Frequently Asked Questions
Are there questions you have about getting loans via WeLoans, how they work, and how they affect your finances in general? If yes, here’s where you might get clues and answers to those questions in your mind.
How much can I get?
This depends on the lender's evaluation of your financial standpoint and your city or province's lending laws. But usually, our partner lenders approve borrowers for loans between $50 and $1500.
How soon can I get funded?
Typically, a lender starts processing your loan soon after you sign the loan agreement. In most cases, you can get the money deposited into your account as soon as the same day.
How do I receive the approved sum?
Usually, the lender transfers it to your direct checking account whose information you must have supplied when applying. With some lenders, you can receive the funds via Interac e-Transfer.
What are the eligibility requirements for a payday loan?
To qualify for a payday loan, the applicant should:
- Be a Canadian citizen or a permanent resident in one of the country’s provinces;
- Have attained the age of 18;
- Have proof of a consistent monthly income stream;
- Have an active bank account;
- Have a valid and legally-backed form of identification.
Does WeLoans charge any fees?
No, WeLoans does not charge any fee for connecting borrowers with lenders or processing a loan. Therefore, users do not need to be bothered about any additional costs. What’s approved is what’s sent to your checking account.
What are my chances of getting approved with bad credit?
They are still quite good. WeLoans assists bad credit borrowers in finding lenders with bad credit loan offers. There are lenders for everyone regardless of their credit ratings or history.
Can I get loans without a credit check?
Yes. There are loans without a credit check requirement. Our partner lenders do not carry out credit checks since they care more about your capacity to repay the loan.
Does WeLoans check credit scores?
No, we do not since we are a broker. But our partner lenders may do. However, as earlier explained, those who do perform only soft credit checks that do not have any effect on your credit score.
How do I apply for a loan on WeLoans?
- Begin by filling out the online application form
- Then review the offers you get from different lenders
- Compare the offers you get and sign the one you are most comfortable with
- Get the approved sum in your bank account as soon as the following business day
What happens if I don’t repay my payday loan on time?
This depends on your agreement with the lender. There’s usually a late payment policy covered in the agreement you signed with the lender. Review it to see what it says. Usually, it is recommended to speak with the lender days before the payment deadline if you foresee any delays.
Can I repay my loans early?
Yes, you may. However, depending on the lender, you may be charged for that. Information on early repayment charges (ERCs) if any are usually spelled out in the contractual agreement with the lender.
Will getting a loan hurt my credit rating?
No, it shouldn’t. Oftentimes, it helps your credit score. Here’s how. When a lender reports your monthly repayments to the major credit bureaus, these payments show up in your credit report and present you as a responsible borrower. Over time, this translates to an increase in credit scores.
Are there any alternatives to payday loans?
There are several of them. If you still need a short-term loan, consider short-term alternatives like loans from pawn shops, banks, and credit unions. Otherwise, check out long-term options like personal and installment loans.
Can I get guaranteed approval at WeLoans?
Overall, no legitimate lender in Canada gives a borrower a 100% assurance of getting approved. Loans with 100% guarantees are often times a scam because lenders are expected to ensure a borrower meets the state’s prescribed eligibility requirements before approving them for a loan.
Can I get a payday loan even while out of work?
Unemployed persons can get a loan once they can show proof of a consistent income. This may be in form of pension, benefits, etc. WeLoans has a wide network of lenders, many offering loans for unemployed persons.