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Credit & Debt

Will Quick Loans Affect Your Credit Score?

You may have heard that it is possible to obtain quick loans without a credit check but have you ever been left wondering if these types of loans can affect your credit?

If you’re considering applying for quick loan but the idea of potentially damaging your credit is looming over your head, then this article should help to clear the air on the matter. The last thing that anybody wants is to be considered a loan risk by their bank because of a small error that could have easily been avoided.

How can quick loans affect my credit rating?

Did you know that each new credit request has the potential to lower your credit score? This means that each time you go to a bank seeking a quick loan and they perform a credit check on you, it will have a negative impact on your overall credit rating.

There are two types of credit checks that exist in Canada which can be categorized as soft and hard. A soft check will have no effect on your credit score while a hard check will actually reduce your rating.

A soft check can come in the form of a company doing a quick check because you signed up for their new service and hard check is the one typically performed by your bank when requesting a loan. If you’re looking to obtain a small loan from your bank for emergency reasons, this can be particularly off-putting.

Fortunately, quick loans can be acquired without a credit check from a private institution such as Friendly Lender and these loans will have no negative effect on your credit.

How can you maintain a good credit rating?

Besides avoiding a hard credit check from your bank when seeking a quick loan, here are some other techniques to keep your credit rating up to par and stay in the good graces of your financial institution.

Avoid late payment

It is always highly recommended to pay your bills on time. Not paying your bills on time is majorly frowned up by credit companies and banks won’t make a loan to someone with a credit rating impacted by late payments.

Keep old credit accounts and avoid new ones

The best practice in the eyes of the bank is to not have multiple accounts for the same type of credit. Having an old credit account with consistently good standing is a huge plus in the eyes of anyone making a quick loan.

Keep credit card balance low

The higher the balance on your credit card, the more your credit score will plummet. Try to keep your balance within %30 of your credit card limit to be in good standing.

Keep an eye on your credit reports

Another thing to look out for is errors being made on your credit report. Even if you have an impeccable track record with regards to your credit rating, that doesn’t stop someone else from screwing up and leaving a negative mark on your report by accident. Identity theft and credit card fraud are also very real possibilities that can hurt your credit so be sure to pay attention to your reports.

Summing up

It is important to remember that seeking to acquire a quick loan from your bank will results in a hard credit check that can cause your credit rating to drop. If this worries you, it can be wise to consider obtaining a quick loan without the need for a credit check.

If you have any further questions regarding obtaining a quick loan with no credit check in Canada, do not hesitate to contact the team at Friendly Lender

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Credit & Debt

Why choose payday loans in Canada with no credit check

There are endless amounts of financial situations that people can find themselves in which require funds that they don’t have. In these situations, having a negative credit rating will often be the deciding factor on whether or not they attempt to secure a loan.

Fortunately, there exists the possibility of obtaining payday loans in Canada with no credit check required. So what is a payday loan and why is it important that it doesn’t require a credit check in Canada?

What are payday loans in Canada with no credit check?

A payday loan is a short-term loan in Canada, typically designed to help you in between paychecks but that also can serve a multitude of purposes for those in financial need. Customers may choose to acquire a payday loan with no credit check for reasons as diverse as home renovations to covering dental work to simply avoiding late fees on payments.

What is a credit check?

Credit checks in Canada are detailed reports on your credit history showing the way you have used your credit in the past and how successfully you’ve made repayments. Basically, a credit check is used by your bank to determine your level of trustworthiness in their eyes when applying for a loan.

Certain data that can be shared via credit check includes your place of employment, the status of your property payments and loans you may have taken out in the past. Since you will always face a credit check when applying for a loan from a traditional bank, having a less than stellar credit score will almost certainly affect your ability to acquire the loan.

If you ever feel unsure about your credit rating in Canada, you can request your file at any time from either Equifax Canada or Trans Union Canada. This will give you an idea of whether or not a loan will be obtainable from your bank.

Why choose a payday loan with no credit check?

Choosing a payday loan is a solution for those seeking to obtain a loan without a credit check involved and therefore with no negative affect on their credit rating. Lenders will often provide this type of loan in a rapid fashion which makes it ideal for dealing with potential financial emergencies.

The ease of obtainability, combined with the relief of knowing your request is confidential makes this a worthwhile option for many, as you can even apply from the comfort of your own home. While there are still certain conditions that must be met for payday loans, the rate of rejection is very low and few requests are denied.

Summing up

For those seeking a rapid and simple solution to any kind of financial situation but wanting to bypass the process of having their credit score verified, payday loans can be an option worth further consideration.

If you have any further questions regarding obtaining a payday loan with no credit check in Canada, do not hesitate to contact the team at Friendly Lender!

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Credit & Debt

8 everyday reasons for fast cash loans

The unpredictability of our daily lives can sometimes require us to dip into finances that we don’t have at our disposal. There are many legitimate reasons that a normal person might need to acquire a fast cash loan to take care of unexpected expenses.

Requiring a fast cash loan could be for anything from emergencies to things that are less urgent but still call for supplementary cash to attain. You may be surprised to discover some everyday reasons that lead ordinary people to apply for a loan with no credit check.

1. Fast cash loans for consolidation of debt

Many people seek to acquire a fast cash loan in order to consolidate their debts. These debts could be anything from vehicle loans to credit card fees. The main reasoning for debt consolidation is to save money and reorganize finances into a single loan with a fixed rate.

2. Vacations and holidays

Travelling can be expensive and often will require that you save up ahead of time, which isn’t always an option for everyone. Receiving a fast loan to help you pay for a family vacation or holiday spending can allow you to enjoy your retreat without worrying about breaking your budget.

3. Weddings

Another popular reason for applying for a quick cash loan is to cover wedding expenses. A short-term loan can give grooms and brides-to-be the necessary funding to have their wedding on their terms, helping to cover everything from the wedding dress to the cake to a honeymoon retreat.

4. Moving

Whatever the reason for a big move, from relocating for a new job or to be closer to family members, it can quickly become costly and require fast cash. People will often acquire loans to help them pay moving trucks or purchase new furniture when it has to be done in a limited period of time.

5. Funerals

Funeral costs tend to be exceedingly high and depending on life insurance policies and the deceased’s estate, people will often need to cover the costs out of pocket. This will lead them to seek out a loan quickly in order to give their loved ones a proper service.

6. Bad credit

If you have a negative credit rating, it can prevent you from securing a loan from your financial institution. Many people become stuck in this situation and therefore must turn to private lenders in order to obtain a fast cash loan without being subjected to a credit check.

7. Home improvements

As many home owners can attest, some renovations require our immediate attention. After all, you don’t want to sleep in a room where cold air leaks in during the winter. People don’t always have the necessary cash lying around for these improvements and decide to take out a fast loan to fix up their home.

8. Dental work

One last reason an ordinary person might seek a fast cash loan is to cover emergency dental expenses. This could be anything from wisdom tooth removal to fillings that need to be replaced out of the blue.

Summing up

As you can no doubt tell, there are plenty of reasons that someone might require a loan quickly. We don’t always have the necessary funds within arms reach and a fast cash loan can help reduce the stress of unexpected expenses.

If you have any further questions regarding obtaining this type of loan with no credit check in Canada, do not hesitate to contact the team at Friendly Lender!

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Credit & Debt

Online cash loans with no credit check: an easier way to vacation?

Vacations can be some of the most memorable experiences of our lives and provide a much-needed break from the obligations of daily life. But it can sometimes be difficult to get your finances in order in time for a vacation and if all you think about is staying within budget constraints, it can put a damper on your mood and make it hard to enjoy your travels.

A great number of people now use online resources to plan their vacations, including seeking loans with no credit check. This can be an easier way to take your dream vacation without having to scramble to get the necessary cash beforehand.

In this article, we will help you discover why online cash loans with no credit check can be a viable solution for those looking to travel the world.

 

 

Online cash loans with no credit check: a solution for a worry-free vacation

Do you need to finance a continent-hopping adventure, a romantic honeymoon getaway, a humanitarian mission or a simple family trip? An online cash loan can be a quick and worry-free solution worth considering!

There are so many different reasons people decide to travel the world and these can sometimes be once-in-a-lifetime opportunities that you don’t want to let pass you by. But oftentimes it can be difficult to come up with financing at exactly the right time or even to obtain a cash loan from your bank because of poor credit ratings.

Requesting an online cash loan will save you time and the hassle of applying for credit. If you need to finance your dream vacation to the Great Barrier Reef or your perfect honeymoon in Florence, an online loan might be the best option for you.

Online cash loans with no credit check: are financial troubles holding you back?

It is possible that the only thing keeping you from your dream destination is current financial problems such as bad credit. Having a poor credit rating can be a burden on your everyday life but did you know that you can get loans with no credit check to move you over a financial speed bump?

Having financial troubles holding you back from your travels can be stressful and easily take a toll on your well-being. This makes taking a vacation even more necessary, as it has been shown that taking vacations is important for our physical and mental health.

Acquiring an online cash loan with no credit check can allow you to get your finances in order while you take a much-needed relaxing trip away from the hustle of day-to-day life. This way you can return fully reposed and with a renewed sense of purpose!

Conclusion

There are many reasons one might need an online cash loan, from a need for emergency cash to having trouble getting one from the traditional banking system due to credit checks. Going on vacation is an increasingly popular reason that people decide to request online loans because it provides a quick and easy solution for when time is limited and extra financing is needed.

Getting a fast online cash loan gives you the freedom to plan your dream vacation on your terms so don’t hesitate to consider it as an option for your next adventure!

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Credit & Debt

Can you get loans with no credit check?

Traditional bank loans are often denied to people for fear of financial risk due to their bad credit. For those seeking to acquire a loan with no credit check, going the traditional route can be a frustrating experience. Since credit ratings are used to determine the ability of someone wishing to receive a loan, financial institutions are generally not a viable option for those with poor credit.

There are many common reasons someone may require an emergency loan. Luckily, there are other solutions for those who want a loan with no credit check involved.

Loans with no credit check: where does bad credit come from?

Credit ratings can have a big impact on our daily lives. Having a good score gives you access to many things that a poor one will exclude you from. But how do seemingly responsible people end up with bad credit?

There are many reasons that financially responsible people can end up with a less than stellar credit rating. Here are a few common criteria that can affect your score:

  • Being late on your credit card payments
  • Writing a check without the proper funds in your account
  • Missing a payment on bills or debts
  • Closing old credit cards
  • Making several credit applications
  • Defaulting on a loan

As you can tell, there are many ways in which someone can slip up causing detrimental affect on your credit rating and consequently your ability to obtain a loan. In order to maintain your financial standing it is important to settle your bills as early as possible and make loan applications only for the amount you need.

Is it possible to get a loan with no credit check?

You might have found yourself wondering how to get a personal loan when you have bad credit. As you know, most banks will often refuse you based on your credit score. Fortunately, your options don’t start and end with the bank.

Today, many private institutions offer loan services with no credit check to worry about. You can now simply fill out a form and have access to your loan money in a short period of time (generally 24 hours) with low rates of refusal.

Services like the one at Friendly Lender can be more efficient due to their quickness and ease of use. There are still certain requirements, such as being over the age of 18, but in general, private loan solutions are better suited for those looking to avoid credit checks.

Another less desirable option is to go to friends and family for a loan. This is a possibility for some but many people feel uncomfortable putting a burden on their loved ones and potentially straining their relationships.

Summing up

It can certainly be difficult to find solutions to financial troubles when you have bad credit. But once you weigh your options, you will find that simpler solutions are available for getting a loan without the extra hassle of a credit check. If you have any further questions regarding obtaining a personal loan with no credit check, do not hesitate to contact the expert at Friendly Lender!

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Personal Finance

How to get a Personal Loan with Bad Credit

Obtaining a personal loan with bad credit can be a difficult endeavour. You may have a bad credit score for any number of reasons, from having financial troubles to having problems building credit early on.

While it can be easy to lose hope in a situation like this, don’t worry yourself too much because there are a number of options at your disposal.

When should you consider a personal loan with bad credit?

There are numerous legitimate reasons that someone might seek a personal loan with bad credit. Before seeking to acquire a personal loan, however, it is good practice to plan your budget ahead of time in order to not end up in a worse financial situation than you started in.

Of course, there are a variety of circumstances which may require you to get an emergency personal loan, such as medical bills, car and home repairs, caring for a sick pet or paying school tuition fees. In these cases, having a bad credit rating may discourage you from trying to obtain a personal loan but it is important to understand every option available to you.

What options exist for obtaining a personal loan with bad credit?

For those with bad credit, there still exist several loan options for you to consider. Take the time to determine which type of personal loan will best fit your needs. Here are a few for you to consider:What options exist for obtaining a personal loan with bad credit?

  • A short-term loan is one which must be repaid in the short-term (less than a year). This type of loan may or may not require a credit check depending if they are private loans or not. At Friendly Lender, for example, we offer a service without credit checks.
  • A traditional bank loan is of course issued by your bank. These types of personal loans will check for bad credit, which will make it more difficult to acquire them.
  • A home equity loan is secured using your home as collateral.
  • Alternative options can also be used such as a pawnbroker or seeking help from friends and relatives.

Where to go for a personal loan?

Depending on the type of loan you will be seeking, there may be a number of options for you to explore. However, the two major routes can generally be defined as the bank and the private lending institution.

Going to the bank is usually what first comes to mind when thinking about your options for a personal loan. Applying for a loan with bad credit from a bank isn’t impossible but it will certainly take longer and you have a much higher chance of being denied.

The second route is less traditional but much more effective for those with bad credit. Turning to a private lending service such as Friendly Lender will assure you rapid service without a credit check. At Friendly Lender, we offer a trusted service that will secure you a personal loan quickly without the headache of going the through the banking system.

Summing up

Now that you understand the variety of options available to you when you have bad credit, you can take the necessary time to find what will work best for you. If you have any further questions regarding obtaining a personal loan with bad credit, do not hesitate to contact the team at Friendly Lender!

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Personal Finance

5 Common Reasons to get an Emergency Loan

Life has a tendency to throw us some unexpected curveballs. Some of them may require you to withdraw funds that you may not have saved up in the first place.

To face these financial troubles that pop up seemingly out of nowhere, we sometimes have to turn to alternative financial sources such as a payday loan. In the case of dealing with personal loans from a bank, this can be especially frustrating if you have a bad credit rating.

Fortunately, services such as the one we offer here at Friendly Lender can help people in urgent need to get back on their feet. Here are 5 common reasons that people require an emergency loan in unexpected circumstances.

Emergency loan for medical expenses

In the event of a medical emergency, unexpected costs can hit us by surprise. These could be any extra hospital bills, expenses for medical treatments or dental charges.

Since our health is important above all else, requesting an emergency loan in the event of medical need is very common, especially if you don’t have insurance.

Repairs

Emergency repairs for vehicles, home appliances or electronics are other extremely common reasons to request a personal loan. Having access to a car is a requirement for many people to earn a living and if it breaks down, an emergency loan presents a quick solution to get it back up and running again.

As for other repairs, electronics can be unreliable and have short lifespans, while other things in your home may require immediate fixing like a leaky faucet or malfunctioning dishwasher. These appliances are things people have to use everyday and without any expendable cash in the bank, an emergency loan is something many consider.

Home renovations

Making important renovations to your home is another commonly seen problem that can often require an emergency loan. Many homeowners understand the feeling of always having something that needs to be done to improve the house.

If you are planning on moving in the near future, everything from applying a fresh coat of paint to renovating a deck can require your immediate attention to boost the sale price of your home. Instead of waiting forever, many people decide that a personal loan is the right option for them.

Unpaid bills and debt

Most people have bills to pay and debts they want to get rid of as quickly as possible. Unwanted delays can occur due to anything from poor financial management to an unforeseen job loss.

Rather than allowing the debt to pile up, people regularly turn to emergency loans as a solution. Short-term financial relief in the form of a loan can be just what many people need to get their bills and debt back in order.

Vacation

Some reasons for taking out an emergency loan are less stress-related than others. Exploring the world can be costly and many young people will seek the help of a personal loan to help cover their travel expenses.

Summing up

There are numerous reasons one might seek to acquire an emergency loan and this article hopefully shows just how varied they can be. When used for the right reasons, a personal loan can take a great weight off your shoulders.

If you wish to apply for an emergency loan or you have any further questions do not hesitate to contact our specialists so we can help you with all your personal loan needs.

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