Everything You Need to Know About IBV Payday Loans in Canada
Today, most applications for fast money loans and personal loans are submitted online and many of them are IBV payday loans, loans without documents to provide. Secure, practical, and confidential, IBV payday loans in Canada let you get a response and a cash advance extremely fast. But what are the steps to follow? Learn everything you need to know about IBV payday loans in Canada with Cash Depot!
What is an IBV payday loan in Canada?
Documentary loans or IBV should be differentiated from the more traditional online loans, as they do not require documents to be sent by e-mail or fax. This simplified process greatly facilitates the entire application process.
What does the acronym IBV stand for? IBV stands for Instant Bank Verification. It is mainly financial institutions that use this technology, which is considered as the most advanced. As you no longer need to send any documents to apply for IBV payday loans in Canada, the request will be processed excessively faster by your private lender.
What is the personal Information Collected when applying for IBV payday loans in Canada?
IBV payday loans in Canada will collect essential information to be able to check your application. When you authorize an Instant Bank Verification, a report will be sent to the lender indicating several important elements for obtaining the loan:
- Miscellaneous personal information: Last name, First name, Date of birth…
- The various accounts in your possession
- Your investments
- Your credit card account status
- The balance of your accounts
- And various other information depending on your profile and request
3 advantages when applying for IBV payday loans in Canada
1. Simple process
The IBV bank verification method greatly simplifies the process of obtaining financing. You will no longer have to find all the supporting documents you need, so no more time spent searching for documents! The process for IBV payday loans in Canada is simple. You just need to log in to the Instant Bank Verification platform and give access authorization to your profile. This will give the lender the ability to quickly authenticate your banking information.
2. No documents required
Thanks to this new technology, forget the hours of searching for your documents! Obtaining a payday loan in Canada is easy with this new technology. IBV is now the most advanced and innovative technology for obtaining loans, and it is completely confidential.
3. Fast application
Fast and instantaneous, the IBV payday loan application is designed for speed by greatly simplifying the authentication of banking information and a credit investigation is not required! Authentication of your profile using this technology is done very quickly to ensure a short response time from the private loan.
What are the steps to follow when applying for IBV payday loans in Canada?
Verify the payday loan eligibility criteria
Before applying for an online payday loan in Canada, 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 online application form
The first step of the IBV payday loan bank verification, 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 required 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.
Please note, however, that if you opt for an IBV payday loan in Canada, you will not be obliged to provide its various documents. In fact, verification is quick and simple using this technology.
Wait for the response
While most borrowers applying for a loan 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, IBV payday loans in Canada are the fastest ways to get money. In addition, these loans are granted with no credit check and can help out many people who have a bad credit score. Whether it’s to make ends meet at the end of the month, pay an unexpected bill, or deal with healthcare expenses, IBV payday loans in Canada can help you improve your financial situation.
If you need information concerning IBV payday loans in Canada, and want to start improving your financial life, contact Cash Depot! Our experienced private lenders will gladly help you reach financial independence.