Guaranteed Approval Loans For Poor Credit Canada
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- *Whizz is an independent comparison website, not a lender or a broker.
- *Applying won't affect your credit score.
- *All loans are subject to creditworthiness and affordability checks.
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Whenever you search for lenders offering guaranteed approval loans for poor credit in Canada, the options are online and limited. It is obvious because a lending risk is associated with individuals with bad credit tags.
At Whizz, we do not claim to provide "guaranteed approval loans," but we have a system by which you can find the right lender to offer you the best loan deal, no matter what credit history you earn.
Many lenders falsely advertise about providing loans with 100% guaranteed approval in Canada; beware of them. In reality, they charge too high-interest rates and hidden fees.
Instead of it, you can use our loan-finding services that quickly connect you with lenders that offer loans for bad credit people with high acceptance rates. Let's dive deep into this topic below:
Guaranteed approval loans for poor and bad credit in Canada- What it meant?
In layperson's terms, guaranteed approval loans for poor credit are those financial products designed for people with poor credit scores. Generally, having a perfect credit score to get approval for traditional loans would be best. That is why individuals with bad credit histories can't be able to borrow money from banks or conventional lenders.
However, these loans are specially crafted for people with less-than-perfect credit scores to access immediate funds to fulfill numerous reasons such as emergency expenses, debt consolidation, etc.
But why these loans called as "guaranteed approval loans"?
In reality, nothing can give you a guarantee, right? Every legit lender must do various affordability checks before issuing a loan, and each applicant must match their eligibility criteria. So, why do you demand it with loans?
Typically, these loans are called "guaranteed approval" because they are offered at more lenient terms and eligibility criteria than traditional lending. These loans come with higher approval rates, even if you have a poor credit score, but you must pay more.
Rather than credit history, lenders offering guaranteed approval loans focus more on other factors, such as borrower's income, employment history, debt-to-income ratio, and loan repayment ability.
If you can afford the repayment of your loan on time, you may be closer to qualifying for guaranteed loans with poor credit. Remember that loans are offered at higher interest rates and additional fees to cover the lending risks.
Pros and cons of guaranteed loans
| Pros | Cons |
|---|---|
| Quick Access to Cash | High Interest Rates |
| Easy to Qualify | Short Repayment Period |
| Few Requirements | Predatory lenders |
| Potential Solution for Emergencies | |
| Best option for people with poor credit |
Eligibility for instant approval loans for bad credit Canada
You can apply to get fast cash loans online with Whizz. No matter your credit history, you will receive guaranteed instant outcomes once you submit your application. But first, you need to meet with following eligibility criteria:
- Be at least 18 years of age.
- Be a citizen of Canada or a permanent resident.
- Be able to provide proof of your income, whether from employment or other government benefits.
- You must hold a Canadian bank account in your name.
- Current residence proof, mobile phone number, and email is required.
3 easy steps to get guaranteed approval loans
At Whizz, we do everything simply and fast. So, don't worry. Just follow our 3-step and find guaranteed approval loans:
- Step 1: Complete our online application via your mobile phone, computer, or tablet with your details. It takes 1-2 minutes only.
- Step 2: Our lenders review your application and provide instant decisions.
- Step 3: An offer is sent to your email once your loan is approved. Thoroughly review it and e-sign it to accept. After that, we'll send the money directly to your bank account within 10-15 minutes.
How to improve your credit score?
The better your credit score, the more ways to borrow money will open for you. We show you the ten best and proven tips below to improve your credit score.
- 1. Check out your credit file to see where you stand.
- 2. Ensure your credit file is fair and accurate.
- 3. Pay bills on time.
- 4. Don't apply for too many credit cards.
- 5. Pay your credit card and loans on time.
- 6. Lower your credit card balance.
- 7. Build up your savings.
- 8. Minimise new credit applications.
- 9. Don't close your old accounts.
- 10. Consolidate debts.
Guaranteed Approval Loans Canada- FAQ's
Can I get a guaranteed approval loan with bad credit?
Yes, guaranteed approval loans with bad credit are specially designed for people with poor credit or no credit history. But remember that you must have a steady source of income to repay your loan on time.
Can I get guaranteed loan approval with no credit check?
Yes, you may get guaranteed loan approval with no credit check, and the nearest option is payday loans. Usually, payday lenders don't require credit checks, and they focus more on alternative data such as income and ability to repay the loan.
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