Friendly Lender

Payday Loans No Credit Check in Canada

Payday Loans No Credit Check

Payday Loans No Credit Check

Most of the time, a payday loan without a credit check doesn’t mean a credit check won’t be performed. Instead, it simply means that you will have an alternative credit review before you can obtain your money. At the same time, your lender needs to know that they are not giving money to someone who is already bankrupt and who won’t be capable of paying the loan back.

Most payday loans without a credit check offer small amounts of money, anywhere from a couple hundred to $1000, for a short period of time to help you pay for something that simply can’t wait until your next paycheck. For example, if you need to pay for an emergency repair to your car so you can return to work the next day.

What is a Payday Loan Without a Credit Check?

When you apply for a loan, including a loan without a credit check, the lender must validate the information collected at the time of application. Unlike standard financial institutions that use Experian or Equifax, a private lender specializing in no-investigation loans performs an alternative credit check that does not affect your credit score. This can include verifying your salary, your employment and even your current debt to income ratio.

When applying for most types of loans, the lender you’re dealing with will look at your track record with money. If your lender contacts the credit agencies, they will receive important information about how you have handled credit in the past. This information includes any money you may owe, as well as late or faulty payments.

Most banks and lenders think that a history of managing your credit rating in the past is a good sign of how you will manage it in the future. In other words, if you have missed payments before or had financial problems, for example, you wouldn’t be accepted for a standard loan at a traditional banking institution. Payday lenders generally have a more humane vision and don’t base your present on your past. They do, however, assess the risk in lending to you through other means.

Applying for an Online Loan is easy as 1-2-3

How it works?

Why Choose a Loan Without a Credit Check?

There is nothing simple about getting a loan approval at your banking institution. A standard lender may require you to take an appointment and fill out a huge number of forms detailing your credit history, income, employment history, and more. To the contrary however, when working with a private payday lender, the application takes no more than a few minutes. You’ll be surprised how little effort it takes to find a lender who is willing and able to help you when you need it the most.

Avoid stress and get on with your life. You have a bad credit score – so what? You aren’t alone and there are plenty of solutions for you. Your past financial mistakes don’t have to haunt your future any longer. A lender still has to make sure that they have good chances of being reimbursed and therefore, some form of background check is definitely going to be performed.

Who is Eligible?

A Quick and Easy Process

You will never have to set foot outside your own home when applying for a payday loan. Everything is completely online and in just a few clicks. Once you’ve filled out your form and provided the few required documents, your request is generally reviewed and accepted or denied within the hour. Even more appealing, many borrowers receive their requested funds, deposited directly into their bank account, within a maximum of one or two business days. You never have to leave the comfort of your own home – which is vastly different from applying for a loan at the bank!

A Solution for Emergencies

Payday loans are more expensive than a traditional loan or line of credit, so they should be reserved for emergencies such as paying bills before a service interruption, repairing a vehicle used to go to work or for medical expenses that are not covered. By way of comparison, the annual interest rate for store cards varies between 25% and 29%, while that of a payday loan can reach up to 35%, which is the maximum rate retained by jurisprudence in Quebec. In other words, this solution should be looked at as a last resort!

In Quebec, approximately 45,000 insolvency files are filed annually. Whether it is following a personal bankruptcy, a debt consolidation or any other situation beyond your control, there is a lender out there willing to offer you a solution. Even though Quebec amended the Consumer Protection Act in August 2018 by prohibiting the charging of brokerage fees and making payday loans more affordable, payday loans remain an expensive solution. Therefore, they should only be used when there is an urgent need for money.