Our next common question series question is “How do I get approved for a loan?”. This article will cover urLoan‘s lending process in more detail so you can understand what our requirements are and how the process works.
1. You are always encouraged to phone in first and pre-qualify with a loans officer on the phone. This can save you time from applying when you might not be ready to take on further debt. A loans officer can walk through your financial situation with you to help you determine whether it makes sense to enter into a loan with us. We also have minimum requirements that are listed on our How it Works page, some of which our loans officers will ask you about when you apply.
2. We take all our applications online at https://portal.urloan.com/signup. Once you apply, you will receive an email within 20-30 minutes with your application ID and document requests. These documents will have to be provided to us in order to process your application; these include:
- Two pieces of Government Issued ID (One should be a Photo)
- Proof of address (typically a cell phone or utility bill in your name with a recent billing date showing)
- Proof of income (typically a pay stub or letter from your employer), and
- Your last 90 days of bank statements with a void cheque/pre-authorized debit form
3. Some tips to expedite the processing of your application:
- Please do not fax your Photo ID, we almost always will request a color scan or photo with your cell phone camera; you can send these via email to [email protected]
- Please ensure you send your latest Pay stub (it should not be any more than 2 pay dates before the date of your application)
- Please ensure your proof of address is not simply a piece of mail; it should be a full bill that shows your full name and mailing address, along with a recent billing date
- We require bank statements in an acceptable PDF format from your bank and cannot accept any format where we cannot identify that these are your bank statements. We work with a company called DecisionLogic that works with many of the major banks and Canada to provide us your last 90 days of bank statements in an acceptable format. We pay for this service and your statements are emailed directly to us in a condensed format, which can allow us to process your application in as quick as 24 hours or less. Applicants that apply and send their bank statements to us manually will have to be patient as we perform additional fraud checks and this can delay your application processing to 48 hours or longer.
4. Other steps we perform in order for you to be approved:
- Fraud prevention procedures – there are lots of SCAMS out there today which can work both ways, please see our recent blog on how to avoid scams – http://urloan.wpengine.com/avoid-lending-scams/. From our perspective however, we perform sophisticated fraud prevention procedures, which include thorough analysis of the documents you have provided us.
- A phone interview with a loans officer – once you have provided all your documents in an acceptable format for review, please phone in to request an interview with a loans officer. We will reach out to you periodically to conduct this interview as well;
- Employment verification – we must perform employment verification in 100% of circumstances with someone in senior personnel at your employer or an HR/Payroll rep who can share details of your employment with us. Depending on availability of someone at your employer, this can also hinder a quick approval. There is a waiver form on the second page of our application that you can download and provide to your employer in advance of us contacting them, if you know that they will not release information without your prior approval.
5. Lastly, how do you get approved? Ultimately, you have to be able to afford the loan with us. We deal with applicants with poor credit all the time, many of our customers are in this situation for any one reason or another. At the end of the day though, you have to have room in your financial budget for a term loan payment with us. That is how you get approved!
We hope this clarifies how to get approved for a loan with us, if you have any questions please don’t hesitate to contact our loans department Monday to Friday 8am to 6pm Pacific Standard time.
Call us to explore your options: 1-866-723-5626