How to Qualify For Fast Loans in Canada?

How to Qualify For Fast Loans in Canada?

Eligibility Criteria for Obtaining Fast Loan

Although the interview is important since it serves as a foundation for getting that fast loan; however, the financial institution you have applied for a loan from may also ask you to present the following documents:

1. Documents Showing Personal Identification
Your Primary/National ID comes in it. If you are a Canadian resident then they will ask you for any of these:

• Driver’s License
• Government-issued birth certificate
• Canadian Passport
• Certificate of Indian Status Identity Card

2. Proof of Income

• Current paycheck that is
– Dated within 30 days or if it is future dated then not more than 7 days
– Shows year-to-date income
– With the CCP and EI deductions
• Recent t4/T4a
• A pension plan which is dated within the last 12 months

3. Rent Verification

• Lease Agreement within 5 years
• Dated within 3 months:
– Your rent receipt
– Electronic fund transfer or bank statement
– A handwritten or typed letter by the landlord specifying rent amounts

If you do not have any of these then they ask you for things like secondary ID which includes your health card, employment card, current bank statement or utility bill in your name. Make sure that when you give your employment card it has your company name, your name and your photograph.

For proof of income, they can ask for CRA notice of assessment of the past two years. They can also ask for things like business license, 411 or yellow pages listing or a bank statement with has your business name on it.

And if you do not have any verification documents of your rent then they can ask for the latest mortgage statement that has your current balance, monthly payment, payment status, and your name and address. They can even ask for your annual mortgage statement which is dated within 30 days.

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