What is a loan connection website?
A loan connection website connects a loan application with a lender deemed suitable according to certain criteria. Typically, upon submitting a quick application online, the response is immediate. The applicant gets connected with a particular lender and may then finalize the process of obtaining a loan on the lender’s website. The entire process is fast and secure.
How does a loan connection website work?
Based on the application details, a loan connection website searches the most suitable lender who is most likely to fund the loan. Then the applicant gets redirected to the lender’s website where the process of obtaining the loan may be completed.
What interest rates should I expect?
Interest rates depend on the lender. Typically, an APR between 29.99% and 46.96% may be expected with our partners.
How do I apply?
Just submit a quick online application here. You don’t need to upload any documents to use Friendly Lender’s application system.
What are the minimum requirements to apply?
You need to meet the following requirements:
- At least 18 years of age.
- You must be a Canadian citizen or permanent resident.
- You must have a permanent address.
- You must provide proof of consistent income.
- You must have a valid Canadian bank account that has been active for at least 90 days.
What happens after I apply?
After you apply, you will get redirected to the lender’s website, where you can complete the process of obtaining the loan.
Will you check my credit score after I apply?
Here at Friendly Lender, we don’t check your credit score or credit report during our simple online application process.
Will applying affect my credit score?
No, submitting a quick application with us won’t affect your credit score.
How do I get my cash?
Your money will be deposited directly into your bank account or sent by e-transfer.
I have outstanding loans. Can I still apply?
It’s best to minimize your active payday loans and short-term loans to improve your chances of approval. However, even if you have outstanding loans, you can still apply.
If I have a bad credit score, can I still apply?
Even with a bad credit score, you may still qualify for a personal loan via Friendly Lender. We don’t check your credit score during our simple online application process.
I’m a recent immigrant. Can I still apply?
You can still apply, as long as you are either a Canadian citizen or a permanent resident.
What are the different types of loans the lenders offer?
The most common loan product our partners offer is a personal loan aka an installment loan, which may offer lower interest rates and longer repayment periods than a payday loan. Note that you may get connected with installment lenders or payday lenders, depending on the application details.
Can I apply and not accept the loan?
It is entirely within your rights to apply and not take the loan.
I have a past bankruptcy or consumer proposal. Can I still apply?
It’s not an automatic disqualifier.
Can I apply directly with the lending agencies themselves?
You can, but a loan connection website like Friendly Lender will connect you with the lender who’s most likely to fund your loan, based on your application details.
Do lenders accept customers who receive government benefits?
As long as you can provide proof of consistent income, you can apply.
When can I reapply for a loan?
As soon as you finish repaying your previous loan.
Is my personal information secure?
Your personal information is handled with the utmost care and protected by advanced encryption technology, ensuring your data remains safe and secure.
How do I repay the loan?
Typically, you can either set up a pre-authorized debit payment or make an e-transfer.
Can I use Interac e-Transfer® to make my payments?
This will depend on the lender. Typically, you either set up pre-authorized debt payments or make an e-transfer.
