In 2018, the average Canadian household saved $852. At the higher end, the top 20% income earners saved $41,393 per household.
No matter where you may fall, one thing’s certain: you need to make a big purchase and you don’t have enough savings for it. While some people are lucky to have time to save up some more, maybe you’re pressed for time.
However, you may not have built your credit for long, or your score isn’t so good. So the chances of getting a loan are small.
In this case, why don’t you try no credit check loans? These come with so many benefits!
Read on to see what they are.
No Credit Checks
The most obvious and immediate benefit is there are no credit checks involved. You don’t have to worry about lenders looking into your credit history and seeing that you don’t have one. Or worse yet, there might be a terrible credit score waiting for them to find.
This means if you need extra money, you don’t need to worry about your credit score ruining things. You can simply go ahead with the loan application and you’ll most likely get approved, so long as you meet the requirements.
Easier to Qualify
Because there are no credit checks, It’s easier to qualify for loans here. Generally, these are the requirements for getting a no credit check loan:
- Age of at least 18
- Canadian citizen
- An active Canadian bank account of at least 3 months
- Stable employment for at least 3 months
- Monthly income of at least $1,200
- Direct deposit of your paychecks into your Canadian bank account
- Short-term debt ratio
You also can’t be considering bankruptcy. Many lenders will also want to see few or no non-sufficient fund transactions.
All the above might sound like a lot, but if you’re already working a regular job, you’ll probably tick all the boxes already.
You Can Have Any Type of Debt
Another perk of no credit check loans is you can have any type of debt, and the lender won’t care! They only want to see that you have a stable job and income.
This makes loans much more accessible to people from all walks of life, as they won’t be punished for their credit scores (or lack thereof). Whether you owe another lender $100 or $100,000, this won’t matter!
You Can Build Your Credit
When you have bad or no credit, it can be a conundrum to build it up. To do so, you need to show you’re financially responsible. But how can you do so when lenders won’t give you the chance to prove yourself?
A no credit check loan offers you an opportunity to build credit if you pay the amount back on time. This sets you up for long-term success!
It’s Very Convenient
You won’t have to see a lender in person, as there are plenty of online loan companies. From the comfort of your own home (or anywhere you have an internet connection), you can log on and fill out an application, which should only take you a minute. You won’t have to drive out and wait in long lines, plus you can apply in the early morning/late night hours if you want.
It won’t take long to hear back from the lender either. Application processing usually takes an hour, so you won’t have to spend days stressing out and wondering if you’re approved or not.
You Can Get Cash Fast
If something’s come up and you need money now, it can be difficult to get the entire sum in one go. Having such a tight deadline can be stressful, and it can drastically change your life if you don’t gather the cash.
The good news is, you can get your loan money within the same day of applying! Compare this to traditional loans, where the process from sending in your application to getting approval can take several days or even a week.
So whether you need to pay rent, buy groceries, or fix your car, you’ll have the money to prevent a catastrophe from happening.
There Are Flexible Repayment Terms
After you’ve borrowed money, then you have to consider how you’re going to pay it back. Not everyone is fortunate enough to have a high-paying job, and lenders understand this.
Some people might be able to repay their loan in 3 instalments. But if this isn’t possible for you, that’s ok! You can choose 6 or even 12 instalments if needed.
You Can Renew Your Loan
What if you can’t repay your loan within 12 instalments and you actually need more money? Then a loan renewal is possible.
All you have to do is fill out another short form, where you can inform the lender of residential, employment, or banking changes. And if your application gets approved by 2:00 pm ET, you’ll get more money in your bank account on the same day!
Sign up for No Credit Check Loans
No credit check loans are a fantastic way to get money fast if you don’t have a good credit score or if it’s nonexistent. All you need is a steady job, a bank account, and direct deposit paychecks!
This type of loan also offers flexible repayment terms, so you won’t be pressured to pay the entire amount off right away. And if you aren’t able to make your repayments, you can renew your loan and get more financial help.
So if you’re looking for fast loans in Canada, apply now! Our no credit check loans are available to Canadians who are at least 18 years old, have a Canadian bank account, and have a stable job.