About LendDirect

LendDirect offers Canadians convenient access to borrowing through both online services and in‑person branches, providing personal lines of credit as well as secured loan options. Customers can use personal lines of credit up to $10,000 and secured loans up to $25,000., drawing funds whenever they need them. With a fast, straightforward approval process, borrowers can receive money quickly and manage their finances with greater flexibility.

You can apply for the service online or in person as LendDirect has physical branches throughout Canada. It also accepts clients from AB, BC, MB, NB, NL, NS, ON, PE, and SK.

If your line of credit application is approved, you’ll have access to your line of credit money via direct deposit. If you are approved, you can borrow money up to an amount determined by your credit score and other factors. Within one business day, you’ll unlock an open-ended line of credit. If you need money quickly and you reach out during business hours (Monday through Friday), you can get funding by Interac e-Transfer® within 15 minutes of approval.

Steps To A Personal Line of Credit

Follow the steps below to start the process of applying for your personal line of credit.

Step 1: Complete Online Application

You can apply online for a LendDirect personal line of credit, or you can head to a local branch. The application will ask for your personal information and relevant financial documents.

Step 2: Proof of Income

You’ll need to verify your source of income by submitting the appropriate documents (pay stub, etc).

Step 3: Lending Verification

After you fill out your application and submit all your documents, LendDirect will double-check the information you provided. In this step, you’ll wait for a decision.

Step 4: Money Transfer

After being accepted by LendDirect, you can access your funds within as little as 15 minutes with Interac e-Transfer®. You can choose between direct deposit or e-Transfer..

Step 5: Start Payments

Once you borrow, you need to make regular, on-time payments. The more you pay, the more you save in interest.

Step 6: Access Funds as Needed

Your line of credit is like a bank account; if you keep making payments, you can continue to borrow as long as you stay under the maximum amount.

Why do I need a Line of Credit?

When facing unexpected expenses, a personal line of credit can be a helpful lifeline. LendDirect can provide emergency funds for things like unexpected car repairs or dental surgery. Working with LendDirect will make it possible to achieve financial goals like consolidating debt.

Pay Overdue Bills

Paying bills late will come with a slew of late fees that can quickly become overwhelming. Rather than juggling what to pay this month, you can use LendDirect’s personal line of credit to clear up everything and keep your services.

Consolidate Credit Cards

Credit card debt will creep up on you with ever growing minimum payments, often forgotten while planning budgets. You can use your personal line of credit to consolidate credit card debt into a single source. LendDirect will help you manage your debt with a single interest rate and a payment schedule you can handle.

Unlock Large Purchases

Pushing back necessary home repairs or getting pricey medical gear can often be a reality, and a personal line of credit can help. LendDirect gets you the money you need to finance any expense.

How to Qualify With LendDirect

It’s easy to qualify for a personal line of credit through LendDirect. It takes less than 5 minutes to complete the entire application process. The best part is customer service is there to answer any questions you may have along the way.

You’ll need documents to prove you meet the minimum requirements to qualify with LendDirect:

• Stating you are a Canadian resident 18+ years old
• Showing you have been employed a duration of 3 months minimum
• Showing you have a steady source of income of $1,000 a month or above
• Proving you have access to direct deposit in an active bank account.

After your approval, you’ll gain access to your personal loan on the same day (as long as you are within business hours). You can choose to receive an Interac e-Transfer, or you can set up direct deposit. Your personal line of credit will be available on an ongoing basis with an open-ended repayment schedule.

How to Apply For A Personal Loan With LendDirect

You can head directly to the LendDirect webpage to apply online for a personal loan, or customers can visit a local branch in southern Ontario. It’s recommended to apply online, which can be confirmed within 60 minutes, then to go in person, where approval times can reach two hours.

To apply at a LendDirect branch, you’ll need to bring the following financial and personal documents:

• Valid Government Issued ID (Driver’s License, Passport, etc.)
• Proof of income (Recent pay stub, etc.)
• Recent bank statements
• A VOID cheque or pre-authorized debit form

Your chances of approval are linked to having a good income and a decent financial history. 

How Are LendDirect Lines of Credit Better Than Competitors?

LendDirect has customer service specialists on hand to answer any questions when you apply for a personal line of credit. It’s important to make sure you understand the terms that any lender offers.

There are several benefits to getting a line of credit from LendDirect; these include:

• Access to credit amounts of up to $10,000 based on approval
• Ongoing access to funds within your approved credit limit (only apply once)
• With a valid reason or insufficient funds, LendDirect offers courtesy payment extensions

Paying your balance early is allowed without pre-payment penalty

LendDirect FAQs

What is the difference between LendDirect and a bank?

LendDirect is an alternative lending company. Unlike Canada’s big banks, it takes a more relaxed approach to lending criteria, making personal loans available for those who can’t get approval from traditional lenders.

Are there penalties for missing payments?

Should you end up missing a payment, a “past due” balance will appear on your account. There may also be a late fee and a possible increase in your interest rate.

These payments are like any other bill, and not paying on time will negatively impact your credit, thankfully most lenders will wait 30 days to flag this to the credit bureau. If you foresee any issues with paying on time, you can contact LendDirect ahead of time to work out an arrangement and keep your records in good standing.

How fast will I receive my funds after approval?

LendDirect transfers your money using direct deposit and e-Transfer. When choosing to work with Interac e-Transfer®, the cash will arrive in as little as 15 minutes. Please note that direct deposit can take up to 2 business days.

LendDirect Products

Personal Line of Credit

Loan Amount

• Maximum: $10,000

Rates & Term Length

• Interest Rate: 34.99% APR
• Payment Schedule: Ongoing as needed

Service Details

• Loan Processing Time: During business hours you’ll receive a pre-approval decision almost immediately and a final lending decision within 48 hours although it’s often same day.
• Money Transfer Method:
  • Interac e-Transfer (up to $10,000 limit)
  • Direct Deposit
• Repayment Method: Automatic debit

Eligibility

• Age Range: 18+
• Must be a Permanent Canadian Citizen
• Must have a steady income source
• Must have an active bank account

Required Documentation

• Government-issued ID
• Proof of income

Secured Line of Credit

Loan Amount

• Maximum: $25,000

Rates & Term Length

• Interest Rate: 34.99% APR
• Payment Schedule: Up to 48 months

Service Details

• Loan Processing Time: During business hours you’ll receive a pre-approval decision almost immediately and a final lending decision within 48 hours although it’s often same day.
• Money Transfer Method:
  • Interac e-Transfer (up to $10,000 limit)
  • Direct Deposit
• Repayment Method: Automatic debit

Eligibility

• Age Range: 18+
• Must be a Permanent Canadian Citizen
• Must have a steady income source
• Must have an active bank account

Required Documentation

• Government-issued ID
• Proof of income