Frequently Asked Questions

The following are some answer to the more frequently asked questions that we often come across and provided for your convenience.

We try to answer common questions for borrowing in Canada below, but it’s also advised to check a lender’s website for additional details.

How do I know that I have been approved?

When you apply your application is submitted to the lenders we work with and you will be connected to one if you have been approved after you have sent your application. 

How much money can I borrow?

With most lenders you can borrow from $100 to $5,000. This can depend whether you’re applying for a personal loan, installment loan, payday loan or another option. If you have a good credit score, history and income you can find lenders that may lend up to $50,000 or $100,000.

When will I receive my funds?

Every lender is different but most will deposit the funds requested to your account by the following business day. Delays can be avoided by ensuring all information requested has been provided. Some lenders e-transfer funds which can make things much faster.

Do I need to fax or email any documents?

In most cases you can complete your application online and no faxing is required. In some instances you may need to email information during the application process. Every lender is different and their requirements can vary.

Can I apply if I have less-than-perfect or bad credit?

Yes. Many of the lenders we work with accept less than perfect and even bad credit ratings. The best way to find out if you qualify for bad credit loans is to apply. 

Why do people choose payday loans, installment loans and other short-term loans?

All kinds of unexpected expenses can happen, and having access to quick cash can help. Why people choose these short term loans can be related to having bad credit and not being eligible for better terms, or it can be about simply needing fast funds.

What are the requirements to get a payday loan or installment loan online?

The usual requirements are as follows. While every lender can be different, these are fairly standard:

  • Meet the minimum age requirements in your state (18 years of age in most states)
  • Have an open and active checking account
  • Account receives direct deposit from income
  • Be able to show proof of employment (or a reliable income)
  • Have a valid phone number and email 

Whether a credit check or IBV is used, lenders will also look for signs or red flags when deciding on your creditworthiness.

What is instant bank verification (IBV)? 

Many online lenders use this to verify income and as an alternative source of data to credit score information. It allows lenders to look at debt, other loans, late payments and similar to help with making decisions for loan requests.

When will my loan be due?

This would be between you and the lender you were connected with, and the terms of the agreement that you signed.

With installment loans and personal loans the cycle the is usually bi-weekly or monthly scheduled payments.

With payday loans they are usually due on your next payday and often depends on your pay cycle (weekly, bi-weekly, monthly, etc) when that would be.

Any details like these would be in the terms of your loan agreement, which you would have been provided a copy of.

How do I repay my loan?

It is very common that you would have signed a PAD agreement (pre-authorized debt) which would allow the lender to withdraw the amount you’ve agreed to as a regularly scheduled payment in your loan agreement.

Are you a lender?

We are not a lender, but work with many direct lenders to connect you for a loan. There is no fee or additional cost to you for this service as a borrower.

What if I can’t repay my loan?

You should discuss with the lender you were connected with to make arrangements. The sooner that you notify the lender, the better off you usually are. Do not wait until the last minute.