Have you considered applying for a personal loan online in Canada? Then you might’ve wondered about the typical loan approval process. In order to improve your chances of getting approved, it helps to review the typical lending requirements, some additional tips, and the methods used to verify your banking information.
Typical Lending Requirements
When you are in need of an online installment loan, also known as an online personal loan, you may wish to consider the most common lending requirements in Canada. Fortunately, many online lenders in Canada have similar requirements, which tend to be straightforward. The typical borrower must meet the following criteria:
- You must be at least 18 years of age
- You must be a Canadian citizen or permanent resident
- You must have a permanent address
- You must have a stable source of income
- You must have a valid Canadian bank account, which has been active for at least 90 days
Adhering to these requirements is necessary to qualify for most online loans. Make sure to check your lender’s requirements before you apply.
Additional Tips
To optimize your chances of getting approved for a loan, it may help to meet the following criteria as well:
- Few or no ongoing active loans
- Few or no NSF transactions
Meeting these criteria is likely to improve your odds of approval. Having few or no NSF transactions as well as few or no ongoing active loans indicates a higher likelihood of successfully repaying your loan. Mainly, lenders use various criteria in an attempt to determine your ability to repay. The better able you are to repay your loan, the lower your risk as a prospective borrower.
Instant Bank Verification (IBV)
Instant Bank Verification (IBV) is a common method used by lenders to confirm your bank account details and evaluate your eligibility for a loan in real time. It is a safe and secure process used widely in the lending industry.
Apply Online Now
Now that you’ve familiarized yourself with the most common lending requirements and some tips on getting approved, you can apply for an online personal loan via LendProConnect. We don’t check your credit score or credit report during our quick and simple online application process. In addition, you may want to sign up for Credit Verify to monitor your credit score and automatically catch mistakes on your credit report. It’s a great way to be proactive about your financial situation.
