To pay an unexpected bill, settle a service before a cut-off, or avoid a bounced cheque, you sometimes need to borrow money very quickly. However, in this case, conventional banking institutions are not in the best position to grant quick loans, especially if the borrower has a bad credit rating. Here are 4 tips to give you the best chance of obtaining a quick loan of $1,000.
Submit an online loan application
These days, it’s common to fill out forms and send documents in electronic form, and loan applications are no exception to this rule. Use this method of transmitting information and supporting documents instead of the telephone, the mail, or an appointment at an organization. That way, you’ll save valuable time and get a response and—if applicable—the funds faster.
Provide all the requested information and documents
In addition, make sure to provide all the requested information and supporting documents. Indeed, incomplete files are either rejected or put on hold, and you’ll lose time unnecessarily or generate a certain mistrust in the financial organization, which may suspect you of wanting to hide embarrassing information. However, if you are in a special situation or have doubts while filling out the form, contact an advisor by instant messaging or phone to get an immediate answer to your question and avoid blocking the file.
Meet the criteria for obtaining this type of loan
While organizations specializing in quick loans and—in particular—no credit check loans don’t rely on your credit rating to make their decision, they nevertheless take other criteria into account to approve the loan application. In particular, they require:
- A stable monthly income (usually at least $1,200)
- A full-time job
- At least six months of seniority in the position
- A salary paid by cheque or direct deposit
- Employee or self-employed worker status
- Possibly status as a beneficiary of maternity or parental leave, disability insurance, pension plan, or a CSST program
- A chequing account that has been open for more than three months
- An unchanged residential address for more than six months.
Maintain a healthy financial situation
You won’t be held responsible for past mistakes or difficulties that have affected your credit score. However, if your financial situation shows a management that clearly lacks rigour or an indebtedness that doesn’t allow you to handle this new commitment, you won’t obtain this loan. Be particularly careful not to accumulate microloans. When the organization notices on the bank account statements that the applicant is already in the process of repaying a microloan, it will refuse to grant them a new one. It is therefore necessary to pay off this type of loan quickly for this reason, but also to pay less fees.
Avoid making NSF payments, which can clearly be seen on the account statements and generate additional fees. While some organizations tolerate an unpaid bill over three months of account statements, this isn’t the case for all of them.
Once the loan has been granted and the contract has been received, read it, sign it, and send it back immediately to get the funds in under 24 hours, or even on the same day. That way, you’ll be able to pay your overdue invoices quickly or avoid a service cut-off or a bounced cheque.