Best No Credit Check Loans in Canada

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Last updated on January 21, 2021

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No credit check loans are perfect for people who do not want their credit score to be reviewed or who have poor credit. As a matter of fact, they are a great alternative to conventional loans from large financial institutions. Lenders will not review your credit score to determine your creditworthiness. Instead, you will need to provide another way to confirm that your existing financial situation can support extra financing.

This article discusses no credit check loans in Canada in detail. You will get to know about different kinds of no credit check loans and the benefits and drawbacks of these loans.

Best no credit check loan provider in Canada


Maximum borrow amount: $50,000

Interest rates: As low as 4.6%

When can you get the funds? Same day

LoanConnect has one of the largest borrow amounts in Canada of up to $50,000. They don't directly fulfill the loans themselves, but they work with dozens of different lenders in Canada to provide Canadians with the best offers. As a result, you can get interest rates as low as 4.6% and get access to your funds within the same business day.

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What are no credit check loans?

The majority of loans need a credit check so lenders or lending institutions can see how well a borrower has handled past payment and debt obligations. Lenders use this information to help qualify a borrower for a loan and set up their interest rate.

No credit check loans are loans where your credit report and credit history do not matter. Lending institutions look at alternative data to assess how worthy you are of getting a loan. However, these loans do not promise approval.

What do you need to get a no credit check loan?

Financial Documents

Lenders who do not review credit scores will ask you to provide them with financial documents, such as bank statements, to check how much cash is going and coming from your bank account every month. They need these financial documents to ensure you can really afford a loan. A lender might not grant you a loan if you have a lot of financial responsibilities.

There are various programs that provide instant banking verification. You will sign into your online banking through a program used by your lender and it will take a snapshot of your account and then create a report. The lender then sees this report.

In addition to this, a lender might request your e-statements to verify your financial standing. Bank statements can also be faxed to the lender.

Find a Guarantor

A guarantor should be someone with a good salary and excellent credit. They are usually a trusted friend or family member whose credit history is better than the individual applying for the no credit check loan. Most importantly, they should be okay with the idea of taking on your loan payments if you couldn’t pay them. Therefore, you need to ensure that your guarantor is fully aware of that peril before they co-sign the contract.

Once approved for the loan, you should be able to get a no credit check loan at an affordable interest rate. However, you should know that the credit of your guarantor may be assessed to determine their creditworthiness.

Provide Collateral

Securing the loan with the assets you own, such as a car or a house, is another way to get a no credit check loan.

The majority of secured loans do not need a credit check because the collateral makes the credit history of a borrower less important. Collateral gives protection to the lender. You will not be required to authorize a credit check with a secured loan and your chances of obtaining a bigger loan increase substantially.

Documents to Verify Salary

Your lender can also evaluate your creditworthiness through verification of your income. The majority of no credit check lenders want to ensure they are getting paid back regularly. However, it is essential for them to offer loans to individuals who earn a decent income and can really afford a loan.

Kinds of No Credit Check Loans

There are several kinds of loans that do not need a credit check. However, it is worth knowing that loans that do not need a credit check often have short repayment periods and high-interest rates. Let’s take a look at different kinds of no credit check loans.

Guarantor Loans

These loans can be an ideal option for people who have a poor credit score. The main borrower is not needed to go through a credit check. However, the individual who will take the role of a guarantor will be needed to go through a credit check.

Car Title Loans

Car title loans allow borrowers to borrow cash by using their vehicle as collateral. They are generally small and the amount borrowers get is based on the equity in their vehicle. Besides, interest rates have terms between three months to three years and can be as high as 60%. While some lenders who provide these loans will check your credit, other lenders will not verify your credit.

Payday Loans

Payday loans are short-term loans in the range of $50 to $1,500. They have very high-interest rates ranging around 500% and a 14-day repayment period.

Advantages and Disadvantages of No Credit Check Loans

You should do your research and know the advantages and disadvantages of a no credit check loan before applying for it.


  • This loan does not need a credit check. So, people who have a poor credit score can receive the financial support they require when they do not qualify with large financial institutions due to credit score problems.
  • No credit check loan lenders provide borrowers with cash quickly. So, borrowers can expect to get the cash they require the same day they apply.


  • Loans like payday loans usually have short repayment terms and high-interest rates. A lot of borrowers are not able to pay their loans due to the short term and extremely high-interest rates. While some borrowers renew their no credit check loans, others take on a new payday loan to pay off their previous no credit check loan. And this leads them into a cycle of debt.
  • These loans can be costlier compared to conventional loans.

More information about no credit check loans

It is important for you to know that there are several predatory lenders out there who offer no credit check loans that trick borrowers into heavy debts. These lenders impose unfair loan terms on individuals, such as high fees and high-interest rates, that rob them of equity. They frequently use deception and underhanded strategies to lure people into taking loans they cannot afford.

Regardless of what kind of loan you apply for, the safety of the loan relies on the loan’s conditions and terms and the lender.

Alternative lenders who have flexible needs are a boon for several borrowers who are not able to procure loans from conventional lending institutions. However, when these needs are very lenient and a lender approves borrowers who cannot repay the loan, you know that they are treacherous.

Loans that have very high-interest rates are risky as borrowers can end up paying more on interest than the real principal.

Loans that have extremely brief repayment terms are usually risky because they lead to greater payment amounts. These amounts are difficult to pay off and collect interest fast when you are not able to pay.

Are there any alternatives to No Credit Check Loans?

Here are some of the alternatives to no credit check loans that are worth checking out.

Friends and Family

You can ask your friend or a family member for a loan. They may be more okay with being your lender instead of a guarantor. They can charge interest and impose other conditions and terms or just rely on your goodwill.

Local Credit Union

Credit unions are nonprofit financial organizations that aim to help people save money with lower-interest-rate loans. Credit union loans can provide lower fees and interest rates. What’s more, credit unions may be more open to giving loans to individuals with poor or bad credit scores.

Frequently asked questions about no credit check loans in Canada

How can you get approved for a loan with no credit check fast?

When you apply for a loan, your debt-to-income ratio, job stability, and salary are assessed instead of your credit score. To increase your chances of being approved for a loan, you need to improve on these factors.

Which is better: a no credit check installment loan or a payday loan?

You should always choose a no credit check installment loan over a payday loan. Payday loans are small loans that are extremely costly with APRs reaching 400%. Contrastingly, installment loans have more flexible repayment options and lower APRs.

Borrow up to $50,000

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