The internet has changed everything about the way people live their lives. Think about it for a moment. What’s going on in your life that hasn’t been influenced by the internet and even social media? Securing a loan online is as simple as a few clicks.

It’s near impossible to understand just how much the world has changed over the last 30 years

If you can accept the internet’s role in our lives, it shouldn’t be that much of a stretch for you to accept that applying for loans on the internet makes perfect sense. If someone had asked you 20 years ago how to get approved for a loan, your answer would not have included going online. Well, things have changed enough that telling someone to get an Online Loan would likely be your first answer. As a result of this, when was the last time you applied for a credit card through a bank or retail office? Ever?

While online loans has certainly gained in popularity, people have safety and security concerns. That’s not hard for any of us to understand. For instance, a lot of people don’t yet understand is just how many lenders use the internet to process loans because it’s easy, hassle-free, safe, and secure. That’s certainly why we offer online lending services at SkyCap Financial here in Canada.

Are Online Loans Dangerous?

We want to delve into this subject matter by immediately addressing the “elephant in the room”, the safety of applying for loans online.

In every industry, there are rogue companies that don’t want to play by the rules. They will lie, cheat, and deceive customers to get money. It happens with credit card companies, online department stores, and internet lenders offering personal loans. By the way, the people who run these rogue companies would be using the same methods if they were running brick and mortar businesses. It’s not the internet that creates rogue behaviour, it’s the character of the people using the internet that causes it.

Everyone should know by now that doing that business over the internet is by in large very safe. It’s just a matter of everyone making sure they are interacting with legitimate businesses. How do you do that?

Do your research!

If a company is having difficulty with its legitimacy, it’s out there on the internet for everyone to see. Online consumers cannot afford to be lazy. It’s incumbent on everyone to do a little research to protect themselves.

When it comes to online loans, you will quickly discover that while there are a couple of troubling issues coming out of the payday loan industry, the personal lending industry is in much better standing.

The truth is…

Canadian lending companies like our SkyCap Financial work very hard to create a stellar image. Why? Image is everything to an online merchant or lender. We do what all good lenders do. We take applications, process them fairly, and protect our customer’s personal information at all times at all costs. Like so many other lenders today, we just choose to provide our services not only through our retail offices but also on the internet to keep things as easy and hassle-free as we can for our customers.

Of course, your concerns likely extend to lenders protecting your privacy. SkyCap’s online access system is protected by firewalls and the latest in internet security technology. Outside rogue operators would have to do the impossible to get access to personal information.

Getting back to the titled question, securing online loans is not dangerous if you do the proper due diligence. As long as you do your homework, you have nothing to worry about.

How to Get Approved for Your Online Loan

Now that you know you are safe, it’s a good idea to educate yourself on how to apply and most importantly, get approved for a loan over the internet. To keep things easy and efficient, it would help you a great deal with the process if you were to gather all the information and documentation you will need beforehand. For example, you can figure out what you will need by scanning the actual online application before you start filling it out.

Once you are ready, filling out the application is easy. Keep in mind that the information you provide will become the basis for the decision making process. You want to make sure you are both thorough and truthful at all times.

After completing and submitting your application

You’ll need to scan and email any necessary documentation. There is a good chance that the documentation requirements will increase as the amount you are requesting goes above the minimum amount. By the way, SkyCap Financial offers loans ranging from $500 to $10,000. Our loan terms include interest rates between a 12.99% APR and a 39.99% APR and repayment terms of between 9 months and 36 months. We do charge nominal loan processing fees.

After submitting your online application and fulfilling documentation requirements, it becomes a waiting game. SkyCap Financial, we are motivated to give you an answer within the first 24 hours. The only reason the approval process might take longer is if our underwriters need a little more information.

While most of our prospective borrowers come to us with a less than desirable credit profile, that’s the customer base with which we prefer to work. That’s why there is a good chance our underwriters will approve you for a loan as long as your credit profile is not a disaster. The only caveat is we may approve you for a loan amount that is less than you requested. Remember, we do not approve all loan applications.

After our underwriters give you the green light, the ball is in your court. Based on your creditworthiness, you will receive an offer. The offer will include a maximum loan amount, the stated interest rate, and the proposed repayment terms. You can choose to accept or decline the offer.

If you choose to accept it, documents can be signed and the money in your account within one business day.


Here is what we want you to know. We can facilitate this entire lending process over the internet. The convenience is there for you. You can rest assured that our secure environment will afford you all the safety you could want. By the time your loan proceeds hit your bank account, we feel confident you will never want to visit another lending retail office during your lifetime. It’s hard to resist this hassle free approach to lending.