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Lender
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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.

LoanMeNow

Finanso.Multilogin™

About lender

LoanMeNow is a Canadian microloan solution for customers with all types of credit. This company’s mission is to simplify the lives of Canadians by providing them with small loans in situations of emergency.

A short-term loan from LoanMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. All the necessary processes are 100% online, so customers can apply via any electronic device wherever they are.

Features

LoanMeNow has several noticeable features. First of all, this company extends only relatively small amounts for the short term to help its customers get quick cash in situations of emergency.

Also, it is worth noting that LoanMeNow doesn’t run any credit checks, so even clients with bad credit can be approved. Instead, the company checks the employment status and banking documents. Also, they have a rapid application and pre-approval, and what’s more, a customer can receive the funds within 24 hours.

Unfortunately, the company doesn’t deal with self-employed people; to be eligible, the client's salary must be paid by direct deposit. However, some exceptions may apply. What’s more, customers can pay off the loan before the end of the term on any date, and the best thing is that they will not have any extra fees and penalties charged.

The range of borrowable amounts is $500 to $1,000. The funds can be borrowed for three months, usually 84 - 90 days. The interest rate charged by the company varies between 28% and 32%.

Pros and cons

LoanMeNow’s services have several advantages and drawbacks that can affect the customers’ decisions.

Pros

  • LoanMeNow provides loans to support clients in emergency cases;

  • The application form is quick, and the borrowable amount will be received within 24 hours;

  • The company doesn’t run any credit checks;

  • Customers can pay off their loans earlier;

  • Customers can adjust repayment frequency;

  • LoanMeNow guarantees 100% security of the customer’s data.

  • LoanMeNow openly declares its fees.

Cons

  • Exaggerated use of short-term loans may lead to financial hardships;

  • The company only provides short-term loans;

  • Self-employed customers will not be approved;

  • The customers in bankruptcy or consumer proposal will be declined;

  • Customers can take the loan only for three months;

  • If the customer has an active short-term loan, the company will not provide them with the second one;

  • If a client has several returned payments (NSF) in their bank account, they will not be approved;

  • The range of borrowable amounts is too narrow.

As a result, the company has several significant advantages. First, the company will not check the customers credit so if they have a bad credit they still can apply. Also, application and approval are pretty quick, and the borrowed amount will be transferred to the customer’s account within 24 hours.

On the other hand, there are some noticeable disadvantages. For example, LoanMeNow doesn’t approve customers who are in bankruptcy, consumer proposals, or self-employed. In addition, the term of the loan is only three months.

Loan conditions

To apply, a customer needs to find the pre-approval form on the company's website and fill it out; call at 1-877-316-5463 or email info@loanmenow.ca. This takes only several minutes. Clients will receive an immediate response as soon as they complete the application form. If their loan application has been approved, the company’s operator will guide them step-by-step throughout the process until the money is deposited into their bank account.

The requirements of LoanMeNow are rather typical for online lenders. For example, to be approved, a customer must be 18 years or older; have a net salary of at least $1,200 per month; be employed with the same employer for the last two months; be a Canadian resident; have a Canadian bank account; be paid by direct deposit; must not be in a bankruptcy or a consumer proposal and must not be planning to declare bankruptcy or a consumer proposal.

The amount to borrow varies between $500 and $1,000 and can be taken for three months. The interest rate charged by the company varies between 28% and 32%.

Methods of loan funding

Once a client is done with the application and approved for the loan, the borrowed amount will be transferred to their bank account by direct deposit.

FAQ

What is LoanMeNow?

LoanMeNow is a company that was founded in order to support Canadians in emergency cases by providing them with short-term microloans starting from $500. Unfortunately, the company doesn’t check the clients’ credit scores, so the customers with bad credit can be approved.   

Who owns LoanMeNow?

Unfortunately, there is no information about the owners of LoanMeNow in the open sources. 

How do you qualify for LoanMeNow?

To be approved, a customer must fit in some requirements such as being 18 years or older; having a net salary of at least $1200 per month; being employed with the same employer for the last two months; being a Canadian resident; having a Canadian bank account; being paid by direct deposit; must not be in a bankruptcy or a consumer proposal and must not be planning to declare bankruptcy or a consumer proposal. 

How much can you borrow from LoanMeNow?

Customers can borrow the amount that varies in the range between $500 and $1,000. 

Is it a legitimate company?

LoanMeNow is a legitimate company. LoanMeNow appears on various review platforms and is approved by Scamadviser.

Company documents

Terms of use
Privacy Policy

Our experienced team of highly qualified customer service representatives are available to offer you support throughout the entire loan application process.

© LoanMeNow.ca

Calculate loan payments in LoanMeNow

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

Loan amount
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CAD
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500 $
1000 $
Loan term
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days
months
84
90

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

  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 LoanMeNow 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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