By the second quarter of last year, people from around Canada owed billions of dollars in personal loan funds. This is a significant increase compared to the previous years, especially following the pandemic.
It is no secret that the cost of living has increased, so people need extra funds to get by. This is why it is essential to know all about loan disbursement so that you can plan your family’s budget more effectively.
Here is everything you need to know about the personal loan disbursement process and how to get your money fast.
Why Get a Loan?
Personal loans are one of the most widely available sources of urgent funds. Many people apply for personal loans because the application process is quite straightforward.
There is little you need to do, and the process is usually swift before you receive your lump sum payment. In many cases, lenders also offer same-day loan disbursement.
You should always contact your lender to learn more about your loan application and the personal loan disbursement process.
Personal Loan Disbursement Process
Thanks to Kingcash, the entire personal loan disbursement process could not be easier. So, you can expect to get your money faster than anywhere else. If you are a first-time client, you can choose to receive your personal loan funds through direct or instant deposit.
Returning clients have the choice to get their funds transferred by E-Transfer, direct deposit, or instant deposit. The option is always yours to make this the smoothest experience possible.
Your borrowing amount will depend on how long you have worked with us. For instance, first-time clients are eligible to borrow a $500 loan from us. Even though this does not seem like much at first, you can apply for a bigger personal loan after building a track record with us.
Once we have established some trust and a steady relationship, we will be more than happy to disburse higher amounts in the future to help with your personal and professional goals.
How Soon Will Your Funds Be Available?
We strive to provide our clients with the most reliable and fastest service in the financial industry. Customer service and ease of application is always our number one priority to ensure that our clients can trust our brand and values.
However, the time you receive your funds will depend on when you can get in your loan application. Remember that the more time you take in completing and submitting the application, the more time it could take on our side to get the funds to you.
We recommend submitting your loan application early in the morning so that it can be approved by 14:30 EST for the day. If your loan application is successful, you can expect the money to be sent to your account on the same day as your application approval.
If you need more time to complete your application before handing it to us, you risk going past the 14:30 EST deadline. Then your money may be deposited the next day within 24 hours.
Many of our clients typically receive their personal loan funds in the evening or the following day without any hiccups. The entire loan disbursement process comes down to how quickly you can get your application to us.
The sooner we get your details, the sooner our experts can approve your loan. Once your file is sent to us, it will be reviewed by our financial analysis department. This process can take up to 24 hours to approve, but we always strive to reduce this time as much as possible.
Sending Loan Application Information Traditionally
Sometimes, the personal loan disbursement process can take a little longer if a client chooses to send their information via email or fax. Even though we accept these traditional methods of exchanging valuable information, we strongly invite clients to reach us on the phone or online.
This is because we have an instant verification process that takes care of everything. The process also offers top-level security and privacy to always protect customer data.
When you go through our instant verification process, you can expect to get your loan approved within a few minutes.
Otherwise, we may need to set aside more time if our clients insist on sending their information through traditional methods that take longer.
Is It Safe Sharing Your Personal Information?
We thoroughly understand that privacy is crucial for all our clients. We go above and beyond to ensure that our loan approval and disbursement process is as efficient and fast as possible.
Our instant verification system is designed with customer security and privacy at the forefront. Like traditional banks, we have ramped up our security using 128-bit encryption to ensure that our client’s usernames and passwords never get displayed or compromised.
Why Is Our Loan Disbursement Process Fast?
Remember when we mentioned earlier that we have a speedy instant verification system? This more secure and faster process allows loan lenders like us to view a client’s bank account.
We never log into anybody’s account or see their ID or password information. The only information we receive is a read-only bank statement document accessible for 90 days.
The rest of the client’s information with their financial institution remains private and secure.
Once we take a quick glance at this read-only statement, we can make decisions instantly to approve a customer’s personal loan. Then you can expect to receive your funds on the same day or within 24 hours if you missed the 14:30 EST cutoff.
Get Your Funds Today
Now that you know how fast our loan disbursement process is, it is time to get your loan application in with us so we can approve your loan as soon as possible.
Then you should get your funds in 24 hours or by dinnertime on the same day if your application has been approved before 14:30 EST. Contact Kingcash today to learn more about our personal loan disbursement and instant verification process.