LoanConnect Reviews | How to Apply for a Personal Loan with LoanConnect

Most Canadian people still opt for a payday loan and keep paying from paycheque to paycheque every month, which they consider best in case money is urgently required.

Do you think so?

What if I tell you something real about payday loans? It charges you a very high rate of interest which will be difficult for you to maintain if you keep taking the payday loan on a monthly basis.

It can even break your financial goal. But do not worry, we have multiple options available now to get the loan from.

LoanConnect is one of them. you can get a personal loan even you have a poor credit score and you can save dollars.

Loan App NameLoanConnect
Loan AmountUp to $50000
Loan Tenure12 months to 60 months
Interest Rate5.75% p.a to 46.96% p.a

Sounds Good Right? Let’s get started…

What is LoanConnect?

It is a digital lending Search Engine that helps you to connect with top lenders in Canada.

In simple terms, you can say, It connects consumers looking to finance goods or services with loan organizations.

It provides various types of loans like Personal Loans, Debt Consolidation, Cash Loans, Online Loans, Bad Credit Loans.

The very interesting thing about LoanConnect is that It provides loans to an individual who has poor credit and wants loans. No matter what your credit score is, you will find a lender ready to give you a loan.

It’s very important to understand that the LoanConnect website itself does not provide loans to an individual, instead it connects you to the lenders in Canada.

LoanConnect Features & Benefits

  • It offers personal loans up to $50000.
  • You can consider LoanConnect instead of getting payday loans.
  • Loans are easily available for the bad or poor credit individual as well.
  • Payment terms vary per lender. In most cases, payment terms are between 12 months to 60 months.
  • Get your loan approved within 2 minutes, and get your cash in as little as 24 hours from the time of your application.
  • Loan rates vary from 5.75 % APR to 46.96% APR, depending on your credit history.
  • LoanConnect loan application process is fast & secure.
  • It provides a great level of security by protecting your data.

LoanConnect Loans Requirements and Eligibility Criteria

To apply for a loan with LoanConnect you do not require many documents. below you can find the minimum eligibility and required documents.

  • You must be a citizen of Canada.
  • You must be 18+ years of age.
  • Have a bank account in Canada.
  • Make sure your existing debt should not be total more than 60% of your income.

Types of Loans Offered by LoanConnect

It has various types of loans in its portfolio like Personal Loans, Debt Consolidation, Cash Loans, Online Loans & Bad Credit Loans.

We will discuss these loans one by one.

LoanConnect Personal Loans

LoanConnect is a one-stop solution for an individual to get a personal loan. It has personal loans that can cover every aspect of your life like buying a car, paying medical bills, bills & expenses, for business growth, etc.

It makes sure that every Canadian people should able to get a loan even they have poor credit or bad credit. LoanConnect is in partnership with various lenders to provide loans to everyone.

So get ready to avail a personal loan from one of the cool Canada personal loan search engines i.e LoanConnect.

Features of LoanConnect Personal Loan

  • It offers a personal loan up to $50000.
  • The annual percentage rate (APR) ranges from 5.75% to 46.96%.
  • The loan amortization is 12 – 60 months in most cases.
  • Applying for loan is very easy and fast on LoanConnect.
  • The approval time is 60 seconds.
  • The amount will be credited to your account within 24 hours of the approval.

LoanConnect Personal Loan Requirements and Eligibility Criteria

  • You must be a citizen of Canada.
  • You must be 18+ years of age.
  • Have a bank account in Canada.
  • Make sure your existing debt should not be total more than 60% of your income.

How to Apply for a Personal Loan with LoanConnect

  • Visit LoanConnect official website and click on the Apply Now button on the top right-hand side.
  • On the next page Enter the loan amount you need, select loan purpose and enter the following details.
  • First Name
  • Last Name
  • Email
  • Date of Birth
  • Phone Number
  • Address
  • City
  • Province
  • Have you been living at your current address for less than three (3) years? check the box yes or No.
  • Employment Status
  • Annual Income
  • Citizenship Status
  • Housing Status
  • Give your consent, accept terms & conditions, check the box receive information about other services and offers and click on I agree to all button.
  • Once you agree to all, LoanConnect will compare your information with their database of lenders. Within a few seconds you will see a list of loan offers that are available to you.
  • Go through all the available option , check the rates, term, amount they are offering and after deciding click on Select button.
  • You will be redirected to the selected loan website where you need to fill some additional details to process your application.
  • Once your loan application is processed and approved the amount will be deposited in to he linked bank account within 24 hours.

How to Repay the LoanConnect Loan?

It provides an easy way to repay your loan. The account which you link at the time of loan application process, from the same account money will be deducted automatically on the due date.

You do not have to visit anywhere and also you won’t be able to miss any payments. Make sure you have a sufficient amount in your account before the due date.

LoanConnect Debt Consolidation Loan

If you are surrounded by multiple debts and you are not able to manage their repayment then you can consider choosing a LoanConnect Debt Consolidation loan.

One interesting thing is that if you have single or multiple loans and you are not able to pay the amount on time, your credit will be bad or poor, In that case, also LoanConnnect will provide you the loan as per its terms & conditions.

The consolidation loan is mainly over a term of 2-5 years and has an interest rate ranging from 5-25%, which can be dependent on various factors like credit history, amount of loan, etc.

LoanConnect Cash Loans

A cash loan is a loan that offers cash in your hand. You can use it as per your requirement.

It is generally for the short term ranging from 6 to 60 months. you can use cash loans for Home Renovation, Auto Repair, Home Appliances, Small Business loans, etc.

The interest rates are set by the lender and are determined based on your credit history. The lender will check your credit history with Equifax or TransUnion. It can be as low as 5.75% APR.

LoanConnect Online Loans

LoanConnect is in partnership with Canada’s best banks and private lenders. Its online loan application process is quite fast and easy.

Since LoanConnect has many partners, if you have poor or bad credit also you will get a loan from some lenders.

Online loans have a variety of applications, and you can use the money for anything. Just fill out the loan application, see how much amount you qualified for, choose the loan which suits your needs, and get the cash within 24 hours.

LoanConnect Bad Credit Loans

With the introduction of the LoanConnect loan search engine, Canadian people do not have to worry about getting loans even if they have bad credit.

The types of loans offered to you by private lenders will vary, however, you have to maintain a credit score higher than 550.

What is Considered “Bad Credit”?

If the score is below 550 it is considered a Bad Credit and you will not likely receive a loan. a score between 550 to 660 is considered fair, 660 to 730 is considered good and above 730 is considered excellent.

Note that, If you have bad credit and are looking to get a personal loan, be ready to pay an interest rate between 30% to 60% depending on how poor your credit score is.

LoanConnect Interest Rate

APR ranges from 5.75% to 46.96%, and loan repayment terms range from 3-120 months.

For example, the total cost of borrowing a $2000 unsecured personal loan at 29.96% for 24 months is $2685.12, or $111.88 monthly. Additional administration fees may apply and vary by lender.

Note that, Fees may apply and vary by province/territory, and may include insurance, administration, home valuations, and other applicable fees.

Auto loan APR ranges from 1.90% – 4.95% with loan repayment terms between 72 and 84 months.

LoanConnect Customer Contact Details

Customer Contact FacilityContact Number/Email/Address
Customer Care Number1-855-936-5626
Customer Care Email
Registered Address379 Dundas Street Unit 101
London, ON N6B 1V5

Is LoanConnect Safe and Legit?

Well!! this is a very important question if your personal data is secured with LoanConnect.

I must say Yes, LoanConnect takes security and Safety very seriously thus it provides a high level of security to the customer data and their transactions.

LoanConnect is launched in the year 2016, and it got accredited with BBB (Better Business Bureau) in 2018. It also has an A+ rating, which is calculated based on customer reviews.

It also has a 9.7/10 trust score on TrustSpot which a=make it trustworthy for getting a loan.

LoanConnect Alternatives

In case some emergencies came up and you need money on an urgent basis, you can check out the loan process in the bank. If your credit history is good you will get the loan easily with a low-interest rate.

The second option is to use your credit card to meet your short-term requirements or emergencies that appeared. make sure to pay back as soon as possible to save the interest.


In this article, we have learned LoanConnect Reviews | How to Apply for a Personal Loan with LoanConnect.

LoanConnect is an awesome loan search engine that can provide you with Unsecured personal loans as per your suitability and the information you entered.

Like if you have a good or excellent credit score you will get less interest rate but if you have a poor or bad score your interest rate will be high.

LoanConnect can be considered as the best Alternative for a payday loan that charges you a very high-interest rate in a short time.

As LoanConnect is not providing the loan directly, you must check the lender rates carefully, calculate all the charges, and then if it fits in your budget you can opt for a loan otherwise it will simply ruin your finances goal.

One final word I would like to say, wherever you are getting a loan make sure to do your own research before reaching your final decision.

Read Also


1: Applying for a loan at LoanConnect will affect my credit score?

No, If you apply to the LoanConnect platform credit will not be affected however if you apply to the selected lender your credit score may be checked hard.

2: Do Personal Loans Show On Credit Reports?

Yes, personal loans, like most other types of debt will appear on your credit report. When you apply for any other form of debt, lenders will be able to see how much still you have to pay as a loan, whether you are making payments on time or not.

3: Do Personal Loans Help or Hurt Credit?

It depends, a personal loan can both help or hurt your credit score. When you apply for a loan or take a loan out, it will lower your credit score for the short term.
However if you pay the loan amount on time or you have finished the whole loan before or on time, your credit score will be improved in the long term. So you should not worry about short-term credit loss, think for the long term.

4: Why do bad credit loans come with higher interest rates?

If an individual has Bad Credit, it is important to understand the concept of risk and reward.
People with bad or poor credit represent a higher degree of risk of defaulting on their loans.
In order to protect themselves from losses, lenders charge higher levels of interest. This allows them to recover any losses they expect to happen when providing a loan to bad or poor credit individuals.

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