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.

Loan Me Now

Advertiser Disclosure

About Lender

Loan Me Now is a Canadian brokerage services company dedicated to facilitating short-term personal loans for its clients. With a commitment to accessibility, Loan Me Now provides financial assistance regardless of your credit history, omitting traditional credit checks and focusing instead on verifying employment and banking details. The company emphasizes responsible borrowing, encouraging clients to use short-term loans as a temporary solution for unforeseen expenses or cash flow gaps between paychecks, rather than a long-term financial strategy.

With a maximum loan amount of $1000 and repayment terms spanning from 84 to 90 days, Loan Me Now provides flexible options tailored to individual needs. Entire loan application process is easy and straightforward. The company's commitment to confidentiality and professionalism is reflected in its secure service and experienced customer support team, available to guide applicants through every step of the process.

LoanMeNow

Key Features

  1. Accessible Financial Assistance. Loan Me Now offers variations like a short-term small personal loan without traditional credit checks, ensuring that individuals with various credit histories and bad credit can access financial support when needed.

  2. Streamlined Application Process. With an easy-to-use online application form, Loan Me Now provides rapid responses within the hour, enabling borrowers to apply for loans quickly and conveniently.

  3. Swift Funding. Fully approved applications typically result in funds being deposited into the borrower's account within 24 hours, ensuring prompt access to emergency cash without prolonged waiting periods.

  4. Flexible Repayment Options. Borrowers can benefit from flexible repayment terms, with options spanning from 84 to 90 days, accommodating diverse financial situations and providing manageable payment schedules.

  5. Professional Customer Support. Loan Me Now prioritizes confidentiality and professionalism, offering a secure service backed by an experienced customer support team ready to assist applicants throughout the loan application process, ensuring a smooth and supportive experience for borrowers.

Pros and Cons

Pros

Credit History Flexibility. Unlike traditional lenders, Loan Me Now's service does not rely on credit checks, making it an ideal option for individuals with bad credit history who may struggle to secure loans elsewhere.

Emergency Cash Solution. For those facing unexpected expenses or cash flow gaps between paychecks, Loan Me Now provides a quick and reliable solution, offering access to emergency funds within 24 hours of approval.

Avoidance of Late Payment Fees. By providing short-term loans, Loan Me Now helps borrowers avoid late payment fees, utility reconnection charges, and bank overdraft fees, thereby mitigating the financial consequences of missed payments.

Confidentiality and Security. With a commitment to confidentiality and professionalism, Loan Me Now ensures that personal and financial information remains secure throughout the application process, offering peace of mind to borrowers concerned about privacy and data protection.

Cons

Higher Interest Rates. While Loan Me Now offers accessibility, borrowers should be aware that the annual interest rates for their loans range from 28% to 32% APR, which can be higher compared to some traditional lenders. This may result in higher overall borrowing costs for individuals who opt for their services.

Limited Loan Amounts. With a maximum loan amount of $1000, Loan Me Now may not meet the financial needs of individuals requiring larger sums of money. Borrowers seeking substantial loans may need to explore alternative lending options to fulfill their requirements.

Potential for Financial Dependency. While short-term loans can provide immediate relief during financial emergencies, excessive reliance on such loans may lead to a cycle of debt if not managed responsibly. Borrowers should exercise caution and avoid overborrowing to prevent long-term financial strain.

Additional Fees. Loan Me Now imposes various fees for defaulted payments, insufficient funds, and administrative delays, which can add to the overall cost of borrowing. Borrowers should carefully review the terms and conditions, including fee structures, to ensure they understand the full financial implications of taking out a loan with the company.

Reliability

The reliability of Loan Me Now may raise some questions due to the absence of reviews on Trustpilot or their website, leaving potential borrowers without direct customer feedback to inform their decision. Furthermore, while the company provides detailed information about their rates, there is a lack of transparency regarding certification or licenses, which may contribute to uncertainties about their legitimacy. Despite these concerns, the accessibility of rate information directly on their website suggests a level of transparency in their lending practices, offering borrowers clear insights into the costs associated with their loans. However, without external validation through reviews or visible certifications, individuals may approach Loan Me Now with caution and conduct thorough research before engaging with their services.

How to Apply for a Loan Me Now Loan?

To apply for a loan with Loan Me Now, you have several convenient options:

  1. Online Application. Visit the Loan Me Now website and fill out their online loan application form. This method allows you to complete the application at your own pace from the comfort of your home or office.

  2. Phone Application. If you prefer a more personal approach, you can call Loan Me Now at 1-877-316-5463 to speak directly with a representative who can guide you through the application process over the phone.

  3. Email Application. Alternatively, you can initiate the application process by sending an email to [email protected]. Include your contact information and any relevant details, and a Loan Me Now representative will assist you with the next steps.

Conditions and Requirements

Conditions

  1. Loan Approval. Submission of an application does not guarantee loan approval. Loan approval is subject to verification of information provided and meeting all eligibility criteria.

  2. Loan Terms. Acceptance of the loan offer signifies agreement to the terms and conditions outlined in the loan agreement, including repayment schedule, interest rates, and any applicable fees.

  3. Loan Disbursement. Loan funds will be disbursed once the application is approved and all required documentation is submitted and verified.

  4. Interest Accrual. Interest accrues daily on the outstanding loan balance from the date of disbursement until the loan is fully repaid according to the agreed-upon terms.

  5. Repayment Obligation. Borrowers are responsible for making timely repayments according to the agreed-upon schedule. Failure to repay may result in additional fees, penalties, and adverse effects on credit rating.

  6. Default Consequences. Defaulting on the loan may lead to collection efforts, including but not limited to phone calls, emails, and letters, as well as potential legal action and reporting to credit bureaus.

  7. Privacy Policy. Loan Me Now is committed to protecting the privacy and confidentiality of borrower information. Personal data will only be used for the purpose of processing the loan application and will not be shared with third parties without consent.

Requirements

  1. Age. You must be 18 years or older.

  2. Minimum Income. You need to have an after-tax (Net) salary of at least $1200.00 per month.

  3. Employment History. You must have been employed with the same employer for the last 2 months.

  4. Residency. You must be a Canadian resident.

  5. Bank Account. You must have a Canadian bank account.

  6. Payment Method. Your salary must be paid by direct deposit.

  7. Financial Status. You must not be in a bankruptcy or a consumer proposal.

  8. Future Plans. You must not be planning to declare bankruptcy or a consumer proposal.

  9. Detailed Bank Statement. Provide a detailed bank statement covering the last 60 days to verify your financial activity and stability.

  10. Last Pay Stub. Submit your most recent pay stub to confirm your income level and employment status.

  11. Void Check or Direct Deposit Authorization Form. Furnish a void check or sign a direct deposit authorization form from your bank to facilitate the loan disbursement process.

  12. Proof of Identity. Present proof of identity with a photo, such as a Driver's License, Medicare Card, or Passport, to verify your identity.

  13. Proof of Address. Supply documentation proving your home address, such as a Cell Phone bill, Cable bill, or Hydro bill, to confirm your residency.

  14. Liberation Letter. If you have recently emerged from a bankruptcy or consumer proposal, provide a Liberation Letter as evidence of your cleared financial status.

Ways to Receive the Money

  1. Direct Deposit. Upon loan approval, funds are deposited directly into the borrower's Canadian bank account. This method ensures swift access to the funds without the need for additional steps or waiting periods.

  2. Interac e-Transfer. Borrowers can opt to receive loan funds via Interac e-Transfer, allowing for instant transfer of funds to the recipient's email address or mobile phone number. This method offers flexibility and convenience, particularly for individuals without a traditional bank account.

  3. Cheque Issuance. For borrowers who prefer a physical form of payment, Loan Me Now can issue a cheque for the approved loan amount. The cheque can then be deposited into the borrower's bank account or cashed at a bank or check-cashing location.

  4. Cash Pickup. In select cases, borrowers may have the option to pick up loan funds in cash from designated locations. This method is suitable for individuals who require immediate access to funds and prefer cash transactions.

  5. Prepaid Debit Card. Loan Me Now may offer the option to receive loan funds loaded onto a prepaid debit card. This method provides a convenient way to access funds without the need for a traditional bank account.

Products

Loan Me Now offers a range of short-term loan products tailored to meet the financial needs of individuals in Canada. Their flagship offering is short-term personal loans, providing quick access to funds for covering emergency expenses or bridging gaps between paychecks, with flexible repayment terms allowing borrowers to repay the amount over up to 90 days. In times of financial crisis, Loan Me Now's emergency cash solutions offer immediate relief, providing access to funds within 24 hours of approval, addressing urgent needs like medical bills or car repairs. Notably, Loan Me Now's no credit check policy ensures accessibility for individuals with various credit histories, focusing on employment and banking verification instead. With loan amounts ranging from $500 to $1000, borrowers can customize their loans to their financial needs.

Reasons for Getting Rejected for a Loan Me Now Loan

  1. Bankruptcy or Consumer Proposal. Applicants currently in a bankruptcy or consumer proposal are ineligible for a loan.

  2. Unstable Employment. Lack of stable employment or unemployment may result in the rejection of the loan application.

  3. Incomplete or Incorrect Documentation. Failure to provide complete documentation or inaccurate information may lead to rejection of the loan application.

  4. Multiple Outstanding Loans. Applicants with several outstanding short-term loans may be deemed ineligible for additional borrowing.

  5. Returned Payments (NSF). Having several returned payments (NSF) in the bank account can negatively impact the loan application.

  6. Inadequate Income. If, during the approval process, it is determined that the applicant's salary cannot cover the loan expenses, the application may be rejected.

  7. Unverifiable Employment. Inability to confirm employment details provided by the applicant may result in rejection of the loan application.

How to Repay a Loan Me Now Loan?

  1. Review Loan Agreement. Carefully review the terms and conditions outlined in your loan agreement, including the repayment schedule, interest rates, and any applicable fees.

  2. Set Up Automatic Payments. Loan Me Now offers the option to set up automatic payments, allowing the loan installments to be deducted directly from your bank account using payment schedule. This ensures timely repayment and helps avoid late payment fees.

  3. Keep Track of Payments. It's essential to keep track of your loan payments and payment schedule and ensure they are made on time. You can refer to your loan agreement or online account portal provided by Loan Me Now to monitor your payment history and remaining balance.

  4. Contact Customer Support. If you encounter any difficulties or have questions about the repayment process, don't hesitate to contact Loan Me Now's customer support team. They can provide assistance and guidance to help you manage your loan effectively.

Alternatives

GoDay

GoDay stands out for its inclusive personal loan offerings (including variations like short term loan), welcoming individuals with credit scores below 620 and granting access to loans of up to $15,000. Backed by round-the-clock customer support and positive TrustPilot ratings, it serves as a versatile solution for various financial needs. Additional benefits and the possibility of same-day funding further enhance its appeal. However, it's worth noting the lack of disclosed Annual Percentage Rate (APR) details, the absence of a mobile app, and the potential for late payment fees. Eligibility spans eight provinces, with co-signer applications also accepted. Despite these considerations, GoDay effectively caters to diverse personal needs and provides the potential for same-day funding to address urgent financial requirements.

Vancity

Vancity, a credit union dedicated to serving residents of British Columbia, offers the Fair & Fast Loan with competitive features. Unlike traditional lenders, Vancity does not require a credit check, broadening access to a diverse range of borrowers. With a lower APR of 19.00%, loan amounts ranging from $100 to $2,500, and flexible terms spanning from 2 weeks to 24 months, Vancity ensures rapid approval and funding, often on the same day. However, individuals with riskier financial profiles may encounter challenges in approval, and the services are limited to BC residents, not extending across Canada. Nevertheless, Vancity maintains a reputation as a reputable lender, prioritizing fairness, efficiency, and accessibility in its loan offerings.

Eastern Loans

Eastern Loans is positioned as a practical option for those in need of small, short term loan, featuring a straightforward 23% APR and no penalties for early repayment. Its attractiveness stems from its accessibility, bypassing the need for a credit history check and ensuring same-day funding. Despite its advantages, like transparent APR and 24/7 customer assistance, drawbacks may include capped loan amounts and the absence of a dedicated mobile app. Nevertheless, Eastern Loans' commitment to inclusivity and swift borrowing processes effectively addresses the immediate financial needs of individuals, as underscored by its provision of same-day funding.

DMO Credit

DMO Credit offers streamlined financial solutions (like short term loan) via a straightforward application process that skips credit checks, ensuring rapid access to funds, often on the same day. Serving eight Canadian provinces, DMO Credit provides additional perks and discounts, yet it may come with drawbacks like a relatively higher APR range and limited customer support hours. However, given its swift processing and provision of same-day funding, DMO Credit remains a practical choice for individuals facing urgent financial needs.

Editorial Opinion

Loan Me Now presents itself as a viable option for individuals seeking short-term financial assistance, particularly those facing emergency expenses or cash flow challenges. With its accessible application process, quick funding, and no credit check requirement, it aims to cater to a wide range of borrowers, including those with poor or limited credit histories. However, borrowers should be mindful of the higher interest rates and potential fees associated with their loans, as well as the risk of dependency if not managed responsibly. While Loan Me Now fills a niche in the lending market, borrowers should carefully consider their financial situation and explore alternative options before committing to a loan with the company.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

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.

Additional Resources

Sources

FAQ

Is Loan Me Now funding legit?

The legitimacy of Loan Me Now's funding depends on various factors. While they offer loans for purposes such as debt consolidation, and require applicants to have been with the same employer for a certain period, it's essential for borrowers to conduct thorough research. Despite their accessibility and provision of financial assistance, individuals should verify the company's credentials and review customer feedback to ensure a trustworthy borrowing experience.

What does Loan Me Now do?

Loan Me Now facilitates lending services, allowing individuals to access loans promptly and conveniently. With options to repay loan early, they offer flexibility to borrowers. To apply, individuals must provide valid identification proof and demonstrate Canadian residency. While Loan Me Now offers accessibility and support for urgent financial needs, potential borrowers should review terms carefully to make informed decisions.

How much does Loan Me Now cost?

The cost of borrowing from Loan Me Now varies based on factors such as loan amount, repayment term, and applicable fees. Generally, Loan Me Now charges an annual interest rate (APR) ranging from 28% to 32%. Additionally, borrowers may incur fees for late payments, insufficient funds (NSF), or administrative charges. It's crucial for borrowers to review their loan agreement carefully to understand the total cost of borrowing before accepting the loan offer.

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Our goal is to find you a personal loan no matter what your credit report looks like.

© LoanMeNow.ca
Financial products
Loan Me Now
Personal loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$500-$1,000
Rate
i

Effective interest rate on the product

up to 32%
Term
i

Loan term for the financial product

84-90 days
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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.

Recommended FinScore™
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1000
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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.

Recommended FinScore™
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$500-$50,000
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Loan term for the financial product

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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.

Recommended FinScore™
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300
650
1000
$500-$15,000
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Effective interest rate on the product

up to 46.96%
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Loan term for the financial product

up to 60 months
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.

Recommended FinScore™
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650
1000
1000.00 – 5000.00 C$
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Effective interest rate on the product

19.90 – 45.90 %
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Loan term for the financial product

6 months – 36 months
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.

Recommended FinScore™
0
300
650
1000
from 1000.00 C$
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Effective interest rate on the product

from 14.40 %
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Loan term for the financial product

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