Dashloan

Dashloan: online short-term loans for Canadian residents

Dashloan is a Canadian company that offers online short-term loans in amounts up to $1,000. Its offering is aimed at Canadian residents over 18 years of age who need funds to pay bills, cover unexpected emergencies or carry out personal projects. The company presents itself as an alternative to traditional bank loans and states that past credit history does not affect the application.

How the application process works

The process is completely online and paperless. The applicant completes a form that, according to the company, takes less than 15 minutes. Agents review the application and, once approved, send a loan agreement by email or text message. The funds are deposited directly into the client's bank account within 24 hours after approval. The company states that the secure form and paperless process guarantee the confidentiality of personal data, accessible only to authorized employees under a confidentiality policy. It also uses instant bank verification (IBV) technology with an encryption level equivalent to that of large institutions, which allows banking information to be provided without physical documentation and speeds up the process.

Amounts, rates and repayment terms

Dashloan's catalogue allows you to select amounts of $250, $300, $350, $400, $450 or $500, with the option to indicate another amount. The company works with financial institutions to offer an annual interest rate of 24%. Additional costs may be charged by the agent and the broker to cover the opening and management of the application. Short-term loans are usually repaid within 3 to 6 months, depending on the amount contracted. As an example, the website states that a $720 loan payable every 2 weeks and repaid in six instalments would result in $129.76 per payment, for a total of $778.54, including $58.54 in interest. This amount excludes brokerage fees that are added to the borrowed capital, as well as additional charges for postponed or refused payments. The company notes that this example is for information purposes only and does not constitute a real loan offer.

Eligibility requirements

To apply for a loan, you must be a Canadian resident, be at least 18 years old, have had a steady income for the past 3 months, have an active bank account and not be under bankruptcy protection or in a consumer proposal process.

Renewal and payment management

After repaying the loan, the client may be eligible for a renewal by contacting the company, which allows access to larger amounts. Dashloan stresses the importance of complying with the agreement and the payment schedule. In the event of non-payment, a collection agent contacts the client to adjust the situation and agree on new repayment arrangements. A $50 fee applies for each missed, postponed or refused payment due to insufficient funds. If multiple payments are missed, the case is transferred to a collection agency. The company warns that short-term loans can be a temporary solution if used wisely, and advises against taking out multiple loans to avoid an excessive debt burden.

Company profile and scope

Dashloan defines itself as a Canadian company whose goal is to improve the daily lives of Canadians through easily accessible short-term loans. It has a team of dedicated professionals and states that it is constantly seeking improvements in the efficiency, speed and security of the process. The company declares that it is connected with all Canadian banks.