What documents do you need to get a loan?
Want to apply for a loan but don’t know where to start?
A good first step is to gather all the documents required for a loan to prove your eligibility to a private lender.
For your convenience, here are the main documents you may need to provide to get a loan.
1. A valid Canadian ID
If you want to get a loan, it is essential that you provide one or more pieces of valid Canadian photo ID to the lender. Not surprisingly, private lenders want to know who the money they lend is going to.
When you request a quick loan online, make sure you have some valid ID on hand. For example, you could present your driver’s license, a health insurance card with a photo, a passport, etc.
If you are not a Canadian citizen, the lender may ask you for proof of immigration status to make sure that you are authorized to live and work in Canada.
2. A recent bank statement
The lender may also require you to provide a recent bank statement. The main reason is to prove that you actually have a Canadian bank account into which the lender can deposit the money.
The lender may also ask you for a void cheque so that they can deposit the money directly into your bank account.
3. Proof of income or stable employment
When you apply for a loan, you will also need to provide proof of regular income. Generally, one of the loan admissibility criteria required by lenders is that you have had a stable job for at least 2 months to be able to lend you money.
Remember that a loan must always be repaid. Lenders want to make sure that you have the means to make the repayment within the expected timeframe.
4. Proof of address
Another document often required for a loan is proof of Canadian residency, in addition to the ID you provided. This is simply an extra security measure for private lenders.
For example, you could submit a service bill (internet, electricity…) with your name on it, a notice of assessment from the last fiscal year, etc.
5. Can you apply for a loan without documents?
In some cases, you can get a loan with no documents required. For example, at DMO Credit, we use the IBV (Instant Bank Verification) technology tool so that you can apply for a loan online without providing any documents or doing any in-depth verification of your personal data.
With this method, you can get a quick loan to relieve your financial worries.
Choose DMO Credit for a fast and 100% secure loan
In short, private lenders may require you to provide a few documents to give you a quick loan. For example, they may ask you to show valid ID, proof of address, a recent bank statement, etc.
At DMO Credit, we also offer the possibility to apply for a loan online with no documents. This method is 100% secure and lets you get a loan very quickly.
Contact us for more information on our quick loans.