Other Frequently Asked Questions
How do I apply for an online loan in Canada?
Getting a loan online is simple in Canada. Once you’ve chosen your lender, you just need to submit an online application. A loan application online is typically very fast to apply for and take 3-5 minutes to fill out. You will usually need to provide:
- Your personal information
- Info about your income & employment
- Once submitted. You will get assessed and an offer will be sent
- Accept the offer and sign the full application
- Receive the funds shortly after
Do I need to upload any personal documents when applying for a loan online?
Yes, you will always need to provide at least a few personal documents. When applying for a loan online, you will need to provide a government ID and proof of your income. This might include bank account statements or pay stubs. You will also have to give them permission for a credit pull or provide a credit report.
Some online lenders will require more paperwork than this. If they do, they will make it clear when you click through to their online application. Some online lenders can approve you for a loan without checking your credit.
Do I need to be employed to get a loan in Canada?
Getting a loan is hard if you’re unemployed. Even newly hired employees represent more risk that makes lenders think harder about whether to loan them money.
In any case, a lender is looking for proof that you will be able to pay them back. If you don’t have a regular job, you may have to apply for a lower sum. Self-employed individuals and those with temporary incomes or government subsidies can still apply for loans, but they must show evidence that they will be able to come up with enough money for their repayments.
How much money can I borrow online?
The amount of money you can borrow online is based on a lender’s assessment of your finances. as well as the type of loan you are looking for. If you have a strong, stable income, you can qualify for a loan of up to $40,000. If you are looking for a business loan online, it can be as high as $500,000.
If you have bad credit, you can still borrow money. However, lenders will usually loan you money only in the hundreds or low thousands, and the interest rates will be much higher.