The packages of documents that banks and microfinance companies require for issuing cash loans differ. To get a loan from a microfinance company an applicant must be an adult citizen, Canadian resident having a permanent monthly income. The client should be ready to provide the lender with ID card data, an e-mail address and a mobile phone number. Sometimes additional applicant identity confirmation is required by microfinance companies.

Banks have a slightly different approach to issuing cash loans. In addition to ID card data banking institutions may ask applicants to provide with proof of employment and monthly income. Credit history will also be checked. Many banks impose additional requirements on the age of applicants for a loan, thus, for 60-70 years old seniors it may be more difficult to get a cash loan. If the client applies for a significant amount of money, the bank may require the applicant's vehicle or real estate as collateral.