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Jun 19

LendDirect – Should you use this lender?

Reading Time: 5 mins

People who have urgent expenses such as medical costs, house repairs, and other bills will likely look for a reputable financial institution that can immediately grant them a loan. Unfortunately, not all financial institutions that give loans quickly are reliable – some of them come with high interest rates or have very strict requirements.

If you’re looking for a financial institution with a straightforward loaning process, LendDirect has a personal line of credit service that can help you address a wide variety of financial concerns. 


LendDirect Personal Line of Credit: How Does It Work?

When you apply for a personal line of credit with LendDirect, you’ll be able to get funds you can use to cover a wide range of expenses. You can use these funds to spend on important medical emergencies, needed car repairs, home repairs and renovations, and many more.

You can also use your LendDirect personal line of credit for debt consolidation or any large purchase. Really,  you can take advantage of unlimited cash advances up until your credit limit — how you use them is up to you.

Here are some benefits of acquiring a personal line of credit from LendDirect: 

  • Cover large payments. You might encounter situations that demand immediate large payments. Some examples include medical emergencies, unexpected car trouble, or sudden plumbing problems at home. LendDirect’s personal line of credit allows you to cover these much-needed expenses immediately.
  • Consolidate your various debts. There are times when applying for multiple loans becomes inevitable. Unfortunately, these debts can pile up and become very difficult to manage. When this happens, our credit score suffers, and we may not be able to save for important investments in life. LendDirect’s personal line of credit allows you to pay for various loans (such as multiple credit card debts) at once, which should help set you up for financial stability.
  • Pay for urgent bills. We all have to pay our bills regularly. Whether you need to pay rent, your utility bills, gas, or insurance premiums, being able to make payments on time is important not only for your credit score but also for your peace of mind. Sometimes, however, we may not be able to pay for our bills in a timely manner. Having LendDirect’s personal line of credit can help you pay for your bills should an unexpected income disruption arrive.  

Always remember that you’re likely to receive better credit amounts, interest rates, and approval chances if you have a good credit score and good income. It’s also recommended to research Canada’s best loan rates on websites like Rate Genie before you commit to a lender. Lastly,  take note that LendDirect offers other services like credit card assistance and mortgages. 


LendDirect Loan Applications: What Do I Need?

LendDirect makes application pretty easy for anyone who wants a personal line of credit. Their application process can be completed within minutes as they have straightforward requirements. Here are the things you need to qualify for a personal line of credit: 

  • You must be able to present proof that you’re a Canadian between 18 and 70 years old.
  • You need to present proof that you have been working for at least three months.
  • You need to show proof that you have a monthly income of at least $1,500.
  • You need to show proof that you live in your stated address.
  • You must have an active bank account that is capable of receiving direct deposits. 

If you’re applying to a local LendDirect branch, you need to prepare these documents: 

  • You need government-issued identification such as a driver’s license or a passport.
  • You need proof of income (like pay stubs).
  • You need to present your recent bank statements.
  • You need to submit a VOID cheque or a pre-authorized debit form. 

If you have any questions, the company has various channels through which they can be reached. You have the option to either send them questions through email or talk to their customer service agents. 


LendDirect 101: What Happens When I Apply?

Borrowers will find the LendDirect application simple and straightforward. You can have your LendDirect application processed in just a few days provided you have all their requirements. Here’s what usually happens when you apply: 


  • Complete your application. You can apply for a LendDirect personal line of credit by visiting one of their local branches or through their website. They’ll ask you for your personal information, bank information, and income information that will all be recorded in their database.
  • Verify your income through documents. When applying, they’ll ask you to provide specific documents to help them determine your income. This is a crucial step as they need to verify your income before making a decision on your line of credit.
  • Wait for their decision. LendDirect will send you a decision quickly once you submit your application.
  • Choose how you’ll receive your money. If your application is approved, you can either receive your money through Interac e-Transfer or direct deposit. If you choose Interac e-Transfer, you’ll likely get your cash in just two hours or less. However, you might have to wait a bit longer if you apply outside normal business hours. 
  • Start your repayments. Once you’re granted your line of credit and you’ve used it to advance cash, you can start your repayments. You can either pay the required minimum amount on time or make larger repayments to save on interest fees. 
  • Note: missed repayments have consequences. If you miss a repayment, you’ll be placed under a “past due” account. This status might incur a higher interest rate or penalties. If you still haven’t paid your dues after 30 days, your credit score will take a hit as well.
  • Get more when you pay more. Once you start regularly making repayments, LendDirect may let you access more funds. You can tap into funds up to your approved credit limit.




Here are some advantages of LineDirect that make them popular amongst borrowers: 

  • Despite the relatively easy and simple application process, lines of credit up to $15,000 are possible.
  • You can make as many cash advances as you need as long as you don’t go over the approved credit limit. This advantage means you no longer have to keep on re-applying for new loans should new financial emergencies arise.
  • You can avail additional loan protection plans that can cover your payments if you run into financial trouble.
  • If you have a valid reason for not being able to pay, LendDirect can give you payment extensions.
  • You’re only charged based on what you borrow, which means you don’t have to pay for a specific amount all the time. 
  • Early repayments won’t be penalized, which allows you to get closer to being debt-free on your own terms. 



Here are some disadvantages customers and borrowers have seen in LendDirect:

  • It’s not accredited by the Better Business Bureau (BBB). If you’re interested in transacting only with accredited financial institutions, LendDirect might not be the best fit for you. 
  • Other users have reported instances of LendDirect displaying the wrong outstanding amount in their accounts. If you don’t pay attention to your loan amount with LendDirect and they accidentally show the wrong information, you might end up paying the wrong amount. 
  • Other reviews note scheduling conflicts with LendDirect, with some users stating they can’t make extra repayments right away.


LendDirect: Your Reliable Personal Line Of Credit

Borrowers interested in getting a personal line of credit should definitely consider applying for one from LendDirect. The company’s straightforward and simple application process makes obtaining much-needed funds quick and simple. If you need help consolidating your debts, paying your bills, and/or covering other essential and emergency expenses, this might just be the personal loan product for you. 


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