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Lamina's application

Finanso.Multilogin™

How to apply

Requirements

To apply for a loan, a potential borrower should provide Brokers Lamina with initially correct and full information about his or her financial background. Following thе steps indicated on the website guarantees that the request will be proceeded without any delays or additional queries from the service agents and automatically increases the chances for a loan candidate to have the application approved and get properly funded as a result.

The list of documents needed to be provided is the following: pay stubs from the company the borrower is working at, void cheque, 30-60 of banking operations confirmed, and a photo IDas a picture.

In case a candidate for a loan is making use of online banking – he is free not to provide the service with any kinds of documents – all the information about the borrower will be obtained and confirmed automatically by the Brokers Lamina system.

Application details

The process of application consideration normally takes not that much time – it can be less than one hour. Some exceptions are made for weekends and early office hours on weekdays. Other exceptions can include several working days in the post banking holidays period. In all the rest of the cases, the consideration of applications can be even less than an hour. Brokers Lamina's short-term loans platform is all about being maximally effective and friendly to its customers, and it is doing its best not to make the potential borrowers craving for funds wait for the answer for too long.

Brokers Lamina's short-term loans service is available for the customers during the whole working week, starting from Monday 8 a.m.-5.a.m. till Friday 8 a.m.-5.a.m. More than that – a potential borrower can send a loan application to Brokers Lamina at any time on any weekend – in this case, the application will be considered on weekdays only due to the company's procedures.

When requesting a loan (аfter clicking the "Apply now" field), the potential borrower will be asked to provide the service with the following information:

  1. The preferred language for interacting.

  2. The name of the province the customer lives in.

  3. Which source of the income the customer uses (salary from work, child tax, employment insurance, disability benefits, retirement pension, self-employment, ODSP, workers compensation, other).

  4. The frequency of customer's salary deposits (weekly, every two weeks, monthly, bi-monthly).

  5. The amount of funds the customer normally gets per payment.

  6. Whether or not the customer has payday loans or short-term loans.

  7. Whether or not the customer has put stop payments in his account during the previous two months.

  8. Whether or not the customer has any late fees in his account during the previous two months.

  9. Whether or not the customer's pay has been steady during the previous two months and whether or not the payment has been not less than $300 weekly.

  10. In case there is an initial approval for getting a loan from the Brokers Lamina platform, the customer will see the proposed sums from $300 up to $1500; the customer will also be asked to choose which sum fits him exactly and will be asked to provide the system with his contact details (e-mail address).

  11. After providing the system with the e-mail address, the customer will receive a contract, which can be signed electronically.

  12. In case the approval process is successfully finished and the system defines the size of a loan available under the request, the customer is signing the contract and gets funded.

FAQ

Reasons for rejection

Unfortunately, there is a list of cases when the initial request for getting a loan can not be confirmed:

  1. Brokers Lamina should be aware of the fact that its borrower has a proven and eligible paying history. For each loan approved, there is one certain criterion established – the financial stability of the borrower. Each customer must provide Brokers Lamina with a piece of actual and non-deceptive information about all the previous loans he has had and the current ones (if there are any), the correct and exact amounts of funds the customer gets via pay cheques as an income (whether it is a salary or any other financial source) and the periodicity with which the customer is getting his income. All the information provided by the customer should be fully confirmed and validated by the bank that is processing all the customer's transactions. Should there be certain discrepancies between the information provided by the potential borrower and the information provided by the borrower's bank, Brokers Lamina reserves the right not to approve the request from the borrower due to the above-mentioned factors.

  2. If the potential borrower is living in Nova Scotia, Manitoba, and Newfoundland provinces, their application will also not be considered eligible for getting funded.

  3. Should the potential borrower get paid per day in an amount number of funds less than $300, the system will also not allow him to get a loan.

  4. Should the potential borrower have payday loans / short-term loans being deposited or withdrawn from his bank account at the moment he is addressing Lamina, and should the amount of the above-mentioned loans be three or more – the Lamina platform will also reject the application.

  5. Should the potential borrower have put stop payments in his account within the period of the last two months four or more times - the Lamina platform will also reject the application.

  6. Should the potential borrower have any late fees (NSFs) in his account within the period of the last two months for four or more times - the Lamina platform will also reject the application.

How long does it take to get approved by Lamina?

To begin the procedure of getting a loan from the Brokers Lamina platform, a potential borrower should send an initial request to the Lamina system. This initial request is normally being processed within a period lasting less than one hour. The time of shortlisting of the potential borrowers can be prolonged in several cases only in the following cases: it is a weekend, it is an early office hour on a weekday, and in case it is a period just after the banking holidays. In all the other cases, no exceptions can be made, and the timing for proceeding with the requests can not be prolonged – all the customers' requests are being processed rather quickly.

How trustworthy is Lamina?

The lender is fully legitimate and trustworthy due to the following factors:

  1. Brokers Lamina platform has been operating in the short-term loans market for15 years by now.

  2. Brokers Lamina platform has a section called "Testimonies" where a potential customer can see lots of feedback from the clients who were quickly and successfully funded by Lamina. These clients are completely satisfied and happy to have been working with Brokers Lamina. However, a review site Loans Canada has some negative reviews of the lender (three stars out of five).

  3. A potential borrower can also find a section on Lamina's platform called "Media Room," where they can observe Lamina's operating principles and the impact it has on its clients (which is helping them in financial emergencies).

  4.  Brokers Lamina is offering an easy, quick, and safe way of getting funded (what comes in handy, especially for these in an emergency).

  5. Brokers Lamina has got clear criteria for the eligibility of its customers.

  6. There is a full and detailed information scale of interests and fees Brokers Lamina is getting from its customers.

  7. There is full and detailed information on the Lamina platform, describing the list of financial documents needed to be provided by the customer in case the customer is not using online banking.

  8. There are clear and well-explained time-frames for reimbursement of each kind of loan on Lamina planform.

  9. There is clear information regarding the security principles the company is using (standard internet security protocols, locally operating servers with limited access by authorized personnel only).

  10. The company offers a clear and simple reimbursement procedure.

  11. The company offers a clear and simple procedure of verification of the financial and banking transactions background of each client.

Does Lamina verify income?

Since the lender is operating in the market of providing financial services to its clients, it is an essential point for the company to verify the income level of the potential borrowers and their banking details. Initially, Brokers Lamina asks customers to indicate the income level they are regularly getting from different sources; after this Lamina verifies the financial status of the customer with his bank. And according to the transaction history of the customer, Lamina decides whether to go on with the application process or not.

Does Lamina hurt your credit score?

Lamina claims not to hurt your credit score with any credit agencies if any payments are missed. Suppose any payments are refused from your banking institution, for insufficient funds or, any other reason, you just will be charged an administrative fee of $45.

Take into account that one's credit score may suffer if there is an essential discrepancy between the information the customer provided. To avoid such a situation Lamina always kindly asks its clients to provide the system with correct financial information only. In this case, the chances of getting funding for the customer get significantly higher, and no risk of hurting the credit score of the customer occurs.

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 24.09.2022
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CAD
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1500 $
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days
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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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