Taking Out a Personal Loan: How to Qualify and What You Need for the Application

Life happens and sometimes we need extra funds for emergencies, medical expenses, or unforeseen repairs.  Taking out a personal loan can be a great option for several reasons.

If you’re wondering how a personal loan works and how to get started with your application, this roundup has you covered.

Keep reading to learn more about how to proceed with a personal loan

When Taking Out a Personal Loan Makes Sense

There are several reasons to take out a personal loan.  Accidents and emergencies can happen to anyone. If you find yourself needing access to funds quickly, a personal loan may be a great option.

Getting a personal loan is more about borrowing funds to pay off debt, consolidate debt, or pay off a medical bill, for example.

The Easiest Way to Get a Loan 

Getting a personal loan is a quick and simple process compared to traditional loans or mortgages.  The process is very streamlined, safe, and most importantly, fast.

It is easy to apply online by gathering just a few personal loan documents.

To make the application process easier, there are a few eligibility requirements to consider. To be eligible for a personal loan, you must be a Canadian citizen and be 18 years old or older. You must also receive a direct deposit or check from your employer to verify your income.

You should also have been employed for longer than three months with proven deposits into your Canadian bank account from your employer.

You will also have an easier application process if you have a low short-term debt ratio. This means you don’t have too much debt or additional short-term payday loans or personal loans.

What Do You Need to Take out a Loan?

To obtain a personal loan, you will want to have a few documents handy. Because you need three months’ worth of income verification in the form of direct deposits or checks, you can pull this information prior to your application.

In addition to verifying your income, you’ll also need your basic information such as your address and full name.

It is also helpful to know your credit score. The higher your score the smoother your application process will be. There are some resources available to obtain a free copy of your credit report here.

Start Your Application

Taking out a personal loan can be a fast and simple way to get access to cash quickly. Applying for a personal loan is a quick process that can give you direct access to the funds you need in just a couple of business days.

Whether you’d like to pay off a debt, pay for a medical emergency, or get an unforeseen car or home repair done, a personal loan can float you through while you make affordable monthly payments.

Getting started is easy by just gathering a few of your income and personal documents.

To apply, you can do so by phone with a customer care associate or online. Filling out the simple online application will typically be the quickest way to go.

For additional financial resources, check out some of our other posts.

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