Sometimes you just need a few extra bucks to cover a pressing expense that your bank account can’t quite cover. In this case, a small $700 loan with no credit check might be all you need.
But $700 loans are usually a lot less than what conventional lenders typically offer. Plus, traditional lenders can take a few days to process your application, approve your loan, and deposit your much-needed funds.
So, how and where can you obtain a quick $700 loan? Read on to find out what options may be available to you.
Where Can You Get A $700 Loan With No Credit Check?
Magical Credit is an online lender that offers two types of loan products; Magical Cash Loans and Magical Installment Loans. Borrowers can access up to $1,500 with the Magical Cash Loan and up to $20,000 with the Magical Installment Loan. Magical Credit specializes in bad credit loans, so qualifying with them may be easier compared to traditional banks. Moreover, they accept various government subsidies as income for their Magical Cash Loan, providing greater accessibility to those in need.
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.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
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.
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.
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.
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.
GoDay is an online payday loan lender that offers small, short-term loans up to $1,500. The application process is very quick and can be completed in as little as 5 minutes. You'll receive an instant decision once you submit your application, and funding can be accessible in as little as 1 hour. Their goal is to help Canadians in need of short-term financing access quick funds to cover last-minute expenses without the hurdles that typically come with traditional lending.
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.
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.
You’ll need to meet the following criteria before applying for a $700 loan:
Be the age of majority in the province or territory that you live in.
Be a Canadian citizen or permanent resident.
Have a regular source of income, preferably one that has remained the same for at least three to six months.
Have an active bank account that allows direct deposits and withdrawals.
Have an active phone number and email address.
You may have to supply physical proof of the above to satisfy the lender’s requirements, such as photo identification, bank statements, and a letter of employment, among others.
When it comes to quick, small loan amounts, you typically have two options: short-term personal loans and payday loans.
Short-Term Personal Loans
Personal loan lenders usually have minimum loan amounts that they lend to borrowers. While many personal lenders have minimum loan amounts of $1,000+, there are still some personal loan lenders who offer smaller loan amounts, including $700 loans, and even less. These lenders are usually alternative online lenders, as opposed to banks and credit unions.
Payday Loans
Note: Payday loans are extremely expensive and can lead to a cycle of debt if you’re unable to repay the full amount borrowed. To Learn about the payday loan laws in your province, click here.
Payday lenders are another option to consider if you’re looking for a small loan amount and need the cash quickly. These types of lenders specialize in smaller loan amounts and have lax lending criteria. Approval is fast, and funds are typically deposited into your account within 24 hours.
That said, payday loans are very expensive compared to traditional bank-provided personal loans. Depending on where you live, APRs on payday loans can be as high as 600%. Plus, payday loans must be fully repaid by the time you receive your next paycheque, which can be anywhere from two weeks to a month.
If you urgently need the $700, however, payday loans are likely the easiest and fastest way to get your hands on it.
How Much Will A $700 Payday Loan Cost?
To illustrate how much a $700 Payday loan can cost you, let’s take a look at the total cost for a 1-month $700 payday loan based on the maximum allowed costs in different provinces and territories:
Province/Territory
Maximum Allowed Cost Per $100
Total Cost of a $700 Payday Loan
Quebec
35% AIR
$720.42
British Columbia, Alberta, Ontario, New Brunswick, and Prince Edward Island
$15 per $100 borrowed
$805
Saskatchewan and Manitoba
$17 per $100 borrowed
$819
Nova Scotia
$19 per $100 borrowed
$833
Newfoundland & Labrador
$21 per $100 borrowed
$847
Northwest Territories, Nunavut and Yukon
$60 per $100 borrowed
$1,120
Can I Get A $700 Loan With No Credit Check?
What if you have a bad credit score? Or what if you have no credit at all?
If you’re worried about what your lender may see when they pull your credit report, you might want to consider applying for a “no credit check” loan.
As the name implies, a no credit check loan does not require a credit check. The lender will not pull your credit report; instead, they will rely on other factors aside from your credit to determine your ability to get approved for a $700 loan. More specifically, lenders who offer no credit check loans may place more weight on your income, job, and bank statements.
Most payday lenders, in particular, don’t require a credit check. If they do, they’ll inform you during the application process.
Can I Get A $700 Loan With No Bank Verification?
One of the typical loan requirements that you’ll need to meet to secure a loan is an active bank account. Lenders will use this account to deposit loaned funds and withdraw payments for loan repayment. They’ll also look at your account to see what your income looks like, how much debt you have, and if you’re able to afford the loan you’re applying for.
But what if you don’t have a bank account? About 3% of Canadians are unbanked, which means they have no relationship with a financial institution. Without a bank account, it can be difficult to get approved for a loan, but it’s not impossible thanks to “no bank verification” loans.
With these types of loans, lenders do not check bank accounts. Lenders who offer no bank verification loans will still approve you even if you don’t have a bank account. That said, finding a lender that does not require bank account verification can be difficult, though it’s certainly possible.
Otherwise, you have other alternatives to getting your hands on a quick $700 loan without a bank account. One way is to apply for a prepaid debit card and use the card when applying for a payday loan. Or, you can look for a credit card company that will approve your credit card application without the need to open an account.
Can I Get A $700 No Refusal Loan?
Your credit score is key to loan approval. Applying for a loan with a low credit score is risky, as most conventional lenders require a decent credit score before approving a loan application. That said, it’s still possible to secure a $700 loan with poor credit with a “no refusal” loan.
A loan with no refusal is a loan that does not require a credit check. Thus, your loan will not be denied because of your bad credit. Instead, the lender relies on other criteria aside from your credit score to approve you for a loan.
A no refusal loan is usually a quick short-term loan. Your funds will typically be deposited directly into your bank account within 24 hours once your application has been approved.
Can I Get A $700 Loan With Bad Credit?
While it’s much easier to get approved for a $700 loan with healthy credit, it’s still possible to secure a loan with a bad credit score. Here are some of your options:
Payday Lenders
Most payday lenders do not perform credit checks. And others that do may still approve your loan application despite a bad credit score. As long as other factors check out — such as having a regular income and adequate funds in your bank account — you can still get approved for a $700 loan with bad credit.
Online Alternative Lenders
Many other lenders besides payday lenders may also provide loans to borrowers with bad credit. While they will likely perform a credit check, they don’t make decisions solely based on your credit score. Other factors are considered in place of your credit score, including your job, income, and assets.
If you’re in need of a $700 loan, payday lenders and alternative online lenders may be your best bet. This is especially true if your credit score is lagging, or if you need the cash within the next day or two. As long as you have a regular income and some cash to back you up, you shouldn’t have any issues obtaining a small $700 loan from an alternative lender.
$700 Loan With No Credit Check FAQs
What credit score do I need for a $700 loan?
For small loan amounts like $700, you’ll likely need to work with a payday lender, as most personal loan lenders usually offer loan amounts more than $700. Many of these payday lenders do not perform credit checks either, so you may be able to get approved even with poor credit, as long as your income and other factors are up to par.
How fast can I get my $700 loan?
This depends on the specific lender, the underwriting process, and when you apply. That said, it’s possible to get funded within the same day of application.
What are the repayment terms of a $700 loan?
If you obtain a $700 loan from a payday lender, the repayment terms are generally every payday. For instance, if you get paid on a bi-weekly basis, then the loan will be due in two weeks. There are no installment payments involved, which means the full loan amount — plus interest — will be due in one lump sum. With personal lenders, on the other hand, you may have a longer loan repayment term within which to repay your loan. The loan amount can also be paid back in installments rather than in one lump sum.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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