How Long Do Online Loans Take?


The average hourly wage is rising across Canada. As of May 2023, this metric has reached just over $33. As time goes on, it’s projected to climb even higher.

Despite the average person having a solid income, there may come a time when someone needs to take out online cash loans. Understanding how long online loans take to reach your bank account is essential. Let’s break down the key information you should know.

Who Are Online Loans Best For?

Anyone who needs money fast can benefit from an online loan. Many people who pursue this type of financing need the money to cover their bills until their next payday. They might also use it to satisfy a creditor.

Regardless of what you intend to use the money for, it’s a great way to get back on your feet. Those looking for fast loans in Canada should keep this opportunity in mind.

How Do They Work?

You simply need to choose a lender and fill out an application. Application criteria will vary depending on your lender, so shop around until you find one that’s right for you.

Online loans also require you to authorize your bank account so the lender can deposit the money. This establishes a fast and convenient way to get your funds.

How Long Do They Take?

Before you can receive your money, you’ll need lender approval. This often takes one to two business days. After you’ve been approved, you’ll receive your money in one to three business days.

Delays sometimes occur due to the need for more documentation. In most circumstances, you’ll get your funding shortly after you apply.

Finding a Lender

Finding the right lender is crucial before applying for an online loan. Unfortunately, there are many disreputable websites out there that aim to scam applicants and steal their personal info.

You can avoid these scams by thoroughly researching your prospective lender’s reputation. If you notice a large amount of negative feedback, this is a red flag you can’t ignore. You should also avoid lenders that have shady websites, such as those written in broken English.

Research the loan terms, including the repayment duration and interest rate. The last thing you want is to borrow money you can’t afford to repay.

Check to see if they have loan rollover policies. If you can’t pay the money by the due date, some lenders charge a fee in exchange for more time. While this is a situation you should avoid, it’s better to pay for an extension than to have your loan sold to a collections agency.

Consider their customer support, as well. It’s in your best interest to work with a loan provider who can answer your questions and concerns.

If they don’t seem interested in helping you, continue your search elsewhere. With enough effort, you can find the ideal lender for your situation.


When seeking conventional funding, it’s not uncommon to jump through many hoops before you get your money. The good news is that there aren’t many requirements for an online loan. Most lenders need you to have a stable source of income, a checking account, and be at least 18 years old.

Many online lenders offer no credit check loans, as well. This is great news for those who have credit scores that need work. It can also help people with a short credit history secure financing.

In some cases, the lender may consider your debt-to-income ratio when setting your interest rate. As the name implies, this term refers to how much money you make compared to how much you owe in debt.

Keep in mind that lenders with fewer requirements often impose higher interest rates. As long as you shop around, you’ll find someone who can meet your needs.


Providing sufficient documentation will help expedite the loan approval process. Not all lenders require the same documents, but there are a few forms of documentation that are often needed. Let’s explore these in detail below.

Proof of Identity

Many lenders require borrowers to submit at least two forms of government-issued ID before receiving their funds. Acceptable forms of ID typically include a birth certificate, driver’s license, passport, or military identification card.

This precaution helps minimize the risk of identity theft. Otherwise, it would be fairly easy for a criminal to take out a loan in someone else’s name.

Loan Application

All lenders require you to fill out and submit an application. This establishes that you understand the loan terms and agree to adhere to them.

The application will clearly outline your repayment period, payment due date, minimum payment, etc. The application’s format can vary depending on the lender you work with.

In general, they’re easy to understand and complete. Be sure to contact your lender if you have questions or concerns.

Address Verification

Lenders avoid providing money to people without a stable living situation. Those without a permanent address could be financially irresponsible or attempt to relocate without paying the loan.

To verify your address, you can submit a home insurance document, a recent utility bill, or a copy of your lease/rental agreement. In some cases, you can use a voter registration card or auto insurance bill to verify your address.

Income Verification

Proving your income conveys to lenders that you have the financial capability to make your loan payments. You can prove your income through bank statements, pay stubs, W-2s/1099s, or tax returns.

Some lenders require employment verification, as well. In cases like these, you’ll need to provide your employer’s contact information. If all goes well, you should have no issue getting the funding you require.

Borrow Responsibly With King Cash

Borrowing online loans can be a great way to get out of a stressful financial situation. Ensure that you find the right provider and only borrow what you can afford to pay back. From here, you’ll prevent complications you may have otherwise dealt with.

Apply for a new loan today at The process is quick and easy, and the professional team at Kingcash is here to guide you.

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