Overview
No credit check loans are designed to provide financial assistance to those who may have a low credit score or lack a credit history in Ontario. This is because those with low credit scores or without a credit history may lack access to traditional financial products and services. Financial institutions like banks and credit unions may often require a good or excellent credit score as well as a solid credit history. Online lenders meet a need in the market by providing no credit check loans to those who may not qualify for loans with more traditional financial institutions.
Factors That Lead to Low Credit Scores or a Lacking Credit History
Subprime credit scores range between 300-599 and near-prime credit scores range from 600-659. Lower credit scores may be the result of several factors, including the following:
- Missed or late payments on credit cards, loans, and/or other bills.
- Loan repayment default.
- A credit utilization ratio above 30%.
- Maxing out credit cards.
- Mistakes on the credit report.
A lacking credit history may be more common among newcomers and young adults who are just starting to build their credit history in a given country.
Both low credit scores and lacking credit histories result in higher perceived credit risk, which, in turn, may limit access to traditional financial products and services.
This is where bad credit loans come in!
Pros of No Credit Check Loans
- Fast access to funds. Once your loan application is approved, you can get funds deposited into your bank account in as little as 24 hours!
- No credit check. We don’t check your credit score or credit report during our quick and simple application process.
- Easy and quick online application process. Just fill out our quick and easy online application form with basic details like your postal code, the requested amount, and so on, and click submit. You will receive an immediate response.
- Secure encryption technology. We use advanced encryption technology to safeguard your personal data.
Cons of No Credit Check Loans
- No credit check loans may come with higher interest and fees due to higher perceived credit risk.
- Missed or late payments may result in additional charges and fees.
The Application Process
The application process is quick and easy. Just fill out a quick online form and submit it via Friendly Lender. We don’t check your credit score or credit report during our quick and simple online application process. You will receive an immediate response and may have funds deposited into your account in as little as 24 hours once approved!
The Bottom Line
No credit check loans are designed to assist those who may lack access to more traditional financial services, usually due to a low credit score or lacking a credit history. Make sure you consider all your borrowing options before making a decision. If you lack access to financial services with traditional banks and credit unions and/or need quick funds, you may want to consider taking out a no credit score loan online.
To help improve your credit score, sign up for Credit Verify! You will be able to monitor your credit score and automatically detect mistakes on your credit report with the help of this advanced and sophisticated modern technology platform.
