Phillip White

Review of Financeit

Financeit (A.K.A. CommunityLend) is a non-personab...

Financeit (A.K.A. CommunityLend) is a non-personable organization that will only give you credit if your score is nearing the 900 on the Equifax credit score. If you are at 780 I would go ahead and chance it but if you are under 780 I would consider another option as they are pretty much within the same policies as TD Canada Trust in their decision making. They want to be 100% sure that you are worth taking the risk on. Only reason I leave this review is for those that are mindful of their credit score at Equifax and don't want to get hit with a black mark against your score by using Financeit unless you absolutely know you have a perfect score. The problem with these types of businesses (which is most of them) is they don't consider real life data. I was turned down by Financeit due to a high debt ratio which makes no sense at all to me but it turns out your score is based on some arbitrary dollar amount Equifax stores as how much you make per year. There is nothing factual about the figure and Equifax won't tell you where they get their figure. Also, Equifax allows businesses (your creditors) to change information (such as your month of birth) that should never be allowed to change. My point being that Equifax stores inaccurate information that your score is based on and businesses like Financeit use that data and nothing else. If you ask Equifax why this data is so corrupt they will tell you that it is your responsibility to ensure it is all accurate and if not you must send in a request to update it. Problem is that a lot of that data is not available to you nor will they tell you which creditor has changed that information so you can't even request that creditor to correct the error. To summarize, Financeit does not use accurate data to determine your financial portfolio and whether you are worthy for a loan so please check your Equifax score prior to requesting a loan otherwise Financeit will hit your credit file at Equifax giving you a black mark (lowering your credit score even more)

***UPDATE*** March 24, 2017

After casting my review I did receive a call with a few people from FinanceIt. They sounded like they cared about my experience and wanted to clarify any questions I had. I found this to be a very reasonable but surprising response given that I felt a very high degree of separation when I applied for credit through them.

My initial review remains unchanged, however, based on what I know to be true about my financial standing and what I know I can afford. One thing to keep in mind though is I was applying for an unsecured loan which apparently is a lot harder to get then a house or auto loan or even a credit card according to them. Not-with-standing how helpful the call was meant to be it still comes down to what data was gained from equifax and trust. It's a numbers game with no personal involvement anymore. Nevertheless, my hats off to the crew who called me regardless the underlying agenda, I did feel like I was heard and that in and of itself is what counts. We, the people applying to be in debt, are people too!