With inflation showing no signs of slowing down, credit card debt in Canada has hit an all-time high. This also means credit scores are dropping for many. But what exactly is a good credit score in Canada and how can King Cash help?
We’ll explain the different factors that make up your credit score and how it can affect so much more than just getting approved for a mortgage or car loan. From your insurance rates to your ability to rent an apartment, your credit score matters. Let’s jump in and take a deeper look at credit scores and how no credit check loans can help.
What’s a Good Credit Score in Canada?
Credit scores in Canada range from 300 to 900. According to Equifax, a score of 660 to 900 is considered good to excellent. A score of 900 is perfect.
An excellent score means you’ll receive better interest rates, credit offerings, and credit terms. While the same applies to those with good credit scores, you may find your interest rates raise slightly compared to an excellent score. With a poor credit score below 500, you may run into credit denials and less-than-desirable loan terms.
While a good credit score and above makes lending, credit, and financing easier, it isn’t impossible with a low score. This is where cash loans and other quick financing options may help you get out of a financial emergency.
Why Having a Good Credit Score Matters
Having a good credit score means that you have a history of paying your bills on time and in full. This can help you get loans at a lower interest rate, which means that the money you borrow will cost less over time. If you’re trying to buy a house or car with financing, having a good credit score can also help secure approval for those loans.
Having good credit also makes it easier to find work. Employers often check applicants’ credit histories before hiring. In addition to employers and banks, landlords, and auto dealers will also take a look at your credit score.
When you apply for an apartment, for example, a landlord will want to see great credit. They can trust that you’ll pay your rent on time and won’t be a risky tenant. The less risk for a landlord, the more likely they are to allow you to rent an apartment.
The same goes for car dealers and lenders. Banks want to know that you won’t miss a car payment or default on your loan. If your credit score is low, they will likely see high balances and missed or late payments.
How to Check Your Credit Score for Free
You can check your credit score for free through your credit card company. You can also get a copy from one of the three major Canadian credit bureaus, Equifax, TransUnion, and Experian.
Your credit card company will often offer free credit monitoring services as well. This allows you to track your score and receive alerts when a change is made to your credit history. These are free tools that make checking your credit as easy as logging into your bank’s website.
How to Boost Your Credit Score
One of the great things about a credit score is that it doesn’t stay the same forever. Just because your credit score is low today, doesn’t mean it can go up significantly over time. To help boost your credit score, you can make a few easy changes.
To start, always pay your bills on time. Pay off your balances as much as possible and create a budget to do so. A budget tracker is a great way to see what income you have coming in and what expenses you have going out.
If you have more money going out, you’re likely going to resort to credit or missing payments altogether. Stay on top of your balances, your budget, and your bills. The more you can reduce your debt and make your payments on time, the higher your score will climb.
How Cash Loans Can Help
If you’re struggling financially, you likely don’t have the means to cover unforeseen emergency expenses. This is where a cash loan can help give you a lifeline. A cash loan can be used for anything from a medical emergency, a car repair, a home repair, or to pay off another debt.
One of the best things about a cash loan is that your credit score isn’t a factor. While you may be turned away from a traditional bank, a cash lender such as King Cash can offer you funds quickly without the need for a perfect credit score.
If you need to pay a bill quickly, cover an emergency, or just float some bills until payday, a no-credit loan might be the answer you need. Another one of the many benefits is that you don’t have to wait weeks to receive the funds you need. You’ll receive a decision and your money quickly.
Apply for a King Cash Loan Today
If you have less-than-perfect credit, a King Cash loan is here to help. Whether you’re looking for fast access to cash to pay bills or to cover an emergency, King Cash has loan options for everyone. Regardless of your credit score, you can get the funds you need in a hurry.
To learn more and to start your application, fill out the contact form here on kingcash.ca. You’ll have a loan decision and the funds you need fast.
