Loan Documentation Requirements

Invoice requirements

The invoice should not contain any loan details (for example, the loan amount or interest rate). Please see the vertical specific requirements below.

Home Improvement

A Home Improvement invoice must contain the following information:

Customer Name

Customer Address

Company Name

Customer Signature (if signature box is present)

Business GST/HST

Description of work being completed

Principal/Requested Amount

 

  • We will not accept any documents that say "Quote" or "Estimate"
  • Any handwritten corrections, additions or omissions need to be initialed by the Borrower(s).

 

Auto/Vehicle

A Vehicle invoice or bill of sale must be provincially approved, and include the following information:

  • Customer Name
  • Customer Address
  • Company Name
  • Customer Signature (if signature box is present)
  • Sales Person's Signature
  • Business GST/HST
  • Vehicle information: vehicle year, make and model (please ensure that the vehicle information on the Invoice matches the vehicle information entered into our system)
  • Vehicle Trades
  • Principal/Requested Amount
  • Insurance/Warranties
  • Total KMs travelled (only for Auto loans)
 
Any handwritten corrections, additions or omissions need to be initialed by the Borrower(s).

Please email us at service@financeit.io if you have any questions about invoice requirements. 

 

Payment information requirements

Void personal cheque

The cheque must be:

  • Associated with your chequing or savings account
  • Printed, not hand-written (this includes the name that appears on the cheque)
  • Legible and complete (not cut-off)
  • Must be in the applicant's name

Pre-authorized debit (PAD) form

  • Must be complete with account information.
  • If the PAD is hand-written, it must contain a bank stamp.
  • Must be in the applicant's name

 

Accepted forms of photo ID

Driver’s license
Current Canadian passport
Canadian Citizenship Card
Permanent Resident Card
Certificate of Indian Status issued by the Government of Canada
Provincial Government Photo Identification Card
Nexus Card
LCBO BYID Card

Accepted Proof of Income (POI) types

Pay stub

If you are a regular full-time employee, you can submit a standard pay stub. The pay stub cannot be handwritten, or be a Payroll Online Deduction Calculator (PDOC), and it must include the following:

  • Date of receipt (must be within 30 days of document submission)
  • Names of employer and employee
  • Hours of work and associated pay (for example, regular pay at $12 per hour, overtime pay at $20 per hour, bonuses, commission, etc.)
  • Year-to-date (YTD) totals
  • Deductions
  • Pay period and pay date

Note: The application assessment is based on regular hourly earnings. Borrowers with non-regular pay will need to provide a T4 or Notice of assessment to have those earnings considered.

T4 and Notice of Assessment

If a significant part of your income is based on non-regular pay (for example, bonuses or commission), you can submit your most recent T4 or Notice of Assessment. These should be submitted in addition to your pay stub.

If you are self-employed, you can submit your most recent Notice of Assessment (if applicable). Financeit assumes a 15% higher gross income in order to account for any business write-offs.

Note: If you are self-employed, pay stubs and T4s cannot be used in the assessment process.

Bank Statements

If you are retired, or on permanent disability, you can submit bank statements for the three most recent months. Bank statements must show consistent deposits in each month.

Pension and Retirement Statements

If you are retired, you can submit pension or retirement statements for the three most recent months, or bank statements for the three most recent months, or T4As.

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