How To Get Installment Loans With No Credit Check In Canada 

Having a bad credit score and a bad credit history does not rule you out of options, as there are a few types of loans where your credit report will not be an issue. Installment loans are one of them.

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We’ll look at how to get installment loans with no credit check in Canada, as well as direct lenders who offer installment loans with no credit check in Canada.

Key Takeaways

  • Learn about No Credit Check Loan and How It Work.
  • 7 different direct lenders that give installment loans with no credit checks in Canada.
  • The Requirements to get installment loans with No Credit Check in Canada.
Installment Loans With No Credit Check
Credit:creditninja.com

What is an Installment Loan with no Credit Check?

A no-credit-check loan is a type of short-term borrowing in which the lender does not check your credit history or report before deciding to lend you money. As a result, your application will never be denied due to a poor credit score, and the loan will have no effect on your record.

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With no-credit-check installment loans, you borrow a lump sum of money and repay it over time in fixed monthly payments or installments. They usually have higher borrowing amounts than payday loans and can be used to cover almost any expense.

An installment loan is an unsecured loan in which the loan amount is repaid in scheduled payments (installments) over a set period (usually one payment per month).

An installment loan with no credit check differs from a no-fax payday loan. Loans with no credit aren’t just for people who don’t have a bank account, a checking account or have bad credit. In an emergency, it will allow anyone to obtain cash quickly and easily.

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How do Installment Loans with no Credit Check Work in Canada?

First off, when you apply for loans without a credit check, the lender won’t first pull your credit record. Instead, they will base their judgment on other elements like income and place of residence.

Therefore, it’s essential to keep in mind that just because a lender doesn’t examine your credit, it doesn’t imply they’ll just approve you for a loan without giving it much thought.

Requirements to get Installment Loans with no Credit Check in Canada 

Although the requirements for a no credit check loans differ per lender, there are some basic criteria that you may expect, such as:

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  • Income

For the majority of loans, applicants must have a consistent job for at least three months and a sufficient monthly income (often $1,200 or less) to sustain repaying the loan.

  • Bank statements

Lenders may request documentation such as monthly incoming and outgoing payments in order to determine your debt-to-income ratio, spending habits, and financial commitments, which will assist them in better understanding your finances.

  • Cosigners/assets information

 If you don’t have a steady income or strong credit, some lenders may want you to put up an asset as collateral or have someone cosign your application to assure you repay the loan.

  • Identification

 You must supply a government-issued document establishing your identities, such as a photo ID, passport, or driver’s license, so the lender can confirm that you are a legal resident of Canada with a current residence. Check the eligibility requirements for your preferred lender before applying for a loan. 

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  • Recent bills

Utility invoices, for example, provide insight into whether or not the borrower has paid everything on time and verifies their address.

7 Direct Lenders that give Installment Loans with No Credit Check in

Canada

Let’s take a deeper look at the top online no-credit-check loans, each with its own set of features and benefits.

#1. icash

iCash is one of the best places in Canada to get a loan with no credit check. The lender guarantees quick, safe, and simple loans with adjustable payback options, as well as online applications with no credit consequences, no paperwork, and a 5-day grace period.

Following your application, you will receive a quick decision with a request to sign a contract, following which you will receive your money in around 5 minutes.

This loan lender allows you to return your loan in installments while avoiding larger interest fees, which can be a lifeline for many financially strapped people. In terms of security, iCash holds all licenses required in each province and abides by all payday loan legislation, so you can be confident that your information is secure.

  •       Interest Rate: Varies by province
  •       Loan Amount: Up to $1,500
  •       Loan Term: Up to 62 days
  •       Minimum Income Requirements: $800/month

Pros:

  • High approval odds 
  • Instant funding
  • No pre-payment penalties

Cons:

  • High-interest fees
  • Short repayment terms

#2. Instant Payday  

Those looking for loans in Canada with bad credit scores can benefit from Instant Payday’s competitive rates, the simple application process, and quick payouts.

The lender has successfully streamlined the lending procedure and eliminated storefront locations for your convenience. As a result, loan approvals can take as little as 15 minutes, and returning customers can recover their money within minutes of applying using Interac Email transfers.

Another notable characteristic of Instant Payday is the lender’s simple eligibility standards, which need only two payroll deposits, proof of income, and the occasional fax or void cheque.

Customers can rest certain that their application and money are secure because the lender is licensed by Consumer Protection BC.

  •       Interest Rate: Varies by province
  •       Loan Amount: Up to $1,500
  •       Loan Term: Up to 30 days
  •       Minimum Income Requirements: $1,000/month

Pros:

  • Fast and simple
  • Helpful customer service team
  • Quick money transfers

Cons:

  • Unappealing website interface
  • No unique features

#3. Money Mart 

Money Mart takes pride in providing speedy cash put immediately into your bank account, as well as clear, flat-rate fees and prompt payback. Furthermore, it provides nearly everything under the sun, including cash advances, installment loans, business loans, check cashing, money transfers, and currency swaps, as well as bill payments.

Money Mart also offers an optional Loan Protection Plan, which provides monthly benefits in the event of a tragedy, pays off your loan, and gives you piece of mind knowing you and your family are shielded from unforeseen financial strain.

  •     Interest Rate: Varies by province
  •     Loan Amount: Up to $1,500
  •     Loan Term: Up to 62 days
  •     Minimum Income Requirements: N/A

Pros:

  • Instant funding
  • Lenient eligibility requirements
  • No pre-payment penalties

Cons:

  • High-interest rates
  • High fees

#4. Pay2day  

This lender does an excellent job of attracting clients. You can get a free $300dollar cash advance and a free first cheque cashed.

Pay2day’s substantial referral program, which offers consumers a $20 discount on their next payday loan if they refer a friend, is one of its most beneficial features.

In addition, the lender offers 1-hour e-transfers, no hidden costs, no credit checks, and completely paperless applications and transactions.

If you are unable to visit their physical locations, you can download Pay2day’s handy mobile app, which allows you to obtain a loan directly from your phone.

  • Interest Rate: Varies by province
  •     Loan Amount: Up to $1,500
  •     Loan Term: Up to 31 days
  •     Minimum Income Requirements: N/A

Pros:

  • Generous referral program
  • No fees on the first cheque
  • Physical locations

Cons:

  • Not available in all provinces
  • High cost of loans

#5. Cash4You 

Given that it provides installment loans (up to $15,000), payday loans, credit boost, and check cashing, Cash4You is a one-stop shop for short-term loans without a credit check and financial solutions.

Customers can apply online as well as in person at one of the company’s more than 100 physical sites. You can be accepted in a matter of minutes because the lender doesn’t do a credit check.

One of Cash4You’s main selling features is the openness it maintains with its clients, sparing them from unadvertised costs, pre-payment fines, and expensive add-on items.

The speed and ease of the process will benefit those who can utilize it, even if the service is only presently offered to residents of Ontario and British Columbia.   

  •     Interest Rate: Varies by province
  •     Loan Amount: Up to $1,500 
  •     Loan Term: Until next payday 
  •     Minimum Income Requirements: Varies by province

Pros:

  • Hassle-free cash 
  • Clear terms and conditions
  • No additional fees

Cons:

  • Not available in all provinces
  • No information on security measures

#6. Simple Credit  

Simple credit is one of Canada’s greatest financial references. With 96% client satisfaction and a diverse loan portfolio, it’s no wonder that this lender has made significant contributions to online lending. Specifically, the application and approval procedure is quick, simple, and convenient for your needs.

Simple credit allows you to shop and compare endorsements from multiple lenders, as well as select from an expanding menu of services such as personal loans, mortgages, debt consolidation, credit cards, insurance, and student loans.

The organization provides two types of low-interest credit cards, one secured and one unsecured, which allow endless possibilities and the opportunity to build credit by accruing cashback.

  •     Interest Rate: Varies by province
  •     Loan Amount: Up to $1,500
  •     Loan Term: N/A
  •     Minimum Income Requirements: $1,200/month

Pros:

  • Compare lender endorsements 
  • Impeccable customer service
  • Cash back program

Cons:

  • High fees
  • Application mostly by fax

#7. Captain Cash 

Captain Cash is a Canadian lender that offers some of the top online loans in Canada with no credit checks and rapid approval. When you apply for a loan with Captain Cash, you will receive a flexible payback term of up to 3 months, paperless applications, and quick email money transfers.

Furthermore, as a borrower, you can select the frequency of your payments that best meets your needs and create a payment schedule that includes 3, 6, or 12 installments. You can also contact this lender on a daily basis because they are available seven days a week.

Captain Cash maintains the highest level of security on the site and employs sophisticated encryption to secure your personal information, ensuring that your information is never shared with third parties.

  •       Interest Rate: Varies by province
  •       Loan Amount: Up to $750
  •       Loan Term: Up to 120 days
  •       Minimum Income Requirements: $1,200/month

Pros:

  • Long repayment period
  • Ability to defer payments
  • Unsecured loans

Cons:

  • Self-employed individuals don’t qualify
  • Small amounts available for a first loan

Read Also:

10 Best Direct Loan Lenders For Poor Credit With Guaranteed Approvals

How To Get A Loan When You Are On Benefits

How To Calculate Payment On A Loan – An Easy Guide

Conclusion

If you need money quickly and do not have good credit, applying for loans in Canada with no credit check can be a smart option.

Hopefully, by carefully reviewing the list of the top online loan providers listed here, you will be able to make an informed decision about which lender is best for your financial needs.

Lastly, remember to pros and cons of no credit check loans before applying.

FAQS

Is there any way I can get a loan with no credit

You can receive a loan even if you have no credit despite the fact that you may have to pay higher interest rates and the loan term may be unfavourable. However, this does not rule out one’s possibility of obtaining a loan with no credit.

Do you need good credit for an installment loan?

The credit score required to qualify for an installment loan is determined by the lender, the loan size, and the interest rate desired. Higher credit ratings are often required for better terms and larger loans.

What loan can a person with bad credit get?

Secured, co-signed, and joint loans are the easiest to obtain with bad credit. A secured loan involves collateral, such as a car or savings account, which the lender can seize if you fail to repay. A co-signed or joint loan asks you to include someone with a higher income and credit score than you on the application.

Does an installment loan hurt your credit?

Installment Loans Can Help You Improve Your Credit score; because installment loans involve monthly payments over a long period of time, they allow you to make regular on-time payments, which helps you enhance your credit score.

You can learn more from the video below:

About Author

Installment Loans With No Credit Check
Precious Ejimofor
My name is Precious Ejiofor, I am a professional self motivated, dependable writer and editor, with over 4 year of experience in writing for variety of business and platforms. I am able and capable to write on any kind of topic.
Specifically, I focus on producing persuasive and compelling contents that is thoughtful, prominent, and engaging.

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