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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.

Lendle

Finanso.Multilogin™

About lender

Lendle is a Canadian company in the alternative lending industry. They provide small loans – up to $2,000 without credit checks, which would be helpful for people with bad credit. Lendle does not charge an interest rate, only a one-time administrative fee; a client can choose when to pay off. Funds are directly deposited into your bank account within 24 hours of approval. Also, they provide other services like debt consolidation. Lendle helps its customers consolidate their loan payments into one loan by repaying their debts. The maximum amount which the company can consolidate is $5,000.

Also, Lendle provides secured credit cards and credit builder loans. Besides, Lendle plans to integrate secured line of credit services in the future.

It is important to note that Lendle operates on the international market and services clients from North America and Europe.

The company has been around since 2018.

Features

One of the most significant features is that Lendle provides micro-loans without checking the client's credit history and without charging the interest rate, which would be great for borrowers with a bad credit history.

Besides loans, Lendle provides other services like debt consolidation, secured credit cards, and credit builder loans. Also, Lendle plans to integrate secured line of credit services in the future.

In addition, there are no fixed criteria that the customer needs to meet to get the loan. They just need to prove the ability to support the loan.

The loan approval doesn’t take much time. Usually, borrowed funds are transferred to the client’s bank account on the same day or no later than four business days.

Pros and cons

Every financial company has its advantages and drawbacks. Below, find an analysis of Lendle’s strong and weak sides.

Pros

  • Lendle provides micro-loans without checking the credit history of the client and without charging the interest rate;

  • The company operates on the international market and services clients from North America and Europe;

  • Quick approval;

  • The application form is simple and can be filled directly on the website;

  • Lendle helps its customers to consolidate their loans payments into one by repaying their debts which can improve client’s credit scores;

  • Besides loans, Lendle provides other services such as secured credit cards and credit builder loans;

  • There are no fixed criteria that the customer needs to meet to get the loan. They just need to prove the ability to support the loan;

  • Lendle cooperates with other big corporations such as DEX, Forte, MasterCard, Flinks, and Equifax, and also CLA verifies it.

Cons

  • This company’s services will not be suitable for people who need a long-term loan;

  • The website doesn’t contain sufficient information like repayment terms, the basic requirements, or the minimum available amount to borrow;

  • The company doesn’t work 24/7.

As we see, the company has some advantages. For example, Lendle provides micro-loans without checking the client's credit history and without charging the interest rate; also, the company helps its customers consolidate their debt.

However, there are a few disadvantages as insufficient information on the website. Also, Lendle’s offices don’t work 24/7, but they work on the weekend.

Loan conditions

Lendle’s loan conditions are straightforward. The customer needs to meet no fixed criteria to get the loan. A client just needs to prove the ability to support the loan. The client must be 18 years old or older. Also, they must provide a piece of government photo ID, proof of address, a bank statement, and a direct deposit and direct debit form.

Lendle doesn’t check the client's credit history, so the approval is quick, and usually, it takes no more than four business days.

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 Lendle?

Lendle is a Canadian company in the alternative lending industry. They provide small loans – up to $2,000 –  without credit checks and charging interest rates, which would be helpful for people with a bad credit history and credit score.

Besides loans, Lendle provides other services like debt consolidation, secured credit cards, and credit builder loans. In addition, they are planning to launch a secured line of credit services. 

Who owns Lendle?

Unfortunately, there is no information about Lendle’s owners in the open sources. According to LinkedIn, its CEO is Usman Asif.

How do you qualify for Lendle?

There are no fixed criteria to be met to get the loan from Lendle. One just has to prove the ability to support the loan. The client must be at least 18 years. In addition, a piece of government photo ID, proof of address, a bank statement, and a direct deposit and direct debit form will be needed.

How much can you borrow from Lendle?

The maximum amount that can be borrowed from Lendle is $2,000. The maximum amount for debt consolidation is $5,000.

Is it a legitimate company?

Lendle is a legitimate company. CLA verifies it, and also it is registered on OPENGOVCA. The ID number is 13625702.

It's officially here; Lendle, Canada’s first interest free credit provider!

© Lendle

What to pay attention to when applying for a loan from Lendle

  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 Lendle 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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