If you’re looking for an online loan, you may want to consider the online loan approval process: what criteria lenders use for approving a loan request, how to increase your odds of approval, and what methods are used to evaluate an application. In this article, we will explore each of these topics to help you in your loan journey.
The Application Process
Applying for an online loan is simple. Typically, you will fill out a quick online application with details like your postal code, requested amount, name, cell phone number, and other basic information. At Crediteck, we use sophisticated encryption technology to keep your personal data safe. Once you submit your application, you may be connected with an online lender almost immediately. From there, you may finalize your loan application. Once fully approved, your funds may be deposited in as little as 24 hours!
To apply for a personal loan via Crediteck, click here. The application takes only a few minutes. We don’t check your credit score or credit report during our simple online application process.
Online Lending Requirements
All lenders will have a set of requirements that applicants must satisfy in order to qualify for a loan. Typically, private online lenders will have the following requirements:
- 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 income.
- You must have a valid Canadian bank account active for at least 90 days.
Make sure you meet the lender’s non-negotiable criteria before you apply for a loan. This is the minimum threshold you will likely need to meet, but there are additional considerations that may help you qualify.
Improving Your Chances of Approval
To optimize your chances of approval, it may help to meet the following additional criteria:
- Have few or no NSF transactions
- Have few or no ongoing active loans
If you’re able to meet these additional criteria, you may significantly improve your odds of approval. The lender’s primary concern is that you’re able to afford and repay the loan. Having multiple NSF transactions and multiple active loans may indicate to lenders that you have limited ability to repay the loan, which lenders may see as presenting too high of a risk. Therefore, meeting these additional criteria will help make you more appealing as a prospective borrower.
Instant Bank Verification (IBV)
Online lenders may use Instant Bank Verification (IBV) to check your suitability for a loan. IBV is a process that allows lenders to verify the accuracy of your bank account details in real time. This method is widely used by lenders and financial institutions alike to evaluate loan applications, and it is a safe and secure process.
Submit Your Application Online
The online application process is quick and easy. Just click here to submit a quick online application via Crediteck. You will receive an immediate response. We don’t check your credit score or credit report during our online application process. If you need a bad credit personal loan, apply online now. While we do not check your credit score during the application process, Credit Verify may help you track your credit score and catch any mistakes on your credit report, so sign up today and gain control of your financial future!
