Need an online personal loan in Ontario? Discover the typical lending requirements, tips on getting approved, and the methods used by lenders to evaluate applications.
Lending Requirements
Typical lending requirements in Ontario include the following:
- You must be at least 18 years of age or older
- 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 Canadian bank account, which is valid and has been active for 90 days minimum
Check that you meet the minimal lending requirements before you apply. It’s an important step in optimizing your chances of approval.
Additional Tips
Adhering to the below tips may help you qualify as well:
- Have few or no NSF transactions
- Have few or no ongoing active loans
By meeting minimal requirements and adhering to additional tips, you may optimize your odds of obtaining a personal loan. Online lenders in Ontario stipulate the above criteria in an attempt to evaluate applicants’ ability and willingness to repay their loans. Applicants who are seen as unlikely or unable to repay a loan present a high risk to lenders.
Instant Bank Verification (IBV)
Instant Bank Verification (IBV) is a safe and secure method used by lenders to verify applicants’ bank account details and evaluate their eligibility for a loan.
Apply Online
If you have urgent expenses and are strapped for cash in Ontario, consider obtaining an online personal loan. Submit a quick online application via OntarioCASH. We don’t check your credit score or credit report during our quick and easy online application process. To monitor your credit score and detect errors on your credit report, sign up for Credit Verify – a cutting-edge modern technology platform designed to help you take control of your credit situation.
