Understanding the Entire Loan Process

loan process

Around three-quarters of all Canadians have some kind of outstanding debt or used a payday loan in the last twelve months. For many individuals, households, and small businesses, a loan can be the deciding factor between getting the bills paid on time and declaring bankruptcy. 

But even though loans are so vital to the Canadian economy, many people might not have the clearest idea of how the loan process works. 

Not all loan processes are created equal but many loan products share similar qualities. In this article, we’ll take you through the general process that you can expect to go through when you apply for a loan.


The application stage is the first phase of the loan process. Here, a loan officer is going to work with you directly to get all of the information that is needed to prequalify for the loan request.

First, you’re going to talk about your plan for the loan proceeds. Are you interested in refinancing current debt? Do you want to expand your current business or acquire a new business?

If you’re expanding or buying, you should have the purchase price details on hand. The lender will have to understand your business and plans for the future so that they can submit a complete loan application.

During the application stage, you want to make sure that you understand the loan in its entirety before you move forward. If you have any questions then you should let your loan officer know before you move on to the next stage. 

If you’re applying for a quick loan, you can complete your application in as little as five minutes. 

The Credit Report

In many instances, the credit report might already be provided for you. Your loan officer might already have run the report from the start. You will need to consent to having your credit report pulled.

People who don’t have strong credit history will usually either be denied loans or be saddled with high-interest rates and difficult terms. 

With Kingcash, there are no credit check loans. This is ideal for people who have weak credit.

Title Records and Information

If you are putting in a loan request for something like a house, boat, or car then the title information will have to be verified. Title verification helps to know if there is a lean on the item that you are requesting a loan on.

Verify Income Sources

Your loan officer is going to need to verify your assets, income, and employment information.

Every lender is going to be different in how they go about verifying your income. For example, some lenders will request verification of employment in writing while others will just need to see tax forms and pay stubs. 

And there are even some lenders that just need verbal verification from your employer over the phone. If you need a loan quickly and conveniently then it is helpful to know how intensive the lender’s verification process is.

At King Cash, we keep it simple and secure by asking for verbal verification from your employer.

Inspections, Insurances, and Appraisals

After all of the employment and income sources have been verified, the loan officer will then move on to any necessary inspections, proofs of insurance, and appraisals. 

These items are going to vary based on local laws, the lender’s policies, and the type of loan you are requesting.

For example, if you are trying to get a mortgage loan then you’ll need to get the property appraised and inspected and go through a variety of other procedures. 

Loan File Review

If there are any oversights, errors, or mistakes, this is the stage where they are going to have to be caught. At this point, the loan process is over.

The credit reports have been obtained, the employment and income have been verified, and all necessary assets have been inspected and appraised.

Now, all of the documents need to be checked and re-checked. If any information looks vague, you want to clarify it or write an explanation to go into more detail.

File Is Certified and Delivered

After you have reviewed all of the information in your loan file and you and the loan officer are satisfied with the documentation, the loan package will be finalized. It will then be delivered to the lender, underwriter, and manager. 

Understanding How Quick and Instant Loans Work

Different kinds of loans are going to be appropriate for different kinds of situations. But if you read the information and started to worry that you might not qualify for a loan or you don’t have the time to go through all of these steps then quick and instant loans from Kingcash.ca might be for you.

These are loans that can be processed within 24 hours and provide small amounts of emergency cash with no strings attached. You won’t need to provide collateral or credit history and you can choose from a variety of repayment plans.

If you need some emergency funds, then this might be the perfect loan for you.

The Value of Learning About the Entire Loan Process

By understanding how the entire loan process works, you can get a better idea of what to expect the next time you need to borrow money. Of course, processes are going to differ based on a variety of factors but this is what you can generally expect from the majority of loan products out there.

If you are looking for cash quickly and conveniently then don’t hesitate to contact us and see what we can do for you!

Get a cash loan from the comfort of your home.

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