According to recent data in 2022 personal loan APR averages roughly 9.34% meanwhile credit card interest rate is roughly 16.6%. This difference in interest rates makes fast loans in Canada a popular option, but what are the requirements?
If you need some financial help, it can be tempting to reach for a fast loan. However, there are some requirements to consider before you apply for fast loans.
In Canada, there are various options available for no-credit-check loans. If you borrow from a bad company and fail to repay, you risk costing yourself money. In addition, some loaners will make aggressive debts to force you to pay the full amount immediately.
Fortunately, not all companies operate this way, but you need to do your research first. This guide will help you explore the requirements to get a loan fast so you can make a good decision about which organization to reach out to.
What You Should Know Before Getting Fast Loans in Canada
It’s worth mentioning that Canada’s fast loan requirements may vary depending on the loan provider you use. This means that you should always pay close attention to details when applying for a loan.
Once you have decided that you’re ready to get a loan, it’s time to learn about the requirements. That way you will know how to qualify for the loan you are applying for.
At Kingcash.ca, we have a specific set of requirements for our loans that our customers must meet. If they fail to meet the requirements then unfortunately we cannot offer them a loan.
However, if they meet the fast loan requirements then we have some great available loan options.
The first step to getting a loan is to decide which kind of loan you want. This will vary from person to person depending on their needs but you should always be smart when choosing a loan.
King Cash Loan Requirements
As we’ve mentioned, King cash may have different requirements for getting loans in Canada than other loan providers. So let’s go through some of the loan requirements now.
To get a loan with us, you must be a Canadian citizen and at least 18 years old. Unfortunately, if you don’t meet these requirements then we cannot offer you a loan.
Loans are also given to citizens residing in Ontario, Prince Edward Island, British Columbia, Nova Scotia, New Brunswick, Alberta, Nunavut, Northwest Territories, or Newfoundland. So if you are currently residing in any of these places then you will meet the Candian citizenship requirement.
Canadian Bank Account
To keep things simple, one of our other requirements is that you have a Canadian bank account. You need to have owned a Canadian bank account for at least 3 months and this must be the same account that your payrolls are deposited into.
Sufficient Fund Transactions
Another requirement is that you have little or no non-sufficient funds transactions. You shouldn’t currently be in a position where you are considering bankruptcy or a consumer proposal either.
Also, you must not have a low short-term debt ratio to meet the requirements.
We know that a lot of people who don’t have jobs apply for our loans. However, unfortunately, we don’t currently offer our loans to people with an unemployed status.
To qualify for our job requirements, you must have had a stable job for at least three months. Also, you must have a monthly income of at least $1200 paid by direct deposit or cheque.
We don’t currently accept the following as sources of income:
- Social assistance
- Private pension
- Student loans
- Self – employment
- Child tax credit
- Retirement savings
- Disability income
- Other insurance income
Fast Loan Benefits
At King cash, the great thing about our loans is that they give you a wide range of benefits. This is because we try to make our service simple and easy to use.
One benefit of using our loans is that you can have cash fairly quickly. With the application process that we have including our requirements, you can be approved for our loans within a few days.
So if you find yourself stuck for cash, our loans are always an option that you have.
Something we aim to help our customers with is keeping our loan application process simple. This means that you can simply apply for our loans and go through the process without all the extra paperwork.
Many of the other loans that you may consider applying for have a long process that consists of never-ending paperwork. All we need to see is that you have passed our requirements and filled out a few details about yourself, then we can start working on getting you a loan.
Another key difference that our online payday loans provide that many other loans don’t is the availability we offer. With our loans, you don’t have to go into a bank or set up a meeting to get approval for a loan.
Instead, you can simply go online to our website and apply for a loan anytime you feel like it. Again, this accelerates the process of getting a loan and makes it both easier and more readily available for you.
Where to Get a Loan
Requirements for getting fast loans in Canada can vary, so it’s important to be aware of what’s required for the loan you want. Online loans are a great way to get a loan fast, and they offer a wide range of benefits to suit your needs.
If you find that you need some extra cash, and you would like to get a fast loan, then why not get a loan today.