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Line of Credit vs. Installment Loan

Typical payday loans mean high interest rates and a short time to use and repay the funds. With so many personal loan options featuring lower interest rates, how do you decide? To help put your loan options into perspective, we have outlined two types of personal loans.

LendDirect Line of Credit

Lower Interest than Payday Loans
Affordable Payments
Access Credit as Long as You Need
Unlimited Cash Advances^†

Typical Installment Loan

Lower Interest than Payday Loans
Affordable Payments
One-Time Access to Credit
Must Reapply to Get More Money

P.S. We think Line of Credit wins

Are you really willing to settle for limited flexibility when a line of credit offers so much more? The answer is simple: you shouldn't. And with LendDirect, you don't ever have to.

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The LendDirect Difference

LendDirect was founded on creating better Canada personal loan options. We saw a lack of flexible loans in the market so we made a point to change that. Unlike other personal loan options, a LendDirect line of credit works similarly to a credit card. If approved, we provide you with a credit limit and you choose the amount of your credit to use,when to use it and how long to use it for. Other Canadian lenders only offer personal loans like installment loans that limit how and when you receive your funds. Well Canada, say goodbye to mediocre and hello to the new wave of lending because LendDirect is there for you. But don't just take it from us - see what our Customers have to say:

The Endless Possibilities of a Line of Credit

Our Canada personal loans make it easier to manage unexpected expenses like home and auto repairs, cover bills when you fall short or cover major life purchases such as paying off debt.

What is a Line of Credit?

Wondering what exactly a line of credit is? Well you've come to the right place. We think a line of credit just happens to be the most flexible way to receive a personal loan, but we could be a little biased.

Convenient and Flexible

A line of credit is a personal loan that works similarly to a credit card without having to carry yet another pesky card in your wallet. If approved, we provide you with a credit limit to borrow from. After signing your loan documents, you are ready to access your funds.

Unlimited Cash Advances^†

Request a cash advance either through your online account or by speaking with us over the phone. Once requested, you will receive your funds via direct deposit or throughInterac e-Transfer^® in as little as 15 minutes.

No Reapplying Necessary

As you pay back your cash advance funds, that amount gets added back into your accessible credit as soon as your payment clears. If you choose to pay off your entire borrowed amount, we will keep your line of credit open with a zero balance for one year, just in case you would like to take advantage of another cash advance that won't require you to reapply.

The LendDirect Line of Credit Process

1Apply Your Way
Complete your application online or by giving us a call.
2Check Yourself
Submit documentation verifying your income to receive a final lending decision.
3Get Your Money
If approved, receive your funds in as little as 15 minutes via Interac e-Transfer ^®.
4Access More
Get additional cash advances anytime you need up to your approved credit limit.