How Does WeLoans Work?
How to Apply for a Loan on WeLoans
You can request a loan on WeLoans in a few quick, easy steps. Typically, applicants get up to $1500 for payday loans, short-term loans, no credit check loans, and more. However, the exact amount an applicant may get approved for depends on the province they reside in, the lender’s funding policy, and their evaluation of an applicant’s repayment capacity.
To apply for a loan, simply;
Fill out and submit the online loan request form on the website. The form is then distributed to our network of lenders, who will review the submission and make a funding decision within minutes. If approved, you will be sent an offer with the interest rates and terms.
Review and compare the offers from different lenders. Then sign the offer/quote that best suits your budget and financial needs.
The lender should begin processing your loan soon after you have submitted the signed quote. Usually, applicants get funded as soon as the same day. Some lenders offer e-transfer options.
How to Qualify for a Loan in Canada on WeLoans
While some lenders may have specific loan requirements, there are a few basic requirements every lender requires an applicant to meet to be considered for a loan in the first place. To get a loan in Canada, you must;
- Be at least 18 years old;
- Be a Canadian citizen;
- Show your Social Insurance Number (SIN);
- Have an active phone number and email address the lender can reach you on;
- Have an active checking account the lender can fund or automatically withdraw from (if auto-debit is activated);
- Have a consistent monthly income that can finance the loan over the repayment window.
Why You Should Choose WeLoans When You Need Financial Support
Approval decisions usually come in a few minutes after submitting your completed application.
WeLoans connects you with members of our lending network across all Canadian provinces and towns. Therefore, you can get multiple offers from just one application, a stark contrast with what’s obtainable when you apply with a direct lender.
Lenders within our lending network have the right architecture to fund borrowers quickly. Most borrowers get the approved sum deposited in their bank account in under 24 hours.
All data entered on the website are safe, secure, and confidential. We use the newest encryption technologies and industry-leading internet protocols to ensure your data is inaccessible to unauthorized third parties. We are also compliant with data privacy regulations within Canada.
Free-to-use loan service
Unlike many other loan platforms, WeLoans is completely free to use. No signups are required and you do not have to be worried about getting charged for connecting with a lender or processing a loan. The connecting service is done at no extra cost to the borrower.
Honest and reliable lenders
WeLoans vets all lenders they are partnered with, so the chances of dealing with unscrupulous lenders are quite low. Our lenders are honest, reliable, licensed, and abide by lending regulations in all provinces.