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514 Loans Review
11 Aug 2018

514 Loans

Even if you have excellent money management habits, you never know when you might need a quick loan. 514 Loans’s personal loans are here to help you solve that problem quickly and easily, assuming you’re willing to follow their rules. They work with qualified applicants they know they can trust to pay them back, even if those applicants have a sub-par credit history.

Get a small loan fast to handle any emergency.

You are interested if

You are in a generally stable financial situation (good income but may have poor credit) and need a small amount of money to get you through some temporary period of need.


Key Points

Brief Description 514 Loans specializes in providing fast short-term loans to applicants with provably stable incomes. These loans are meant for emergencies only.
Limits and Deadlines Applicants can only borrow amounts between $300 and $3000, with first-time borrowers restricted to smaller amounts. Repayment periods typically range between 90 and 120 days with modifications sometimes available upon request.
Urgency Loan applications are typically approved and deposits are made within just 24 hours. Applications sent off prior to 11AM will be processed by the end of that same day. Money typically makes it into borrowers’ accounts within just 8 hours.
APR Range Between 28% and 36% depending on the loan selected.
Closing/Origination Fees None.
Early Payment Fees None – you are encouraged to pay your loan back early if you can manage to do it.
How to Contract the Product Applicants must submit a one-page online application on the lender’s website and transmit the relevant documentation they are asked for during the process (this can be done digitally). Approval and deposit of funds then usually happens that same day.
Main requirements You must have held a full-time job for at least six months and receive a salary paid to you by direct deposit, and therefore must not be self-employed. The bank account you use must have been open for at least 3 months. You must not be in the process of a bankruptcy and not be having your wages garnished for any reason. Further documentation including several pieces of ID, utility bills, pay stubs, bank statements, and other things are typically required as well.

About 514 Loans

Main Features

514 Loans is notable for their highly organized, secure and reliable lending process. They are more choosy than most lenders regarding who they approve, but this benefits both parties when things work out. The extensive list of requirements and documentation needed ensures that you and your lender can form a bond of mutual trust. With so much paperwork being filed to complete the process, you have added reassurance that everything regarding your loan is above-board. Also, the better you look as a loan candidate on paper, the better the rate you’ll be offered in the end, so it’s in your best interest to provide as much information as possible too.

These loans are also distinctive due to the company’s insistence that credit checks be left out of the equation. There are no credit checks performed on 514 Loans personal loan applicants, so they can be a good option if you have poor or middling credit that you don’t want to hamper your chances of success. As long as your current income and bank statements reflect that you are in a position to be counted upon to make your payments, you shouldn’t be turned away.

It should be noted that 514 Loans only offers very small loans in comparison to other similar lenders; even ideal applicants will only qualify for a loan of up to $3000. The company refers to the product they offer as a cash advance and explicitly indicates that it is meant to be a short-term solution only. They also specifically state that first-time borrowers are usually approved for much smaller loans than those who have more experience in the credit market, so if you’ve never had a loan before, you should expect to only be offered a small amount. If you need any substantial amount of money, another lender might be a better fit for your needs.

There are also many hard requirements that applicants must meet and they are asked to submit a substantial amount of paperwork in order to verify those things. While you can trust 514 Loans not to misuse any personal information that you give them, it’s still a hassle to collect all the needed items and security breach accidents can always happen. Some people still may not be comfortable with the idea and prefer not to take the risk. Those who are concerned about their privacy or who are looking for an extremely simple loan process may find the extensiveness and rigidity of this one to be too unappealing to go through with applying.

How Does It Work?

This lender’s application process starts like most out there – you fill out an online form with all the stipulated information to make sure you meet their minimum eligibility standards. You must then submit all the necessary documents to definitively prove you meet those requirements. Your case will then be swiftly evaluated and a verdict about whether or not to approve you will be reached. You also have the option of contacting a representative of the company and having them help you through the process, which could speed up the entire duration to a single half-hour. Either way, once you’ve been approved, you have the option of having your loan money deposited directly into your account or picking up the full sum in cash at 514 Loans’ Montreal office.


514 Loans works to deliver small loans quickly and securely, even to those who don’t usually have such an easy time obtaining credit of any kind. The extensive list of requirements they use ensures a high level of security that helps consumers feel confident trusting 514 Loans with their financial information and affairs. They also make a point of being extremely welcoming to applicants with bad credit, and you can go through the application process from beginning to end without ever being asked about your credit situation in the first place.

Potential borrowers should keep in mind that these products are specifically likened to payday loans with more flexible repayment periods – this means that they should not be used in any situation where a traditional payday loan would not be appropriate. With their relatively high APR range, these loans are not suitable for long-term use – they will be most effective for customers in emergency situations that they have little reason to believe will trouble them again in the future.

514 Loans: Short-Term Loans, Even With Bad Credit

514 Loans is a Montreal-based lender serving all of Canada through almost entirely online means. This company has been in the lending business for several years and knows how to best serve their many customers. They specialize in extending loans to people who have been left with few other options due to a bad credit history.

One of their main strengths is their commitment to keeping an open dialogue with applicants through many different forms of communication. Their staff provides a combination of phone and e-mail support to make it easy to reach them with any questions you might have. They also offer a convenient web chat widget on their website that makes it easy for you to contact them at any time, even if it’s just to ask a very minor question that you otherwise might not bother with.

What We Think

514 Loans is a lender that occupies a very specific niche in the market. Their personal loans are not as flexible as many, but they do provide a clear-cut, easily understood path to getting a loan that can be accessed even by borrowers who other institutions would deem too risky to work with. Their lack of a credit check during the application process makes them a good choice for anyone fretting about whether they might be judged for past borrowing errors. Getting a loan with them should not be used for the purposes of rebuilding credit due to the high interest rates you will be paying, but it can be helpful to have somewhere to turn when few institutions will lend to you and you have some specific financial obligations that you need to take care of.

If you meet all of their lending criteria and don’t need very much money, they are a great choice to borrow from. However, if you anticipate that you’ll have trouble with any of their many requirements or that you might need more than a few thousand dollars, it could be prudent to look elsewhere for the loan you want. Many other lenders are more flexible and may offer you higher chances of success and larger total loan amounts.