You’ve hit a bit of an unforeseen rough patch, and you need a short-term financial boost. Unfortunately, your credit rating might not be so great, and so you’ve been unable to secure a short-term loan at the bank. A credit check is not performed if you come to Better Than The Bank for a payday loan. Instead, we do something called “Instant Banking Verification,” which simply allows us to verify that your details are true and accurate.
What Is Instant Banking Verification?
Instant Banking Verification is a technology that enables us – with your permission – to verify your identity and financial status. It enables us to quickly assess your income and your current financial obligations and debts to determine whether you can repay a loan.
It gives us a much more honest and accurate representation of your financial status than a credit score, which all too often does not paint a fair or true picture of a person’s ability to repay a loan. Credit scores are often skewed by past mishaps that do not necessarily reflect one’s current financial capabilities.
What Is Required To Get A Loan?
While we endeavour to be as flexible as possible, and we do not decide to lend based on credit checks, we still need to verify a few things to make sure that the loan can be repaid. Again, this is to protect you as much as it is to protect us.
In Canada, the legal age for entering into a lending agreement is 18. Therefore, we require that you be of age before we can lend you money.
You need to be able to show that you earn at least $300 a week for the last three consecutive months. Moreover, it needs to be at the same job. This shows us that you are stable and in a position to repay your loan.
You need to have a valid telephone number. This is important because we need to reach you if there are any problems with your loan or its repayment. For these same reasons, you need to have a valid email address as well.
We might not grant your loan if you have too many non-sufficient funds incidences on your account. But, again, this is to protect you as much as it is to protect us because if you default on your repayments, it could drive you into further debt and negatively impact your credit report.
To get your payday loan, credit checks needn’t be part of the process. Contact Better Than The Bank today to find out how we can get you back on your feet!