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Rating by Finanso®

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.

Planet Financial


About lender

Planet Financial is a Canadian lending organization that specializes in commercial equipment financing. The company claims to deal with top Canadian lenders and thus to be able to secure the best rates and terms available. Planet Financial was founded in 2008 and now has about 8,000 satisfied customers.


One of the most significant features of Planet Financial is that it specializes in securing funding for most financial circumstances and consumer proposals.

The funds it provides go only for equipment purchase or leasing financing. High approval rates with the least possible turnaround time is another feature advertised by the organization.

Also, the company offers a lot of different loan services

  • truck and trailer financing

  • construction equipment leasing and refinancing

  • medical equipment financing

  • office furnishing and equipment financing

  • restaurant furnishing and equipment financing

  • and manufacturing machinery and equipment financing

Pros and cons

However, it is essential to note that cooperation with Planet Financial has advantages and disadvantages that can influence the customers’ decisions.


  • Planet Financial offers many loan solutions;

  • The company cooperates with many lenders, banks, and other financial institutions so they can offer the best solution to the client;

  • The company works with businesses from different spheres;

  • The company works very quickly, and the customer can be approved within the day;

  • The company secures funding for most financial circumstances and consumer proposals.


  • This company’s specialization is too narrow;

  • The company works with many different brokers who charge their rates;

  • The company’s website doesn’t contain sufficient information. However, as they cooperate with various brokers, usually the amounts to borrow depend on them;

  • Customers can’t choose the repayment option so that they can repay their loan only monthly.

The company provides services which would be very useful for business people. Also, they operate in many spheres and have many loan options.

On the other hand, there are some disadvantages. The company doesn’t have a fixed interest rate as they deal with many different lenders and banks which charge their rates. Also, their specialization is too narrow, so their services will not be useful for people who need a personal loan.

Loan conditions

The interest rate starts from 2,4%, but it depends on the company's lenders. The customer can borrow the amount starting from $5,000 for the term from 2 to 10 years.

To apply, the customer needs to download the credit application from their website, fill it out, and send it to the company. Also, they will need to attach some documents required by the lenders the company cooperates with.

To be approved by Planet Financial, a customer must:

  • be 18 years or older;

  • be a Canadian citizen;

  • have a stable job;

  • have a work permit.

Also, customers must provide information about their business, such as full legal name, corporate address, shareholder contact name, number of employees, years in business, etc. However, it is essential to note that Planet Financial cooperates with many banks and lenders, so their conditions may differ. All the requirements must be agreed upon with your broker. Usually, loan approval takes 1-2 days. The customer will receive the borrowed amount within one week.

Methods of loan funding

The funding methods depend on Planet Financial's works with different brokers. Usually, it can be done through EFT, direct deposit, or cheque.


What is Planet Financial?

Planet Financial is a Canadian lending company providing business financing services. They provide loans to businesses that need to purchase or lease the required equipment. The company was founded in 2008 and now has around 8,000 satisfied customers.

Who owns Planet Financial?

Unfortunately, there is no information about this company’s owners, only its staff. This is a private business. Gaurav Kumar is its President.

How do you qualify for Planet Financial?

To be approved by Planet Financial, customers must comply with some requirements: be 18 years or older; have Canadian citizenship; have a stable job, and have a work permit. Also, they will need to fit the conditions required by the brokers and lenders with which Planet Financial cooperates. These conditions may vary from lender to lender.

How much can you borrow from Planet Financial?

Customers can borrow from this company an amount starting from $5,000. The limit of the borrowable amount depends on the lenders Planet Financial cooperates with. 

Is it a legitimate company?

This is a legitimate company. According to the reviews on the internet, most of the company’s customers are satisfied, and the services promised by Planet Financial coincide with the real ones.

Company documents

Privacy Policy

Whether you are starting a new business, expanding or even looking for a boost in cash, we can help.

© Planet Financial

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What to pay attention to when applying for a loan from Planet Financial

  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 Planet Financial 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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