No Credit Check Loans Canada
Want to apply for a loan without a credit check? Yes, you can!
- *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.
Save thousands of dollars with our Fixed and Lowest ever interest rate loans.
Why a large number of people choose Whizz? Because we brightening their rainy days since 2017. We made online borrowing simpler, faster, and more affordable.
Why choose "Whizz"?
Need urgent money? Don't worry! Apply online and get fast approval*.
Borrow $100 to $5k
You are free to borrow as min $100 to max $5000 with long repayments terms.
Secure application
Use our modern age secured application process to ensure you get funds securely and quickly.
Instant cash access
Want to quickly access your credit? We approve your small loan online within few minutes.
Dedicated support
Our loan specialists are always ready to help you throughout the whole process until you get approval.
No credit check loans- Do they really exists in Canada?
Do you need help to get a loan in Canada due to your low or bad credit? Usually, traditional banks and lenders perform hard credit checks and require a good credit score to get loan approval. But with the help of no credit check loans in Canada, you still have a chance of getting finance without undergoing of credit check.
Generally, no credit check loans, a.k.a. no refusal loans, are like personal loans in which lenders do not consider your past credit score while making a loan decision. Instead, they mainly focus on your income, employment status, and debt-to-income ratio (DTI). With the help of these factors, they determine whether you can repay your loan.
How can I apply for a no credit check personal loan?
- Step 1: Calculate how much money you need to apply and what you can afford to repay.
- Step 2: Compare the lenders based on their interest, rates, and eligibility criteria. By comparing lenders, you can crack the best loan deal.
- Step 3: Select a lender that matches your financial requirements.
- Step 4: Pre-organise your required documents to speed up the application process.
- Step 5: Apply now. Most of the no-credit-check loans from direct lenders are available online.
- Step 6: To save time in the above steps, apply with a single online application form with Whizz.
What are the loans that don't require a credit check?
As mentioned above, the options for no credit check loans are limited and come with higher interest rates. Below are some popular loans that don't require borrowers to undergo credit checks to get loan approval.
Furthermore, 100% no credit check loans are not possible, and all lenders perform soft credit checks to know more about applicants. The best thing is that it doesn't affect your credit score.
👉 Payday loans
They are small amounts and short-term loans you should repay when you get your next paycheck. Usually, payday loans are offered for 3-6 weeks. These loans are approved within a few minutes and are best for last-minute financial problems.
Many online payday lenders offer payday loans with no credit check in Canada without needing a good credit score. They look more into the borrower's ability to repay the loan rather than only the credit file.
Although payday loans seem to be an excellent option to access fast cash for people with bad credit, they should still use them when all other finance options are exhausted. It is because such loan interest rates are on the higher side.
👉 Installment loans with no credit checks
If you want to borrow a large amount of money with easy repayment options in monthly installments, installment loans with no credit check are the option. Compared to payday loans, you can borrow more money and use it to cover any minor or significant expense. Typically, installment loans come with lower interest rates, making them budget-friendly.
Tips to get approval for no credit check loan in Canada
Unfortunately, there are no hidden tips for getting loan approval without a credit check. However, there are a few points mentioned below to improve your chances:
Always remember to make only a few credit applications at a time: Making too many requests for new credit is like a red flag for the lenders and negatively affects your credit approvals. Always try to make fewer applications and wait for the lender's response.
Search for 'Soft Credit Check' lenders: Many lenders conduct basic 'soft credit inquires' rather than hard credit searches. Most such lenders check the applicant's ability to afford the loan instead of the credit score. Soft credit checks never impact your credit score and never leave a 'footprint.' You can easily find them with Whizz by just clicking here.
What are the pros and cons of no credit check loans?
Pros:
- Easy application process
- Fast funding
- No collateral required
Cons:
- High-interest rates and fees
- Short repayment terms
Are no credit check loans ever worth to apply?
With high-interest rates and fees, applying for a no-credit-check loan are rarely a good idea. Because of lending risks associated with loans without a credit check, lenders charge high rates to cover their risks.
However, if you want quick cash and your credit score is terrible, but you can afford your loan repayment, then no credit check loans may make sense to apply. These loans may act as a life savour for those who can't qualify for a traditional loan like a bank loan due to their poor credit score.
Before accepting the loan offer, thoroughly check the terms, rates, and eligibility section.
No Credit Check Loans Canada- FAQ's
Can you get a loan with no credit check?
Yes, you may qualify for a loan with a credit check in Canada. The options to get no credit check loans are limited and are offered at high rates and fees. Usually, lenders who provide loans without credit checks focus more on other data, like income and employment, to determine borrowing eligibility. Some lenders perform a 'Soft Credit Check' to verify the applicant's details.
How to apply for a loan with no credit check?
You need to submit an online application with your details to apply for a loan with no credit check. The lenders must review the credit history of every applicant, but at Whizz, we have some reputable that do not run hard credit inquiries. They conduct soft credit inquiries and focus more on borrowers' loan affordability than past credit history.
What type of loan does not require a credit check?
Many loan options do not require a credit check in Canada. Payday loans, bad credit loan lenders, credit unions, secured loans, secured card cards, and co-signer loans are some loans that are available without a credit check.
Can I get a payday loan without a credit check?
You don't need a good credit score to get a payday loan with no credit check. Many Canadian payday lenders offer payday loans online with less strict credit requirements. They usually check your loan affordability, such as income, employment, and debt-to-income ratio, to make a final lending decision.
Ready to get started?
Apply online, get instant decision, and if approved, access up to $1,500 or more.