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Important information

• Additional Info:

  Private Lender Loans Canada claims to not loan money themselves, but to match consumers with other companies and individuals who provide loans. This makes Private Lenders Canada a loan broker, for which they charge an advance fee for their brokering service.
  
  In the province of Ontario, it is illegal for a company to request an advance fee for brokering a loan. The fee may only be charged once the consumer has actually received (and not just been approved for) the loan. See Section 50(1)(a) of the Consumer Protection Act, 2002: https://www.ontario.ca/laws/statute/02c30#BK63.
  
  Loan brokers in Ontario need to be registered with the Ontario Ministry of Consumer Services. Private Lender Loans Canada is not a registered loan broker.
  
  The Government of Ontario requires every company operating in Ontario to be registered. Private Lenders Canada is not registered with the Government of Ontario. Their website claims they are a Canadian Corporation. There is no company by the name of Private Lender Loans Canada that is a Canadian Corporation. There is no business trademarked by the Canadian Intellectual Property Office by this name either.
  
  The post office box address for this company is in a Shoppers' Drug Mart. The company told the BBB that the address is valid, and they "simply lapsed in renewing the post office box." If they did not renew the post office box, how can the address still be valid?
  
  The website domain name for Private Lender Loans Canada is registered to a privacy protection organization. The website lists 97 Canadian cities in which Private Lenders Canada claims to operate; however, no other Canadian BBB has a review for this company.
  
  The phone number for this business is a cell phone.
  
  Consumers who do apply online for a loan should make sure the application form is encrypted. If the form is not secure, consumers could be subject to identity theft, and have their bank accounts compromised. It does not appear that the application form on this website is encrypted or secure. Consumers allege that once they supply their banking information to this business, Private Lenders Canada takes the fee directly from their bank account, before they even receive an offer of a loan.
  
  If a local financial institution is reluctant to provide a loan, consumers should wonder why a company or individual in another locale would be willing to do so?