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ONLINE LOANS : APPLICATION REQUIREMENTS
18 years or older
Be a citizen or permanent resident of Canada
Free of current bankruptcy proceedings or consumer proposal
In an employment for at least 3 months
ACCESS ONLINE LOANS FROM ANYWHERE IN CANADA
Online Loans – Easier And Faster Way To Get Money
Online Loans, Making Access to Loans Easy
Online loans make it easy to apply for a loan from the comfort of your own home. It involves visiting the website of a loan company or a bank and completing an online loan application form. The whole process is handled online.
If you need a loan urgently, maybe for home improvement, buy a car, take a vacation or finish off a project that you had already started but need more money to put into it, and if you hate the filing of endless number of paper forms or you hate going to the bank to talk to someone about getting loans, then applying loan online is the perfect solution for you.
Online loans are offered everywhere online. Almost all the traditional banks and private loan companies offer online loans. However, there are companies that offer only online loans exclusively. The whole process of applying for the loan is based online. With few exceptions, like being called by the loan company to clarify certain things, online loans are mostly transacted online.
Everyone hates the long and tiring wait at the bank. The wait is even longer if you are applying for a loan and you have to wait to see someone before putting in the loan application. Applying for a loan personally can be more frustrating if you have to take more than one trip to the bank or to several banks, trying to get a loan from one of them.
And it’s not just the waiting or the travelling to different banks, but the actual process of applying for the loan itself can be really frustrating at the bank. Imagine that after lining up to see someone, then filling in a lengthy paper loan application form and after all that you are told that you don’t qualify for the loan.
There are a few reasons why you may be refused a loan by a bank. This may be because of your credit history or you may have a large debt to income ratio.
Advancement in technology has made possible access to online loans and the process of applying for online loans is very easy. Applying for an online loan has reduced the time it takes to apply and access a loan. You are also spared the trip to the bank and lining up at the bank just to apply for a loan.
Modern technology has also made it easier for people to access various financial products from home. There are so many financial products online to choose from and without such a technology; it may be impossible to look at many of these products to see which of them meet your criteria for getting a loan or buying a particular financial product. It’s easier to compare the different loans online by different companies by a single click of a button. This is different from the way it was previously, where you had to visit different institutions physically to pick up brochures from the institutions to help you to compare what loans are on offer and at what rates available before you can decide which one to apply.
With the currently available internet technology, it’s now possible to apply for an online loan, get approved in a few minutes and get your money within 24 hours.
Online Loans
If you live in Canada, you do not have to travel from one province to another just to get to a financial lending institution that offers loans with competitive interest rates. Right now, it does not matter where you are in Canada, you can get an online loan easily. You can be in Ontario, Alberta, Manitoba, BC, Newfoundland and Labrador or in any other province or territory in Canada and still be able to access a loan locally to you, or from loan lenders based in cities like Toronto that are far away from you. You can access online loans from the comfort of your home or from your office by a simple click of a button on the computer. Unlike going to the bank during working hours, you can apply for a loan online 24 hours a day and 7 days a week.
By providing online loans; Canada and US companies are now able to reach more customers than they would have if they only allow paper based loan applications.
There are many different types of loans, many of which you can apply online without having to go to a bank. The requirements relating to access to these products depends on the set guidelines of the financial services industry and the requirements of the institution offering the loans. Here are some of the common online loan products that you can access.
Online Payday Loans
Main banks do not give payday loans online or even in person, but there are many online lenders that give payday loans online. Payday loans are financial loans designed for people who are employed and people who earn a regular income at a specific day of each month. The online loans are designed to meet unforeseen emergency needs within the shortest time possible. This type of online loans may suit you if you have an emergency financial need that you need to take care of immediately but don’t have the money until your next payday.
The amount of money that you borrow as a payday loan ranges from $100 – $2,000. Payday loans are small loans and often don’t require a security apart from an evidence that you have a regular source of income from your job. Interest rate on payday loans tend to be higher than most types of loans.
If you are looking for instant payday loans, Canada has made it easy for companies who wish to offer payday loans as a product, to give these loans. If you have some form of identification document and a proof of your income ready, you can even apply for a payday loan with instant approval. You can use a government issued identity card or your driver’s license or social security number card. To proof your income, you need to have a pay stub to serve as proof of employment. Furthermore, there are some lenders that will require you to furnish them with your latest bank statement.
You can even apply for online payday loans by using your smartphone, if you need the money urgently but you are not at home or in your office to use the desk top computer.
Most online payday loan applications take the shortest time to process, compared to other types of online loans. Some companies even take as little as 30 minutes to process the loan, so long as you furnish them with the right information that they need.
If you are looking for online payday loans Ontario and many of the other Provinces in Canada have many private lenders and companies that will give you a payday loan. Many of these are based online. Check online for their details and apply for a loan from such companies in your area.
Online Personal Loans
If you need more money than you can have through a payday loan and you want the money processed within the shortest time possible, then applying for a personal loan online is the best way to go. Online personal loans are unsecured loans that take less time to process compared to secured loans. You can only apply for this type of loans online.
Personal loans have a longer repayment period as compared to payday loans. Most personal loans have repayment periods ranging between 2-5 years, compared to payday loans of between 1 and 3 months
The repayment period depends on the size of the loan and your credit rating. A person with a good credit rating can have a longer period for repayment of the loan and therefore can make smaller repayment installments. If you have a poor credit rating, most financial institutions will give you a shorter repayment period since they believe that you have very high chances of defaulting on the payment.
The amount of money you can access as a personal loan is dependent on your credit rating and your debt to income ratio. If you have a good credit rating developed through the repayment of loans regularly and promptly, you have a very high chance of accessing more money as a personal loan.
Debt to income ratio is the ratio between your regular gross income and the repayments that you make at the end of each month to service the loans. The lower your debt to income ratio, the larger the amount that you can access as a personal loan and vice versa. This means that if you plan to borrow large amounts of money as a personal loan, you will have to consolidate most of your debts and reduce the payments that you make each month.
The requirements to access online personal loans are similar to the requirements to access payday loans. You need an identification document, a pay stub and a checking account where the money can be deposited.
Online Debt Consolidation Loans
If you are in a huge financial debt to so many different companies, but have a small amount of disposable income, it’s better to consolidate your debt into one payment to one company. Consolidating the debt ensures you make less payments at the end of each month. This decreases your monthly loan repayment and increases your disposable income. Most online lenders are able to buy off all your loans from different companies that you owe money and combain the debts together. Once you do this, you will be expected to make payments to one online lending company, but in smaller amounts of money, compared to the way you were paying earlier. As a matter of fact, doing this allows you to access more money in future when you need it. It also helps to build your credit.
Online Home Improvement Loans
If you wish to improve or renovate your home to improve its value, a home improvement loan will come in handy. Most online companies have developed financial products that can be used to improve your home without having to place your house as security or taking another mortgage. You can apply for this loan and repay within a period of not more than 60 months.
How Can I Access Online Loans?
As mentioned earlier, you don’t have to leave the comfort of your home or your office to apply for an online loans. One thing that makes the processing of online loans much easier and faster is that most government databases containing details about individual citizens are interconnected. Loan companies can have access to some of this information. When you apply for an online loan, the loan company can quickly check the relevant database to confirm your information and this can be done in seconds. This way, they are able to process the loan quickly.
Before applying for an online loan, navigate through the website of the provider. Doing this will help you to identify any hidden charges that are levied on the loan that may make the loan expensive.
Most of the websites of the financial institutions have online forms that you can fill all the information that is required. The information that you will be required to fill includes your personal information such as your home and office addresses, your phone numbers and email addresses. Other information that you will be required to fill, can be obtained from your ID card and your pay stub.
You will also need a checking account. The checking account is where the money will be deposited once the processing of the loan is through. Ensure you use an account that you use on a regular basis so that it is easier to withdraw the money once the loan has been processed.
Once you are through with the filling in the required information, you can review the information before submitting it. Ensure the information is correctly filled so that it can be easier for the company to contact you in case of anything. It will also make it easier for the company to process your loan faster for you to access the loan within a very short time.
Once you are through with the application and have submitted the information. The online lending company will process your loan and inform you of the progress of the process through a phone call or an email.
What to Beware of When Applying an Online Loan
Just as technology has made application of loans faster and easier, it has also made it easy for hackers to steal your personal information and use it maliciously. As a result, it is very important to keep your personal information safe from the prying eyes of hackers all over the internet. It is critical to ensure that before providing any confidential information on the internet you check tom see that you are accessing a secure website.
Stay away from scammers. There are few lenders that pretend to offer cheaper loans, but in the end, they will give you loans that can place you in a huge debt cycle. These loan types have hidden charges which at times you can only find in their fine print. Since they know you are in urgent need of money, they are sure that the chances of you seeing these ‘illegal’ charges are minimal and as a result, you will end up signing an agreement that will cost you a lot of money.
WHERE WE OPERATE
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta and Newfoundland, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.
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