Crisp Loans is an online brokerage that aims to help Canadians with all types of credit find short-term personal loans. You can apply online with no credit check, so bad credit won’t stop you from getting a loan. Loans of up to $1,000 are available, and you can get approved and funded within 24 hours. You have up to 90 days to repay what you borrow, while you also get the flexibility of being able to pay off the loan early without penalty.
But lenders that work with Crisp Loans have high interest rates of 28% to 32%, and you’ll also have to pay a brokerage fee to qualify. So, if you have strong credit, you may be able to find a more affordable loan elsewhere.
Is Crisp Loans legit in Canada?
The Crisp Loans website features some of the hallmarks of a legit provider, including information on the loan APR and the cost of borrowing, a privacy policy and terms of use. It has also received an average to good Trust Score of 87/100 on scamadviser.com.
However, its website doesn’t list any phone contact details, and there’s an extremely limited number of Crisp Loans reviews available online.
Pros and cons of Crisp Loans
No credit checks. You don’t need to complete a credit check as part of the application process, so bad credit won’t stop you from getting a loan. Learn more about no credit check loans.
Easy application process. You can apply for a short-term loan online in a matter of minutes.
Fast approval and funding. You can get approved for a loan within an hour and then get funded within 24 hours. Learn more about fast, easy loans.
Early repayment allowed. Pay off your loan any time ahead of schedule without penalty.
High interest rates. Loans taken out through Crisp Loans come with a high APR of 28% to 32%. Borrowers with good to excellent credit may be able to qualify for a lower rate elsewhere.
Unclear brokerage fee. The Crisp Loans website states that you’ll be charged a brokerage fee if you take out a loan, but the fee amount is not specified.
Other fees. Crisp Loans also charges an NSF fee of $45, and if you need to delay a payment, you’ll have to pay an administrative fee of $35.
Loans Canada is an online loan search platform where you can compare loan offers from Canada's largest network of lenders. You can fill out a single loan application to compare multiple offers, there's a wide range of loan types available and all types of credit are accepted.
Loan search platform LoanConnect offers a convenient way to fill out a single online application and compare offers from multiple lenders. You can apply without impacting your credit and see offers in as little as 60 seconds. There are loans available for all types of credit.
LoansLoans.ca is a broker that provides access to short-term installment loans and payday loans. You can apply without completing a credit check and, if approved, you'll get funded within 24 hours.
Easy online application
Bad credit is okay
Get funded within 24 hours
Pay off your loan early without penalty
High interest rates
Unclear brokerage fee applies
Not suitable for self-employed borrowers
Not a direct lender
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 - 12 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
We couldn’t find any Crisp Loans reviews on Trustpilot, Google or the Better Business Bureau. The only reviews we found were two reviews listed on scamadviser.com, with both giving ratings of 1/5 and complaining about providing personal information but not getting a loan.
Am I eligible?
To qualify for funding from one of Crisp Loans’ lending partners, you will need to:
Be 18 years or older.
Have an after-tax salary of at least $1,200 per month.
Have been employed with the same employer for at least two months.
Be a Canadian resident.
Have a Canadian bank account.
Get paid by direct deposit.
Not be in a bankruptcy or a consumer proposal.
Not be planning to declare bankruptcy or a consumer proposal.
How to apply for loans like Crisp Loans
Online lenders of short-term loans require you to provide your name, date of birth, contact details and desired loan amount. They typically don’t conduct credit checks and will instead request your income and employment information to determine your ability to repay what you borrow.
To verify your income, many lenders require instant bank verification, which allows them to view an electronic, read-only copy of your bank statement. This speeds up the approval process and removes the need to upload copies of your bank statements.
Crisp Loans’ application form asks for this sort of information as well. You’ll need to provide your:
Name, date of birth and contact details
Social Insurance Number and driver’s licence number
Income and employment information
Bank account details
Bottom line
If you’re looking for a no credit check loan, Crisp Loans may be able to help. This broker provides lenient eligibility criteria and fast access to funds, but you’ll need to be aware that a high interest rate and an unclear brokerage fee amount will apply. Compare Crisp Loans with a range of other lenders to find the right installment loan for you.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Check out the best personal loans in Canada for different types of borrowers.
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