Can you think of anyone that doesn’t use online banking? These days, most people go to the internet for answers or pick up the phone before they physically go into a bank seeking advice. Why should things be any different with regards to loans?
Securing a loan online might not be as commonplace as online banking, but this is likely to change as the world continues to move towards a digital landscape. Check out our introductory guide for what you need to know about applying for online loans.
Ease of use
Once you decide on the best Canadian lender for your province, signing up for an online loan is an incredibly straightforward process and often takes only about ten minutes. Most will ask you a few simple questions about how much you want to borrow, how many payments you’ll be making, and where you live.
After that, it’s just a few more steps to create an account before the application process begins. There’s also no application fee, and you’ll be under any obligation to move forward until you confirm your loan details at the end of the process. Since most online loan businesses work 24/7 and are automated, you can get your answer at any time, day or night and money transfers are typically made within moments of signing the contract, even on weekends or holidays.
It’s not all about your credit score
Of course, any lender will check your credit score, but online lenders don’t base their decision just on this variable alone. They look at a wide variety of different factors before deciding whether you are eligible for an online loan and how much it will be. If you can answer “yes” to all of the questions included below, you are well on your way to approval. Note that these can vary province-to-province or between different lenders.
- Are you 19 years or older?
- Are you a Canadian citizen?
- Are you a resident of British Columbia, Alberta, Manitoba, Ontario, Nova Scotia, New Brunswick or Prince Edward Island?
- Do you have a net income of $800 per month or higher that is deposited directly into your bank account?
- Have you received the same income source for the past three months?
- Has your Canadian bank account been open for at least three months?
- Does your bank account have access to online banking?
- Do you have a valid mobile phone number?
- Do you have a valid proof of address?
- Do you have an email address?
You don’t need to have a job
Even if you don’t have steady employment, you could still qualify for an online loan. You do need to meet the minimum requirements for each lender, but most will accept guaranteed income streams, including:
Online lenders are making borrowing more straightforward and accessible to the millions of Canadians who need access to short-term loans. Rather than worrying about when a response will arrive, online loans are approved almost instantly, so you can relax knowing that your bills can get paid.