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Lender
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.

Lamina

Finanso.Multilogin™

About lender

Brokers Lamina is a quick online loan brokerage service that provides reliable short-term loans. Brokers Lamina was established 15 years ago in Canada with the aim of helping people get funded quickly and in a safe way.

The service allows people to apply for short-term loans and get money in a very comfortable and suitable way – quickly and with minimum required documents. As a result, a person can easily borrow a sum of money, ranging from $300 to $1,500.

Lending companies partnering with Lamina offer an approximate annual interest rate of 28% to 32%. In case a loan is unpaid, the applicable interest rate is 2,66% per month.

Pros and cons

Pros

  • A quick way of getting money: first-time clients receive funds within 12 hours, and returning clients can receive funds within an hour.

  • Easy way of getting money: just a few steps are needed to fill in an application form - it usually takes less than 10 minutes to apply online. Agents are always available to assist borrowers through the process should a borrower have any questions.

  • A safe way of getting money: the application process is completely secure (the company uses standard internet security protocols on its website, the company's servers are operated locally and can only be accessed by authorized personnel), and none of the information is shared with the 3rd parties that aren't directly involved in the application process.

  • Loan repayment schemes are hassle-free, with weekly, bi-weekly, or monthly payment options available.

  • The service offers differentiation by the variety of the amounts of loans available.

Cons

  • The borrowers still have to wait for approval results.

  • Steady job needed.

  • Not available in the provinces of Nova Scotia, Manitoba, and Newfoundland.

  • Small loan amounts available.

The borrower can easily access agents, always ready to help, via texting on the website, toll-free calls, e-mailing, or coming directly to the office of Lamina.

Taking into consideration the above-mentioned – there are lots of obvious advantages Brokers Lamina have to offer to their clients, and its only disadvantage at this stage is that a person should have a stable job to be considered for a loan from this company.

Loan conditions

The main criteria for getting a loan are to be 18 years old or older and have a steady income. A candidate for a loan should also provide the service with a pay stub, void cheque, 30-60 days of banking, and a picture of a photo ID. In case a loan candidate is using online banking – no documents are needed at all. On average, the amount borrowed will bear 30% interest annually, excluding brokerage fees.

Methods of loan funding

Should a borrower request a deposit by interact e-transfer, the funds are usually transferred within an hour after the borrower's application is approved. Otherwise, the transfer process varies between 12 and 24 hours as the borrower is getting funds overnight. Usually, the loan money is deposited in clients' accounts before 10 a.m. the following morning. Loans approved on Friday afternoon are being transferred and deposited on Monday morning, and the loans approved on Saturday and Sunday are being transferred and deposited on Tuesday morning.

First-timers usually get approved and funded within 12 hours; those ones who have already borrowed from Lamina can get a loan within an hour.

FAQ

What is Lamina?

Brokers Lamina offers an easy, quick, and trusted way to get short-term loans via brokerage services.

Who owns Lamina?

Sebastien Cloutier is president of Brokers Lamina. No more open-access information on the company's ownership can be found.

How do you qualify for Lamina?

To qualify for the lender, a person should be 18 years old or older and have a steady income.

How much can you borrow from Lamina?

A person can borrow from $300 up to $1500.

The amounts of loans can be $300, $400, $500, $600, $700, $750, $800, $900, $1000, $1250 and $1500. For each of these sums, the home page provides the reimbursement amounts depending on payment frequency.

Is it a legitimate company?

The company corresponds to all the requirements for such kinds of financial institutions, and it seems to be fully legitimate.

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

Lamina loans calculator

Lamina calculator will allow you to calculate an approximate payment schedule for the loan

Lamina calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 03.10.2022
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300 $
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210
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What to pay attention to when applying for a loan from Lamina

  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 Lamina 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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