CLC Loan Review: Features, Rates, Requirements, and Customer Feedback of 2025

Detailed information

Legal name

City Lending Centers

Short name

CLC

Legal address

9938 70 Ave NW, Edmonton, AB T6E 0V7

About Lender

City Lending Centers (CLC) is dedicated to providing access to financial solutions for individuals seeking to improve their lives. Through a range of credit services and financial education programs, CLC aims to empower individuals to achieve financial stability and build credit. One of the key offerings of CLC is its rent reporting service, which allows individuals to report their rent payments to credit bureaus, thereby boosting their credit scores and improving their credit profiles. Additionally, CLC offers secured credit cards to help individuals establish or rebuild their credit. These secured visas provide access to credit while helping individuals maintain financial discipline.

CLC

Features

Rent Payment Reporting. Individuals can have their past rent payments reported to credit bureaus, even if they were renting from family members, helping to boost their credit history and improve their credit scores.
100% Program Refund Guarantee. CLC offers a 100% program refund guarantee, providing peace of mind to individuals who enroll in their programs, ensuring that they receive the promised benefits or receive a refund.
Credit Score Boost. Through the rent reporting service, individuals can experience a boost in their credit scores by demonstrating responsible payment behavior, which can lead to better credit opportunities in the future.

Pros and cons

Pros

Credit Building Loans. City Lending Centers offers credit building loans, providing individuals with an opportunity to establish or rebuild their credit history through responsible borrowing and timely repayments.

Variety of Products. CLC provides a diverse range of financial products, including personal and business loans, allowing individuals and entrepreneurs to access funding tailored to their specific needs.

Personal and Business Loans. Whether individuals require funds for personal expenses or entrepreneurs seek capital to grow their businesses, CLC offers both personal and business loans to cater to various financial requirements.

Cons

Annual Fee and Interest Rates. CLC charges an annual fee of $12.99 and imposes an interest rate of 19.99% on credit card products, which may be considered relatively high compared to other lenders. Additionally, monthly fees of $3.50 can add to the cost of maintaining an account.

Limited Spending. With CLC's secured credit card, individuals can only spend up to the limit of their credit card deposit. This limitation may restrict purchasing power, especially for those who require higher credit limits for larger expenses.

Personal Loan Limitations. While CLC offers personal loans, the maximum amount available is up to $1,600. This cap on personal loan amounts may not fully meet the financial needs of individuals seeking larger sums for significant expenses or emergencies.

Reliability

City Lending Centers (CLC) can be considered reliable, especially given their verification by the Credit Lending Association (CLA). This verification adds credibility to CLC's operations and signifies that they meet certain standards and requirements set forth by the association. CLC's affiliation with CLA suggests that they adhere to industry best practices and regulations, enhancing their reliability as a financial service provider.

How to apply for a City Lending Centers loan

Visit the Website. Open your web browser and navigate to the official website of City Lending Centers (CLC).
Choose the Loan Type. Explore the various loan options offered by CLC, including personal and business loans. Select the type of loan that best suits your financial needs and requirements.
Click "Get Loan". Once you've decided on the loan type, click on the "Get Loan" button or a similar call-to-action prompt.
Fill Out the Application Form. You will be directed to an online application form where you'll need to provide personal and financial information. Fill in all the required fields accurately, including your name, contact details, employment information, income details, and any other relevant information requested by the form. Take your time to review the information you've entered to ensure accuracy and completeness.
Submit the Form. After completing the application form, carefully review the terms and conditions associated with the loan. Once you're satisfied with the terms, click on the "Submit Form" button to submit your loan application to City Lending Centers. You may receive a confirmation message indicating that your application has been successfully submitted.

Conditions

Rent Payments To Build Credit. If you currently rent, you can utilize your timely rent payments to help build good credit scores with City Lending Centers. Unlike homeowners who build credit through mortgage payments, renters typically lack this opportunity. With CLC's rent reporting service, you can establish a healthy credit history using your on-time rent payments. The program offers two plans. one costing $15 per month and another costing $30 per month, depending on your preference. Landlords must be willing to participate in the program, as they are responsible for verifying rent payments.
Credit-Builder Loan. CLC offers credit-builder loans ranging from $1,000 to $10,000 in installment credit. The loan amount chosen will be reported to the credit bureaus, aiding in the establishment or improvement of your credit history. The specific loan amount available to you depends on the plan you select.
Secured Visa. CLC provides a secured Visa credit card option with an interest rate of 16.99% applicable only on carried-over balances. You have the flexibility to set your own credit limit, ranging from $300 to $25,000, based on your financial needs and capacity. This secured Visa card offers individuals the opportunity to build credit responsibly while enjoying the benefits of a credit card.
Quick Loans. CLC provides quick loans. Individuals can receive loans of up to $1,600. Businesses can receive loans of up to $2,000.

Requirements

Here are the general requirements for City Lending Centers, keeping in mind that specific eligibility criteria may vary depending on the type of loan or financial service:

Age. Applicants must typically be at least 18 years old to apply for loans or financial services offered by City Lending Centers.
Income. Applicants may need to demonstrate a stable source of income to qualify for certain loans or financial products. This could include employment income, self-employment income, or other verifiable sources of income.
Credit History. While City Lending Centers may offer options for individuals with limited or poor credit history, having a positive credit history may increase the likelihood of approval for certain loans or services.
Identification. Applicants will likely need to provide valid identification, such as a driver's license, passport, or state-issued ID, to verify their identity.
Residence. Some loans or services may have residency requirements, such as being a legal resident of the United States or residing in a specific state where City Lending Centers operates.

Ways to receive the money

Typically, the borrowed amount from City Lending Centers or any similar financial institution is disbursed through one of the following methods:

Direct Deposit. The borrowed amount may be directly deposited into your bank account. This is a convenient and commonly used method, as it allows for quick access to the funds.
Check. In some cases, especially for larger loan amounts or for individuals who do not have a bank account, the borrowed amount may be disbursed via a physical check. You can then cash or deposit the check as per your preference.
Prepaid Card. In certain situations, particularly for smaller loan amounts or for individuals who do not have a bank account, the borrowed amount may be loaded onto a prepaid card provided by the lender. You can then use the prepaid card to access the funds for purchases or withdrawals.

Products

Credit Builder Loans. CLC provides credit builder loans, allowing individuals to establish or improve their credit history by borrowing funds and making timely repayments. These loans are designed to help individuals build credit responsibly.
Quick Loans. CLC offers quick loans to provide individuals with access to immediate funds for various purposes. These loans are typically processed quickly, providing borrowers with the financial assistance they need in a timely manner.
Credit Cards. CLC provides credit card options, including secured credit cards, to help individuals manage their finances and build credit. These cards may offer features such as customizable credit limits and competitive interest rates.
Rent Payments To Build Credit. CLC offers a unique service that allows individuals to use their rent payments to build credit. By reporting on-time rent payments to credit bureaus, CLC helps renters establish a positive credit history, which may not be achievable through traditional rent payment methods.

Reasons you may be denied a City Lending Centers loan

Credit Report. Your credit report may show negative marks, such as missed payments or high levels of debt, which could result in a loan denial.
Credit Health. If your credit health is poor, with a low credit score or a history of financial issues, CLC may consider you a higher risk borrower and deny your loan application.
Credit Monitoring. CLC may utilize credit monitoring services to assess your creditworthiness. If they detect concerning patterns or inconsistencies in your credit history, it could lead to a loan denial.
Equal Access. While CLC believes in equal access to credit opportunities, they still have to assess each applicant's financial situation and creditworthiness. If you do not meet their criteria, your loan application may be denied.
Credit Check. During the loan application process, CLC may conduct a credit check to evaluate your credit profile. If they find red flags, such as recent inquiries or a high debt-to-income ratio, your application may be denied.

How to repay a City Lending Centers loan

Sign In to Your Account. Visit the City Lending Centers website and sign in to your account using your credentials.
Access Loan Details. Once logged in, navigate to your account dashboard or loan details section to access information about your loan, including the outstanding balance and payment due dates.
Choose Payment Method. Select your preferred payment method from the options provided by City Lending Centers. This may include online payment portals, automatic bank transfers, or payment by phone.
Make Payment. Follow the prompts to initiate the repayment process. Enter the amount you wish to pay and confirm the payment details. Ensure that you have sufficient funds available in your chosen payment account.
Confirm Payment. After making the payment, review the transaction confirmation to ensure that the payment has been successfully processed. Keep track of your payment receipts and transaction records for your records.

Editorial Opinion

City Lending Centers provides a range of financial services aimed at assisting individuals in managing their credit health and accessing necessary funds. With offerings such as credit-building loans and secured credit cards, CLC aims to help individuals improve their credit scores and gain access to financial products that may have previously been out of reach. The emphasis on providing equal access to credit opportunities, as evidenced by their commitment to serving individuals underscores CLC's mission to improve lives through responsible lending practices. However, prospective clients should carefully consider the terms and conditions of CLC's products, including fees and interest rates, to ensure they align with their financial goals and circumstances.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.