Finding online loans can be a challenge when you’re concerned about whether you’ve found a reputable lender. At GoodCheddar, we are not a lender, but work with several that would be a good choice if you are looking to borrow money online.
There are several options when it comes to borrowing, and your credit score often determines which might be the one you would be eligible for.
You could say that you don’t choose the loan, but the type you might qualify for chooses you. Much of the time it is related to your credit and debt to determine your eligibility.
Online Loan Requirements
Many lenders have their own unique requirements or process when it comes to online loan eligibility, but there are some that are common among most.
– Must be a Canadian resident. have an active (Canadian) bank account, and of legal age (usually 18 or older in most provinces
– Employed or have a reliable income (some lenders accept benefits)
It is usually in your best interest to read all requirements along with the terms of an agreement should you be approved and a loan is offered.
Where to Learn More?
Whether this is your first time or you have borrowed online before, we recommend reading the following to learn more or educate yourself on what you need to know.
Installment Loans vs Payday Loans
Personal Loans vs Line of Credit
How to Get a Loan With Bad Credit
What to Know When Applying for Online Loans
How to Borrow Money – Avoid These Loan Mistakes
How Poor Credit Can Prevent Personal Loan Approval
How to Improve Your Credit Score Before Applying For Personal Loans