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Find A LenderDashloans: Overview
Dashloans is a relative newcomer in the world of personal loans. Launched in 2024, Dashloans is an online installment loan company that strives to help consumers in need of fast cash who can’t wait until their next paycheque. Dashloans’ short-term loans are more affordable payday loan alternatives that allow for more time to repay the borrowed funds.
Getting approved is easy and requires no credit check, and funding is available in as little as 3 hours after approval.
Our Verdict
| Who Is Dashloans Best For? | – Consumers with bad credit or no credit history – Consumers who only need to borrow a small amount of cash – Consumers who want to avoid payday loans |
| What We Like About Dashloans | – Quick application process – Bad credit accepted – Lower rates than payday loans – Quick funding |
| What We Don’t Like About Dashloans | – Not available everywhere – Not suitable for larger expenses |
What Does Dashloans Offer?
Dashloans specializes in offering online installment loans with the following features:
- Loan amounts. Borrow up to $1,250.
- Loan rates. Dashloans’ APRs range from 12% to 32%, depending on your loan amount and credentials. Loan rates will never exceed these levels.
- Loan terms. Repay your loan in 90 to 150 days.
- Online application. Apply for a loan online from wherever you are within a few minutes.
- Availability. Loans are available to residents of all provinces except Saskatchewan, Manitoba, Quebec, and Nova Scotia.
How Will You Receive Your Dashloans’ Funds?
Your borrowed funds will be deposited directly into your bank account once approved. Dashloans is also working on offering Interac e-Transfers soon.
Generally, you’ll receive your funds within 24 hours. You may also get access to your borrowed funds the same day you apply if you apply before 11:30 am MST.
When Are You Required To Repay The Loan?
Repayments will be automatically withdrawn from your account depending on your pay frequency. You can pay your loan back in either 3, 6, or 12 installment payments.
Does Dashloans Require Credit Checks?
Dashloans does not conduct hard credit checks. Whether you have poor credit or no credit at all, this won’t stand in the way of getting a short-term installment loan.
Dashloans: Snapshot
| Loan Amounts | Up to $1,250 |
| Loan Terms | 90 – 150 days |
| Interest Rates | 12% – 32% APRs |
| Availability | British Columbia, Alberta, Ontario, New Brunswick, Prince Edward Island or Newfoundland and Labrador |
| Funding Method | Direct deposit |
| Funding Time | – Same day if you apply before 11:30 am MST on weekdays – Next-day funding if you apply after 11:30 am |
| Repayment Options | Automatic withdrawals Either 3, 6, or 12 installment payments |
| Credit Check? | No |
| Approval Time | As little as 1 hour |
| Loan Renewals | Eligibility for loan renewal requires account balance of 25% or less |
Qualifying With Dashloans
While there are no credit checks involved, you’ll need to meet the following requirements for a loan:
- Be a Canadian citizen
- Be at least 18 years old
- Reside in British Columbia, Alberta, Ontario, New Brunswick, Prince Edward Island or Newfoundland and Labrador
- Have an active Canadian bank account
- Earn a regular, steady income
- Have a low short-term debt ratio
- Not have too many NSF charges or active loans
- Not be considering consumer proposal or bankruptcy
If your credit score is under 700, you may require a surety, which is a person or third party who takes responsibility for your debt if you default. Surety fees start at $150 on a $300 loan.
Requirements
All you need to apply for a loan is the following:
- Bank statement
- Photo ID to verify your identity
How To Apply With Dashloans
To apply for a loan with Dashloans, all you need to do is complete an online application:
Step 1. Enter your personal information:
- Name
- Birthdate
- Email address
- Phone number
- Mailing address
Step 2. Enter your income source information:
- Income source
- Company name
- Job title
- Hiring date
- Contact info
Step 3. Enter your financial information:
- Bank name
- Pay frequency
- Next pay date
Step 4. Enter names of references:
- Full name
- Phone number
- Relationship
Step 5. Enter information about the loan you require:
- Amount you need to borrow
- How long you need the money for
- Purpose of the loan
Once you’ve entered all the required information, you can click the “Submit” button. Your application will be reviewed right away, and you should receive an approval notice within the hour.
Instant Bank Verification
To expedite the loan approval process, Dashloans uses the services of Flinks, a software company that offers instant bank verification services to lenders and creditors. Rather than manually going through the bank verification process to determine whether to loan someone money, instant bank verification happens within seconds.
This process eliminates the long and drawn-out traditional delivery process and makes getting an online loan as quick and easy as possible. Plus, it’s a safe and secure process, so you can rest assured that your data is kept discreet.
What We Like About Dashloans
There are plenty of great perks offered by Dashloans, including the following:
- Lower rates than payday loans. Dashloan’s APRs never exceed 32%, which is lower than what you’d be charged on a payday loan.
- Flexible loan terms. You have anywhere from 90 to 150 days or longer to repay your loan.
- Automatic loan repayments. Your installments will be automatically debited from your bank account, so you’ll never miss a payment.
- Quick application process. Apply for a loan in as little as 2 minutes by completing the application online.
- Bad credit accepted. There are no credit checks involved, so you can apply with bad credit or no credit at all.
- Quick approvals. Get approved for your loan in as little as 1 hour during business hours.
- Quick funding. Get access to your borrowed funds as soon as the same business day.
- Easy loan renewal. You’ll be eligible for a loan renewal once your account balance is 25% or less.
What We Think You Should Watch Out For
While Dashloans offers several great features, there are a couple of drawbacks to consider:
- Not available everywhere. Dashloans are not available to residents of Quebec, Saskatchewan, Nova Scotia, or Manitoba.
- Small loan amounts. Dashloans do not exceed $1,250, so they’re not suitable for larger expenses.
Is Dashloans Safe?
Dashloans only collects and uses personal information specifically to operate its websites and deliver its services, and only as permitted by law. The company does not sell or rent its customer data to third parties.
Dashloans uses several tools and technologies to protect consumer information and enables robust security measures to protect against unauthorized access to personal data.
How Does Dashloans Compare To Fora?
Fora is another option for consumers looking for quick access to cash without having to jump through the hurdles of traditional loan applications. But rather than offering installment loans, Fora offers a line of credit that you can tap into whenever the need for extra money arises.
Here’s how the two lenders compare:
| Dashloans | Fora | |
| Loan Amounts | Up to $1,250 | $1,000 – $10,000 |
| Loan Terms | 90 – 150 days | N/A (line of credit) |
| Interest Rates | 12% – 32% | 19.9% – 46.9% |
| Eligibility Requirements | – Be a Canadian citizen – Be at least 18 years old – Have an active Canadian bank account – Earn a regular, steady income – Not have too many NSFs or active loans – No consumer proposals or bankruptcy – Have a low short-term debt ratio | – Be a Canadian citizen or PR – Be the legal age of majority in your province/territory – Have a consistent source of income – Have a valid contact number & email address |
| Credit Check? | No | Yes |
| Funding Time | – Same day if you apply before 11:30 am MST on weekdays – Next-day funding if you apply after 11:30 am MST | As soon as the same business day |
| Funding Method | Direct deposit | Direct deposit |
| Repayment Options | – Automatic withdrawals- Either 3, 6, or 12 installment payments | – Automated bank payments – Debit/prepaid card payments |
| Availability | – BC- AB – ON- NB- NL-PEI | – BC- AB- SK – ON- NB- NS- NL |
Final Thoughts
Many consumers who need fast cash without the stringent eligibility criteria look to payday loans to alleviate their temporary financial woes. But these loans can be very expensive. With Dashloans, you can avoid getting caught up in a potential cycle of debt with payday loans and still get access to quick cash without the strict loan requirements. If you have bad credit and a need for a small amount of cash with a quick turnaround time, Dashloans may be able to help.
