Lender
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.

Lamina

Advertiser Disclosure

About lender

Lamina operates as a brokerage firm in the financial services sector, providing a range of short-term loan solutions to individuals across Canada. As a broker, Lamina acts as an intermediary between borrowers and lending institutions, facilitating the loan application process and helping borrowers access the funds they need. Through its online platform, Lamina offers a convenient and accessible avenue for individuals to apply for loans, streamlining the borrowing process and providing quick access to financial assistance.

With a focus on transparency and customer satisfaction, Lamina aims to cater to the diverse financial needs of its clients while adhering to industry regulations and standards. By offering flexible repayment terms and varying loan amounts, Lamina strives to provide borrowers with tailored solutions that align with their unique circumstances and requirements. As a reputable brokerage firm, Lamina prioritizes responsible lending practices and aims to ensure a positive borrowing experience for its customers throughout Canada.

Lamina

Features

  1. Quick Access to Funds. Borrowers can receive funds within hours of approval, making same-day loans ideal for addressing urgent financial needs.

  2. Minimal Documentation. The application process typically requires basic personal information and proof of a steady income, streamlining the paperwork involved.

  3. Online Application. Borrowers can conveniently apply for same-day loans online from the comfort of their homes, eliminating the need for in-person visits to a bank or lending institution.

  4. No Credit Checks. Many same-day loan providers in Canada offer loans without conducting traditional credit checks, making them accessible to individuals with less-than-perfect credit histories.

  5. Flexible Repayment Terms. Borrowers have the flexibility to repay the loan over a period ranging from 3 to 6 months, with options to extend the repayment period as per the terms of the contract.

  6. Transparent Fee Structure. Same-day loan providers disclose all fees upfront, ensuring transparency and helping borrowers understand the total cost of borrowing.

Pros and cons

Pros

Secure Application Process. Online same-day loan applications are secured with standard internet security protocols, protecting borrowers' personal and financial information.

Assistance from Agents. Borrowers can receive assistance from customer service agents throughout the application process, addressing any queries or concerns they may have.

Discount for Early Repayment. Borrowers have the option to repay the full loan amount early, often with a discount on fees, providing flexibility and potential cost savings.

Cons

Higher Interest Rates. Same-day loans often come with higher interest rates compared to traditional bank loans, resulting in increased borrowing costs for borrowers.

Short Repayment Period. While same-day loans offer flexibility in repayment terms, the relatively short repayment period of 3 to 6 months may result in higher monthly payments and potential financial strain for some borrowers.

Risk of Debt Accumulation. The accessibility and speed of same-day loans may tempt borrowers to rely on them frequently, leading to a cycle of debt accumulation if not managed responsibly.

Reliability

Assessing the reliability of Lamina can be challenging due to the scarcity of reviews available online. While the company operates within the financial services industry in Canada and appears to offer legitimate loan products, the limited availability of customer feedback makes it difficult to gauge the overall reliability and customer satisfaction levels. As with any financial institution, potential borrowers may prefer to conduct thorough research and seek out alternative sources of information, such as industry publications or consumer advocacy groups, to gain insights into Lamina's reliability and track record. Despite the scarcity of reviews, individuals considering borrowing from Lamina should exercise caution and carefully evaluate the terms and conditions of any loan agreement before proceeding.

How to apply for a Lamina loan?

  1. Visit the Lamina Website. Start by visiting the official website of Lamina Loans. Navigate to the loan application page to begin the process.

  2. Complete the Pre-Approval Process. Before filling out the loan application, you may have the option to complete a pre-approval process. This step helps determine your eligibility for a loan and provides you with essential information without any obligation to borrow.

  3. Fill out the Loan Application. Once you're ready to proceed, fill out the online loan application form. You'll need to provide basic personal information, such as your name, contact details, and employment information.

  4. Select Loan Amount. Choose the amount you'd like to borrow from the available options provided by Lamina Loans. Ensure that the selected amount aligns with your financial needs and repayment capability.

  5. Provide Necessary Documents. Depending on your banking preferences, you may need to provide certain documents. If you use online banking, no additional documents may be required. Otherwise, you may need to submit documents such as a pay stub, void cheque, 30-60 days of banking statements, and a photo ID.

  6. Review Loan Terms. Carefully review the loan terms, including the repayment period, interest rates, and any applicable fees. Make sure you understand the terms and conditions before proceeding.

  7. Sign the Contract. Once you're satisfied with the loan terms, electronically sign the loan contract using your smartphone or PC. Ensure that you read the contract thoroughly and agree to its terms before signing.

  8. Provide Bank Link. After signing the contract, you'll receive a link via text message and email. This link allows you to connect your bank account securely and provide an up-to-date bank statement directly from your bank. This step helps streamline the application process and verify your financial information.

  9. Wait for Approval. After completing the application process and providing all necessary documents, Lamina Loans will review your application. You'll receive confirmation via email and text message regarding the approval or rejection of your application.

  10. Receive Funds. If your application is approved, the funds will be deposited directly into your bank account within the specified timeframe, typically within hours of approval.

Conditions

  1. Loan Amounts. Borrowers can access loan amounts ranging from $300 up to $1,500, providing flexibility to address various financial needs.

  2. Flexible Repayment Terms. Lamina Loans offers flexible repayment periods, allowing borrowers to repay the loan over a period of 3 to 6 months. Additionally, borrowers have the option to extend the repayment period according to the terms of the contract.

  3. No Credit Checks. Lamina Loans offers loans without conducting traditional credit checks, making them accessible to individuals with less-than-perfect credit histories.

  4. Quick Approval and Funding. Upon approval, borrowers can expect to receive funds deposited directly into their bank accounts within hours, providing swift access to financial assistance.

  5. Discount for Early Repayment. Borrowers have the option to repay the full loan amount early, with a discount on fees, offering flexibility and potential cost savings.

Requirements

  1. Steady Income. Applicants must demonstrate a steady source of income to qualify for a Lamina Loan. This income serves as an indicator of the borrower's ability to repay the loan.

  2. Age Requirement. Borrowers must be at least 18 years of age to be eligible for a Lamina Loan, ensuring legal capacity to enter into a loan agreement.

  3. Canadian Residency. Lamina Loans is available to residents of Canada, and applicants must provide proof of Canadian residency to qualify for a loan.

  4. Valid Identification. Borrowers are required to provide valid identification, such as a government-issued photo ID, to verify their identity during the application process.

  5. Banking Information. Applicants must have an active bank account in their name, as Lamina Loans typically deposits approved loan amounts directly into the borrower's bank account.

  6. Compliance with Criteria. Borrowers must meet the eligibility criteria established by Lamina Loans and lenders to qualify for a loan. This may include factors such as income stability and adherence to the application process.

Ways to receive the money

  1. Direct Deposit. The most common method for receiving funds from Lamina Loans is through direct deposit. Once your loan application is approved, the loan amount is deposited directly into your bank account, providing quick and convenient access to the funds.

  2. Interac e-Transfer. Some borrowers may have the option to receive funds via Interac e-Transfer. With this method, the loan amount is transferred electronically to the borrower's email address, allowing for instant access to the funds.

Products

Lamina offers payday loan advances online, providing quick access to funds within 1 hour or less. Borrowers can obtain short-term financial assistance conveniently through online platforms, without the need to visit a physical location. Loan amounts are ranging from $300 to $1,500.

Reasons you may be denied a Lamina loan

  1. Insufficient Income. Lamina requires applicants to have a steady source of income to ensure their ability to repay the loan. If your income does not meet the minimum requirements or is deemed unstable, your loan application may be denied.

  2. Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on your loan application can lead to a denial. It's essential to double-check all details before submitting your application to ensure accuracy and completeness.

  3. Failure to Meet Eligibility Criteria. Lamina has specific eligibility criteria that applicants must meet to qualify for a loan. This may include factors such as age, Canadian residency, and compliance with Lamina's lending policies. If you fail to meet these criteria, your application may be denied.

  4. Negative Credit History. While Lamina offers loans without traditional credit checks, they may still consider other factors related to your credit history. A history of late payments, defaults, or other negative credit events may impact your loan eligibility and result in a denial.

  5. Excessive Debt. If you have existing debts that exceed your income or demonstrate a pattern of overborrowing, Lamina may view you as a higher risk borrower and deny your loan application.

  6. Bankruptcy or Insolvency. Applicants who have filed for bankruptcy or are currently insolvent may be denied a Lamina loan due to the heightened financial risk associated with their situation.

How to repay a Lamina loan

  1. Review Loan Terms. Before initiating repayment, review the terms of your Lamina loan agreement to understand the repayment schedule, including the amount due, due dates, and any applicable fees or charges.

  2. Ensure Sufficient Funds. Ensure that you have sufficient funds in your bank account to cover the loan repayment amount on the scheduled due date. This may involve budgeting and planning your finances accordingly.

  3. Automatic Withdrawal. In most cases, Lamina facilitates loan repayments through automatic withdrawals from your bank account. The loan payments are typically withdrawn directly from the same account where your main source of income is deposited.

  4. Maintain Communication. If you encounter any issues or anticipate difficulty making a scheduled payment, it's essential to communicate with Lamina promptly. Contact their customer service team to discuss potential options or alternatives available to you.

  5. Early Repayment Option. If you wish to repay the loan before the scheduled due date, you have the option to do so with Lamina. Early repayment may entitle you to a discount on fees, providing potential cost savings.

  6. Keep Records. Maintain records of your loan repayment transactions, including payment dates, amounts, and confirmation numbers. This documentation will serve as proof of payment and may be helpful in case of any disputes or inquiries.

  7. Complete Repayment. Once you have made all scheduled loan repayments according to the terms of your agreement, your loan with Lamina will be considered fully repaid. Keep a record of your loan closure confirmation for your records.

Editorial opinion

Lamina provides a valuable service by offering quick and accessible financial solutions to individuals facing short-term financial challenges in Canada. Its online platform allows for convenient application and speedy access to funds, catering to the needs of those who require immediate financial assistance. While the accessibility and flexibility of Lamina's loan products can be advantageous, borrowers should exercise caution and carefully consider the terms and costs associated with these loans. As with any financial product, responsible borrowing practices are essential to avoid potential pitfalls and ensure a positive borrowing experience with Lamina.

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

  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

FAQ

What is Lamina?

Lamina is a financial services provider that offers short-term loan solutions to individuals in Canada who require immediate access to funds. Specializing in online payday loan alternatives, Lamina provides borrowers with a convenient and accessible platform to apply for and receive funds quickly, without the need for physical visits to a lending institution. With its streamlined application process and rapid approval times, Lamina aims to address the urgent financial needs of its customers in a timely and efficient manner.

How quickly the funds can be received?

Once approved, funds from Lamina can typically be received within 1 hour or less, providing borrowers with swift access to the financial assistance they require. This expedited funding process is especially beneficial for individuals facing unexpected expenses or financial emergencies that require immediate attention. Whether it's covering medical bills, car repairs, or other unforeseen costs, Lamina's quick funding turnaround time ensures that borrowers can access funds when they need them most.

How do you qualify for Lamina?

To qualify for a loan with Lamina, applicants must meet certain eligibility criteria, including having a steady source of income and being at least 18 years of age. While Lamina does not conduct traditional credit checks, applicants should provide accurate and verifiable information during the application process. Additionally, borrowers must have a Canadian residency and a valid bank account in their name to receive funds. By meeting these requirements, borrowers can access the financial assistance they need through Lamina's online loan products.

How much can you borrow from Lamina?

Lamina offers loan amounts ranging from $300 up to $1500, providing borrowers with flexibility to address various financial needs. Whether it's covering unexpected expenses, medical bills, or other urgent financial obligations, borrowers can tailor their loan amount to suit their specific circumstances. The range of loan amounts offered by Lamina allows individuals to access the funds they require while maintaining manageable repayment terms that align with their financial capabilities.

Is Lamina a legitimate company?

Lamina is a legitimate company operating within Canada's financial services industry. As a reputable broker, Lamina complies with all relevant regulations and licensing requirements governing the provision of financial products and services. Additionally, Lamina prioritizes transparency and customer satisfaction, providing clear information about its loan products, terms, and fees to borrowers. With a commitment to ethical lending practices and customer service excellence, Lamina has established itself as a trusted provider of short-term loan solutions in Canada.

Company documents

Terms & Conditions
Privacy Policy

We continually update and better the application process and our response times so it gets easier and better to use the service over time and get funds faster to you if the application is approved, yet still leave a positive impression if your application is declined.

© Lamina.ca
Financial products
Lamina
Personal 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-$1,500
Rate
i

Effective interest rate on the product

up to 275%
Term
i

Loan term for the financial product

up to 210 days
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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.

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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.

Recommended FinScore™
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Loan term for the financial product

60 months
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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.

Recommended FinScore™
0
300
650
1000
$500-$15,000
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Effective interest rate on the product

up to 46.96%
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Loan term for the financial product

up to 60 months
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.

Recommended FinScore™
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300
650
1000
200.00 – 1500.00 C$
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Effective interest rate on the product

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Loan term for the financial product

to 14 days
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
$1,000-$15,000
Rate
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Effective interest rate on the product

up to 46.9%
Term
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Loan term for the financial product

up to 60 months
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