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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.

LM Credit

Finanso.Multilogin™

About lender

LM Credit is a financial entity dealing with personal unsecured loans in all provinces of Canada, except Quebec. The lender markets itself as a responsible partner assisting Canadians with access to money funds to settle their implications with finance and build a reliable future.

LMC Credit is a lender committing to direct communication with their clients, operating for them and on their behalf at negotiations with creditors or financial institutions for credit rebuilding.

It was initially incorporated in 2016, and in 2020 it was rebranded and renamed, currently, the company is doing business as LM Credit Inc. with an office in Mississauga, Ontario area of Canada.

The company expresses that it is not just a credit broker, but a credit expert assisting with fiscal consolidation and offering market search and reviews of the most appropriate credit options.

Pros and cons

Pros

  • Interest rates start from 10.99%, and flexible loan amortization terms (from 9 to 60 months).

  • The mission of LM Credit is to help Canadians to rearrange and resettle their financial obligations most properly and healthily.

  • No penalties are declared for those individuals who end up paying off the loan early.

  • The loan terms offered by LM Credit are simple to understand.

  • LM Credit assesses individual situations and even those who were bankrupt, who are on financial assistance, including employment insurance and current disabilities, could get a loan.

  • Credits offered by the company may consolidate all client’s debts in one location, lowering the monthly payment. They can help with the cash flow and make the monthly payments easier to manage.

  • There is a loan protection plan developed with insurance companies and offered as an optional feature.

  • Payment history is directly reported to Equifax and Trans-union in an agreed format, these records rebuild and improve the credit scores of the client.

  • No guarantor is required for a loan.

  • No hidden fees in the terms of the loan contract are declared.

  • A small amount of money can be borrowed.

Cons

  • The annual interest rate is rather high, reaching up to 50%.

  • Assessment procedures of the client’s credit profile are not clear and mostly deep inside the company’s judgment.

  • The borrower should have a net monthly income that is not less than $1,200.

LM Credit markets itself as a partner helping Canadians to get their finances back on track, that is, to manage their debts, bills, financial implications with emergencies, and other similar cases. The company is committed to working with every particular individual and his/her situation. This approach demonstrated by the lender is certainly an advantage for the borrower, allowing them to get a more personalized approach with their loan application. Within this approach, LM Credit cooperate also with those who were bankrupt or are currently on financial assistance, employment insurance, or disabled. It does not require a guarantor as well.

LM Credit declares no penalties for those who are ready to finalize loan paying off early, as well as the absence of hidden fees. The lender says the terms of the loan agreement are normally clear, simple, and understandable, so the client exactly knows what costs what.

As LM Credit deals with the consolidation of debts including bills for phones, Internet, and other small but vital everyday things, the amount to borrow starts from just $500. It helps people to loan exactly what they need and to cope with some difficulties without borrowing more than they need.

One more advantage for those who are in financial trouble is a loan protection program offered by LM Credit in cooperation with partner insurance companies. Within the program, the loan payments are covered for up to 6 months in case of job loss, injury, or illness of the borrower; if the borrower has got a critical illness or passed away, the full payment is done. This service is optional.

LM Credit also helps its clients to rebuild their credit scores. All payments the client made are duly reported to Equifax and Trans-union and improve the score if paid properly.

The clearest disadvantage is a high annual interest rate. It reaches up to 50% annually.

One more disadvantage is the assessment procedures the company practices. It is not possible to understand in advance in what way the client’s profile will be looking through.

Loan conditions

Conditions for the first loan

The conditions for loans are not quite strict, but the potential borrower should meet several requirements to get the service.

First and foremost, he/she should be a Canadian citizen or has a permanent residency status. No other client’s status is acceptable. The loans are provided in all territories and provinces of Canada except Quebec. There also should be a monthly income at the amount of $1,200 net as a minimum. It is not mandatory to have a job, but income is a crucial point.

The loans are issued for such purposes as debt consolidation, paying off collections, unexpected expenditures, car repairs, phone and internet bills, overdue utilities, emergency house repairs, and similar.

Conditions for following loans

Loans at LM Credit are not renewed or amended automatically at the end of the initial term. Any following loan whether it is a prolongation or renewal is considered separately based on application, written request, phone calls, or personal visit to the office.

Methods of a loan funding

Normally, it requires up to two business days to verify the loan request. The money can be sent exactly on the day the loan is approved. But the company, following its procedure, will contact the client by phone to make a final confirmation. And after that, the money will be sent right away.

FAQ

What is LM Credit?

LM Credit is a lender that specializes in unsecured personal loans in small amounts allowing Canadians to consolidate their debts, cover emergency expenses, and settle financial implications. The company works directly with financial institutions to rebuild credit history and get the best plan of financial health to the client. At LM Credit, the customers may receive a loan protection plan service. It includes loan protection in case of job loss, injury, illness, and death. The plan is provided in cooperation with insurance companies.

Who owns LM Credit?

The official site does not have a direct and clear indication of the owner of the lender. The outsides source name LM Credit Inc. as an owner.

How do you qualify for LM Credit?

To be qualified, a potential borrower should meet the following requirements:

  • Be a Canadian citizen or have a permanent residency in Canada;

  • Live in any Canadian territory except Quebec;

  • Have a monthly income of at least $1,200 net;

  • Have some credibility and stability.

How much can you borrow from LM Credit?

LM Credits offers unsecured personal loans from $500 to $15,000. The loans are provided at the interest rate from 10.99% and up to 50%, the exact interest rate is settled and depends on the results of underwriting procedures and offers of the financial institutions. The loan term is generally from 9 to 60 months, that is, up to 5 years.

Is LM Credit a legitimate company?

Yes, LM Credit is a fully legitimate company. It is registered with the governmental official resource Corporations Canada. The relevant applicable rules and regulations which are effective in Canada are followed by the company and its staff.

Company documents

Privacy Policy

Helping Canadians get their financial lives back on track.

© LM Credit

Calculate loan payments in LM Credit

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

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What to pay attention to when applying for a loan from LM Credit

  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 LM Credit 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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