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LM Credit's application

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How to apply

Requirements

What do you need to apply for a loan? The list of documents required by LM Credit is not a dramatic one. You need:

  • Non-expired Government-issued photo I.D.;

  • Proof of address;

  • Proof of income (two recent pay stubs);

  • Bank statement (last 90 days of banking information);

  • Pre-authorized debit form or void cheque.

Application details

A credit pre-approval for any person may be agreed upon as soon as 30 minutes once the application is completed. When the pre-approval is done and agreed upon with the client, a final lending offer may require one or two business days. The timelines are actually subject to all document requirements and other due diligence being met.

Requesting a loan enter the LM Credit website, find out the button “Apply now” located to the right of the header, and click on it. The lender will offer to fill in a simple application form to get a no-obligation loan pre-approval. It requires just 3 minutes to be filled in and submitted.

The form is of 5 points, the application process can be postponed, saved, and resumed later at every point. To get a prequalification, just answer the questions listed in the form of point one, that is, residency status, province/territory of living, employment status, results of 3-month probation period, amount to borrow, confirmation that the net income is not less than $1,200 net, and a way of salary payment. It also requires indicating whether the potential borrower has ever filed for bankruptcy, applied for credit counseling or consumer proposal, or has active payday loans.

Employment status can be selected from the drop-down list of part-time, full-time, seasonal job options, or unemployed status. The salary method offered to be selected from such options as cheque, direct deposit, or cash. When everything is ready, just click the button “Get Prequalified”, send the form and expect the result.

Based on prequalification, continue the application process. In LM Credit, the real people are responsible for reviewing clients’ documents and information. It helps to understand and assess the circumstances and the situation of every particular client.

FAQ

Reasons for rejection

If the client provides the necessary documents and meets the formal requirements established by the company, there should not be any rejections. Providing incomplete or false documents and information normally results in rejection and bad records for the future.

Note that apart from the above, following the general impression of the LM Credit website, the acceptance criteria in many aspects depend on the internal decisions of the company, and they are not transparent enough.

How long does it take to get approved by LM Credit?

Normally, experts of LM Credit consider the application within two business days or even faster, sometimes it takes 30 minutes. The loan company practices the policy of personal communications and likes to talk to its clients. So, before starting the partnership, the loan experts will contact the potential borrower by phone to inform them of the decision of approval.

So, final confirmation depends on how much time is required to contact the client. The money is transmitted right after that.

How trustworthy is LM Credit?

There are not so many references on the internet for the company. Everything around looks trustworthy – the company has an account on one of the social nets, it has an office, and there are records of the company on such a resource as opengovca.com.

Meanwhile, the information about the company provided on Google does not look updated and is still associated with the previous name. And there are not so many reviews at Loans Canada and other local information resources.

The LM Credit does not advertise its services on such popular and well-known social nets as Instagram, Facebook, and Twitter. There are no icons to these social nets on the company’s site and no traces of its accounts in these nets. The company has an account on LinkedIn (https://www.linkedin.com/company/lm-credit-inc/). You may visit the company’s page just directly from its site. The link to the company’s profile is incorporated into the button “Contact Us” at the right of the header. But be sure to press exactly the “in” icon, otherwise, you will open a website form to contact the company. But on LinkedIn, the company is not active. Currently, there is only a profile page without publications. So, the most significant part of the reliable information about LM financial services is available only at the site of the company.

Does LM Credit verify income?

There is no direct indication that LM Credit duly verifies and checks the income at every loan decision. But the loan company verifies the client’s documents and relative information. It is the responsibility of the client to submit true, complete, and up-to-date documents and information for loan qualification.

Does LM Credit hurt your credit score?

LM Credit reports the clients’ payment history to Equifax and Trans-union. The service of data reporting is chargeable, so all the transactions are agreed upon and done in the proper format that allows for properly keeping and improving the credit score of the client.

LM Credit does not position itself as a credit repair service. But, if the borrower accurately and completely pays the debts, his/her credit score will be improved due to convenient reporting procedures implemented.

Calculate loan payments in LM Credit

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

Loan amount
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Enter the desired loan amount

CAD
CAD
500 $
15000 $
Loan term
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Specify the loan term for the calculation

months
days
9
60

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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