Helium Loans Review

About Lender

Helium Loans stands as a direct online lender offering a range of personal and small business loan products tailored to meet diverse financial needs across Canada. As a direct lender, Helium Loans facilitates a streamlined borrowing experience from application to funding and repayment, ensuring transparency and security throughout the process. Customers appreciate the convenience of dealing directly with the lender, bypassing intermediaries, and experiencing a hassle-free approach to securing funds. With a commitment to privacy, Helium Loans safeguards personal information within its secure system, enhancing trust and confidence among its clientele.

Whether it's covering unexpected expenses, funding home renovations, or fueling business expansion, borrowers can access flexible borrowing solutions tailored to their specific needs. With a focus on simplicity and accessibility, Helium Loans offers quick and easy loan application processes, ensuring prompt decisions and timely fund disbursement, thereby providing a reliable source of financial support for Canadians nationwide.

Key Features

1. Instant Online Approval. Helium Loans employs a new approval process that qualifies applicants within seconds, eliminating the need for extensive paperwork and ensuring a swift lending decision.

2. Direct Online Lender. As a direct online lender, Helium Loans facilitates a direct relationship with borrowers, handling the entire loan process—from application to funding and repayment—ensuring a seamless and confidential experience.

3. Diverse Loan Products. They offer loans for different purposes, including personal term loans, personal installment loans, small business loans, and payday loans, catering to a variety of borrowing needs.

4. Flexible Repayment Options. Borrowers can choose from daily, weekly, bi-weekly, or monthly payment schedules, allowing for flexibility in managing loan repayments according to individual financial preferences.

5. Credit Improvement Reporting. Bureau-reported transactions help improve borrowers' credit scores, providing an opportunity for financial growth and stability over time.

6. Online Accessibility. Helium Loans is available 24/7 online and through iOS or Android devices, allowing users to view account balances, make payments, apply for new loans, and track payment history at their convenience.

7. Loan Options for Small Businesses. Small businesses can secure financing up to $25,000 with Helium Loans, supporting expansion plans, cash flow needs, or renovation projects after a minimum of one year in business.

8. Customer Referral Program. Helium Loans encourages satisfied clients to share their positive experiences, offering a referral program where users can refer friends and earn rewards.

Pros and Cons

Pros

Cons

Reliability

Assessing the reliability of Helium Loans presents a challenge as reviews about the platform are notably scarce. The limited availability of customer feedback makes it challenging to gauge the overall satisfaction and experiences of borrowers. While the platform positions itself as a direct online lender offering various loan products, the absence of a substantial number of reviews makes it difficult to form a comprehensive understanding of Helium Loans' reliability. Potential borrowers may find it prudent to consider this aspect and seek additional information or alternative sources to make informed decisions about the platform's trustworthiness and the overall borrowing experience it offers.

How to Apply for a Helium Loan?

1. Visit the Helium Loans Website. Start by visiting the official Helium Loans website.

2. Create an Account. If you're a new user, you'll need to create an account. This typically involves providing basic personal information such as your name, age, address, phone number, and email address. You'll also need to create a secure password to access your account.

3. Complete the Application Form. Once logged in, you'll be guided through the loan application process. You'll need to provide additional details such as your employment information, income, banking information (for deposit), and the loan amount you're requesting.

4. Choose Your Loan Product. Helium Loans offers a range of loan products tailored to different borrowing needs, including personal term loans, personal installment loans, payday loans, and small business loans. Select the loan product that best suits your requirements.

5. Review Terms and Conditions. Before submitting your application, carefully review the terms and conditions associated with the loan product you've selected. Pay close attention to factors such as interest rates, repayment terms, and any applicable fees.

6. Submit Your Application. Once you've reviewed all the information and are satisfied with the terms, submit your loan application. Helium Loans will then process your application and assess your eligibility for the loan.

7. Await Approval. After submitting your application, Helium Loans will review your information and make a lending decision. In many cases, approvals are provided instantly, allowing for swift access to funds.

8. Receive Funds. If your loan application is approved, you'll receive the funds directly into your designated bank account. Helium Loans offers instant deposit options, ensuring prompt access to the approved loan amount.

Conditions and Requirements

Conditions

1. Loan Amounts. Helium Loans offers loan amounts ranging from $500 to $25,000, depending on the borrower's eligibility and the type of loan product.

2. Interest Rates. Interest rates for Helium Loans vary depending on factors such as credit history and the selected loan product. Rates typically range from 6.99% to 46.99%.

3. Repayment Terms. Borrowers can choose from flexible repayment schedules, including daily, weekly, bi-weekly, or monthly payments, depending on the loan product.

4. Loan Purposes. Helium Loans does not restrict the use of funds for specific purposes, allowing borrowers to use the loan amount for various financial needs, such as debt consolidation, home renovations, or business expenses.

5. No Prepayment Penalty. Borrowers can pay off their loans early without incurring prepayment penalties, making it convenient to save on interest costs by accelerating loan repayment.

6. Credit Reporting. Helium Loans reports borrower activity to credit bureaus, which can help improve credit scores over time with responsible loan management.

7. Referral Program. Helium Loans offers a referral program where borrowers can earn rewards by referring friends or family members who successfully apply for a loan.

Requirements

1. Age. Borrowers must be at least 18 years old to apply for a Helium Loan.

2. Residency. Applicants must be residents of Canada to be eligible for a loan.

3. Bank Account. Borrowers need to have an active chequing or savings account to receive funds from Helium Loans.

4. Income. Helium Loans may require borrowers to demonstrate a minimum income level to qualify for certain loan products. Income requirements vary depending on the type of loan.

5. Credit History. While Helium Loans considers applicants with various credit backgrounds, borrowers typically need to have a minimum credit score to qualify for certain loan products.

6. Employment Status. Applicants may need to demonstrate stable employment or a reliable source of income to support loan repayment.

7. Banking Transactions. Some loan products may require borrowers to have a minimum number of transactions in their bank account within a specified period.

Ways to Receive the Money

1. Email Money Transfer (Interac™ e-Transfer). Borrowers can opt to receive funds through an email money transfer using Interac™ e-Transfer. Once the loan application is approved, Helium Loans sends an email containing a secure link to deposit the funds directly into the borrower's bank account. This method offers instant access to the approved loan amount.

2. Direct Deposit. Borrowers can choose to have the loan funds directly deposited into their designated bank account via direct deposit. Upon approval, Helium Loans initiates the transfer of funds electronically to the borrower's bank account. The timing of the deposit is dependent on the recipient's financial institution's payment processing procedures.

Products

1. Coffee Cup Loan. The Coffee Cup Loan is designed to provide borrowers with immediate access to funds, starting from $500. Borrowers can choose to borrow additional funds up to $2,000, with flexible repayment options.

2. Personal Term Loan. The Personal Term Loan offers borrowers a flexible installment loan with loan amounts of up to $5,000. This loan product allows borrowers to repay the loan amount over a predetermined term with fixed monthly payments.

3. Line of Credit. Helium Loans offers a Line of Credit that provides borrowers with access to funds up to $10,000 on a revolving basis. Borrowers can use the funds as needed and repay them according to their financial requirements.

4. Small Business Loan. Helium Loans caters to small businesses with loan amounts of up to $25,000. Whether for expansion plans, cash flow management, or renovation projects, this loan product offers financing solutions to support business growth.

5. Payday Loan. Payday Loans offer short-term financing solutions for individuals facing unexpected expenses or cash flow gaps between paychecks. Loan amounts vary based on individual eligibility criteria and financial circumstances.

Reasons for Getting Rejected for a Helium Loan

1. Insufficient Income. Helium Loans may reject applicants who do not meet the minimum income requirements for the desired loan product. Insufficient income may indicate an inability to repay the loan, leading to a higher risk for the lender.

2. Poor Credit History. Applicants with a history of late payments, defaults, or bankruptcy may face rejection due to their credit history. Helium Loans assess creditworthiness based on credit reports and scores, and a low credit score may signal a higher risk of default.

3. Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on the loan application can result in rejection. It's essential to provide accurate details about employment, income, and personal information to ensure a thorough assessment.

4. High Debt-to-Income Ratio. Applicants with a high debt-to-income ratio, meaning they already have significant debt compared to their income, may be viewed as a higher risk by lenders. Helium Loans may reject applicants with excessive debt obligations.

5. Unstable Employment History. A lack of stable employment or frequent job changes can raise concerns about an applicant's ability to maintain a steady income. Helium Loans may reject applicants with an unstable employment history, as it increases the risk of default.

6. Recent Bankruptcy or Financial Issues. Applicants who have recently filed for bankruptcy or experienced significant financial issues may be deemed ineligible for a loan. Helium Loans may reject applicants with recent financial difficulties due to the heightened risk of default.

7. Insufficient Banking Transactions. Helium Loans may require applicants to have a minimum number of transactions in their bank account within a specified period. A lack of banking activity may raise concerns about the applicant's financial stability and ability to manage loan repayments.

8. Discrepancies in Documentation. Any discrepancies or inconsistencies in the documentation provided by the applicant may lead to rejection. It's essential to ensure that all documents submitted are accurate and up-to-date to avoid potential issues.

9. Unmet Eligibility Criteria. Helium Loans has specific eligibility criteria that applicants must meet to qualify for a loan. Failure to meet these criteria, such as age requirements or residency status, may result in rejection.

How to Repay a Helium Loan?

1. Understand Repayment Terms. Before receiving the loan, borrowers should thoroughly review the repayment terms outlined in the loan agreement. This includes the loan amount, interest rate, repayment schedule, and any applicable fees.

2. Set Up Automatic Payments. Helium Loans offers the option to set up automatic payments for loan repayment. Borrowers can authorize Helium Loans to withdraw the agreed-upon repayment amount from their bank account on the scheduled payment dates, ensuring timely and hassle-free repayments.

3. Choose Payment Frequency. Depending on the loan product and borrower's preference, repayment frequency options may include daily, weekly, bi-weekly, or monthly payments. Borrowers can choose the payment frequency that best aligns with their financial situation and budget.

4. Monitor Account Balances. Borrowers need to monitor their bank account balances to ensure sufficient funds are available for loan repayments. Insufficient funds may result in overdraft fees or failed payments, impacting the borrower's credit score.

5. Pay Off the Loan Early. Borrowers have the flexibility to pay off their Helium Loan early without incurring prepayment penalties. By paying off the loan ahead of schedule, borrowers can save on interest costs and reduce the overall loan term.

6. Use Interac e-Transfer for Payments. Helium Loans accepts payments via Interac e-Transfer, providing a convenient and secure way for borrowers to make payments. Borrowers can initiate an e-Transfer from their bank account using the provided email address and password.

7. Review Payment History. Borrowers can review their payment history and track their loan repayment progress through their Helium Loans account. This allows borrowers to stay informed about their loan status and ensure all payments are made on time.

8. Contact Customer Support. If borrowers encounter any issues or have questions regarding loan repayment, they can contact Helium Loans customer support for assistance. Helium Loans' customer service team is available to provide support and address any concerns.

Alternatives

Fusion Credit Union

Fusion Credit Union stands out with its extensive range of loan options, accommodating both small personal needs and substantial business ventures. Offering flexible repayment terms ranging from one to 25 years, borrowers can tailor their repayment schedules to fit their financial circumstances. While Fusion Credit Union provides competitive starting APRs, potential borrowers need to weigh this against the possibility of higher rates, though their maximum APR of 10% remains comparatively lower. The credit union combines a personal touch with modern conveniences like online applications and a mobile app, ensuring a personalized and convenient borrowing experience.

easyfinancial

easyfinancial serves as a lifeline for borrowers encountering difficulties obtaining loans due to limited credit history. With same-day funding, the lender swiftly addresses urgent financial needs. While the APR range may be higher, easyfinancial offers advantages such as autopay and loyalty discounts. Providing a flexible loan term spanning from 9 to 120 months and no prepayment penalties, borrowers have the freedom to manage their loan repayments according to their pace.

Eastern Loans

Eastern Loans specializes in catering to individuals seeking smaller loan amounts for short-term needs. With a consistent APR of 23% and no prepayment penalties, the lender ensures transparency and flexibility in the repayment process. Accessible to a broader range of borrowers due to the absence of a credit history prerequisite, Eastern Loans maintains a positive customer experience evidenced by its four-star TrustPilot rating. With same-day funding, Eastern Loans offers a quick and relatively straightforward borrowing experience, particularly beneficial for those with urgent financial requirements.

Spring Financial

Spring Financial addresses the needs of borrowers lacking established credit histories yet in need of personal loans for various purposes. With competitive starting APRs, the lender appeals to individuals qualifying for lower rates. The absence of late payment fees and prepayment penalties enhances repayment flexibility. Spring Financial's high TrustPilot rating reflects a notable level of customer satisfaction. Promising a turnaround of one to two business days, the lender provides an attractive option for borrowers seeking prompt access to funds.

Editorial Opinion

Important

How to Choose a Lender

1. 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.
2. 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).
3. 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.
4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
5. 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.
6. 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.

Additional Resources

Sources

• www.heliumloans.com