Did you know that, in 2019, over 8% of Canadians said they are falling behind on their bills and other financial commitments, up from 2% in 2014? These figures might very well be in double digits due to the pandemic which put a further strain on Canadian finances.
Are you in a similar situation, where you are struggling to pay your bills and would love a small cash infusion to tide you over until payday? Then you need to apply for a loan with Kingcash. If you are wondering ‘what do I need to apply for a loan’ then read on for a guide on loan requirements.
Figure Out a Payback Plan First and Don’t Overextend Yourself
When you decide that you need to take out a loan, even if it’s only $500 to $750, you need to make sure you have a plan to pay it back. You don’t want to overextend yourself and get into further trouble.
If you are employed with a good job and you have a strong payback plan, then you have nothing to worry about. You can use the extra cash to pay off those niggling bills and get yourself back on track. This way you don’t have to spend nights staying up worrying about your bills and your poor financial health.
Don’t have a yearly budget? Build that first, so you know exactly where you stand.
Check your Eligibility
Each lending institution will have specific rules on what they consider before lending money to someone. You must have a good idea of what you need to borrow money for and how much money you need.
Once you have this in mind, you can start looking for lenders. If the amount you need is small and for a short period, then consider lenders like Kingcash, who give quick short-term loans to lenders like you. It’s easy to get amounts ranging from $500 to $750 from such short-term lenders.
Certain documents are required no matter where you apply for a loan.
You will need to provide these documents to ensure the lender knows you can pay the loan back. If you are unemployed and have no valid sources of income, then your credibility to pay off the loan drops and the lender will be less likely to give you that payday loan.
Proof of Income
The first thing is that you will need to provide some valid proof of income. This can be a direct deposit slip that shows you’ve been with the same company for at least the past three months and you have had at least $1200 deposited into your account every month.
Proof of Citizenship and Age
The next thing is proof of citizenship and age. You need to be a Canadian citizen and over 18 years old to get a loan from lenders.
No Bankruptcy or Consumer Proposals
If you are in a bankruptcy or consumer proposal situation, lenders will not be interested in giving you a loan. This is because you’ve already proven yourself to be unreliable when it comes to paying off loans. The lender would be taking a greater risk by lending you money, and this is a risk that most lenders are unwilling to undertake.
Little or No Non-sufficient Funds Transactions
Another thing you need to watch out for is non-sufficient funds (NSF) transactions. If you consistently get non-sufficient funds transactions in your bank account, those will show up on your credit report and lower your credit score.
It will also prove to lenders that you don’t have enough funds to pay all your bills. And they will extrapolate this to mean you don’t have enough money or discipline to pay off their loan if they lent money to you.
Low Short-Term Debt Ratio
Finally, with short-term payday loans, lenders want to ensure that you are not taking on too many short-term debts. If you have a lot of instant payday loans in your account, then that will be a point against you and lenders will look at you unfavorably.
What Sources of Income Count for Kingcash?
Not every source of income is viewed equally by Kingcash. The following are not acceptable:
- Social assistance
- Child tax credit
- Student loans
- Disability income
- Private pension
- Retirement savings
- Self-employment income
- Other insurance income
If you are employed by a respectable employer in Canada, then you are qualified to apply for an instant loan from Kingcash.
A quick cash loan is so useful because you don’t have to wait for it as you do for traditional loans. You can be approved instantly and have the funds in your account within minutes, so you can start moving towards financial health. The payback period is also quite flexible, so you can repay your loan in 3, 6, or 12 installments.
What Do I Need to Apply for a Loan?
Sometimes it just takes a little cash infusion to set everything right. Why not take advantage of Kingcash to give you that help?
Now that you know the answer to the question ‘what do I need to apply for a loan’, you are all set. You don’t need to stay up worrying at night about how to fix your finances. With an instant loan from Kingcash in hand, you can pay off the most urgent bills and make a plan to build a savings cushion.
Enter your information into our website right now and see if you are eligible for a loan or not. No credit check is required for Kingcash and once you get approved for a loan, you can renew it online easily.