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Lender
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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.

Helium Loans

Finanso.Multilogin™

About lender

Helium Loans is a Canadian online lending company. It provides customers and business people with relatively small amounts of money for different needs. For now, the company operates only in Canada but will soon expand to the US and the UK.

Features

Helium Loans is a direct lender, not a broker. That means that the company's approval may take much less time as there is no need to cooperate with other lenders and wait for their response.

Helium Loans has several loan options that would be useful for businesses and individuals.

It offers business loans for terms from 6 months up to 3 years. Borrowable amounts are relatively small: from $5,000 up to $50,000. These loans can cover day-to-day expenses, equipment purchases, receivables financing, etc.

The company provides more financial options: personal loans, auto loans, lines of credit, business loans, and coffee cup loans. A coffee cup loan is an alternative to a payday loan.

Also, the company offers a fast application that doesn’t take more than 5 minutes. Also, customers who borrow for the first time will receive a $10 gift card as they pay off the loan.

However, Helium Loans imposes strict penalties for late or returned payments. Customers will be charged a $50 fee for NSF, and interest will accrue on any unpaid balance at a rate of up to 60% per annum.

The company provides auto loans. Customers can choose new or used vehicles, and different types of vehicles can be selected, whether cars, trucks, or vans. In addition, the company enables customers to extend the loan or repay it earlier, and it does not charge any prepayment fees.

Pros and cons

Pros

  • The company provides various lending loan options for businesses and individuals alike;

  • Customers are allowed to choose used or new cars

  • Customers can extend their loans or pay them off earlier;

  • The company allows clients to adjust their repayment schedule;

  • You can rebuild your credit with Helium Loans;

  • The application is quick, and customers can receive the borrowed money on the same day.

Cons

  • The company only provides relatively small loan amounts;

  • The credit requirements are pretty strict. Customers' credit scores must be higher than 600;

  • The company charges a $50 NSF fee for late or canceled payments, and interest can accrue on any unpaid balance at a rate of up to 60% per annum.

As we see, Helium Loans has several advantages. First, the company offers services that can be useful for almost all customers with different needs. It lets its clients adjust their repayment schedules and does not charge prepayment fees.

On the other hand, there are some disadvantages. For example, customers can only borrow relatively small amounts that may not be useful for clients who own big businesses. Also, they have strict penalties for late or canceled payments.

Loan conditions

To apply for a loan from Helium Loans, customers need to begin with the application form, which can be done within several minutes. Next, they must register on the company’s website, find the online form, and enter all the necessary information there. After that, one of the company’s operators will connect with a client. Approval is usually done on the day of applying.

The company provides many different financial products, and their conditions are different. However, there are still some basic requirements that customers must fulfill. For example, they must be older than 18, have an active source of income, have an active chequing or savings account with at least 30 transactions in the last 90 days, not be in active bankruptcy, consumer proposal, or be enrolled in credit counseling.

Clients must have an income of at least $2,000 per month for Coffee Cup Loans, $2,500 per month for Personal Term Loans, and $3,000 per month for Lines of Credit and a credit score of around 600-700.

Different loan options suggest different conditions. For example, the interest rate for a business or personal loan varies between 6,99% and 46,99%. If customers need money for their companies, they can borrow $5,000 - $50,000 for the term from 6 to 36 months. A personal loan ranges from $500 to $2,000, while an auto loan is up to $50,000.

Methods of loan funding

When customers complete the application, they will receive the borrowed amount by e-transfer or direct deposit.

FAQ

What is Helium Loans?

Helium Loans is a Canadian lending company that provides individuals and business people with different financial products. The company offers business, auto, and personal loans, among other options. As a direct lender, they lead customers from the beginning to the end of the term.  

Who owns Helium Loans?

Helium Loans belongs to the Helium Group of companies, as stated on its website.

How do you qualify for Helium Loans?

To be approved for a loan from Helium Loans, customers need to be older than 18, have an active source of income, have an active chequing or savings account with at least 30 transactions in the last 90 days, not currently be in bankruptcy, consumer proposal or be enrolled in credit counseling.

One must have an income of at least $2,000 per month for Coffee Cup Loans, $2,500 per month for Personal Term Loans, and $3,000 per month for Lines of Credit and a credit score around 600-700.

How much can you borrow from Helium Loans?

The maximum amount to borrow from Helium Loans is $50,000 (a small business loan or an auto loan). A Coffee Cup loan lets you borrow from $500 to $2,000.

Is it a legitimate company?

Helium Loans is a legitimate company. Although BBB does not accredit it, it is a subsidiary company of Helium Investments. The corporation number of this company is 965071-7.

Calculate loan payments at Helium Loans

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

Helium Loans calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 25.09.2022
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What to pay attention to when applying for a loan from Helium Loans

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Helium Loans from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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