Northstar Brokers review
- APR Range
- 18.00%
- Loan Amount
- $300 - $3,000
- Loan Term
- Up to 6 months
Our verdict
Get fast loans of up to $3,000 online, but watch out for high rates and fees.
Northstar Brokers provides access to a network of finance companies for bad-credit borrowers who need a loan. There are no credit checks during the application process, and you can apply, get approved and get funded within 24 hours. However, the high cost of borrowing and the fact that Northstar Brokers has picked up negative customer reviews means it's worth considering a range of other lenders before deciding where to apply for a loan.
Pros
-
Fast loans
-
No credit check
Cons
-
Expensive
-
Some complaints about its high rates and customer service
What is Northstar Brokers?
Northstar Brokers is a loan brokerage service where you can apply for fast loans of up to $3,000 online. Once you fill out an application with your personal details and financial information, Northstar Brokers forwards it to its network of finance companies to find a suitable loan.Northstar Brokers says it offers cash advances, payday loans, bad credit loans, installment loans and more. It also provides loans across Canada, with the exception of Manitoba.Is Northstar Brokers legit?
The Northstar Brokers website features several of the hallmarks of a legitimate lending company. These include legal documents like terms and conditions and a privacy policy, as well as an office address in Montreal along with phone and email contact details.
However, it’s not Better Business Bureau accredited and has a BBB rating of F. The BBB has also closed 40 complaints against Northstar Brokers in the past three years (as of October 2023).
Features of Northstar Brokers loans
| Feature | Details |
|---|---|
| Loan amount | $300 – $3,000 |
| Loan term | Up to 6 months |
| APR | 18.00% |
| Serviced provinces | All except Manitoba |
| Eligibility requirements |
|
What are the interest rates of Northstar Brokers?
Northstar Brokers lists an interest rate of 18% on its website. However, the interest rate is different to the annual percentage rate (APR) of a loan, which also takes into account the loan fees that apply.We couldn’t find fee amounts listed on the Northstar Brokers website, but you can expect a high APR to apply to your loan. Check the APR closely, and make sure you understand exactly how much your loan will cost, before you sign a loan agreement.
Benefits of Northstar Brokers loans
- Easy online application. You can fill out a simple online application on the Northstar Brokers website in a matter of minutes.
- Fast access to funds. Once you’ve signed a loan contract, the loan amount will be sent to you by Interac e-Transfer within 45 minutes.
- Wide range of incomes accepted. Northstar Brokers accepts employment income, private disability, child tax, EI, workers’ compensation and pension income.
- No credit checks. You won’t need to undergo a credit check to qualify for a loan from Northstar Brokers.
- Loans of up to $3,000. You can borrow amounts ranging from $300 to $3,000.
What to watch out for
- Negative customer reviews. Northstar Brokers has a low average rating from online customer reviews — read more about this in the next section.
- High cost of borrowing. With an interest rate of 18% and undisclosed fees, you can expect a high APR to apply to your loan.
- Incorrect information. Northstar Brokers says it offers payday loans of up to $3,000, but the maximum payday loan amount in Canada is limited to $1,500.
- “No refusal”. Northstar Brokers promotes the fact that it offers an “instant loan service with no refusal”. However, it’s important for any legitimate lender to assess your ability to pay back a loan before approving or rejecting your application, and promising guaranteed approval can indicate a loan scam.
- Doesn’t report to the credit bureaus. Northstar Brokers doesn’t report on-time payments to the credit bureaus, so you won’t improve your credit score by paying off a loan.
- Not available in Manitoba. Northstar Brokers does not offer loans to Manitoba residents.
Alternatives to Northstar Brokers loans
Finder Score for personal loans
To make comparing even easier we came up with the Finder Score. Interest rates, fees and features across 110+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan - simple.
What do Northstar Brokers reviews have to say?
Northstar Brokers reviews are largely negative, with the provider garnering low average ratings on Google, the Better Business Bureau and Trustpilot. Common complaints include the high cost of borrowing, poor customer service and unanswered phone calls, and never receiving loan funds.Summary of Northstar Brokers reviews
| Feature | Details |
|---|---|
| BBB accredited | No |
| BBB rating | F |
| Google reviews | 1.4 out of 5 stars, based on 36 Northstar Brokers reviews |
| Trustpilot reviews | 2.5 out of 5 stars, based on 5 Northstar Brokers reviews |
| Facebook reviews | No Northstar Brokers reviews available |
| Customer reviews verified as of | 11 October 2023 |
Am I eligible for a loan from Northstar Brokers?
You’ll need to meet the following requirements to qualify for a loan through Northstar Brokers:
- Must have a valid chequing account that has been active for at least three months
- Must have held a full-time job for at least six months
- Must have lived at the same address for at least six months
- Must receive income by direct deposit or cheque
- Must not be in bankruptcy or have any garnishes against your pay
How to apply to Northstar Brokers online
You can apply for a loan online by completing the following steps:
- Click the “Apply Now” link on the Northstar Brokers website.
- Select your province and choose the loan amount you want.
- Enter your name, email address, phone number and date of birth.
- Provide your income and employment information.
- Provide any required supporting documents.
- If approved, review your loan agreement closely before signing.
Loan providers related to Northstar Brokers
Bottom line
Northstar Brokers is worth a look if you have bad credit and you need a fast online loan. However, the negative customer reviews this provider has received, combined with the potentially high cost of borrowing, means you should check the loan details closely before deciding whether it’s right for you.Ultimately, be sure to compare a range of lenders to find a loan that meets your needs.
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