Getting approved for financing can be tough if you have little or no credit history, but there are options available. Loans with no credit check are designed to give borrowers access to funds without the need for lenders to verify their credit health. These loans can help cover urgent expenses, avoid overdraft fees, or manage short-term financial gaps.
But while they provide quick relief, it’s important to understand the terms and costs before applying.
Key Points:
Loans with no credit checks are available through alternative and private, but they usually come with higher interest rates and smaller loan amounts than bank loans.
Approval is based on income, bank activity, employment, or collateral instead of credit scores.
Common financing options include payday loans, car title loans, guarantor loans, home equity loans, and cash advances.
Can I Get A Loan With No Credit Check In Canada?
Yes, you can get a loan with no credit check in Canada. While traditional banks almost always use credit reports for unsecured personal loans, many private lenders do not, particularly payday loan lenders.
That said, banks may offer secured credit products or lines of credit where other factors matter more than your credit score. If you opt for a no-credit-check lender, you will generally pay higher rates and may only qualify for smaller loan amounts compared to traditional loans that involve a credit check.
How Does This Work?
Instead of assessing your credit score, lenders will place more weight on your income, current debts, and employment. Funds are typically deposited quickly, sometimes within hours of approval, making them an attractive option for emergencies.
Lenders That Won’t Check Your Credit Score
If you’re looking to get a loan from a bank or other more traditional financial institution, a credit check is always required. This is how banks assess a potential borrower’s creditworthiness.
If you have bad credit, you might want to avoid having your credit checked. In this case, you should consider the following types of lenders:
Alternative Lenders
Typically found online and are willing to work with borrowers that get turned down by banks.
Private Lenders
Don’t require the same strict guidelines as banks.
Niche-Focused Lenders
Work with specific types of borrowers or specific assets (ie. title loan providers)
Where Can You Get A Loan With No Credit Check In Canada?
If you’re short on cash, Bree offers cash advances of up to $750 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
AimFinance is a financial service that provides small personal loans up to $1,000 to borrowers in Ontario and BC. The online application process is quick and easy, and funding is provided in as little as 24 hours. Loan terms range from 9 to 24 months, with interest rates ranging from 29% to 35%. AimFinance focuses on helping bad credit borrowers access credit without the need to undergo a credit check. So, if you have bad credit, you’re still eligible to apply.
GoLoans is a Canadian financial services company that offers online installment loans. The online application process can be completed in a few minutes, with funding available in as little as 2 hours or less after approval. GoLoans does not require credit checks and aims to help borrowers build their credit scores with timely payments. Repayment terms are flexible and range from 91 to 120 days or longer, depending on your needs. This flexibility makes GoLoans a convenient financial solution when you need fast cash and easy repayment terms.
Green Loans makes it easy for Canadians to access fast, reliable cash when they need it most. Borrow up to $1,000 with no credit check, and get your funds deposited directly into your bank account—often within 24 hours. Whether you’re handling an unexpected expense or just need a bit of breathing room before payday, a short-term loan from Green Loans can help you stay on track. With a quick, straightforward approval process, getting the support you need has never been simpler.
Venue Financial is a financial services company that offers short-term lending solutions online and in person to consumers in British Columbia (BC). The application and approval process is quick and easy, with funding available via e-transfer shortly after approval. All income types are accepted, and flexible repayment terms make repayments manageable for borrowers. No credit check is required, making Venue Financial a suitable option for bad credit borrowers or those with no credit history.
Wagepay is an online financial services platform that provides early payday advances, allowing consumers to access some of their upcoming paycheques before payday. The sign-up process takes just a few minutes, with up to $1,500 made available shortly after approval. No credit check is required, making it a great option for bad credit borrowers in need of cash but can't wait for their next paycheque to come in.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
Captain Cash specializes in providing quick online cash loans to consumers of all credit types. You can get up to $750 and repay your loan over a term as long as 3 months or more. Same-day approvals are available when you apply during business hours and funds are sent via email money transfer. If you have bad credit, you’re still encouraged to apply, as no credit check is required.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
Pay2Day is an online payday lender in Canada that offers small, short-term payday loans for up to $1,500. The company has over 30 locations across Canada, giving borrowers the option to apply either in-person or online. Loan applications and approvals are available 24/7, with funding available in as little as 1 to 2 hours via e-transfer. No credit checks are required, making payday loans from Pay2Day accessible to bad credit borrowers. Pay2Day aims to make financial solutions more accessible, quick, and convenient for Canadians in need of fast cash but who don't have the credentials to secure a traditional loan.
My Canada Payday is a licensed payday lender specializing in short-term loans with fast approval and no credit checks, making them an ideal option for bad credit borrowers with urgent financial needs. Loans are available from $100 to $1,500, with funds available via e-transfer in as little as 15 minutes after approval.
Speedy Cash is a financial services company in Canada that provides payday loans both online and in person. Loan amounts are available from $200 to $1,500, based on income. The application and approval process is straightforward, and no credit check is required. Once approved, you can receive the funds as quickly as 30 minutes later via e-transfer.
Loan Express is an online lender that provides payday loans up to $1,500 with high approval rates and e-transfers available in as little as 2 minutes. Loan Express specializes in making small loans accessible to consumers with various credit backgrounds, including those with bad credit. If you're not employed and are collecting a pension or government benefits, you may still be eligible for a small, short-term payday loan from Loan Express. The simple and straightforward online application process makes Loan Express a viable option for those who need immediate financial relief.
Common Types Of Loans That Don’t Require Credit Checks
Some loan types may not require a credit check, including the following:
Payday Loans
Payday loans are small loans between $50 and $1,500. They have a short repayment period of 14 to 62 days and have extremely high-interest rates. Payday loans can cost up to $14 per $100 borrowed (or up to 35% APR in Quebec).
Car Title Loans
A car title loan lets you borrow money by using your car as security. These loans are typically small and the amount you get is based on the equity in your car. Interest rates can be as high as 35% APR with terms between 3 months to 3 years.
Keep in mind that some lenders who offer car title loans will check your credit, but some will not.
Note: Since your vehicle’s title collateralizes a car title loan, failure to repay can lead to repossession of your vehicle.
Guarantor Loans
For those with bad credit or who don’t want their credit checked, a guarantor loan can be a viable option. This type of loan involves a third party — usually a trusted friend or family member — who agrees to take responsibility for the debt if the primary borrower cannot repay.
While the principal borrower is not required to undergo a credit check, the person acting as the guarantor will be required to have their credit checked.
Home Equity Loans
A home equity loan allows homeowners to access money by borrowing against their home’s equity. Private lenders and specialized financing companies may approve home equity loans based on the value of your property and the loan-to-value (LTV) ratio instead of your credit score. In these cases, the home serves as collateral, reducing the lender’s risk.
Cash Advances
If you already have a credit card, you may be able to withdraw money from your card’s account without having to go through an application or credit check process. Instead, you can withdraw money at an ATM or bank branch through a cash advance.
Note: Unlike regular purchases, interest starts accruing immediately, with no grace period.
Alternatively, you may want to look into small, interest-free cash advances that require no credit checks, like the following:
Bree: Bree offers instant cash advances of up to $500 with no interest and no credit check.
KOHO Cover: KOHO Cover lets consumers access up to $250 short-term funds instantly to prevent overdrafts.
Small Lines Of Credit
Some online platforms provide small, interest-free credit lines with no credit check, including the following:
MoneyUp: MoneyUp provides quick, no-credit-check credit lines of up to $1,000.
Nyble: Nyble offers up to $250 in no-interest credit lines.
Do note, that while these options do not charge interest, they do charge certain fees.
Get Up To $50,000
Requirements For A Loan With No Credit Check
Without a credit check, lenders will verify your financial health using other measures. If you choose to work with a lender that does not consider credit ratings in their underwriting procedures, you’ll typically be required to provide the following.
Bank Statements For Verification
Lenders that don’t look at credit scores may require you to provide them with bank statements to verify how much money is coming and going from your bank account on a monthly basis. This is to ensure you can actually afford a loan.
Here are some ways lenders may verify your banking information:
Instant Bank Verification (IBV). The loan approval process can be expedited when lenders use instant bank verification. With this process, you’ll log into your online banking through whatever program your lender uses. A snapshot of your account will be taken and a report created.
E-Statements. All banks offer e-statements through their online banking portal, and a lender might request them to validate your financial standing.
Traditional Statements: You can simply fax or present your bank statements in person to your lender.
Documents To Confirm Income
Another way a no credit check lender might want to assess your creditworthiness is through verification of your income. While the majority of lenders want to make sure they’re getting paid back on a regular basis, it’s also important for them to only provide loans to people who make enough money and can actually afford one.
You can verify your income with documents such as pay stubs, T4 slips, and employment letters.
Collateral As Security
If you feel as though your credit score or financial past will hurt your chances of getting approved for a loan, then you might want to consider providing collateral. Some secured loans may not require a credit check because the asset protects the lender. In the event you fail to repay your loan, the lender can seize and sell the collateral to recoup their losses.
Add A Cosigner
A cosigner is someone who takes responsibility for a loan if the primary borrower can’t make payments. A cosigner is someone with stronger credit who is added to the loan agreement to improve the primary borrower’s chances of loan approval. Since the lender relies on the cosigner’s creditworthiness, borrowers with poor or no credit history can access funds they might otherwise be denied.
This arrangement helps people secure loans without a credit check or with limited credit, while giving lenders added security through the cosigner’s guarantee.
Note: Depending on the lender, a credit check may still be performed, even with a co-signer.
How To Calculate The Cost Of A Loan With No Credit Check
Loans with no credit checks can be quite expensive. So, before signing a loan contract, be sure to evaluate the total cost of your loan. You can use this personal loan calculator to help you calculate the cost of your loan payments and interest costs.
Loan Calculator
When evaluating your loan cost, be sure to consider the interest rate, fees, and term length. Each factor can significantly affect your loan costs.
Pros And Cons Of Loans With No Credit Checks
Before applying for any type of loan, you should always do your research and understand its benefits and drawbacks.
Pros
Here are a couple of perks of loans that don’t require credit checks:
Bad Credit Accepted: The obvious benefit of a loan with no credit check is that your credit score will not be looked at. As such, bad credit borrowers can get the financial support they need when they don’t qualify with banks due to credit score issues.
Fast Approval Time: Many of these lenders are designed to provide borrowers with money quickly. So, borrowers can often get the money they need the same day they apply.
Cons
Some potential drawbacks of these loans are worth considering:
High Cost Of Borrowing: Loans with no credit check come with very high interest rates and short terms, making them more expensive and difficult to repay on time. This can lead to a cycle of debt.
Smaller Loan Amounts: Given the high risk associated with loans with no credit checks for lenders, they may be less willing to extend larger loan amounts. So, these loan types may only be good for smaller financial needs.
High-Risk Lenders: While most lenders who offer loans with no credit checks are legitimate, there is a higher risk of being preyed upon by a predatory lender
Are Loans With No Credit Checks Safe?
Loans with no credit checks can provide fast access to cash, but they are often expensive and risky. To protect yourself, consider these tips:
Loans with no credit checks can provide quick relief for consumers who struggle to qualify for traditional financing due to poor credit. However, they come with higher costs and shorter repayment terms. Be sure to weigh the benefits and potential drawbacks to make an informed decision and avoid falling into a debt cycle.
FAQs On No Credit Checks
Can I get A $5,000 loan with no credit check in Canada?
Many lenders won’t provide a $5,000 loan with no credit check in Canada, as lenders that provide these loans typically offer smaller loan amounts. That said, you may be able to get a loan for this amount if you use a valuable asset to back your loan, like your home’s equity.
Can I get an installment loan with no credit check in Canada?
Yes, there are many alternative lenders in Canada who are willing to provide you with an installment loan without a credit check. However, they will base your creditworthiness on other factors such as your income, employment stability and debt-to-income ratio.
Should I get a payday loan or a no credit check installment loan?
If you have a choice, always choose an installment loan or personal loan over a payday loan. Payday loans are short-term loans that are very expensive with APRs reaching well beyond 400%. Installment loans, on the other hand, have much lower APRs and more flexible repayment options. This ensures your payments are affordable and will not cause financial strain on your day-to-day life.
How can I increase my chance of being approved for a loan with no credit check?
When you apply for a loan with no credit check, your income, employment stability, and debt-to-income ratio are examined instead of your credit score. As such, improving on these factors can help increase your chances of being approved.
Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over ten years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.
Freecash is an app that lets you earn money by playing games, trying new apps, or completingsurveys, all from the comfort of your home.
Credit building!
The Foundation by Spring Financial
Credit building on autopilot. Appy for The Foundation and make payments for 12 months. Payments are reported to both credit bureaus which can help build credit. Plus, after 12 months you’ll have $750 saved.
HOT!
Build Credit With Kikoff
A simple and safe way to build your credit. No credit check, no hidden fees, and no interest. Kikoff reports payments to Equifax, which can help improve your credit.
NEW!
Access up to $750
Bree lets you access up to $750 (no interest) to help cover overdraft fees or unexpected expenses.
