Overview

Lotly offers secured home loans with interest rates ranging from 6% to 16%. Loan terms are available for durations between 1 and 5 years. Online advertisements for Lotly's loan products use a 9.99% interest rate as an example. This rate reflects the median rate obtained by Lotly customers but does not guarantee the rate you may qualify for. Your actual interest rate will depend on a variety of factors, including your credit score, the loan amount requested and current lending criteria. Loan offers are subject to approval based on the standards of our partner lenders.

Copyright © 2024 Lotly Inc. All rights reserved. Lotly Inc. and its loans are not affiliated with any credit bureaus.

Secured home product

• Secured Personal Loans may be subject to additional fees, including administration fees, appraisal fees, title fees, and solicitor/notary fees. All applicable fees are included in your loan contract and will be explained to you by our Lending Specialists.
• To be eligible for a home loan, applicants must be Canadian residents, at least 18 years old, and own a home.
• You must meet the lender’s current standards to qualify for a loan. Loan terms, rates, and eligibility criteria are subject to change based on lender discretion and market conditions.
• Pre-approval is subject to change based on income verification and other supporting documents.
• Lotly offers home loans and is not a credit repair service. However, Lotly may help improve your credit score by building a positive credit history, provided all payments are made in full and on time.
• The entire loan process, from application to funding, typically takes one to a few weeks, depending on the loan terms and lender requirements. Approved funds are disbursed via direct deposit. Repayment is structured as either bi-weekly or monthly payments, which are automatically withdrawn from the borrower’s designated bank account.

Credit score impact

Applying will not affect your credit score. After speaking to our lending specialist, you can decide whether to give credit consent through our online portal when proceeding with a full application. While managing a loan responsibly and meeting its obligations can help improve your credit, taking on multiple loans could be seen as a higher risk by future lenders. If repayments are not made as agreed, it may lead to a negative report to the credit bureaus, which could affect your credit score. Please borrow responsibly.