What are the Requirements for Online Loans in Canada

Online loans are a quick way to getting money when you are facing cash flow problems. Online cash loans are instant and save you from the hassle of going all the way to the bank to apply for a loan. It is a fast and paperless way to get a loan in Canada.

Why Paperless?

With online loans, you do not need to physically present yourself at the bank when applying for a loan. There is e-signature and an instant verification system put in place to help you get verified, and save you the hassle of filling up numerous forms when applying for an online loan.

Instant verification makes it possible for your bank statement to be viewed online by you authorizing a view-only access to your account, so that your account details can be verified online without you having to send in your bank statement. It is a safe and secure system and you do not have to be worried about your details or passwords being stolen by anyone.

Requirements for Online loans

Just as normal loans, online loans have requirements on what is needed before your loan application can be processed:

  • You must be 18 years or older.
  • You must be a Canadian citizen.
  • You must have a phone number that is active and that is registered under your name.
  • You must have a monthly income where you are paid via direct deposit.
  • You must have a stable job or a stable source of income for a period not less than 3 months.
  • You must have a Canadian bank account that has been active for a period of not less than 3 months.
  • You should not be bankrupt or about to be declared bankrupt.

Job confirmation

Once you have presented all the information needed, a confidential call is made to your employer to confirm that you are still employed, and how long your employer intends to have you onboard. The calls are confidential meaning, the reason as to why the call is being made to your employer will not be made known to them. Your employer will not know that you are applying for an online loan.

Can my loan application be declined?

Your online loan application can be declined for a couple of reasons:

  • If you did not provide truthful information.
  • If it emerges that you are bankrupt or about to be declared bankrupt.
  • If you are not employed.

Turn Around Time

After you have applied for your online loan and it has been approved, it normally takes approximately 24 hours or less to receive your loan into your bank account. Online loans are processed quickly and are instant.

While online loans provide a quick solution to your cash problem at hand, you should always do thorough research to compare lending and interest rates with your local banks, and confirm if it is a viable solution for you.