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Broker
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

514 Loans

Finanso.Multilogin™

About lender

514 Loans is a Canadian company based in Montreal that offers short-term loans across the whole country via its lending partners. 514 Loans provides an alternative to payday loans - installment loans up to $3,000 - that are less expensive and more flexible, as stated on its website. The company does not run credit checks.

514 Loans has served more than 56,000 customers since 2017, and most of them - 94% - are satisfied with the service. Such solutions can help people who are going through an emergency and need quick cash. 514 Loans cooperates with many licensed lenders partners to let their clients take advantage of its products’ flexibility.

Customers don’t need to visit a company's office as they provide a quick and safe online application that can be done in several minutes.

Features

514 Loans offers clients alternative financial solutions and services with several remarkable features. The company doesn’t check the customers’ credit. As a result, whether a client has bad credit or good one is not essential.

514 Loans’ automated stress-free payment plan makes the approval process faster; consequently, you receive your money more quickly. The company’s software is equipped with an automated decision-making module.

The company allows clients to choose the repayment frequency: weekly, bi-monthly and monthly. The company’s lending partners charge an annual percentage rate (APR) of 22% to 32% and offer loan terms of 90 - 120 days, but it’s important to note that extended payment schedules are available for loans over $1,000. In addition, the company charges a $50 NSF fee and a $35 fee for rescheduling payments. Borrowable amounts vary between $300 and $3,000. Membership fees are also charged.

Pros and cons

Before deciding whether to use 514 Loans’ services, one had better evaluate its strong and weak sides.

Pros

  • Installment loans offered by the company are more flexible than conventional payday loans.

  • Credit checks are not required.

  • The company cooperates with licensed lenders.

  • The company allows clients to adjust their repayment schedule.

  • Self-employed customers are approved.

  • The application is quick and safe.

  • The borrowed amount can be transferred on the same day.

  • The APR for installment loans is lower than for payday loans.

  • The company operates across the whole country.

Cons

  • The company charges a membership fee.

  • 514 Loans charges a $50 NSF fee, and also they charge a $35 fee for rescheduling repayment or term extension.

  • A client can’t reschedule the first payment.

  • A client can’t reschedule two payments in a row.

  • A client can’t reschedule more than two payments per loan term.

  • Extended payment schedules are available for loans over $1,000.

514 Loans doesn’t run any credit checks, so customers with bad credit can be approved. Also, it deals with various licensed lenders, which allows it to offer flexible solutions to its customers.

However, the company has several significant disadvantages. They charge a membership fee, NSF fee, and fee for payment rescheduling. Also, they do not allow clients to reschedule the first payment and more than two payments.

Loan conditions

Initially, a client must fill out the application form on the website and complete the IBV (Internet Banking Verification). It is 100% online and quick. It can be done in several minutes. Within the next hour, the company gives feedback telling them whether they are approved or not. The application doesn’t require any documents or credit checks. The borrowed amount is usually transferred on the same day into the client’s bank account.

514 Loans does not have stringent rules. However, a client must be a Canadian citizen, be over 18 years of age, be employed full time, have an active bank account, and not be engaged in a consumer proposal or a bankruptcy process.

Customers can borrow from $300 to $3,000 for a term between 90 and 120 days. The interest rate varies between 22% and 32%.

Methods of loan funding

As soon as customers are done with the application and approved by the company, the required funds are transferred on the same day to the client’s bank account.

FAQ

What is 514 Loans?

514 Loans is a Canadian online financial service provider based in Montreal but operating across the country. They provide small loans for short terms with flexible conditions extended by their loan partners - licensed private lenders. In addition, the company offers services alternative to payday loans and doesn’t require credit checks. 

Who owns 514 Loans?

Unfortunately, there is no precise information about the owners of 514 Loans in the open sources. 

How do you qualify for 514 Loans?

To qualify for installment loans from 514 Loans, customers must be Canadian citizens, be over 18 years of age, be employed full time, have an active bank account, and not be engaged in a consumer proposal or a bankruptcy process.

How much can you borrow from 514 Loans?

The company allows clients to borrow between $300 and $3,000 for a term from 90 to 120 days.

Is it a legitimate company?

514 Loans is a legitimate company. Its official address is 225 Rue Chabanel O, Montréal, QC H2N 2C9. Though BBB does not accredit it, it has 47% of “excellent” reviews on TrustPilot. 

Offering users a great customer experience is our number one priority.

© 514 Loans

Financial products

514 Loans
Installment Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$300 - $3,000
Rate
i

Effective interest rate on the product

22% -32% APR
Term
i

Loan term for the financial product

90 -120 days

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Calculate loan payments at 514 Loans

With 514 Loans calculator you can calculate an approximate payment schedule for the loan

514 Loans calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 18.08.2022
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