No Credit Check Loans Canada
What are No Credit Check Loans?
A no credit check loan is a financial tool to help those with low credit scores get money quickly. The application process does not involve a lengthy review of your personal information, so those who have been turned down by traditional lenders may find no credit check loans more accessible to obtain.
Taking out a no credit check loan is an easy and fast way to solve your cash crunch. When Loan Express approves you, you'll have access to the funds within minutes.
What does Credit Check mean?
A credit check is a means for the lender to assess your ability to repay the loan, which will involve your credit rating. Your credit check will show any accounts where you have taken out credit. This usually includes the review of:
- credit cards
- utility debts
- purchases bought on finance
A credit check can also include closed account information.
How can Traditional Credit Checks Affect Your Credit Rating?
Credit checks can harm your credit rating if the results are not favourable. These checks will appear on your credit report and can stay there for two years. And, if the credit check isn't positive, it can reduce your credit rating for up to two years. This means that you will have a more challenging time accessing loans and may even need to pay higher interest rates for those with low scores.
Types Of No Credit Check Loans
Canada's lending industry is an ever-changing sea of options. For those who want to avoid the hassle, there are no credit check loans that you can access.
Payday loans are an excellent option for people who need quick cash if you don't mind paying it back in full within the allotted amount of time. You deserve to get the money you need, and we're here for that.
At Loan Express, customer service is always first; that's why we're Canada's most reputable online payday lender with competitive rates and quick processing time. There are no hidden fees or high-pressure sales tactics involved in obtaining your loan funds. All you need to do is click "Get Started," and you're well on your way to a hassle-free loan!
Personal loans come in many amounts, with some ranging up to tens of thousands. They can also have different repayment terms lengths or installment frequencies. The two types of personal loans you can find in Canada are as follows:
- Secured Personal Loans: If you want to get a secured personal loan, you must provide collateral (such as real estate or a car) for your application to be considered. Be careful: if you miss too many payments or do not adhere to its fine print, the lender will have the right to seize the asset.
- Unsecured Personal Loans: These are often small loans with a higher interest rate. These are easier for those who do not have or do not want to risk collateral. Repayment terms are usually shorter.
Guarantor loans are a method of obtaining money with a guarantor or co-signer. If you were to default on loan payments, it would then be up to the guarantor to make the repayments in full, even if you or they cannot afford them.
Car Title Loans
If you have a car of some value, a lender may waive their credit check if you use your car title as collateral. Like a secured personal loan, your assets will be seized by the lender if you lapse payment.
How Do No Credit Payday Loans Work?
A financial emergency can happen at any time, and you need to be prepared. A sudden expense could drain your monthly savings and feel incredibly stressful to deal with. With a no credit loan, you can get cash fast, without the need for a credit check.
No credit loans are based on circumstances other than your current credit score, such as your current employment and financial situation.
Unless Requested, Loan Express does not ever check credit scores; even if you have bad credit, you may still qualify for up to $1,500!
What are the Benefits of a No Credit Check Loan?
We all know that a lack of credit history can be an obstacle when it comes time to get the best loan rates. With a no credit check loan, you can receive the cash you need fast.
- Your credit score isn't as important – Having bad credit or no existing history will not stop you from being approved for a loan.
- Approval depends on other aspects – Loan Express doesn't care about your credit or prior debt issues. All we need to know is that you'll be able to afford the loan repayment!
- Approvals are often quicker – A no credit check loan is often more convenient than a bank because it can be approved and deposited in minutes. With other financial institutions, you might have to wait anywhere from 1-7 days before your funds are available for use!
Requirements for Applying for a No Credit Check Loan from Loan Express?
It's hard to keep up with your monthly expenses when you get a surprise bill or two. Luckily, there is an easy way out: payday loans.
You can get quick cash and still pay what you owe without worrying about long-term debt! To apply with Loan Express, you must:
- ✔ Be 18 years of age or older.
- ✔ Have a bank account open and in use for at least 30 days.
- ✔ CTC, CPP, Pension, Disability or Payroll that is on Direct Deposit.
Good credit or bad credit, everyone is eligible. In fact, we will never decline an application based on credit history or a credit score!