Frequently asked questions

No. Loans514 is a loan-matching service. We send your application to partner lenders in our network. If a lender accepts it, that lender contacts you, provides the loan, sets the rate and fees, and handles your payments.

They're Canadian lenders that offer installment loans online. The lender that contacts you will give you its name, licence details where required, and its own contract and privacy policy.

You need to be 18 or older and a Canadian citizen, have a full-time job or steady self-employed income, have a bank account you can sign in to online, and not be in a bankruptcy or consumer proposal.

Yes. Lenders in our network look at your income and banking history as well as your credit. Bad credit doesn't stop you from applying, but approval isn't guaranteed.

Yes, as long as your income is steady and shows up in your bank account.

No. Lenders confirm your income through Instant Banking Verification, so there's no ID, pay stub or bank statement to send.

Loans514 doesn't run credit checks. A lender that reviews your application may check your credit, and explains how in its own terms.

No. Lenders in our network can't lend to people in a bankruptcy or consumer proposal. If you're struggling with debt, a non-profit credit counsellor can help; see ways out of a loan cycle.

No. One application reaches the whole network. Applying again won't speed things up.

Most lenders in our network offer $300 to $3,000. A lender may offer less than you asked for, so the payments fit your income.

Typical APRs are 22% to 32%, depending on the risk of the application, and membership fees may apply. See rates and fees for examples. The lender's contract shows your exact cost before you sign.

In equal payments over 90 to 120 days, usually taken from your bank account on your paydays: weekly, every two weeks or monthly.

For most people, yes. A payday loan is due in full on your next payday and can cost $14 per $100 for two weeks. An installment loan is repaid in equal payments over 90 to 120 days and is usually much cheaper. See payday loan alternatives.

Contact your lender before the payment date. Lenders can sometimes reschedule a payment for a fee, and a returned (NSF) payment usually adds a fee and extends your schedule. If you're struggling with several debts, a non-profit credit counsellor can help for free.

Lenders often contact applicants the same day, by phone or email. Check your spam folder too.

After you verify your bank and sign the contract. Many lenders deposit the funds the same day it's signed.

Your application goes through our application platform to partner lenders, so they can respond. We don't sell your information. Details are in our privacy policy.