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Lender
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310-LOAN's application

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How to apply

Requirements

What do you need to apply for a loan? In addition to an application submitted online or by phone, you should provide certain documents. The set of documents will differ depending on the chosen method of receiving funds. You’ll need to provide a detailed bank statement for the last 30 days if you’ve chosen direct deposit and have an online banking account with:

  • RBC

  • BMO

  • CIBC

  • President's Choice

  • National Bank

  • ING Direct

  • HSBC

  • Laurentian Bank

  • Or ATB Financial

If you have a different financial institution, prepare a voided cheque or a pre-authorized payment form as well.

Prefer to receive money not via direct deposit, or don’t have online banking? In these cases, you should provide the following documents:

  • A detailed bank statement for the last 30 days

  • A voided cheque or pre-authorized payment form and proof of income

If you are a Manitoba resident, you need to provide a bank statement for the previous calendar month.

Now that you know what you need to apply for a loan, how do you actually send those documents? 310-LOAN offers the four ways to get the required documents to them.

  1. First, you can download your documents as PDF files and send them to documents@310loan.com. Make sure that the total size of your attachments doesn’t exceed 10MB. A good idea is to provide such details as your full name and SIN in the email body.

  2. Second, you can take digital pictures of your documents and send them as JPEG or PNG files to documents@310loan.com. Again, make sure that your email is no larger than 10MB. Include your full name and SIN in the email body.

  3. Third, you can utilize the bank statement capture tool by 310-LOAN.

  4. Finally, you can send your documents to 310-LOAN fax at 1-866-558-3333.

Application details

While 310-LOAN promises a fast turnaround on loan approval, they don’t provide the exact timeframes. Based on user reviews on the Internet, 310-LOAN often makes same-day decisions on a loan application. But, some customers say that their loan approval took a few days.

Most likely, the timeframe will depend on the time of application submission, as well as the completeness of the provided data.

Based on all the loan conditions at 310-LOAN, we can outline the following possible reasons for rejections:

  • Not passing an income and employment verification by 310-LOAN

  • Non-compliance with any of the lender’s requirements for borrowers

  • Failure to repay the first-time loan from 310-LOAN

According to 310-LOAN, they’ve made requesting a loan very easy. You can apply for a payday loan either online or by phone.

To proceed with online registration, click the “Apply now” button on their website. As a first step, you’ll need to specify if you’re a first-time applicant or a returning customer.

Then, you should fill in the form with all the required details — personal info, contact details, address, SIN, and date of birth. Mark if you want to receive funds via Direct Deposit and if you have online banking. Then put your email, insert a coupon code (if any), and specify how you heard about 310-LOAN (select the best option from a drop-down menu).

On the next screen, you’ll need to fill in your employment details:

  • Employer name

  • Employer contact info

  • Time at employer

  • Your position

  • Net pay per paycheque

The next step in requesting a loan from 310-LOAN is sharing the contacts for two personal references. You need to provide their names and phone number and specify your relationships.

How does the 310-LOAN referral program work? Once your referee repays their first loans, you can get a $50 reward. A customer you’ve referred to 310-LOAN will get a 20% off the fees on their first loan.

Keep in mind that earning these awards depends on:

  • Referee's successful loan repayment

  • Referrer’s compliance with the payment schedule

In case of late payments or overdue balances, 310-LOAN will write off your referral reward to pay them off.

Next, specify the amount to borrow and select the convenient repayment dates.

Once you’ve done filling in the form, you will see the automatically generated agreement between you and 310-LOAN. Check it carefully and click the “Submit” button once you are ready. A representative of 310-LOAN will get in touch with you to verify the information you’ve provided.

FAQ

How long does it take to get approved by 310-LOAN?

Although 310-LOAN promises quick decision-making, they don’t specify the exact timeframes for loan approval. The time of submitting an application and the completeness of the borrower’s info may influence the actual timeframes. 

How trustworthy is 310-LOAN?

310-LOAN has been providing personal loans since 1999. The company has valid payday loan licenses in the provinces where it is available and displays them on the website. Besides, this lender is a member of the Canadian Consumer Finance Association.

310-LOAN claims to be among the first lenders providing online payday loans in Canada.

The company also has a customer support service ready to answer all the questions related to loans.

Does 310-LOAN verify income?

A proven source of active income is a crucially important condition for getting a loan. Government benefits like social assistance or employment insurance do not qualify.
To be eligible for a payday loan, you need to pass income verification. To verify your income, you as a borrower can provide pay stubs or bank statements.

Does 310-LOAN hurt your credit score?

If you repay your loans on time, there is no reason to worry about your credit score. In case you miss a payday payment, 310-LOAN Overdue Accounts Department will reach out to you to agree on loan repayment schedules. 

If you still don't repay your loan after that, 310-LOAN may transfer information about your debt to a third-party collections agency. This obstacle may put your credit score at risk. 

Calculate loan payments in 310-LOAN

310-LOAN calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
50 $
1500 $
Loan term
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Specify the loan term for the calculation

days
months
1
14

What to pay attention to when applying for a loan from 310-LOAN

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes 310-LOAN from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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