Personal Loans Requirement Infographic
In order to get a personal loan, the information required may vary. The information needed also depends on the type of loan that you are going in for. More details will be required in order to get a Secured loan whereas unsecured loans may require lesser documentation. Below are some requirements needed in order to acquire a personal loan.
– A minimum of 18 years old at the time of application.
The minimum required age an individual must be before applying for a loan in Canada is 18.
– Proof of identification. This can be a government issued form of identification such as social security card, driver’s license, passport.
Any individual applying for a loan must provide a document which will be used to prove the individuals identity. The documents provided are mostly government issued such as
- Birth certificate.
- Social Security card.
- State-issued driver’s license/ID card.
- Passport and passport card.
- Department of Defense Identification Card.
- Other identity documents.
– Address and other bio information such as date of birth. It gives the lender a fair idea about who they’re dealing with.
– Employment history. So as to know how much you are eligible for and how much you can repay.
– Pay stub. This serves as evidence to lenders that you have a viable income source or whether you’re getting some funds from alimony.
– Checking account. This is needed because it’s the account that the loan will be paid into and repayment also scheduled.
Disclaimer: All loans offered through this website are subject to credit and underwriting approval. AfterLoans.ca is a lead referral company, not a lender. AfterLoans only works with financial service providers that adhere to Canadian laws and regulations.You can borrow up to $20000. Loans amortization is between 6-36 months. APRs range from 19.99% to 55%. The actual APR charged will depend on the lender’s assessment of your credit profile. For example, on a $1000 loan borrowed for 12 months at 29.9%, the monthly payment will be $97.24; with a total repayment, including interest, of $1166.88 There is also lender’s optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). If you default on your loan payment plan the lender may terminate the plan and the remaining balance will become payable immediately. Our lenders employ fair debt collection practices, but will pursue the payment of Outstanding debts to the full extent that Canadian law allows.