Find answers to common questions about how Loanspot.ca works, applying for loan options in Canada, your account, and what to expect — before you contact support.
No. Loanspot.ca never requests fees in advance. Be cautious of anyone asking for an upfront fee to release a loan.
No. Loanspot.ca is a lead-referral company, not a lender. We connect you with lenders in our network to help you get the funds you need — the lenders make all approval decisions.
No. Loanspot.ca and loanspot.ai are separate, unrelated companies. We are a Canadian loan comparison service and have no connection to loanspot.ai. If you are unsure which site you dealt with, see our official notice about loanspot.ai.
Yes. Loanspot.ca serves Canadian residents only, and all lenders in our network operate within Canada.
No. Loanspot.ca does not guarantee loan approval, rates or terms. All offers are provided by third-party lenders and are subject to their review and criteria. Always review loan terms carefully before accepting an offer.
Your information is reviewed and matched with lenders in our network. If you're eligible, you may see loan options presented by third-party lenders.
No. Submitting an application does not mean you must accept a loan — you're free to compare and decline.
The lenders you apply with after logging into the portal will typically be in contact within 24–48 business hours.
Common reasons include: you're currently in bankruptcy or a consumer proposal; you're unemployed or don't have a steady work history; a lender can't confirm your employment or your income isn't sufficient to repay; the information on your application can't be confirmed; you can't provide the required documents; too many NSF charges on recent bank statements; or too many outstanding loans with other institutions.
Some lenders consider factors beyond your credit score, such as income and employment. Approval depends on the lender and your overall financial profile.
We created step-by-step videos to help. Watch the how-to videos here.
Use the password reset link. Click here to reset your password.
Log into your account in the portal, click My Account, then Delete Account.
Lenders require a phone number to be available so they can reach you and provide their services.
There's an unsubscribe button at the bottom of our emails — click it and you'll stop receiving emails.
Reach our team through the Contact Us page. Please note that support cannot influence lender decisions.
Our 60-second application connects you to lenders across our network.
With 30+ lenders in the network, you can see more offers in one place.
Comparing your options never affects your credit score.
Loanspot never asks for fees in advance — comparing is always free.
Apply in 60 seconds, watch our how-to videos, or reach out through the contact page.
Get matched now →Bookmark this Loanspot.ca FAQ and check back over time — we update it whenever borrowers ask something new about lender matching, IBV or repayment, so the answers stay current.
This Loanspot.ca FAQ covers what borrowers ask most, but every situation is different. If you are unsure how much to borrow or which option fits your budget, start with our borrowing guide or compare options on the personal loans page. You can also read how the cost of borrowing is regulated in Canada from the Financial Consumer Agency of Canada.
Comparing your options on Loanspot is always free, carries no obligation and does not affect your credit score. When you are ready, you can get matched in 60 seconds.
Use this FAQ as your starting point. The FAQ is reviewed and updated through 2026, and every FAQ answer links to the right Loanspot page so you can act right away.
