Unless you already have revolving credit, getting an express loan with immediate payment is almost impossible. Indeed, when taking out a quick loan, the legal delays normally block the funds for a minimum of 7 days. Unfortunately, unforeseen events can happen fast and cause us to need funds in just a few hours. To meet your money needs quickly—that is, in less than 24 hours—here’s how to get an express loan.
SOLUTIONS OFFERED BY PRIVATE LENDERS
Private lenders are totally legal companies that offer an immediate solution for all your money worries. Because all of us run into financial difficulties one day or another, these private lenders are a great way to get out of a sticky situation quickly. Their specialty is to grant loans in a much less restrictive way than financial institutions. Their approval is also very fast, thanks to a simple, personalized, and efficient online service that lets you get an answer in only an hour. It’s the perfect solution when you need to spend money but the savings you have set aside aren’t enough. But can you really rely on private lenders regardless of your situation?
WHEN TO RELY ON A PRIVATE LENDER
ADVANTAGEOUS IN MANY CASES
- In case of bad credit
If you have bad credit or your money needs exceed the value that your financial institution can grant you, the private loan is an advantageous solution, because it saves you from having to cancel your projects. You just need to know if you will be able to repay the lender.
- A lifeline to get you out of a rough patch
If you find yourself in bad shape financially because of any sort of unexpected event in your life, it may be preferable to do business with a private lender to get yourself out of this situation instead of making it worse and losing your footing.
THE CONDITIONS TO FULFILL AND THE DOCUMENTS TO PROVIDE
To be able to take advantage of an express loan of $500 or more, you need to fulfill the following conditions:
- Have a job for at least 6 months
- Be 18 years of age or older
- Have an average net income of $1200 per month or more
- Your pay is issued through direct deposit
- Use a Canadian bank account
- Be a Canadian resident
- Not have the intention of declaring bankruptcy
- Not have an excessive level of recent debt
- Not have other loans with companies similar to the one you want to apply with
You must also gather the following documents, with the knowledge that they will, of course, be checked:
- 60 days of updated bank statements
- 2 recent pay stubs, the pay of which appears on the bank statements
- 2 pieces of photo ID (driver’s licence or health care card) and your SIN card
- 1 voided cheque
- Proof of residence (lease, mortgage, phone or power bill)
If you don’t meet all the required eligibility criteria or if you’re missing a required document, you can still submit an application, but you should know that its acceptance isn’t guaranteed.