514 Loans Review

Company Information

Main Office: 225 Rue Chabanel O #1004, Montreal, QC H2N 2C9

Business Hours: Monday to Friday, 9AM to 6PM (Closed on Saturday and Sunday)

Email: [email protected]

Phone: +1 844-508-2274

514 Loans is a non-traditional financial institution that offers short-term installment loans that are far more affordable than payday loans. They partner with some of the best lenders and other financial institutions in the country to bring Canadians the best possible cash advance solutions. They also offer debt counseling and debt consolidation programs to help those who are struggling to keep up with their financial obligations. 

Instead of high-interest payday loans, 514 Loans offers installment loans, which are unsecured, short-term loans that are paid back in a series of monthly payments. Installment loans are known for being more affordable and flexible than payday loans because they have a lower APR and longer repayment period. A lot of Canadians also prefer installment loans, because you can take out a bigger loan than payday loans. 

It’s important to take note that 514 Loans is not a direct lender. This means that they do not provide the money directly to their clients. Instead, they partner with reputable lenders in Canada to provide financing solutions to those who need them. They only charge a small membership fee, and you’ll have access to their huge network of lenders that offers some of the best financial products and services in the Canadian market. 

Whether you have bad credit or no credit, there’s a very high chance that you can qualify for a loan from 514 Loans. In fact, the company takes pride in having a 94% customer satisfaction rating, which is one of the highest in the industry. They have also helped more than 56,000 customers since 2017, making them one of the most trusted and reputable installment loan providers in the country. 

Types of Loans

514 Loans particularly specializes in bad credit installment loans. They act as a middleman that connects borrowers with lenders who are willing to provide financing solutions to those who have a less than stellar credit.

Installment Loans

Installment loans offered by 514 Loans are great for people who are in a financial bind and need to pay off an existing loan or make an emergency purchase. Unlike traditional bank loans that can take weeks or even months to get approved, installment loans offered by 514 Loans can get approved in as fast as one hour. 

Here are some of the best features of installment loans offered by 514 Loans:

Loan Amount: $300 to $3,000

Interest Rate: 22% to 32%

Repayment Period: 90 days to 120 days

Credit Check: No credit check required

Credit Score: Bad credit accepted

To qualify for an installment loan from 514 Loans, you must meet the following:

1. You must be a Canadian citizen.
2. You need to be at least 18 years old. 
3. You should have full-time employment or a steady source of income.
4. You are required to have a bank account.
5. You need to complete an instant bank verification (IBV).

You also need to show the following proof of identification in order to qualify for an installment loan:

• Driver’s License

• Proof of Address

514 Loans is based in Montreal but their services are available throughout the following regions and provinces in Canada:

• British Columbia – Surrey, Kelowna, Abbotsford, Burnaby, Coquitlam, Vancouver
• Saskatchewan – Regina, Saskatoon
• Manitoba – Thompson, Steinbach, Winkler, The Pas, Selkirk, Portage La Prairie, Morden, Dauphin, Winnipeg
• Quebec – Verdun, Saint-Hubert, Repentigny, Sherbrooke, Brossard, Levis, Longueuil, Terrebonne, Lasalle, Gatineau, Laval, Montreal
• Alberta – Airdrie, Grande Prairie, St. Albert, Red Deer, Lethbridge, Edmonton, Calgary
• Ontario – Niagara Falls, Markham, Brantford, Richmond Hill, Oshawa, Barrie, Windsor, Etobicoke, London, Kitchener, Hamilton, Scarborough, Ottawa, North York, Mississauga, Brampton, Toronto
• Nova Scotia – Sydney, Truro, Dartmouth, Cape Breton, Halifax
• New Brunswick – Fredericton, Saint John, Moncton
• Prince Edward Island – Summerside, Charlottetown

514 Loans’ presence across key cities and destinations in Canada is what makes them one of the most popular and reputable installment loan providers in the country.

Debt Consolidation and Debt Management Services

In an effort to provide better financial services to its clients, 514 Loans has partnered with Consolidated Credit Counseling Services of Canada to offer debt counseling and debt management programs. This is in line with 514 Loans’ commitment to providing financial services that can help Canadians get out of the debt cycle. 

Here are the top reasons why you should consider consolidating your debts:

• More affordable monthly payment structure to creditors.
• Lower interest rates than payday loans, installment loans, and credit cards.
• Helps reinforce proper budgeting and healthy financial habits.
• Helps you to stop living paycheck to paycheck, so you can start saving again.

If you need guidance and advice to help you better manage your finances, then you should consider using a debt management program offered by 514 Loans and Consolidated Credit Counseling Services of Canada.

Why Choose This Provider

Here are a few of the many reasons why you should choose 514 Loans as your installment loan provider:

Affordable Than Payday Loans

514 Loans offers competitive interest rates than most payday loan providers in Canada. In fact, their partner lenders only charge an APR ranging from 22% to 32%, which is 50% to 60% cheaper compared to payday loans. 

No Credit Check

514 Loans does not perform a credit check before approving your application. This means that you can apply for an installment loan without worrying about your credit history. 514 Loans look at your capacity to pay back your loan and your monthly income, so you can have a loan approved even if you have bad credit.

Hassle-Free Application

Unlike traditional bank loans, 514 Loans offer a hassle-free loan application process. All you need to do is to complete a simple online form, upload a few documents, and you are good to go. You can finish the application process in less than five minutes. Plus, you can get approved for a loan in as fast as one hour, and receive the money in your account within the same day of loan approval. 

Debt Management Services

514 Loans is more than just a loan provider. Instead of providing a band-aid solution, they aim to help Canadians break their bad financial habits and live a debt-free life. This is very rare in the lending industry, as most lenders only focus on making money and forget about their clients’ financial situation.

Unsecured Loans

Another great feature of 514 Loans’ installment loans is that they do not require any collateral. You can apply and get the financial assistance you need without jeopardizing your assets.

Flexible Repayment Period

514 Loans offers flexible repayment periods for their clients. Depending on your financial situation, you can choose to pay back your loan within three to four months. They also offer weekly, bi-weekly, bi-monthly, or monthly payment plans to make it easier for you to repay your loan.

How to Avail 514 Loans’ Services?

Conclusion

514 Loans is one of the fastest and most convenient ways to get an installment loan in Canada. There are no unnecessary hoops to jump through, and you can get approved in just a few minutes. Plus, 514 Loans’ presence in all major cities and provinces in Canada makes it easier for you to get an installment loan in your area. If you find yourself in a financial bind and you need some quick cash to get you through the next few weeks, apply for an installment loan with 514 Loans today.