How to borrow money

A fast loan is not a special kind of loan. It is a small loan with a short path: an online request, a bank verification, a review, a contract to sign and a deposit. Each step can move quickly or stall.

This guide walks that path in plain terms: what is checked, what depends on you, and when the money actually moves. Money911 is a co-borrower service, so we also explain what a co-borrower changes, and what it doesn’t.

What a fast loan (or small loan) is

The same product goes by many names online: fast loans, quick loans, quick cash loans, small loans, online loans. In Canada, these names usually mean a personal loan for a modest amount, requested online, with a process built to move quickly.

The name tells you little. Four questions tell you a lot:

• Who lends? The company behind the website is not always the lender.
• What is checked? Usually your income, your bank account and your ability to repay.
• When does the money move? A timing rule means little without its conditions.
• What does it cost? The answer is in the contract, and you read it before you sign.

Repayment varies too. A payday loan is repaid, in whole or in part, on your next payday. An installment loan is repaid in several scheduled payments. Our guide to installment loans and how repayment works compares the two.

What a co-borrower does

A co-borrower commits to the loan with you, which lowers the lender’s risk. At Money911, that co-borrower is us. The loan itself comes from a separate lender.

No co-borrower in your circle? Money911 commits to the loan with you. So three parties are involved: you make the request, Money911 backs it as co-borrower, and a separate lender grants the loan and sends you the contract.

A co-borrower doesn’t make approval automatic. Every request is reviewed for your ability to repay; a request judged too risky is refused. Read more about how co-borrowing works, or see our co-borrower service.

The steps of an online request

1. Fill in the online request. The online form is open 24/7.
2. Instant bank verification (IBV). A read-only copy of your statement, never your username or password.
3. Review of your file. Based on your ability to repay. Approval is not guaranteed.
4. Contract signature and deposit. You sign the lender’s contract, then the money is deposited.

Each step is explained on our page about how a request works. When your information is ready, you can send your request online.

Real timing: from request to deposit

Processing times count business hours. Opening hours: Monday to Thursday, 8:30 a.m. to 4:30 p.m.; Friday, 8:30 a.m. to 12:30 p.m. In your request, you choose how your file is processed:

• Standard processing. Your file is processed within 24 business hours, free.
• Priority processing. Your file is handled as a priority during our opening hours and processed within 4 business hours. A $10 fee applies, payable only if your file is approved.

Approval is not guaranteed: the review depends on your file. Every loan is deposited by Interac e-Transfer, once your request is approved and the lender’s contract is signed. The Interac e-Transfer itself carries no fee: the $10 is for priority processing. The rest of the path is partly in your hands: a complete request and a finished bank verification keep things moving.

For the details, read how Interac e-Transfer funding works and our guide to same-day loans.

Eligibility criteria

Check the published criteria before you apply:

• 18 or older
• Living in Canada
• A stable job
• Pay deposited into a Canadian bank account
• Net income of at least $1,500 a month
• No consumer proposal, debt consolidation or bankruptcy in the last 30 days, and none planned in the next 6 months

Instant bank verification (IBV) is part of every request. Self-employed? Your request is reviewed like an employee’s.

Income we don’t accept:

• Support payments
• Student loans and bursaries
• Social Solidarity Program benefits (Québec) when net income is under $1,500 a month

Is your credit file less than perfect? Read how a request is reviewed with imperfect credit, including the published reasons a request can be refused.

Cost: read the lender’s contract

Our guarantee fees range from $200 to $1,000 and vary with the amount you request. In our examples, for loans of $400 to $1,000, the final credit rate is 24.50%. The applicable terms are in the contract the lender sends you. Read it before you sign: no payment or advance is required at signing. A question? Call us.

To compare fast loans, compare whole contracts, not the size of one payment. Look for:

• the amount you receive;
• the credit rate and the total credit charges;
• the total you will repay;
• the number, amount and dates of the payments;
• the fees for a changed, deferred or returned payment.

A small payment can hide a long or costly loan. The total you will repay is the figure to compare.

Mistakes that slow a request down

A few avoidable slips slow requests down. Several of them match the published reasons a request can be refused.

• Skipping the bank verification. An unfinished bank verification (IBV) is one of the published reasons for a refusal. Finish it right after the form.
• Applying with a brand-new account. A bank account that is too recent is also on that list. Use the account your pay is deposited into.
• Sending an incomplete request. Incomplete documents are another published reason. Check each field before you send.
• Asking for more than you need. Every request is reviewed for your ability to repay, and the payments have to fit your budget.
• Stacking small loans. Avoid taking several small loans at once: the payments can outgrow your budget.
• Forgetting business hours. Processing times count business hours: Monday to Thursday, 8:30 a.m. to 4:30 p.m.; Friday, 8:30 a.m. to 12:30 p.m.
• Overlooking the processing method. For processing within 4 business hours instead of 24, choose priority processing in your request: a $10 fee applies, payable only if your file is approved.

Fast loan or bank personal loan?

A personal loan from a bank or credit union follows a familiar pattern: you borrow a fixed amount and repay it in regular payments over a set period. The Financial Consumer Agency of Canada explains how these loans work and what to compare.

If your bank or credit union offers you a loan, compare it with any other offer on the credit rate and the total you will repay.

Has your credit history closed a door at the bank? That is what a co-borrower is for. We review each request for your ability to repay, using a read-only copy of your bank statement. Approval is not guaranteed.

Our guide to personal loans when the bank says no covers the other options. If a co-borrower fits your situation, send your request online.