Obtaining a Fast Loan in 24 Hours: What Are the Steps?

Obtaining a Fast Loan in 24 Hours: What Are the Steps?
February 11, 2019 cashdpt

Even the most forward-looking person with their finances isn’t immune to unforeseen financial difficulties. Faced with a hard blow, you can either count on your savings, the support of a loved one, or a fast online loan. When it comes to emergencies, the fast 24-hour online loan is one of the loans that can save you in case of unforeseen events.

While it could be difficult to get a loan before, the internet and new technologies now make the steps involved in getting a fast loan in 24 hours or less much easier. The benefit of this fast loan is that it lets you obtain the necessary means to finance your urgent needs within 24 hours of filing an application (if this is done before 11 am).

What are the steps to get a fast loan in 24 hours?

Filing an application for a fast 24-hour loan only takes a few minutes in front of your computer. The application can be completed very fast, because it’s done online, the documents are sent virtually, and the lender processes it quickly.

The necessary documents that you must be ready to send quickly are the following:

  • Two pieces of photo ID and proof of your social insurance number.
  • Proof of address (bill for a service that you use in your name).
  • Your last two pay stubs.
  • A voided cheque — Pre-authorized debit form.
  • Your bank statements for the last 90 days.

Generally speaking, when it comes to private lending companies, a loan application is processed within a few hours following its online submission if the application is filed during business hours. After an application process involving a few quick steps, the lender grants you fast approval via email, and you receive the funds within 24 hours.

Although obtaining a cash advance is easy, you still need to fill out an information sheet so that the lender can analyze your financial situation. After analyzing your situation, the lender must either validate your application or not, then make you a proposal for a loan agreement that must be signed. In particular, you must meet certain criteria to be eligible and prove your ability to repay the loan. Here are the criteria:

  • Have a valid chequing account for at least 3 months.
  • Have a full-time job for at least 6 months.
  • Reside at the same address for at least 6 months.
  • Be paid by cheque or direct deposit.
  • Not be bankrupt or subject to wage garnishment.

How does the repayment of this fast 24-hour loan work?

The repayment of a fast loan is made in several payments each month or by a final payment when your salary is paid and at the end of the loan. The amount of the monthly installments is generally consistent, but if your financial health has improved in the meantime, you can repay the loan early.

The cost of a fast loan mainly depends on the interest rate, which can vary from one lender to the next. That’s why it’s important to check the terms of the competing offers before choosing your lender online. Indeed, you must be vigilant regarding the repayment terms proposed to you, which is quite fast on the internet. In addition to the proposed interest rate, various fees – such as administrative or registration fees – may be added. Being vigilant when comparing offers therefore lets you avoid unpleasant surprises and previous repayment difficulties.