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Getting a Loan without a Good Credit Score

Times are rough and money is not that easy to get. A lot of people are drowning in debt and unable to get loans from their banks because of their credit score. If you are one of these people, who do you run to when you badly need cash right away? All you have to do is go online and look for an online lender.

Approval is not just based on your credit score

Generally, you need to have a good credit score to be able to get loans in credit unions or banks. But online loans canada understands how tough times are and allows the use of alternative proof of your creditworthiness such as your monthly utility bills and even your social network data. You do not have to worry about your credit score as long as you have proof that you have a source of income and that you are paying your bills regularly despite your low credit score.

Low interest rates

When you borrow money online, you also get the benefit of lesser interest rates. Online lenders can afford to charge you less because they do not have a physical branch so they do not have to face the same regulatory costs as credit unions and banks usually do.

How to get an online loan

Getting a loan from an online lender is just the same as getting a loan in a credit union and bank – only faster and easier. You still need to fill up a form and provide your name, address, and social security number. Some lenders will also ask for other financial information such as your occupation and salary or your monthly expenses. The whole process only takes about 10 to 15 minutes. You immediately get to know if your loan is approved, how much you can borrow, and the payment options. You can get your cash in less than an hour!

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