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No Bank Verification Loans

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No Bank Verification Loans

Written by Lisa Rennie
Fact-checked by Caitlin Wood

No Bank Verification Loans


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Do you have a pressing expense to pay for, but you don’t have the funds to cover it? Are you running out of time before your payment due date arrives? If so, you may have contemplated taking out a quick short-term loan to help you make the payment before your next paycheck comes in.

Payday loans tend to be pretty popular for situations like these. Such short-term loans are typically made for no more than $1,000 to $1,500 and provide much-needed funds within a very short period of time. In fact, borrowers can get their hands on the money within as little as 24 hours.

Check out if you should get a personal or payday loan.

Payday loans are pretty well-known, but what about “no bank verification loans”? What exactly are these? Are they something you should consider to help you in case of a financial emergency or unexpected expense?

Need debt relief for your payday loans? Read this.

What is a No Bank Verification Loan?

As the name suggests, a no bank verification loan is a type of loan that requires no documentation to be verified on the part of the lender. Essentially, you can get a loan without having to provide any documentation regarding your income, job, finances, or assets. You don’t have to supply paperwork, such as employment verification, pay stubs, or bank statements.

Trying to get a job in Canada? Click here to find out what documents you’ll need.

However, there is one important thing that lenders will want to check, even if they require no bank statements to approve you for a loan: your credit score. While lenders might not necessarily ask you to submit specific financial documents before approving you for a no bank verification loan, they’ll still want to check your credit and pull your credit report to see what your payment history is like.

Want to know how your payment history affects your credit score? Check this out.

What About My Bad Credit?

What if you’ve got bad credit or no credit, but don’t want your lender to pull your credit? In that case, you’ll have to provide your bank statements to your lender.

Lenders typically do not want to loan out money that they believe might not be paid back. They will still want some assurance that the loan will be repaid, especially when they are dealing with unsecured loans; that is, loans that do not come with any collateral for lenders to recoup should borrowers default on their loans.

Look here for more differences between secured and unsecured loans.

In order to protect themselves, lenders will typically either want to see specific financial documentation verifying the ability for borrowers to repay the loans they take out or will pull a credit report. The information contained in a credit report will outline a borrower’s payment history and credit utilization. Such information is valuable for lenders to assess a borrower’s ability to repay a loan.

How does the money you owe affect your credit score? Find out here.

Pros and Cons of a No Bank Verification Loan

A no bank verification loan may sound great, but like everything else in life, there are some drawbacks. Here we’ve listed both the pros and cons so that you may make an informed decision.


  • Easy Application: Due to the lack of documents you need to send, the application process is far more simple than applying for a regular loan.
  • Faster Approvals: Lenders only need your credit score to approve you for a loan. As such the approval times are much quicker.
  • No Income Requirement: Since you are not required to provide bank verification, the usual income level requirement does not apply.


  • Credit Score: Unfortunately, those with bad credit will not be able to get a no bank verification loan, as the sole requirement is good credit.
  • High-Interest Rates: Lenders often charge higher interest for the no bank verification loan as it is harder for them to assess your risk. Since the lender is basing your eligibility solely on your credit score,  they can’t tell if the loan they give you will tip your debt to income ratio into the red zone.

Final Thoughts

A no bank verification loan is certainly an option that is available for you whenever you need quick cash to cover a pressing expense. However, you should be aware that your credit will still be checked. If your credit score could use some improvement, you may want to consider taking steps right away to increase it. Doing so will help put you in a much better position to get approved for a more favourable loan with better terms and a lower interest rate in the future.

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