No credit check loans in Canada
Your past shouldn’t affect your future
Having a bad credit score is one of those things that can happen to anyone. It does not mean you are an awful person. In most situations, you just lack the knowledge to make better financial decisions, and no one should hold it against you forever. Because we want to help, we offer easy and flexible no credit check loans in Canada to resolve all your short-term financial emergencies.
Why Choose Cash Depot?
If you have bad credit or no credit at all, Cash Depot has got you covered. For over 12 years, we’ve been a trusted private lender, providing Canadians with flexible loan solutions when no one else will. If you’re looking for a quick and easy loan, then get in touch with us today.
What are No Credit Check Loans in Canada?
A no credit check loan is a type of loan where the lender does not do a hard inquiry on the borrower’s credit history. Instead, the lender will use other information like income, proof of employment, and bank information to approve the loan. Cash Depot offers no credit check loans ranging from $300 to $1,500.
A quick and convenient loan for those with bad credit
We know that traditional banks and other financial institutions make it as difficult as possible for people with bad credit to qualify for short-term loans. The whole process is long, and often, your application is denied because of your less-than-perfect credit history. As a trusted private lender, we only evaluate your current financial situation to make a decision. Whatever you did in the past does not determine your eligibility.
Get instant approval on our online loans with no credit check, 24/7
We know how difficult it is to get a quick loan when your credit has taken a hit, which is why we process all applications within a 24-hour period. Using our online platform, submit your no credit check loan application anytime and get a guaranteed speedy response.
Apply during designated business hours, and you can even receive fast cash before the end of the day!
Customized solutions for all your financial troubles
Everyone has a unique financial situation, which is why we offer a variety of flexible loans for Canadians with financial difficulties. From quick cash advances for last-minute expenses to emergencies that cannot wait until your next payday, we have the solution you need.
Secure software to protect your privacy
We take your privacy seriously and use robust SSL-encrypted software to safeguard your sensitive information. Rest assured that no one else has access to your data, and we never share anything with third parties.
Flexible spending with no questions asked
Whatever emergency you’re facing, we’re right there to help you. Unlike banking institutions, we don’t ask what you plan on doing with the funds. All our loans are designed to finance short-term emergencies when you’re low on funds.
What exactly is a credit score?
Canadians start building their credit score when they turn 18 or become Canadian residents. This three-digit score between 300-900 determines your creditworthiness. Traditional lenders use it to determine how good of a candidate you are for a loan. If your credit score is over 740, you have good credit and are a good loan candidate.
However, if you have a low to average credit score, you’re more likely to be charged high-interest rates for a loan or be refused entirely. Getting a mortgage or a car loan can be complicated until you start rebuilding your credit.
Why should you not be doing a credit check?
If you have a poor credit score, you should not do a credit check. It will only aggravate your situation further. With any loan application you do, the lender will do a credit check. They store this information with the credit bureaus, and it will continue to implicate further your credit score.
The more you do it, jumping from one lender to another trying to borrow money, the worse your credit score will get. It would be best in such a situation to only deal with a lender who does not verify your credit report.
How can I improve my credit score?
While you can’t improve your credit score overnight, there are ways to work your way towards one slowly. First, you should always pay your bills on time and keep your credit card spending at a minimum.
In addition, only take out loans when absolutely necessary, and you should request the minimum amount you need. Taking out numerous loans simultaneously can lead you to even greater financial instability.
What are the pros and cons of no credit check loans in Canada?
Everything has its advantages and disadvantages. A no credit check loan is no different.
Pros of a no credit check loan
Bad credit is accepted
If you have bad credit or a thin line of credit, you can access an online loan for bad credit easily.
Unlike traditional lenders who take time to review your loan application and may take up to 2 weeks, a no credit check lender takes less than 24 hours to approve a loan.
Fast access to cash
If you have an emergency, a no credit check loan is the go-to loan. Loan approval is in a matter of minutes, and you get the money fast to attend to your emergency.
Never worry about repossession when you take out no credit check loans in Canada. We don’t require collateral before approving your application.
No hidden fees
We don’t charge opening fees or require any type of upfront payment. You won’t have to pay back a cent until after you’ve received the money.
Apply from anywhere 24/7
Submit your application at any time from anywhere. Our secure online platform works around the clock so that you can apply at a moment’s notice. You can apply for a no credit check loan online and get instant approval, 24/7!
Cons of a no credit check loan
These loans come with higher rates and short repayment terms. Many borrowers cannot keep up with the payments and end up taking a new no credit check loan to pay off the old loan, leading to a cycle of debt.
Although most of the no credit check loan lenders are legit, some prey on borrowers. These lenders sneak in predatory terms and conditions on the loans and make it impossible for the borrower to pay back the money and trap them in a cycle of debt.
How to repay online no credit check loans in Canada?
Depending on the type of loan you apply for, you’ll find a different repayment schedule. All the terms and conditions will be clearly detailed in the loan agreement you receive when your application is approved. Therefore, you must familiarize yourself with it to ensure you don’t miss any payments.
What if I cannot repay my no credit check loans in Canada on time?
You must contact us when you realize you cannot honour your repayment schedule. A member of our team will try to work with you to find a plan that works for your unique situation. All late payments are subject to a $40 fee, so it is important to ensure you make all your payments on time.
Will late payments negatively affect my credit score?
Cash Depot will not notify credit bureaus about any late payments you make. However, if we are unable to recuperate the funds, your file might be sent to a collection agency. Unlike private lenders, a collection agency will transmit your information to a credit bureau, which will, unfortunately, harm your score even more.
To reduce the risk of defaulting on your payments, you should only request the minimum amount of money you need. Applying for too many loans, and requesting too much money, risks aggravating your situation. In addition, it can put you in even more debt and crush your credit score even more.
What are the eligibility criteria for no credit check loans in Canada?
We know how much difficulty you face when looking for a fast cash loan, especially with your bad credit score. Because we want to help as many Canadians as possible, Cash Depot has made the eligibility criteria simple and available to everyone.
We don’t perform credit history inquiries, only need minimal documents, and don’t judge your reasons for requesting a loan. You’re eligible for no credit loans in Canada if you can
- Provide us with a valid bank account that has been active for at least 3 months
- Confirm you have a full-time job for at least 6 months
- Attest that you have lived at the same address for at least 6 months
- Provide us with documents that show that you receive your pay by cheque or direct deposit
- Confirm that you are in bankruptcy or have any garnishes against your pay
If you meet the criteria above and have a sufficient salary, your application for bad credit loans will not be refused.
What are the steps to apply for no credit check loans in Canada?
Why make it complicated when you can make it simple; that’s our motto. That’s because we believe that making the application process straightforward is the best way to help Canadians out of financial difficulties.
Therefore, using our quick and easy platform to submit your application, you can get approved for an instant loan with no documents by the end of the day. All you need to apply is an internet connection, a computer or smartphone and 10 minutes.
1. Complete the online application form
Answer questions about yourself and your employment status. You’ll need to fax us the following documents
- Two government-issued photo IDs
- Proof of your Social Insurance Number
- Proof of address (utility bill or lease)
- Your last 2 pay stubs
- A void cheque / pre-authorized debit form
- Bank statements from the last 3 months
Because identity theft is a growing concern in this country, we take every measure to prevent fraudsters from stealing your identity. You may need to answer a few questions about yourself to one of our agents. Your privacy is of the utmost importance to us.
Once you have completed this portion, you can submit your application, and we will process it within 24 hours at the latest.
2. Evaluation of application for no credit check loans in Canada
We will verify your identity and confirm that your financial situation and salary are sufficient so that you can pay back your loan on time. We will send you the loan agreement to review, sign, and return if your application is approved.
Always remember to review the loan agreement in detail. Your signature confirms that you have read and accepted the conditions listed.
3. Transfer of funds directly into your bank account
After we have received the signed loan agreement, we will transfer the amount directly into your bank account. You will be notified, and the money will be ready to be retrieved.
When Should You Apply For A No Credit Check Loan in Canada?
Designed for short-term emergencies
Remember that no credit check loans are designed to resolve short-term emergencies and should not be used for long-term financial problems. Even though we don’t ask you to justify why you need money, you should use the money responsibly.
Using online no credit check loans to finance expensive shopping sprees or to spend on other luxurious goods will only drive you into more debt. Before applying for a loan, carefully budget each penny and make sure you stick to your budget.
FREQUENTLY ASKED QUESTIONS
Are no credit checks loans safe and legal in Canada?
Yes, they are safe, as long as you borrow from a legitimate lender. When borrowing, make sure you read the terms and conditions of the no credit check loan to protect yourself from a predatory lender.
How can I increase my chance of being approved for a no credit check loan online?
To increase your chances of being approved for a no credit check loan, make sure you can show your income, employment stability, and your debt-to-income ratio since a credit score will not be in use.
What can a no credit check loan be used for?
A fast money loan like a no credit check loan or an online installment loan covers urgent expenses like emergencies, late bills, late fees, unexpected expenses, among other short-term urgent needs of money.
When will you contact me?
We are open Monday to Friday from 10 am to 6 pm (EST). If you make your application online during our business hours, a member of our team will call you or email you within the following hour.
When will I receive the funds of my no credit check loan?
For any application made before 11 am (EST), we will deposit the money the same day. For applications made after 11 am (EST), we will deposit the funds within 24 hours. Applications made outside business hours are processed within the first hour of the following day of business.
Apply for no credit check loans in Canada and get the money today!
Don’t let your bad credit score get you down. We know that stress and worry can have a negative effect on your health, and we’re here to help you. Whatever emergency expense you’re dealing with, our quick and easy no credit check loans can help you pay it off and move on with your life.
We guarantee a response within 24 hours, no questions asked. For any questions, contact our team, and someone will get back to you shortly. If you’re ready to get your hands on some extra cash, apply online for no credit check loans in Canada now.