Personal Loan Questions

How Can We Help You?

When you have questions, we have answers. We strive to make sure you clearly understand how our personal loans work, and the rates and terms associated with your loans.

Common Questions

Personal loans are unsecured loans. They are considered unsecured because they are not backed by collateral - such as with an auto loan or mortgage. Lenders typically review income information, credit history, and other factors to provide you with a lending decision.
Payday loans are a short-term, high cost loan that the borrower pays back on their next payday. Personal loans are typically for higher dollar amounts than payday loans and are paid back over time.
LendDirect offers personal loans up to $15,000. Loan approval is based on your credit rating and income.

There are four basic requirements. You must:

  • 1. Be a Canadian citizen with a valid ID
  • 2. Be at least 18 years old
  • 3. Have a steady source of income
  • 4. Have an open and active bank account

Once you meet these minimum eligibility requirements, several other factors may be considered when processing your application. These factors may include the information provided on your application and information from credit bureaus.

LendDirect personal loans are in a form of a line of credit. If you have available credit, you can access additional money at any time by requesting a cash advance through your online account. As you pay down your principal balance, you will have additional credit available - up to your approved credit limit.
A cash advance is a convenient line of credit feature that allows you to withdraw funds when you need them. LendDirect allows you to take out as many cash advances as you need, up to your credit limit.
If you have credit available on your current line of credit, simply log into your account and click on "Get Cash Advance." Select an amount up to your credit limit, and receive your funds.

Online Loan Questions

Our online application will ask you for a variety of information in order to best determine if a LendDirect personal loan is right for you. To get started, we will ask you to provide basic personal information, information about your income, and your bank account details so that we're able to deposit your money if you're approved for a loan online.
During business hours, you will typically receive a lending decision within an hour. Applications submitted outside of business hours will be reviewed on the next business day.
Verifying your income helps us determine the loan amounts and repayment schedules that will best fit your financial situation. We want to help you get a personal loan that you can afford.

The fastest way to verify your income is to use Decision Logic, which can be accessed in your Online Account. In addition, you can submit your bank statements by:

  • Using Decision Logic in your Online Account (Decision Logic not available in Saskatchewan)

  • Sending an email to CustomerService@LendDirect.ca

  • Faxing to 1-855-775-8225

As your online loan application is processed, you will receive email alerts. In addition, you can check the status of your loan at any time by logging into your Online Account.
LendDirect offers two options to receive your online loan money. You can choose to have your money direct deposited into your bank account (which typically takes up to 1 business day to receive), or you can choose to have your money transferred using INTERAC e-Transfer® to get your money in 2 hours or less!

Loan Repayment Questions

LendDirect personal loans are in a form of a line of credit. As long as you have a balance, you will have periodic payments scheduled around your pay days.
As a part of your application process, you will be setup for automatic payments. We will automatically process your loan payment from your bank account the morning of each of your due dates. In addition, you can call Customer Service at 1-855-630-5363 to make a payment at any time.
Absolutely! In fact, that's one of the advantages of a LendDirect loan. You can make additional payments at any time, and you can always pay off your loan early with no prepayment penalties to worry about. If you decide to pay your loan early, you will save money on interest.
We understand that things come up. If you run into financial difficulties and cannot make a payment, please contact us at 1-844-566-5129 to discuss the options available. In addition, you can always sign up for our Loan Protection Plan to protect you and your family from the unexpected.

Loan Protection Questions

LendDirect offers a Loan Protection Plan that provides insurance on your personal loan. A Loan Protection Plan can cover your loan payments and/or loan balance in the event that you are unable to meet your financial commitments due to an unforeseen circumstance such as loss of life, illness, injury or unemployment.
The cost will vary depending on the minimum payment due (as shown on your statement), and includes sales tax where applicable.
Example
Loan amount
$3,500
Payment Frequency
Monthly
Balance as of your statement date
$3,695.00
(includes accrued interest)
Your Minimum Payment
$185.00
Your Optional Loan Protection Premium
$185.00 x .475 = $87.88
Login to your account and select “Submit Claim”. Follow the steps provided within your online account to complete your claim submission.