To qualify for a loan, applicants typically need to meet the following criteria:
Citizenship: Must be a U.S. citizen. Age: Must be at least 18 years old.
CREDIBLE Income: Should have a stable income exceeding $1,200 per month, received via check or direct deposit from their employer.
Employment Stability: Must have reliable employment, with a minimum tenure of three months with the current employer.
Bank Account: Must own a U.S. bank account that has been active for at least three months and receives direct deposit payments.
Financial Standing: Should not be on the verge of bankruptcy or entering into a consumer proposal.
Banking History: Should have minimal or no instances of insufficient funds transactions.
Debt Ratio: Must maintain a low short-term debt ratio, indicating few or no other active short-term loans. Additionally, other income sources such as private pensions, disability payments, or insurance income may also be considered during the loan application process.