Finding a loan with bad credit or no credit score at all is not an easy task. Yet, it is not impossible either to secure a loan.
Thankfully, we've compiled together this short guide to help you. With this guide, you can find no credit check loans in Canada without putting in any collateral. So, without any further ado, let's begin.
A little briefing about no-credit-check loans
To your surprise, private lenders and financiers offer short-term loans that do not require any guarantee or collateral. The amount for loans can vary anywhere between $100 to $5000, depending upon the lender.
With a no-credit-check policy, the lender does not perform any hard checks on your credit score. All that the lender need is an assurance that you can repay the loan. You can either show your employment or you can also show your benefits as your income. That's all they need.
Loans that you can avail of with no-credit-check
It is noteworthy that there is no single option for you. Instead, you can choose from a long list of no credit options for loans according to your need. But, listing all the options in this article won't be possible, so we'll keep it short and discuss only the popular ones.
Here's a list of options that you explore to start with.
Payday Loans
One of the most popular and convenient options is to seek a payday loan. As the name suggests these loans are mostly sought to cover up exceeding monthly expenses. And they are to be repaid at the next payday. In other words, you'll be needed to repay the loan in a month or so.
The best thing about these loans is the easy application process. It is believed to be as easy as creating a Facebook account. Just submit your details and the lender will offer you their best offers. More so, the amount is disbursed into your account in not more than 24 hours. What else could you ask for, when you need urgent cash?
Installment Loans
Another popular option that many seek is an installment loan. It is quite similar in application to payday loans. But, instead of a one-time settlement, installment loans Canada can be repaid in parts.
It is also quite obvious from the name. Moreover, you can choose the plan and accordingly the rate of interest that you can bear.
Online Money Lending Networks
Most convenient of all is online money lending networks. Yes, you read that right. You can also look for a no-credit-check loan online. The process is simple, paperless, and quick. There's no hassle to visit a bank or a financing institute.
The best part about these networks is the chances of getting higher amounts at lower rates of interest. When you submit an application on an online money lending network, it is shared with more than one lender. And you get the option to choose from the lot- which lender you wish to borrow from and how much.
It is quite obvious now, that you can get a loan even if you have a bad credit score. All you need to know is where to seek it. But, you must keep in mind that you should still not exploit your credit line. After all, you wouldn't want to ruin your chances of getting a loan in future.