Today, most applications for fast money loans and personal loans are submitted online. Secure, practical, and confidential, online payday loan applications let you get a response and a cash advance extremely fast. But what are the steps to follow?
Verify the loan eligibility criteria
Before applying for an online payday loan, it’s essential to verify that you meet the loan eligibility criteria. Generally speaking, institutions that grant fast money loans and personal loans approve borrowers who:
- Earn at least $1,200 per month
- Have had a full-time job for at least six months
- Are paid by direct deposit or cheque
- Have employee or self-employed status
- Are CSST program, disability insurance, or pension plan beneficiaries
- Are on maternity or parental leave
- Have resided at the same address for at least six months
- Have a chequing account that has been open for at least three months
They generally reject people who:
- Are minors
- Are unemployed or jobless
- Have declared bankruptcy
- Are in the voluntary deposit process
- Are subject to wage garnishment
Fill out the form
The first step of the online loan application, properly speaking, involves filling out the form. The questions that appear there relate to:
- The amount of the loan requested
- Personal information such as your first name, last name, and date of birth, your complete contact information, and information about the bank where your bank account is open
- Information about your job, especially the type of position occupied, as well as seniority and pay frequency.
Send the documents
Then, you just need to scan and send the following documents electronically or by fax:
- Your bank statements for the last three months
- Your last two pay stubs
- Two pieces of ID
- Your social insurance card or a T4
- A void cheque / pre-authorized debit form
- Proof of residence, such as a telephone or electricity bill
It is essential to meet the eligibility criteria for this type of loan and to send a complete file so that the application is approved. Any incomplete file will result in immediate rejection.
It should be noted that certain lenders currently don’t even need to ask for your documents anymore if you authorize them to consult your bank statement through Instant Bank Verification (IBV).
Wait for the response
While most applicants receive a response within 24 hours and sometimes even in only 1 hour, the file review requires further study and additional time in certain specific cases, such as applications from:
- Self-employed workers
- People on maternity or parental leave
- CSST program beneficiaries
- Disability insurance plan beneficiaries
- Pension plan beneficiaries
Sign the contract
Once the website’s partner finance companies have studied the documents and given their approval, you receive the contract. Then, you just need to sign it, and the funds are deposited into your account.
In case of emergency, the online payday loan application is the fastest way to get money. In addition, these loans are granted with no credit check and can help out many people who have a low credit rating, whether it’s to make ends meet at the end of the month, pay an unexpected bill, or deal with healthcare expenses.