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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.

Lendful

Finanso.Multilogin™

About lender

Lendful Financial is an online lending service that provides unsecured personal loans to Canadian consumers and offers them an alternative way to borrow. Especially it pays special attention to people with near-prime credit. It is a fintech company that was founded in British Columbia in 2015. Today, it has offices in Vancouver and Toronto, as well as a website where customers can apply for personal loans anytime from the comfort of their homes. As Lendful provides personal loans (from $5,000 to $35,000), its clients can manage borrowed money as they wish. For example, they can consolidate their debt, such as overdue student loans, high-interest credit card bills, and mortgage payments. A client must repay all the amount to the lender in a series of equal installments in a predetermined period.

Lendful is a subsidiary of Peoples Group, a federal financial organization providing financial services to Canadians since 1985.

Features

This company has several specific features as a possibility to add extra funds to the existing loan. In addition, they provide only unsecured the client won’t have to offer collateral to qualify.

However, the company has tough loan requirements, so not all the customers will fit. Nevertheless, they have a simple application system so the client would be able to receive the loan within 24 hours. Rates from 9.9%.

Pros and cons

Nevertheless, cooperation with this organization has its pros and cons.

Pros

  • They work in all Canadian provinces;

  • A simple application form, located on the main page of the website;

  • A wide range of available loan amounts;

  • A client can choose the payment frequency: weekly, bi-weekly, or monthly repayment options;

  • Quick approvement. The customer finds out whether they are approved or not in 24 hours;

  • The company’s services are available 24/7;

  • If the customer has solid credit, they may easily apply for a long-term loan with a low rate;

  • Well-crafted website containing sufficient information;

  • The client can add additional funds to the existing loan.

Cons

  • High fees. The client may receive a lot of fees in different situations like late payment or non-sufficient funds;

  • Very high minimum loan amount. The minimum loan amount is 5,000$;

  • High loan requirements. The loan conditions are not simple for everyone. For example, the client’s credit score must not be less than 600;

  • If the client has a low income, poor credit score, or takes a loan for a short term, Lenfdul may charge a high-interest rate;

  • Adverse effect on the credit history. If the client pays late, it will be reflected on the credit report and decrease the credit score;

As we see, the company has some advantages and disadvantages. They operate in all Canadian provinces and have a simple system of applying for a loan, but their conditions are pretty strict. They have strict requirements which wouldn’t be suitable for everyone and also have a complicated system of fees which may cause some problems.

Loan conditions

To borrow from Lendful, a customer must be a resident of Canada and older than 19 (18 for Quebec). The customer also must have a minimum 600 credit score and 650 for Alberta and Quebec, along with at least three years of credit history. Furthermore, the customer must verify his income source to cover the payments. In addition, the customer must be free of bankruptcy, consumer proposal, and other legal judgments to receive the loan. Nevertheless, even if all those conditions are observed, Lendful can still deny the personal loan if the client’s credit or finances are in bad shape.

Firstly, the client must fill out the form on the website and verify their email. Later, the system will ask for their basic information about a Co-Applicant. One may need to provide financial documents such as ID, most recent bank statements, pay stubs, or other proof of income to apply for the loan. Next, Lendful will examine the client’s overall finances and calculate the credit rating. After that, the client will receive several loan offers from Lendful and choose one. Finally, the client may need to provide bank details during the application. After all these actions, the client will receive the amount in 24 hours.

Methods of loan funding

After applying for the loan and its approval, the customer will have the borrowed money transferred to their bank account within 24 hours.

FAQ

What is Lendful?

Lendful Financial is an online lending service that provides unsecured personal loans to Canadian consumers. As they provide personal loans, their clients can manage borrowed money as they wish. They operate in all Canadian provinces.

Who owns Lendful?

Lendful is a subsidiary of Peoples Group, a federal financial organization providing financial services to Canadians since 1985.

How do you qualify for Lendful?

To borrow from Lendful, the customer must be a resident of Canada and older than 19 (18 for Quebec); have a minimum 600 credit score and 650 for Alberta and Quebec along with at least three years of credit history; verify his income source to cover the payment; be free of bankruptcy, consumer proposal, and other legal judgments to be able to receive the loan.

How much can you borrow from Lendful?

The clients can borrow from “Lendful” between 5,000$ and 35,000$.

Is it a legitimate company?

Yes, this is a legitimate company. It is a part of the federal financial organization “Peoples Group.” It is listed on OPENGOVACA, License# 21-121684.

Company documents

Privacy Statement
Terms of use

For everything life throws at you, there is Lendful.

© Lendful Financial Inc.

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Interest rates are given in accordance with the rates of the bank in Ottawa as of 25.09.2022
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What to pay attention to when applying for a loan from Lendful

  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 Lendful 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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