For some prospective borrowers, online personal loans may offer a better alternative to credit cards and payday loans. The application process takes place entirely online, is quick and simple, and you may get access to funds in as little as 24 hours. Here are some tips on how you can get approved for a personal loan online in Canada.
The most common lending criteria
Before you apply for a personal loan online, it helps to be aware of the criteria most lenders use to evaluate applicant suitability.
The most typical lending requirements include the following:
- Age requirement: at least 18 years of age
- Canadian citizen or permanent resident
- Must have a permanent address
- Must have a stable income
- Must have a Canadian bank account, which is valid and has been active for a minimum of 90 days
In addition, it may help if you meet the following criteria:
- Few or no ongoing/active loans
- Few or no NSF transactions
The purpose of these requirements is to assess your ability to repay the loan. Having few or no NSF transactions and few or no ongoing loans is likely to position you best for repaying the loan and therefore make you a more appealing prospect to most lenders.
Filling out your online application
The online application will ask a few basic questions to ensure that you meet the fundamental criteria. The application may require basic details like your postal code, requested loan amount, cell phone number, email address, and so on. Usually, it only takes a few minutes to fill out the online form. Here at Friendly Lender, we use advanced encryption technology to safeguard your personal data, and you will receive an immediate response upon submitting your application. You may get connected with an online lender immediately, whereupon you may finalize your loan application.
Instant Bank Verification (IBV)
Instant Bank Verification (IBV) is commonly used by lenders to verify your bank account details and assess your eligibility for a loan. IBV is a safe and secure method of verifying bank account information and represents an industry standard.
Apply online now
If you’ve run out of cash between paydays or have an urgent expense, a personal installment loan online may help. Apply online via Friendly Lender and get an immediate response. We don’t check your credit score or credit report during our quick and simple online application process. Request the loan amount you need to cover your immediate expense. Additionally, you may wish to consider Credit Verify, an advanced modern technology platform that allows you to track your credit score and automatically detect errors on your credit report. Sign up today! It may help set you on a more auspicious financial path.
