Personal Loans: Are They Easy to Get?

Because financial institutions and other traditional credit agencies have become much more risk-averse than before when it comes to granting consumer credit, many people are turning to personal loans from private companies, which are much easier to obtain.

A personal loan is a fast and easy loan to get. You’ll find different offers from different private loan companies online that offer a fast and simple solution to your debts. While a personal loan is easy to obtain, it requires paying attention and preparing for certain items.

Easy to get personal loans thanks to your documents

When applying for a personal loan, if you want it to be fast and easy, prepare yourself beforehand by uploading the documents required for the analysis of your application in PDF format. Usually, the requested supporting documents are photocopies of:

  • Photo identification documents

  • Pay slips

  • Proof of address (lease, mortgage, telephone or electricity account)

  • Updated bank statement

  • Pay stubs

  • Social insurance card

  • Void cheque

Are easy-to-get personal loans expensive?

In the field of personal loans, the good news is that being in a hurry doesn’t cost more, unlike in other areas of your life in general. Many credit agencies give a very fast response and can deposit the funds in under 48 hours, but the rate charged is in no way impacted by the fast granting of this money.

What agencies offer quick loans?

If you need to obtain a loan quickly because you are in a financial emergency situation for which you can’t find a fast solution, avoid turning to a bank, because banking institutions have timelines that are generally very long. Personal lending agencies can deposit the necessary funds quickly. There is also the peer-to-peer (P2P) lending solution, which lets you obtain a quick loan, but we don’t recommend risking disputes with your loved ones over money issues.

What are the eligibility criteria?

Obviously (and fortunately), even companies that allow you to borrow money quickly and easily have eligibility criteria that allow them to protect themselves and also to protect you from a debt that you could incur from them. Once you understand how lenders operate, it will be easier for you to obtain your financing, whichever creditor you choose. The eligibility criteria for obtaining a personal loan are as follows:

  • Have a job for at least 6 months

  • Be 18 years of age or older

  • Have an average net income of $1200 per month

  • Your pay is deposited by direct deposit

  • Use a Canadian bank account

  • Be a Canadian resident

  • Not intend to declare bankruptcy

  • Not have other loans with other similar personal loan companies

Think before taking out any loan

When you are looking to obtain a loan quickly, you shouldn’t forget to be careful. When it comes to money and loans, even if it seems easy to get, you should never make a hasty decision that could have serious consequences and possibly put you too far into debt. Take some time to think before committing to a personal loan. In short, before taking out any loan, check your ability to repay, weigh the pros and cons, and make sure that the ease doesn’t risk leading you into a vicious circle.