Are you searching for a “no credit check loan?” People who look for these types of loans are often denied loans due to having bad credit. Since most hard credit checks also reduce your credit score, it makes it even harder for you to raise your score and can set up back when it comes to getting a loan when you need it most.
“No credit check loans” in Canada are most often searched for in relation to short term loans, where lenders don’t do a full credit check with one of the larger credit reporting agencies that will affect your credit score. Instead, lenders of short term loans, are more likely to do a soft credit check that looks at your employment history and your ability to repay the loan within the term instead.
While every lender has their own way of reviewing a borrower or loan application, ranging from using alternative credit check options like the bureaus recognized for ‘soft’ credit checks from companies like TeleTrack, DataX, CLVerify or FactorTrust, to credit agencies like Experian, Equifax, Transunion or similar. Each lender has their own method, to manage the risk of loaning money. When you apply through Friendly Lender and the lenders we work with, your odds of getting a loan can improve, because your application can be seen by multiple lenders.
Friendly Lender understands that credit checks can be a barrier to getting a loan in a situation where someone has bad credit. We don’t want you to mislead you with talk about No Credit Check Loans and know your options, or struggle even more than you already are.
This is why we offer loans through our direct lending partners that come with this less intensive credit check, and an option for those with bad credit.
The truth is, there is no such thing as a “no credit check loan.” Every lender does some kind of credit check. As explained above, instead a “soft” credit check is an option where your credit report is not run and other factors are taken into account that might allow you to qualify for a payday loan or other type of personal loan. After checking these non-traditional metrics, our lenders are generally able to decide on your loan much more quickly than a traditional bank. Because our process is entirely online, you can fill out the form any time, anywhere at your convenience, even on your lunch break while at work. Don’t worry about filling out the form if you have bad credit and think you might be declined. It’s possible you may still qualify for a loan in spite of a bad credit history with a non-traditional check.
One possible advantage of taking out a loan through Friendly Lender’s direct lenders is that this type of loan may not impact your credit score, providing that you pay your loan back within the term of your contract. No negative impact to your score means that you can continue to improve your credit over time and if you improve your score, it will improve your ability to borrow money and options in the future.
With fast approval loans, this means that these are types of short term loans that can be a tool for you when you are looking for an emergency loan. Some situations in which people might seek out loans like these include needing to pay the rent on time, getting last minute items for school for your kids, paying a bill on time in order to avoid painful late payment fees, or unexpected expenses.
At Friendly Lender, there is no faxing of anything to us required in order to complete the form, though some of our lending partners may still require some information be faxed, many do not. Instead, the process takes place entirely online and this increases the speed with which you can get a decision on your request for a bad credit loan. And thanks to the non-traditional credit check, it doesn’t take as long for an approval.
The direct lenders we work with are capable of assisting you in finding the right loan to meet your needs so instead of dropping you into a one-size-fits-all loan situation, your loan is tailored to meet your needs.
Bad credit can haunt you for many years once it is established. It doesn’t take a lot to end up with a bad credit score either, just a few mistakes and some bad luck is all it takes to ruin the credit of a responsible individual. Bad credit is also a cycle that is hard to break out of and it gets even harder because people with bad credit tend to take out loans that are not optimal for their situation, or that are too difficult for them to pay because they need money to stay ahead of their debts.
This makes it even harder for these individuals to pay their loans back on time. Friendly Lender wants to help you break this chain and assist you in finding a loan that suits your ability to repay. By removing the consideration of a traditional credit check, Friendly Lender is able to connect you with lenders who evaluate potential borrowers based on other metrics and assist in finding a personal loan tailored to your needs.
Finding the right payday loan for your needs is easier than ever with Friendly Lender. The steps required to get your loan do not require any complicated terms of debt formulas. Simply fill out our online form. It takes just a few minutes to complete. Be sure that when you fill in the form, all of your information is accurate and the form is filled out completely. Any inaccurate or incomplete information will slow down the process and cause it to take longer for you to get your decision.
When you fill out the form, you will need to have valid identification such as your drivers’ license or provincial ID. You will also need a checking account that is in good standing as well as your phone number, email address, and be an adult or 18 years or older. Make sure that you have proof of income on hand, since this is one of the metrics used to verify your ability to pay instead of doing a hard credit check through a credit reporting bureau.
This type of information is much easier for you to put together and as a result, you should not have to wait for weeks to hear back from your potential lender with a decision on your loan. The direct lenders of Friendly Lender will contact you shortly after you fill out the form.
In order to qualify for a loan with no credit, you need two details:
The checking account in good standing allows your lender to deposit the loan amount directly into your account. In some cases, lenders can provide funds as soon as the next business day should you receive an approval.
Your payment history from your employer allows our direct lenders to check your ability to repay the loan within the term of your agreement. Paycheque history replaces that hard credit check that people with bad credit look to avoid when seeking out any type of short term loan. Friendly Lender believes it is also much more indicative of your ability to pay than your past.
These metrics are valuable if you have made the necessary lifestyle changes and are becoming better at handling your financial needs, even if your credit score does not reflect that change.