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We thought you might have some questions.

Common Questions

What is LM Credit and what do we do?

LM Credit is a loan company that offers Unsecured Consumer Loans from $500 – $15,000 with rates starting at 10.99% and terms from 9-60 months. See our Terms.

We work with you to understand your unique situation to get you approved for a loan towards your debt. Our financial experts then negotiate directly with your creditor or financial institution to get your payment to the lowest amount possible.

We aim to keep our process fast and to the point, so you can get your loan as soon as possible.

What is the difference between LM Credit and a major financial institution?

LM Credit looks at the whole picture when deciding to issue a loan. LM Credit issues what we call Unsecured Consumer Loans from $500 – $15,000.

Why is LM Credit better than a payday loan?

LM Credit’s rates are cheaper than payday loans and we also offer terms that are simple to understand. We offer $500 – $15,000 in loan amounts, which is higher than what payday loan organizations will offer.

Our clients can pay off the loan at any time during the term and we negotiate directly with your creditors to bring down your payment and we help rebuild your credit.

How do you help rebuild my credit?

At LM Credit we report your payment history to the credit bureau. We pay for the ability to report directly, so they are getting the information needed to improve your credit score.

What if I was bankrupt – can I still get a loan?

Yes! We will need to talk with you and assess your individual situation.

What are your terms for repayment?

Our terms are between 9-60 months but with the flexibility of being able to pay that out anytime during the life of the term.

What happens if I miss a payment or am late?

If you miss a payment or are late with a payment we work with you quickly and precisely in order to create a plan that meets your needs to avoid any penalties and to ensure we help you rebuild your credit. Make sure to contact us to work out the best solution if you miss a payment or are late with a payment.

How much can I borrow?

At LM Credit you can borrow an Unsecured Consumer Loan from $500 – $15,000.

Can I still get a loan if I am currently on disability, employment insurance or any other financial assistance?

Give us a call. It is possible to get a loan while you’re on financial assistance, part of our criteria is based on your ability to afford to pay back the loan. Contact us and we will review your unique situation.

Do you have or offer loan protection?

We work with insurance partners that will give you loan protection if desired. The loan protection plan may protect you in case of job loss, injury, illness and in the worst possible case, if you pass away. The optional Loan Protection Plan is a Credit Group Insurance Plan underwritten by Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company and offers the following:

  • If you are laid off, your payments may be covered up to 6 months*
  • If you are injured or ill, your payments may be covered up to 6 months*
  • Unpaid family leave support as well as Lifetime Milestones support
  • If you suffer a critical illness or pass away, you may receive full payment of your outstanding principal balance*

* Limitations and exclusions apply for all coverage types.

What is your debt consolidation process?

At LM Credit we get you back on your feet by providing you a loan that keeps all of your debts in one location. We offer one lower monthly payment that is easier to manage and helps you with your cash flow.

What do I need in order to get approved?

Our application process is based on a few factors. You can begin by filling out our online contact form or by calling us at 1-833-301-1058. Three important factors are income, stability and credibility. See more about our process on our How it Works page.

What documents do I need?

The documents you’ll need for your Personal Unsecured Loan are:

  • Non-expired Government issued photo I.D.
  • Proof of address
  • Proof of income (two recent paystubs)
  • Bank statement (last 30 days of banking information)
  • Pre-authorized debit form or void cheque

How long does it take to know if I am approved?

We like to talk to our clients to complete the application process with them therefore approvals depend on how long it takes to get you on the phone before we enter into a partnership. Typically, we get you approved within 2 business and sometimes as fast as 30 minutes.

How do you accept payments?

We accept payments through an automatic payment plan.

Do you lend across Canada?

Yes, we lend across all provinces and cities except Quebec.

Where are you located?

Our head office is located at:
10 Four Seasons Place, Suite 1000, Toronto, Ontario M9B 6H7