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It can be hard to qualify for a loan if you have bad credit, need fast cash, and don’t have time to improve your creditworthiness. That’s why some lenders offer loans with no credit check involved. However, many think that these lenders are really trying to swindle them. Keep reading to learn whether no credit check loans are actually a legitimate option in Canada.
A no credit check loan is a sum of money that you borrow from a lender and repay over time. The lender doesn’t check your credit before approval as a bank or credit union would. Here are some common examples of no credit check loans:
You should always be on the lookout for predatory lenders and those looking to take advantage of you, especially when it comes to lenders who don’t check your credit. But to answer the question, yes no credit check loans can be legitimate. That said, you will be taking on some risk when you choose a no credit check loan, such as:
Unfortunately, with buzzwords like “no credit check or documentation”, “easy approval” and “fast cash”, it’s not always hard for a no credit check lender to reel you in.
Be wary of a loan advertisement that uses these buzzwords. Although the easier approval process can be appealing when you have bad credit, it means the lender doesn’t really care if you pay your loan back. They might actually make more from a defaulted account because it can force you into a cycle of debt.
When you have terrible credit, you might think there are no options. Don’t worry, there are alternatives that can cause less financial harm, including but not limited to:
No credit check loans come with risks that can make their easier requirements irrelevant. Taking on more debt may only lead to financial disaster, including worse credit. Before you apply, make sure to speak with a financial advisor, research your alternatives and factor the potential debt into your budget.
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