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.