About lender
Lendful Financial, a prominent player in the Canadian financial landscape, stands out as an online platform offering personalized lending solutions to its customers. Positioned as a subsidiary of Peoples Group, a federally regulated financial institution with a rich history dating back to 1985, Lendful is deeply rooted in providing specialized financial services to Canadians. The company prides itself on its commitment to offering a better way to borrow, catering to individuals seeking quick and easy access to personal loans.
Lendful's array of services includes debt consolidation, home improvement projects, and asset purchases, catering to a diverse range of financial needs with Lendful personal loans. Moreover, with competitive interest rates and flexible repayment options, Lendful empowers its clientele to take control of their financial future, ensuring a smoother and more convenient borrowing experience.
It is important to note that Lendful Financial is no longer accepting direct applications. However, existing loans are not affected by this change. The company may be providing loans through its partners. to get relevant info, contact the company through info@lendful.ca or call 1-877-996-22-33.
Features
- Competitive Interest Rates. With interest rates designed to save customers money, Lendful provides attractive options for individuals looking to consolidate high-interest debt or finance various expenses.
- Flexible Loan Options. Lendful offers loan amounts ranging from $5,000 to $35,000, with terms between 6 months to 5 years, allowing borrowers to tailor their loans to meet their specific needs.
- Open Loans with No Penalty. Lendful loans are open, allowing customers to prepay at any time without incurring penalties, providing flexibility and peace of mind.
- No Direct Applications. Lendful Financial is no longer accepting direct applications. Existing loans are not affected by this change. Don't hesitate to get in touch with their customer support for any inquiries regarding existing loans or newly submitted applications.
Pros and cons
Pros
Cons
Reliability
The reliability of Lendful Financial stems from its status as a subsidiary of Peoples Group, a federally regulated financial institution with a longstanding reputation for integrity and trustworthiness in Canada's financial sector. With decades of experience in providing specialized financial services, Peoples Group's oversight and support bolster Lendful's credibility as a reputable online lending platform. Lendful upholds rigorous standards of compliance and transparency, ensuring that borrowers have access to fair and responsible loan products.
How to apply for a Lendful loan?
Lendful Financial no longer offers direct application options for its loan products. However, individuals interested in exploring loan options or seeking assistance can still access customer support services via email. By reaching out to Lendful's dedicated support team at info@lendful.ca, potential borrowers can inquire about available alternatives and gather information about potential lending options facilitated through Lendful's partners.
Conditions
- Loan Amount. Lendful offers personal loans ranging from $5,000 to $35,000, providing borrowers with flexibility to finance various expenses.
- Loan Terms. Borrowers can choose repayment terms ranging from 6 months to 5 years, allowing them to select a timeframe that suits their financial situation.
- Interest Rates. Lendful provides competitive interest rates, starting from as low as 9.9% APR, enabling borrowers to save money when consolidating high-interest debt.
- Payment Frequency. Borrowers have the option to select weekly, bi-weekly, or monthly payment frequencies, providing flexibility in managing their loan repayment schedules.
- Prepayment Option. Lendful offers open loans with no penalty for prepayment, allowing borrowers to pay off their loans early without incurring additional charges.
Requirements
- Credit Score. Lendful typically caters to borrowers with near prime credit, requiring a minimum credit score to qualify for their loan products.
- Income Verification. Borrowers are required to provide proof of income to demonstrate their ability to repay the loan amount requested.
- Identification. Borrowers must provide valid identification documents to verify their identity and eligibility for a loan.
- Canadian Residency. Lendful loans are available to Canadian residents only, and borrowers must provide proof of residency to qualify for a loan.
- Age Requirement. Borrowers must be at least 18 years old to apply for a loan with Lendful Financial, as per legal regulations.
Ways to receive the money
- Direct Deposit. Upon approval of the loan application, borrowers can choose to receive the loan funds via direct deposit into their designated bank account. This method offers convenience and ensures prompt access to the funds.
- Electronic Transfer. Alternatively, borrowers may opt for an electronic transfer of the loan amount to their bank account. This method typically involves providing banking details to facilitate the transfer securely.
Products
Lendful Personal Loan (from $5,000 to $35,000). Lendful Financial provides personal loans tailored to meet the diverse financial needs of its customers. These loans are available in various amounts and terms to accommodate different borrowing requirements.
How to repay a Lendful loan
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Understand Your Payment Schedule. Upon approval of your Lendful loan, it's essential to familiarize yourself with your payment schedule. This includes knowing the frequency of payments (weekly, bi-weekly, or monthly) and the due dates for each installment.
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Set Up Automatic Payments. To ensure timely repayment and avoid missing payments, consider setting up automatic payments from your bank account. Lendful offers the option to automatically debit your bank account for scheduled payments, providing convenience and peace of mind.
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Make Timely Payments. Adhering to your payment schedule is crucial for maintaining a positive repayment history and avoiding late fees or penalties. Ensure that you have sufficient funds in your bank account on the scheduled payment dates to cover your loan installments.
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Prepay Your Loan. Lendful loans are open, allowing you to prepay the outstanding balance at any time without incurring penalties. If you have the means to do so, consider making additional payments or paying off your loan early to reduce your overall interest costs.
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Monitor Your Account. Regularly monitor your bank account and loan statements to track your payments and ensure that they are processed correctly. If you notice any discrepancies or have questions about your payments, don't hesitate to reach out to Lendful's customer support team for assistance.
Editorial opinion
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.Important
How to Choose a Lender
Methodology
Additional resources
- How to Apply for Lendful Loan
- How to PayOff Lendful Debt
- Lendful Customer Reviews
