NovaCash loan eligibility: requirements and exclusions

The quickest useful eligibility check is to compare your circumstances with NovaCash's published requirements before starting a form. Completing an application or connecting a bank account does not establish that you qualify. The lender still reviews the file and your ability to repay.

NovaCash advertises online loans from $300 to $2,000 CAD. The criteria below come from its English home page and apply before you consider the application process.

The published requirements

• You are 18 or older.
• You are a Canadian citizen.
• You earn at least $1,200 a month, paid by direct deposit.
• You have held a job for more than three months.
• You are not in a bankruptcy process.
• You are able to repay the loan.

Consider the requirements together. A deposit above the minimum does not replace the employment condition, and a longer work history does not replace the income threshold. The published wording is more than three months of employment.

Who and what the policy excludes

NovaCash's exclusion list covers self-employment and income from the following sources:

• Child tax credits.
• Retirement savings plans.
• Student loans.
• Any form of social assistance.

If your income comes from social assistance, the emergency-budgeting guide describes alternatives involving bill providers, public programs and community resources.

When an income source needs clarification

The application includes labels such as pension, employment insurance, disability, SAAQ, CNESST and QPIP. Their presence in the dropdown does not prove eligibility or override the published criteria.

A pension is not automatically the same as money withdrawn from retirement savings. If the policy does not clearly explain your income, call (877) 431-4134 before applying. Describe the actual source and ask how the requirements apply. The same approach is needed when several income sources are involved; do not assume that combining them creates an exception.

Check ability to repay separately

Meeting an income threshold does not tell you how much is left after rent and other necessities. List your regular deposits, essential household costs and existing debt payments. Note the dates as well as the amounts.

Use that budget to assess any offer's full schedule. Include the monthly membership fees NovaCash publishes, along with interest and other stated costs. Its calculator's six-month illustration excludes membership fees and is not your contractual repayment schedule.

If your budget has no room for the proposed payment without new borrowing, seek a different way to address the expense. A bill-payment arrangement or help reviewing the budget may be more useful.

What happens after the eligibility check

The published process uses a form and instant bank verification through Flinks. IBV replaces paper documents, while the lender still reviews the account information needed for assessment.

About five minutes for the form and a response within 60 minutes are targets, not promises. Response timing depends on when you submit and whether the file is complete. If an offer is made, you review its terms before accepting.

Preparing your next step

If the requirements fit your circumstances, use the application preparation checklist to gather accurate contact, employment, pay and reference information. Then review the online application and its process explanation. If a requirement is unclear, resolve that question with NovaCash first rather than guessing at an answer.