General Questions

What happens after I apply?

Shortly after you submit your loan application, one of our partners will contact you to discuss it and the options available to you. The financial representative assigned to your application is trained and able to assist you with all your loan requirements. We will begin to work on your file after speaking to you about your financial needs.

Can I speed up the application process?

After you submit your loan application, you might be asked to submit some supporting documents (it depends on the type of loan you are interested in). If such a request is made, please aim to provide the required documents in as soon as possible if you would like the financial representative looking after your application to proceed with approving your loan request as quickly as possible. You will only be asked to provide documents that are necessary or required by law to complete your file. Loans Geeks protects your privacy.

How do I find out if I’m approved?

You will be notified as soon as your application is approved. One of our partners will call you and e-mail you to inform you that your application was approved. Loans Geeks strives to provide its clients with the fastest approval times in Canada.

Do you check my credit score after I apply?

You must provide consent before Loans Geeks or its partners can check your credit score. Depending on the type of loan you need, consent to check credit may be requested but it is not a requirement as part of your loan application.

What is the Annual Percentage Rate (APR)?

The Annual Percentage Rate (APR) allows you to compare the total cost of credit from different loan options. The loans by Loans Geeks and its partners offer fixed interest rates, so your monthly payment will never go up.

I’m self-employed. Can I still apply for a loan?

Yes. One of Loans Geeks’ specialties is loans for self-employed individuals.

I’m a recent immigrant to Canada. Can I stil apply for a loan?

Yes. Even if you have no credit history, Loans Geeks can facilitate a loan at a competitive rate.

I’ve been rejected by my bank, but still need a loan. What can I do?

Even if you’re been rejected by a bank, we can help. One of the great things about Loans Geeks is that we have relationships with many banks and other lending institutions. We also have partnerships with private lenders who are ready to assist you. Loans Geeks has existing relationships with a broad range of leaders and we’ll help you connect with the one that’s right for you, based on your particular circumstances and goals.

Will I be asked for a deposit?

Neither Loans Geeks nor any of our partners will ever require you to pay a deposit for an unsecured loan. In fact, this is a common scam and scammers may at times impersonate legitimate firms to trick individuals into sending them money. If you are being asked to pay an “insurance deposit” through pre-paid cards or other unusual methods, we advise that you don’t proceed but be very careful as it would be very difficult for you to get your money back.

What happens if I can’t pay back my loan?

We would never want you to get to such a situation, but if you default on your loan your payment plan may be terminated and different collection methods may be employed to collect your remaining balance. Outstanding debts will be pursued to the full extent of the law. Our lending partners employ fair collection practices.

Can I take on another loan, of the same type?

If you will want to renew your loan you may do so only after your initial loan of that type is repaid in full.