People regularly experience difficulty in getting their loan approved, either because they have previously defaulted on a payment or because they are new credit card users.
If you fall into one of these categories, your only choice is to search for loan offers that do not require a credit check.
Fortunately, many lenders can provide you with a basic loan without doing a credit check. Instead, the amount of your loan, your chances of approval, and your interest rate will be determined by your overall capacity to make payments on time.
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Best No Credit Check Loans in Canada
Yes, it is possible to obtain a loan without having your credit history checked. Only subprime lenders can provide such a loan; they are known for providing no credit check loans to potentially risky clients.
The sole disadvantage of this loan is that its interest rate and fees are higher than those of a loan received after a complete credit history check. To put it another way, no credit check loans can be more expensive in the long run.
A list of the best no credit loans in Canada may be seen below.
3. Captain Cash
4. Northstar Brokers
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LendingMate is a money lending company that provides loans of up to $10,000 to both employed and non-employed residents of Ontario and British Columbia. A guarantor is required under the loan offer.
To apply for this loan, all you have to do is fill out an application on their website and send the link given to you to your guarantor so they may submit their information.
The loan amount will be paid into your guarantor’s account on your behalf within 24 hours if they pass the qualification check listed below.
Criteria for LendingMate Guarantor:
1. Good credit score
2. Financially independent from you
3. Between ages 19 to 75
4. Resident of Canada
5. Do not currently have a loan with LendingMate.
6. Is not currently a guarantor to a LendingMate borrower.
Once your guarantor fits into all of the criteria mentioned above, be rest assured that your loan will be approved.
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iCash is a money lending company based in Canada that provides loans to those with bad credit scores.
With iCash, you don’t need a guarantor; all you have to do is go to their website and fill out an application. Make sure you choose your loan amount, and repayment plan, and fill out all of the required fields.
Only online services are available through iCASH, and the maximum loan amount for someone with a low credit score is $1500.
Captain Cash is a money lending firm established in Canada that offers bad credit borrowers loans ranging from $500 to $750.
Capital Cash may be the perfect answer for you if you’re having a temporary and unusual cash flow problem. They also have a three, six, and twelve month repayment schedule.
You can apply for a loan from Capital Cash by filling out an online application or phoning their customer service line.
Northstar Brokers is known for providing Quebec residents with various types of credit profiles with short-term personal loans or mortgage loans.
To receive a loan from Northstar Brokers, simply go to their website, fill out all of the relevant information, and sign the contract that is emailed to you.
After the loan contract is signed, the loan amount will be sent to you by Interac money transfer 45 minutes later. You can acquire a loan from Northstar Brokers ranging from $300 to $3000.
Originally posted on April 27, 2022 @ 11:58 pm