Compare No Credit Check Loans
No Credit Check Loans in Canada: No inquiry, no impact to your score!
Most lenders and financial institutions require a credit check when you apply for a loan, however it’s not the only option. We work with top lenders who offer no credit check loans in Canada.
This means that you could qualify for a cash loan without a credit check of up to $50,000 by only providing some basic information. This is a great option for those who have bad credit history, or simply don’t want to cause a hard inquiry to their credit report. With this type of loan, you can obtain a quick and easy personal loan even if you have a limited or poor credit history.
More Reasons to Get a Quote:
- Alternative option if you’ve been declined by other Canadian lenders
- Wide range of borrowing options available
- Won’t impact your credit score
- Quick and easy process with a fast decision
Can I Get A Loan Without Checking My Credit Score?
Yes, you can get loans with no credit check in Canada. This type of personal loan allows the lender to approve applicants without performing inquiries on credit scores. You won’t need to have a minimum score in order to get approved, so it won’t affect your credit unless you fail to pay it back. With our online quote service, you can compare options for no credit check loans and get quick or even instant approval.
Frequently Asked Questions
What are the advantages of a no credit check loan?
This type of online loan may appear to be a viable option if you have an emergency, such as a medical problem or a car repair that requires immediate funds. Many of these loans provide the quick approval and immediate funds transfer needed to solve the problem at hand. Borrowing amounts typically range between $300 and $50,000.
However, it is important to understand the terms of your loan and the interest rates offered. You should carefully read all paperwork before agreeing to this type of loan, and keep in mind that they are best used as short-term loans.
What are the disadvantages of a no credit check loan?
A loan that doesn’t check your credit report can have very high interest rates, often exceeding 100%. These types of bad credit loans are notorious for trapping Canadian borrowers in a cycle of high-interest loans that they cannot repay. Avoid online lenders in Canada who charge high-interest rates and encourage you to take out a second loan to repay the first.
A no credit check loan can still harm your credit score if you fail to repay it. This is due to the lender's ability to sell the debt to a collection agency, then report your delinquency to the credit bureaus. Putting a repayment plan into place is key!
What are the requirements for a no credit check loan?
To be approved, you will need to provide personal and financial information. Although requirements vary by lender, here are some of the things they may look for when you apply::
- Income: While some Canadian lenders are more flexible, most online lenders require you to have regular employment in Canada and be earning between $1,000-$2,000 per month.
- Bank Statements: You'll usually be required to provide your most recent Canadian bank statements (the last 30-90 days) as proof of your income. They may also ask for a pre-authorized debit form or a voided cheque.
- Identification: Lenders will typically request one or two pieces of Canadian government-issued photo ID, such as your driver's license and passport, to confirm that you are of legal age and a permanent resident in Canada.
- Recent Bills: To verify your Canadian address, some lenders may also request a utility bill or other proof of residence.
Is this a safe lending option?
Although Canada legally does permit this form of online loans, they may not be the best option due to high interest rates. In addition, the lender may also include various hidden costs, leading to a debt cycle. We recommend carefully comparing your options, reading through the loan terms, and always going with a secure website like FatCatLoans. When applying for a loan, start thinking about your repayment plan right away in order to avoid getting stuck or being unable to pay.