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Who is 310 Loan?
Since 1999, 310 Loan; an online Canadian-based lender, has been dishing out small, speedy loans with few requirements for approval. 310 Loan is a payday lender that offers loans designed specifically for financial emergencies when you simply can’t wait for the long, drawn-out approval and funding process that’s typical of conventional lenders.
Let’s take a closer look at 310 Loan to see what they offer, and what you should consider before applying for a loan with this lender.
What Does 310 Loan Offer?
310 Loan offers payday loans of up to $1,500 for repeat customers and up to $300 for new customers.
A payday loan is a short-term loan usually made for amounts no more than $1,500 to cover urgent expenses. The loan amount must be repaid by the borrower’s next payday, hence the name “payday loan.”
Who Is 310 Loans Best For?
The loans that 310 Loan offers may be suitable if you don’t need any more than $1,500 and are confident that you can repay the loan and all applicable fees and interest by the time you receive your next paycheque. But if you need a few thousand dollars and require more time to pay off the loan, you should probably look at other loan options.
How Fast Can You Get Your Funds?
With 310 Loan, you can apply for a loan online, get approved, and receive the funds on the same day. Once you’ve been approved, 310 Loan will transfer the funds to you within 30-minutes or less.
Who’s Eligible For A 310 Loan Payday Loan?
To qualify for a payday loan with 310 Loan, you must meet the following requirements:
- Be at least 19 years old
- Have an active bank account with a minimum of 7 transactions over the last 30 days
- Have a steady income
- Not be in bankruptcy, consumer proposal, or enrolled in credit counselling
- Not be collecting social assistance, employment insurance (EI), or Canada Pension Plan (CPP) benefits
Documents Required When Applying For A Loan With 310 Loan
If you meet the above criteria and are ready to apply for a payday loan, you’ll need to supply 310 Loan with certain documents, depending on your banking situation.
Banking Situation 1.
If you are paid via direct deposit and have online banking with any of the below financial institutions, then you simply need to provide a bank statement for the last 30 days.
- RBC
- CIBC
- BMO
- ING Direct
- President’s Choice
- National Bank
- HSBC
- Laurentian Bank
- ATB Financial
Bank Situation 2.
If you are paid via direct deposit and have online banking with another financial institution not listed above, you’ll need to provide:
- A void cheque or pre-authorized payment form
- A bank statement for the last 30 days
Bank Situation 3.
If you do not get paid through direct deposit or don’t have online banking, you’ll need to provide 310 Loan with the documents listed above, as well as proof of income. Manitoba residents must provide a bank statement for the previous month.
How To Send Your Documents To 310 Loan
There are 4 ways you can send your documents to 310 Loan:
Email documents in PDF. Download your bank statement and other relevant documents in PDF format and email them to documents@310loan.com. It’s recommended that the email be no larger than 10MB and that all attachments are sent in one email. You should also include your full name and social insurance number (SIN) in the email to prevent delays.
Email images of your documents. You can also take photos of your documents and email a JPEG or PNG file to documents@310loan.com.
Bank statement capture. You can use 310 Loan’s bank statement capture tool to send your documents electronically, which you can download on the lender’s Resources page.
Fax. Send your documents the old-fashioned way by faxing them to 1-866-558-3333.
How To Apply For A Payday Loan At 310 Loan
To apply for a loan with 310 Loan, follow these steps:
Step 1: Apply Via The 310 Loan Website
To apply online, visit 310loan.com and click “Apply Now” on the homepage. Specify whether you’re a first-time applicant or returning customer. Type in your full name, contact information, mailing address, and the amount of time you’ve lived at this address.
Step 2: Provide Your Personal Information
Next, enter the following information about yourself:
- Birth date
- SIN
- Whether or not you’re paid by direct deposit
- Whether or not you use online banking
- How you heard of 310 Loan
Step 3: Provide Your Employment Information
Enter the following information about your employment:
- Your employer
- Your job title
- Length of time you’ve been at your job
- Gross annual income
- Gross monthly income
Step 4: Specify Your Desired Loan Amount.
If you’re a first-time customer of 310 Loan, you can borrow up to $300. If you’re a returning customer, you can apply for up to $1,500. Use the sliding scale to specify how much you’d like to borrow. Then, click “Next.”
Step 5: Submit Your Application.
Carefully review your application to make sure it’s complete and accurate. If all looks good, click “Submit.” You should receive a notification of approval shortly after, and your funds will subsequently be sent to you via direct deposit within hours.
Advantages Of Using 310 Loan
There are several perks to applying for financing with 310 Loan, including the following:
- Bad credit allowed. Unlike conventional loans that require a good credit score, you don’t need good credit to secure a payday loan. In fact, 310 Loan won’t conduct a credit check at all. As long as you have an adequate income and steady job to cover your payments, you should qualify.
- Convenient online application. There’s no need to visit a physical location to apply for a loan and obtain your funds. You can apply for your loan online on the 310 Loan website from wherever you are.
- Quick turnaround. There’s no need to wait days to get approved for your loan and receive your funds. With 310 Loan, you can get approved and funded the same day that you apply.
- Flexibility in use of funds. The money you receive from your 310 Loan payday loan can be used for any purpose.
- No collateral required. Payday loans from 310 Loan are unsecured, which means you don’t have to put up any asset of value to apply.
310 Loan FAQs
Is 310 Loan available across Canada?
How much can I borrow?
Are there any fees?
How will I receive my funds?
Can I apply if I have bad credit?
Final Thoughts
A payday loan from 310 Loan can be a great way to help cover last-minute expenses when money is tight. But if you are not confident that you can make the full repayment by your next paycheque or need more than just a few hundred dollars, you may need to look at other options.
