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Lamina Loans Review
10 Sep 2018

Lamina Loans

Not everyone is comfortable with the usual terms of a payday loan, but if you need money, you may feel as if you have no choice but to go along with them. Lamina loans are here to give you another option.

Get one of the most affordable small loans on the Canadian market right now.

You are interested if

You need access to a small amount of money right away but aren’t a good candidate for a typical payday loan.

 

Key Points

Brief Description Lamina loans are small but highly flexible compared to similar offerings from other lenders, boasting an unconventionally long repayment period as their main appeal.
Limits and Deadlines Loans of up to $1,000 are available and repayment periods vary between 3 and 5 months.
Urgency You can obtain your money in 12 hours or less, assuming you choose all the most expedient options during the process.
APR Range All loans are subject to a flat 30% annual interest rate, but this excludes brokerage fees that also apply. Applicants should take care to note the full cost of their loan before they agree to take it on.
Closing/Origination Fees Lamina charges a brokerage fee on all loans they extend to consumers, with amounts varying depending on the individual case.
Early Payment Fees May apply in some cases.
How to Contract the Product You can apply online or over the phone and it only takes a few minutes from beginning to end.
Main requirements To apply, you must be at least 18 years old with an open bank account and have a steady income of some kind. Some (but not all) government benefit incomes are not counted for the purposes of these restrictions. If you have the option of banking online, you will not need to submit any documents whatsoever as part of the application process. If you can’t or don’t use online banking, you’ll need to submit (via mail or email) all of the following: a pay stub, 30 days of bank statements, a void cheque and a piece of photo ID that will be returned to you.

About Lamina Loans

Main Features

The basic payday loan concept is a classic financial service offering that, while ubiquitous for a reason, can be a little stressful for some consumers to use. Many people need to get their hands on some money quickly, but fewer are able to easily pay it back right on their next payday, as they are expected to do. Many make it work by making sacrifices on other spending categories, including necessities like food. Others can’t even manage that and incur hefty non-payment fees and accrued interest fees that could have been avoided.

Lamina takes that concept and transforms it into something that creates much less stress for the borrower. Individuals can borrow the same small amounts (<$1000) as a typical payday loan, but instead of having only one pay period (~2 weeks) to pay it back, they will have several months to do so. This elongation of the repayment period not only makes the single payments themselves smaller but also alleviates the time crunch caused by having to come up with so much money almost immediately.

How Does It Work?

Lamina loans are as easy to apply for as you’d expect from a modern lender focused on the online market. You can apply either online or by phone in and be done with the entire process in a quarter of an hour; you’ll receive your funds no more than half a day later in most cases. As for repayment, you’ll have somewhere between 3 to 5 months to pay off the entire balance; Lamina advertises that most of their customers make weekly payments between $63 and $90.

Like many payday loan processes, there is no credit check involved, allowing applicants with bad credit to stand on the same footing as those with excellent credit. Applicants who use online banking don’t even have to scan, screenshot or mail anything in for verification purposes. The speed and simplicity of the process are hard to beat.

Applying entirely online is the easiest and fastest way to receive access, but it does come with some caveats. To use this method, you’ll need to provide your banking information and allow Lamina access to the data stored in your account. This is done through third-party companies with excellent security practices and who understand the importance of keeping this knowledge private, but some customers may not be comfortable with even that level of compromise. Those who worry about the possibility of fraud or security breaches are free to use the alternate application methods which do not carry this requirement.

Conclusions

Lamina loans are fairly unique among Canadian lenders for the way they allow vulnerable people to circumvent traditional barriers to borrowing. It’s very hard to overstate the importance of that longer payment period. Some people may run into trouble with consistently making their payments over the entire stretch of time; after all, typical loans within this size range are over and done within just a few weeks. As long as one keeps on top of their financial affairs, however, this doesn’t have to become a problem.

Lamina: Changing the Game From the Bottom Up

Lamina is a smaller lender that has been operating entirely online and by phone for several years at this point. Their head office can be found in Windsor, Ontario. They specialize in providing an alternative solution for small-time borrowers who are not being well-served by the traditional market. They can be reached by phone during normal business hours every day of the week, and their online portal is always functional and ready to serve you.

What We Think

Lamina loans are an excellent option for any applicant who thinks they need a payday loan but is also unsure of their ability to pay one off so quickly. They give you the ability to access a small loan even if you have very little flexibility in your monthly budget, and for many prospective customers, that makes the difference between a happy borrowing experience and not being able to borrow at all.