From August to October 2020, 57.3% of Canadians reported that they could easily keep up with their financial commitments without a problem. That number has steadily declined in the years since, and now only 39.4% of the population can make that same claim.
If you’re having a hard time covering your expenses, an online loan can help. These loans are typically easier to find and secure than traditional options and put cash in your hand at a quicker rate.
The only problem? The internet is replete with lenders offering online loans, and it can be hard to find the best one for your needs. Thankfully, with a few steps, you can secure a solid match.
Today, we’re sharing how to find quality online lending solutions you can trust.
1. Read Reviews
Before you decide where to eat or what movie to watch, what’s one of the first steps you take? That’s right — you read reviews! These days, 84% of people trust online reviews as much as personal recommendations from friends and family members, and for good reason.
We’re a digitally connected society, and most of us love to share our opinions on the internet. While this can be overwhelming at times, it can work in your favor if you’re searching for the best digital loans.
Once you have a short list of possible options, check out what others are saying about the lender and the loans they offer. Sometimes, you can find these testimonials directly on the lender’s feedback. If that doesn’t give you the information you need, try simply Googling the lender’s name.
This should take you directly to their Google Business Profile, which will list basic information as well as reviews. While it’s important to keep in mind that each person’s experience is unique, these reviews can help you gauge how your own experience might go. Pay close attention to comments that deal with interest rates, loan terms, turnaround times, and other critical data points.
2. Ask Someone You Trust
When discussing sensitive topics like money, you might feel more comfortable talking directly to someone you know and trust. If this is the case, think about a friend, family member, or colleague who has been in a situation similar to yours.
Ask if they’ve ever accessed online loans in the past and if they were happy with the lender they used. Even if they didn’t have a great experience, their feedback can still be valuable, helping you know where not to look.
3. Check Out Their Digital Presence
When you’ve narrowed your list of potential vendors down a little, you can begin checking out their digital presence. This includes their website, blog page, social media accounts, and any other element related to their virtual footprint.
Key questions to ask at this juncture include:
- Is their website informative and easy to navigate?
- Are their social media accounts well-managed and up-to-date?
- Is their web presence professional and well-designed?
No, a rudimentary web design doesn’t automatically mean that a lender isn’t a great fit. However, think about the image they’re putting forward. If they’re not willing to spend time and money polishing up their primary form of client contact, what does that foretell about your future interactions?
4. Ask, Ask, Ask
Any time you’re adding funds to your digital wallet, you’re putting your sensitive and confidential information on the line. As such, you’re completely within your rights to ask as many questions as you need to.
Often, lenders will have an FAQ section of their websites designed to address common questions and concerns. You may find what you need by checking there, first. If you still have issues you want to clear up, then go ahead and reach out to the lending team.
These financial experts are there to help you navigate these uncertain waters, and they’re dedicated to making sure you’re comfortable with the decisions you’re making.
5. Understand the Process
The online lender you work with should have a process that’s easy to follow and navigate. If it seems overly complicated or strangely vague, consider this a red flag and continue your search elsewhere.
Most lenders will have a dedicated web page that explains how their program works and the steps you need to follow. The online application process should be simple and straightforward, without any hoops that you need to jump through.
At Credito, our process is easy as 1-2-3! All you have to do is complete our quick online application, get approved fast through our instant verification service, and receive the money in your bank account. If we approve the request before 2:15 EST on any business day, you’ll have access to the funds you need on that same day.
All of the lender’s terms should be clearly laid, so there are no surprises or hidden costs down the road. Ideally, the lender you’re working with will also offer the following benefits:
- No paper documents required
- No credit score check
- Flexible payment methods
- Fully online process
To secure a loan through Credito, there are only a few requirements you’ll need to meet. These include:
- Canadian citizen
- At least 18 years old
- Canadian bank account
- Holding a steady job (at least three months)
- Monthly income of at least $1,200
- Low short-term debt ratio
- No current or planned undischarged bankruptcy
If you have any questions about how our simple lending process works, our team is here to help. We can also walk you through the loan renewal process as required!
Learn More About Our Online Loans Today
Now that you know the considerations to keep in mind when looking for online loans, are you ready to get started? When you’re strapped for cash, you shouldn’t have to work with a lender who will heap even more stress on your shoulders. The process should be quick, easy, and efficient.
When you trust Credito, you can rest assured that you’re on the right track. Once you complete the application, we’ll take care of the rest. You could even have cash in your hand in just a few hours!
To learn more, create a new loan request today and let’s connect.
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