Northstar Brokers Review: Should You Apply?

What is Northstar Brokers?Northstar Brokers is a loan brokerage service where you can apply for fast loans of up to $3,000 online. Once you fill out an application with your personal details and financial information, Northstar Brokers forwards it to its network of finance companies to find a suitable loan.Northstar Brokers says it offers cash advances, payday loans, bad credit loans, installment loans and more. It also provides loans across Canada, with the exception of Manitoba.Is Northstar Brokers legit?The Northstar Brokers website features several of the hallmarks of a legitimate lending company. These include legal documents like terms and conditions and a privacy policy, as well as an office address in Montreal along with phone and email contact details.However, it’s not Better Business Bureau accredited and has a BBB rating of F. The BBB has also closed 40 complaints against Northstar Brokers in the past three years (as of October 2023).Features of Northstar Brokers loansLoan amount$300 – $3,000Loan termUp to 6 monthsAPRVariesServiced provincesAll except ManitobaEligibility requirementsMust have a valid chequing accountMust have held a full-time job for at least 6 monthsMust have lived at the same address for at least 6 monthsMust receive income by direct deposit or chequeMust not be in bankruptcy or have any garnishes against your payWhat are the interest rates of Northstar Brokers?Northstar Brokers lists an interest rate of 18% on its website. However, the interest rate is different to the annual percentage rate (APR) of a loan, which also takes into account the loan fees that apply.We couldn’t find fee amounts listed on the Northstar Brokers website, but you can expect a high APR to apply to your loan. Check the APR closely, and make sure you understand exactly how much your loan will cost, before you sign a loan agreement.
Benefits of Northstar Brokers loansEasy online application. You can fill out a simple online application on the Northstar Brokers website in a matter of minutes.Fast access to funds. Once you’ve signed a loan contract, the loan amount will be sent to you by Interac e-Transfer within 45 minutes.Wide range of incomes accepted. Northstar Brokers accepts employment income, private disability, child tax, EI, workers’ compensation and pension income.No credit checks. You won’t need to undergo a credit check to qualify for a loan from Northstar Brokers.Loans of up to $3,000. You can borrow amounts ranging from $300 to $3,000.
What to watch out forNegative customer reviews. Northstar Brokers has a low average rating from online customer reviews — read more about this in the next section.High cost of borrowing. With an interest rate of 18% and undisclosed fees, you can expect a high APR to apply to your loan.Incorrect information. Northstar Brokers says it offers payday loans of up to $3,000, but the maximum payday loan amount in Canada is limited to $1,500.“No refusal”. Northstar Brokers promotes the fact that it offers an “instant loan service with no refusal”. However, it’s important for any legitimate lender to assess your ability to pay back a loan before approving or rejecting your application, and promising guaranteed approval can indicate a loan scam.Doesn’t report to the credit bureaus. Northstar Brokers doesn’t report on-time payments to the credit bureaus, so you won’t improve your credit score by paying off a loan.Not available in Manitoba. Northstar Brokers does not offer loans to Manitoba residents.Alternatives to Northstar Brokers loansWhat do Northstar Brokers reviews have to say?Northstar Brokers reviews are largely negative, with the provider garnering low average ratings on Google, the Better Business Bureau and Trustpilot. Common complaints include the high cost of borrowing, poor customer service and unanswered phone calls, and never receiving loan funds.Summary of Northstar Brokers reviewsBBB accreditedNoBBB ratingFGoogle reviews1.4 out of 5 stars, based on 36 Northstar Brokers reviewsTrustpilot reviews2.5 out of 5 stars, based on 5 Northstar Brokers reviewsFacebook reviewsNo Northstar Brokers reviews availableCustomer reviews verified as of11 October 2023Am I eligible for a loan from Northstar Brokers?You’ll need to meet the following requirements to qualify for a loan through Northstar Brokers:Must have a valid chequing account that has been active for at least three monthsMust have held a full-time job for at least six monthsMust have lived at the same address for at least six monthsMust receive income by direct deposit or chequeMust not be in bankruptcy or have any garnishes against your payHow to apply to Northstar Brokers onlineYou can apply for a loan online by completing the following steps:Click the “Apply Now” link on the Northstar Brokers website.Select your province and choose the loan amount you want.Enter your name, email address, phone number and date of birth.Provide your income and employment information.Provide any required supporting documents.If approved, review your loan agreement closely before signing.Bottom lineNorthstar Brokers is worth a look if you have bad credit and you need a fast online loan. However, the negative customer reviews this provider has received, combined with the potentially high cost of borrowing, means you should check the loan details closely before deciding whether it’s right for you.Ultimately, be sure to compare a range of lenders to find a loan that meets your needs.

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