Top 5 Loans in Canada With No Credit Check

Anyone can end up having bad credit. If you’ve experienced some financial troubles in the past and now find yourself with a less-than-stellar credit score, you may think that you’re out of luck when it comes to getting a loan. Fortunately, that’s not always the case!

There are numerous lenders in Canada that don’t require a credit check, meaning that you still have a chance at getting the money you need. In this article, we’ll review five of the best loans in Canada with no credit check, as well as provide all the relevant information and requirements.

Our Top Picks

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LoanConnect

Best for loan variety

  • A wide selection of lenders
  • The online application process is simple and quick
  • Accredited by BBB
  • You can compare lenders through the company’s website

LoanMeNow

Best for lower APR

  • Fast approval and funding
  • Good for smaller amounts of money
  • Secure and easy loan application process
  • No prepayment penalties

Instant Funding

Best for fast unsecured loans

  • Fast application process
  • Flexible repayment terms
  • High approval rates
  • Same-day approval and funding via IBV system

Title Loans Online

Best for fast secured loans

  • Approval and funding available the same day
  • Direct lender and open loans
  • Vehicle can be used as collateral
  • A number of physical offices across Canada

LendingMate Review

Best for guarantor loans

  • Unemployed individuals can also apply
  • Better interest rates than with most payday loan companies
  • No hidden or extra processing fees
  • Quick and simple application process

Loans in Canada With No Credit Check: Our Reviews

Finding a bad-credit loan or a no-credit-check loan can be a challenge. There are so many options available, and it can be difficult figuring out where to start. Luckily, we’ve compiled a list of the top five no-credit-check loan providers currently available in Canada to help you choose.

LoanConnect

star 9.2

Best for loan variety

  • Amount: Up to $50,000
  • APR: 6.99%-46.96%
  • Loan term: 3-120 months
  • Funding time: 24 hours

LoanConnect is a search engine made specifically for loans, and it’s a great way to find loans with no credit check in Canada.

You simply enter some basic information about what you’re looking for, and LoanConnect will provide you with a list of options. However, the company doesn’t just provide a bare-bones list, but detailed information about each option, allowing you to more easily find an offer that suits your needs best.

Another advantage of LoanConnect is that the loan amount can be as high as $50,000, and the company serves borrowers from all over the country. The higher your credit score, the more options you are likely to find at lower interest rates.

It’s worth noting that the website itself doesn’t offer loans; it simply connects you with lenders who do. Even though the company only serves as a mediator, there are no additional fees involved.

Overall, the search engine provides good results, however, it’s more beneficial for those with good credit and can sometimes be rather limited for those with a low credit score who are looking for quick loans in Canada.


Pros

  • + A wide selection of lenders
  • + The online application process is simple and quick
  • + Accredited by BBB
  • + You can compare lenders through the company’s website

Cons

  • Mediation service that doesn’t provide loans directly
  • The lender’s own terms must be considered

LoanMeNow

star 9

Best for lower APR

  • Loan amount: $300-$1,000
  • APR: 28%-32%
  • Loan term: 84-90 days
  • Funding time: 24 hours

LoanMeNow is a financial services company that provides consumers with short-term loans with no credit check in Canada. The business has been in operation since 2013 and is headquartered in Montreal, Quebec. LoanMeNow’s rating provided by the Better Business Bureau is an A, although it is not accredited.

LoanMeNow provides a choice of loans with varying interest rates and fees. The annual loan interest rate ranges from 28% to 32%. The appropriate interest rate in the event of a payment default is 2.66% per month, or 32% per year. There is a $45 fine for payments returned due to insufficient funds.

You can delay a payment by paying up to $35 in administrative fees. As soon as you qualify for and accept a loan, you must pay a brokerage charge. The loan must be repaid between 84 and 90 days, and can be repaid in six semimonthly payments, six biweekly payments, or 12 weekly payments with no fees or penalties for prepayment.

You are eligible for a loan without a credit check if:

  • You are a Canadian resident over the age of 18
  • You have a monthly net income of at least $1,200 after taxes
  • You have a Canadian bank account and receive direct deposit of your salary
  • You have worked for the same employer for at least two months prior to applying
  • You are not currently in or intend to declare bankruptcy or a consumer proposal

During business hours, customers can contact customer service via the website, email, or phone. LoanMeNow may be a good option for you if you need a short-term loan and are willing to accept a high interest rate in exchange for a quick loan with no credit check.


Pros

  • + Fast approval and funding
  • + Good for smaller amounts of money
  • + Secure and easy loan application process
  • + No prepayment penalties

Cons

  • Loan term is only three months
  • Fees differ depending on the lender

Instant Funding

star 9.5

Best for fast unsecured loans

  • Loan amount: $300-$1,500
  • APR: 23.99%-59.96%
  • Loan term: 4-12 months
  • Funding time: 2-4 hours

Formerly known as FlexiLoans, Instant Funding is a company that offers online loans with no credit check and instant approval in Canada. The company is headquartered in Laval, Quebec. Instant Funding offers cash advance loans ranging from $300 to $1,500 that are deposited directly into your bank account through e-transfers.

To be eligible for a loan, you must meet the following requirements:

  • Be employed on a consistent basis and earn more than $1,800 net per month
  • Maintain a bank account with at least 90 days of activity
  • You didn’t take out too many short-term loans in the past
  • Have no more than three unsuccessful transactions due to insufficient funds in the last 90 days

Instant Funding uses Instant Bank Verification to enable its account managers to verify your eligibility for instant loan approval in this Canada-based company without having to check your credit score. The online application form only takes a few minutes to complete, and the loan is usually transferred within two to four hours.

The interest rate will be determined by Instant Funding’s evaluation of your credit profile, and the loan must then be repaid in full by the due date. The good news is that there are no prepayment penalties for early repayment. If you require assistance, the company’s customer service is accessible via email around the clock.


Pros

  • + Fast application process
  • + Flexible repayment terms
  • + High approval rates
  • + Same-day approval and funding via IBV system

Cons

  • High APR range

Title Loans Online

star 8.8

Best for fast secured loans

  • Amount: $3,000-$25,000
  • APR: 14%-49%
  • Loan term: 24-60 months
  • Funding time: Same day if processed by 3 p.m.

If you’re in need of quick cash and don’t have many other options, Title Loans Online may be a good option for you. These are quick loans with no credit check, they’re relatively simple to qualify for, and you can get the funds you require the same day by using your car or motorhome as collateral.

The amount you can borrow will depend on your car’s value, but you can typically get up to $25,000. Title Loans Online has physical branches in British Columbia, Alberta, Ontario, Nova Scotia, New Brunswick, and Saskatchewan, with its headquarters in Calgary, Alberta.

The approval process takes up to one hour, and all loans processed by 3 p.m. are funded the same day. If you apply for a loan after 4 p.m., it will be funded the following morning.

The requirements for these car title loans in Canada are as follows:

  • The automobile must be paid for in full
  • It must be a 2013 model or newer
  • Less than 200,000 km travelled
  • Complete protection insurance
  • Vehicle currently registered to you
  • The vehicle’s status must be Active (not Rebuilt or Repaired)

The requirements for a motorhome loan differ a bit, with the motorhome having to be a 2007 or newer model. Moreover, you’re also required to have an active full coverage insurance policy or parking insurance for both cars and motorhomes.

By using your vehicle to secure a loan, you won’t have to worry about putting up your home or any other valuable assets as collateral. One potential downside of Title Loans Online is that the interest rates can be quite high. However, if you are able to repay the loan by the due date, this won’t be a major issue.


Pros

  • + Approval and funding available the same day
  • + Direct lender and open loans
  • + Vehicle can be used as collateral
  • + A number of physical offices across Canada

Cons

  • Higher APR range
  • Fees can accumulate over the years

LendingMate Review

star 9

Best for guarantor loans

  • Amount: $2,000-$10,000
  • APR: 43%
  • Loan term: 12-60 months
  • Funding time: 24-48 hours

LendingMate is a lender that provides loans to borrowers with poor credit, ranging from $2,000 to $10,000. There is no credit check for its guarantor loans. Currently, only residents of British Columbia and Ontario are eligible for LendingMate loans.

Despite the fixed, fairly high APR, one of the company’s advantages is the ease of loan processing. However, this heavily depends on the financial standing of your guarantor, as their credibility is a crucial criterion for loan acceptance.

The guarantor must meet the following requirements:

  • Must be able to afford repayments if the borrower fails to make payments
  • Must have good credit
  • Be aged between 19 and 75
  • Should be a Canadian homeowner, or have a strong credit history (a homeowner is more likely to be accepted)

Although the company will approve your loan without a credit check, the approval of the guarantors may take some time. Once completed, the loan is usually paid out within 24 hours. To avoid fraud, the loan is transferred to the guarantor’s account first, after which they can transfer it to the borrower’s account.

The loan is repaid monthly and payments must be made directly by the borrower. The company performs a direct debit and also collects debit card information as a backup in case the direct debit fails.

If the borrower is unable to pay an installment and is unresponsive, LendingMate will contact the guarantor and request repayment. Legal action is only taken against borrowers and guarantors when both fail to meet the repayment schedule. If you have any questions, you can contact LendingMate via the email addresses listed on its website.


Pros

  • + Unemployed individuals can also apply
  • + Better interest rates than with most payday loan companies
  • + No hidden or extra processing fees
  • + Quick and simple application process

Cons

  • Available in only two provinces

Finding the Best Canadian Loans With No Credit Check – A Buyer’s Guide

Before committing to anything, get acquainted with all the factors important for choosing the best loan offer for your needs. Our guide can help you with that.

What Is a No-Credit-Check Loan?

A credit check is a process whereby a lender checks your credit score to determine if you’re a good candidate for a loan. Improving your credit score can be difficult and time-consuming, and contrary to popular belief, having multiple credit cards will not increase your credit score automatically.

A no-credit-check loan means that the lender doesn’t perform a credit check and instead relies on other information, such as your income, debt-to-income ratio, and employment history to make their decision.

This might sound great at first, however, loans with no credit check can have higher interest rates and fees than loans from traditional lenders, and they may also have shorter repayment terms.

Types of No-Credit-Check Loans

The most common types of no-credit-check loans we’ll discuss are payday loans, personal loans, and guarantor loans.

Payday Loans

Payday loans are short-term, high-interest loans designed to be used as a stopgap measure between paychecks. They are often used by people struggling to make ends meet and need a little extra money to tide them over until their next paycheck arrives. No-credit-check payday loans in Canada are regulated by the provinces, and each province has its own set of rules and regulations governing payday loans.

In most cases, payday loans must be repaid within two weeks, and their interest rates vary depending on the lender. Although great payday loan choices do exist, borrowers should exhaust all other options before taking one out, and they should carefully consider whether they will be able to repay the loan in full.

Personal Loans

Personal loans in Canada can be either secured or unsecured. An unsecured loan is one that doesn’t require any collateral, while a secured loan is backed by an asset such as a home or a vehicle. Both types of loans have their own advantages and disadvantages, so it’s important to choose the right one for your needs.

Secured Personal Loan

Secured loans typically have lower interest rates than unsecured loans, making them more affordable in the long run. They also tend to be easier to qualify for, even if you have bad credit. However, if you default on a secured personal no-credit-check loan, the lender has the right to seize the collateral.

Unsecured Personal Loan

Unsecured loans don’t require any collateral, but they often come with higher interest rates and may be more difficult to qualify for if you have bad credit. However, there’s no risk of losing your home or car if you default on an unsecured loan.

Guarantor Loans

A guarantor loan is a type of loan where another person agrees to be legally responsible for repaying the cost of the loan if the borrower defaults.

However, note that guarantor loans in Canada with no credit check can be risky, as the guarantor is the one ultimately responsible for repayment even if the borrower is able to eventually repay the debt.

What To Look for in a No-Credit-Check Loan

There are plenty of lenders who specialize in loans for people with bad credit, so it’s important to look around before you decide on one. Here are some things to look for before deciding on a no-credit-check loan:

  • The interest rate: This is probably the most important factor to consider when you’re looking for a no-credit-check loan. The higher the interest rate and APR, the more expensive the loan will be in the long run. Make sure to compare interest rates from multiple lenders before you make a decision.
  • The fees: Many lenders who offer no-credit-check loans charge high fees. Make sure to ask about all of the fees associated with a loan before you agree to anything.
  • The repayment terms: Most no-credit-check loans have shorter repayment terms than traditional loans. This means you’ll have to pay back the loan much sooner.

How To Get a Loan With No Credit in Canada

There are a few basic requirements you’ll need to meet to qualify for a no-credit-check loan. First, you need to be a Canadian citizen or permanent resident. You also need to have a steady source of income and a valid bank account. Additionally, most lenders will require that you be at least 18 years old. If you meet all of these simple requirements, you should be eligible for a no-credit-check loan.

Of course, meeting the minimum eligibility requirements doesn’t guarantee that you’ll be approved for a loan. Lenders will also consider your overall financial situation when making a decision. However, if you have a steady income and are able to make regular loan payments, you should have a good chance of being approved.

Loans With No Credit Check in Canada – The Bottom Line

There you have it, our review of the five best services that provide loans with no credit check in Canada. As you can see, there are quite a few options and important factors to consider, so hopefully, this article has helped clear up any confusion and will help you choose the right loan for your needs.


FAQ

Are no-credit-check loans safe?

Loan companies that do not conduct credit checks are a valid option for Canadians who can’t borrow from conventional lenders. However, predatory lenders do exist, so use caution. Before accepting a loan, carefully review its terms and conditions.

How can I increase my chance of being approved for a no-credit-check loan?

When you apply for loans in Canada with no credit check, your employment stability, income, and debt-to-income ratio are considered. As a result, improving on these aspects can help increase your chances of being approved.

What’s the easiest loan to get with no credit?

Payday loans are often the easiest loans to obtain with no credit, as they have less strict standards than other types of loans. Payday loans are often small, short-term loans with high interest rates for those with poor credit.

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