An application for payday loan in Ontario is simple. Here are some of the most common requirements that you may need for your application to be approved:
1. A bank account – a bank account is one of the most basic requirements in order for your loan to be approved. Your bank account must also be opened with a well-known bank and not just some rural bank with a single branch located in deep in the mountains where cars rarely pass by. Bank accounts are important requirements that establish your identity and your financial capacity.
2. You have to be 18 and over – financial institutions offering online cash loans will only service people who are 18 years old and older. Even if you have employment, like in the case of people working for fast food joints or doing part time work, you cannot be granted a loan unless you are 18.
3. You must not have filed for bankruptcy or have intentions of filing for bankruptcy – the lending institutions will want to know that the money they will loan you will be paid with interest. How can you pay your loan if your company or you yourself are already bankrupt?
4. You must have a veritable source of income – you have to have proof that you are presently employed by a company. This will ensure the lending institution that you are getting regular compensation that you can use to pay off your debt. Your source of income may be full time or part time. The lending institution must be able to verify, usually via phone or email, that you are indeed receiving such amount as compensation for the work that you do.
5. You must have proof that you are receiving pension – for people who are not working for a specific company or are already retired, they may still get a loan provided they show proof that they are receiving pension or life insurance dividends.
6. You must not be involved in criminal activities or are involved in some case where you have violated the law – loan institutions will most likely reject your application if they find out that you are on the list of 50 most wanted people in Ontario.
These are just some of the most common requirements that financial institutions offering online payday loans require. Most of them are documents that you probably already have in your possession. Some other requirements that other institutions require may include a record of all your other loans, your financial capacity, the financial capacity of your spouse or co-maker, and other important documents. These are often requested on top of the other requirements stated above as additional proof of your capacity to pay. Try your best to procure all of them before applying for a loan to ensure easy and hassle-free processing of your loan request.