to cover your financial situation. Typically, approvals and fund transfers take 1 to 2 business days.

Loanz Eligibility Criteria

To qualify for a Loanz personal loan in Canada, you must:

• Be a resident outside of Quebec.
• Meet the age of majority (18 or 19 years depending on your province).
• Have a minimum monthly income of $1,200.
• Maintain an active chequing account.
• Have a valid phone number, mailing address, and email.
• Not be involved in bankruptcy or collections.

Pros and Cons of Loanz Personal Loans

| Pros | Cons | | —- | —- | | Fast access to funds | High APRs ranging from 29.90% to 46.90% | | Accepts low credit scores | Minimum loan amount set at $1,000 | | No collateral required | Long minimum loan term of 12 months | | Easy online application | Not available in Quebec | | Versatile use of funds | Possible fees for late payments and NSF |

Customer Satisfaction

Loanz has earned positive reviews for its ease of use and fast approval process. It was part of the Finder: Personal Loans Customer Satisfaction Awards, scoring 74.50% overall. However, some users mentioned issues like difficulty in reaching customer service and being redirected to other lenders.

Customer Ratings by Platform:

• Trustpilot: 4.1 out of 5 stars (based on 152 reviews)
• BBB Customer Reviews: 1 out of 5 stars (based on 1 review)
• Finder: 2.5 out of 5 stars

Loanz Loan Terms and Fees

While Loanz promises no hidden fees, it's vital to check the offer details for costs like late payment, NSF, prepayment penalties, and origination fees. Typically, NSF fees in the context of bad credit personal loans are around $50.

Alternatives to Loanz

There are other options if Loanz doesn't meet your needs:

• LoanConnect: Features low-interest rates and fast application with quotes from multiple lenders.
• Loans Canada: Offers flexible terms, accepts bad credit borrowers, and funds are accessible within 1-3 business days.
• Spring Financial: Known for no prepayment fees and same-day funding, ideal for bad credit borrowers.

Conclusion

Loanz provides a practical solution for those in need of quick personal loans in Canada. Its online application is efficient, and the loan disbursement is expedient. Despite the higher APRs and some potential fees, Loanz's ability to cater to low credit scores and provide unsecured loans makes it a competitive option in the personal lending market. Whether you need funds for an emergency or debt consolidation, Loanz could be your go-to lender for fast financial assistance.

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If you still have questions about their services, customer reviews are an invaluable resource. […]

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Lastly, when considering a personal loan, always compare your options. […]