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MOST COMMON LOAN APPLICATION MISTAKES (and how to avoid them!)

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MOST COMMON LOAN APPLICATION MISTAKES (and how to avoid them!)

Everyone who applies for a loan with iCASH does so for a very specific and unique reason. It makes sense, everyone has a different story that is unique to him or her. But, no matter the reason or the story, the one constant is often the need for speed. All of our iCASH clients are in a financial emergency and need access to funds quickly, efficiently, and safely.

iCASH already has an extremely fast system of approval. Once the loan agreement is signed, the funds are sent via e-Transfer within minutes. And our loan application was designed to be completed in less than 10 minutes. What often slows down the entire process is making some errors or mistakes that could have easily been avoided. Check out the top mistakes to avoid and, in the process, learn how to speed up the loan process.

1. MAKE SURE YOU QUALIFY

Loan companies have criteria that are evaluated in order to be approved for a loan. iCASH, for instance, uses algorithms to assess eligibility and approve loans. While the algorithms weigh several different criteria, the main criteria for approval is ability to repay the loan. The minimum income required is a monthly revenue of $800 minimum. This amount includes incomes such as Child Tax Benefits, Old Age Pension, Disability Benefits, etc… iCASH also currently operates in 4 provinces so in order to be eligible for a loan, you must be a resident of one of the provinces of operation. To find out more about the provinces in which iCASH does business, check out the website: iCASH.ca

2. FAQs ARE USEFUL

More often than most people realize, the answers to their questions are already available on the FAQ page. It actually saves a ton of time to get your answers directly on the website rather than send a Facebook message or an email and then wait for someone to respond. Popular questions such as “do you accept Child Tax Benefits”, “What are the interest rates”, “When will I receive my funds” and many, many more of the most commonly asked questions are all pre-answered. You can check out the FAQ page here: https://icash.ca/payday-loans-faq

3. HOW MUCH TO BORROW

Another important step required before beginning the loan process is to figure out the exact amount of money you need. A good tip when borrowing money is to never borrow more than you can afford to repay It is equally important to avoid borrowing more than you need. So, how exactly can you figure out the exact amount of money required? On the iCASH website, there is a useful tool that calculates your budget for you and tallies the exact amount needed for your bills and other expenses. Check it out here: https://icash.ca/payday-loans-calculator

4. HAVE ALL YOUR DOCUMENTS READY

Haha – just kidding! Because with iCASH, you actually require zero documents! That’s right – no need to sign, fax, mail or scan anything. Everything required is processed electronically. The loan application process is completed entirely 100% online from the comfort of your home or office (or anywhere on the go using the downloadable iOS or Android app!)

5. LAST STEP – CHECK YOUR EMAILS

The last step required to speed up the process of receiving your funds is to make sure to check your emails – including your spam folder! The loan approval will be sent via email and is sometimes sent to your junk or spam folder. Make sure to check your inbox and other folders regularly.

With the help of technology, loan applications are definitely not what they used to be. Everything is fast, simple, and online. By following these simple steps and with proper preparation, we can effectively make this fast process just that much faster!

Sierra Bittany

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