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What Do You Need For A Short-Term Loan?

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Published on February 17th, 2020

When most people go in to sign for a Montreal loan, they do so with the expectation that they won’t need to undergo a credit check or other rigorous steps to qualify.

While short-term loans are certainly much easier to apply for and obtain, this doesn’t mean they don’t have any qualification requirements.

Here is a closer look at the information you will generally need in order to complete the loan application process.

1. Valid Checking Account

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You will need to provide the lender with bank information related to your checking account. For the lender’s own security purposes, this bank account will need to have been valid for at least three months prior to your loan application.

Your use of a checking account not only helps prove that you have the ability to pay back the loan in the future, but in many cases, it is required to receive your loan in the first place.

Loans are typically delivered via check or direct deposit. Without a valid checking account, you won’t have a way to receive your needed funds.

2. Proof Of Employment

Most payday loan lenders will also want proof that you have been employed in a full-time position for the last six months.

As with the checking account, the fact that you are currently drawing wages proves that you will be able to pay back your loan in the future.

It indicates that your need for a loan is temporary, and that you won’t have trouble making payments in the future.

However, if you are currently being subjected to wage garnishment, you will not be able to take out a loan.

3. Proof Of Stable Address

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Finally, most lenders will ask for proof of address. Typically, you must have lived at the same address for the last six months (or longer) to qualify for a loan. This helps show that your life situation is normally relatively stable.

You aren’t bouncing from city to city and never getting an opportunity to establish yourself financially.

You aren’t going to move out of town after signing your loan documents in an attempt to avoid paying off your debt. You’re committed to your home and your financial obligations.

4. Get The Money You Need

Just about everyone will experience a financial emergency at some point in their lives. In such circumstances, a payday loan can provide the buffer you need until you can get things back to normal.

With a relatively straightforward application process, you can get needed cash quickly so you can be on your way.