You could need a no credit check loan for several reasons. There could be an emergency medical issue or a long-awaited vacation may get short on budget. But it is not always possible to take a long-term loan. You may need a few extra bucks for a short duration. No credit check loan comes in handy in such tricky situations. You may not have a proper credit score or you may never have taken a loan. Whatever be the situation, you must get at least the basic requirements fulfilled.
No credit check loans in Canada are easy to get approved. You could get a no credit check loan in Canada on PersonalMoneyNetwork.com.
Why do you need a no credit check loan in Canada?
You would be amazed to know that 41% of the Canadians have a credit limit of $10k or more! This points to a recent trend of a cashless society. Cash transactions are becoming obsolete. Especially after the outbreak of COVID-19, people are staying away from cash transactions.
This means the online mode of payment is going to see new heights. Coming back to the topic, the need for a no credit check loan can be varied. The major ones are:
- Emergency medical issue: Most Canadians believe in living from paycheck to paycheck. But medical emergencies do not see the date of the salary. You might have some savings but that needs at least 24 hrs to get from the bank. Also, what do you do if a medical emergency arises all of a sudden? A credit check loan becomes the savior here. You can get it approved in 10 minutes and pay the bills.
- Household expenses: Your washing machine might get broken all of a sudden. It could be the same with your centralized heater, geyser, or any other electrical appliance. These come within the budget of CAD 1,500. That takes the no credit check loan hot favorite for covering household expenses.
- Educational expenses: Schooling and college days create financial mayhem. You might need a fund for covering the science project or funding the college excursion. Talking about college students, they might not always have the savings to get it covered. Also, they do not have a credit score. But they are eligible for a no credit check loan provided they fulfill the criteria.
- Miscellaneous: This category includes all the expenses that you can think of. Funding a vacation, repairing the out-house, starting a small business, improving our garden, and so on. As long as your budget is within CAD 1,50, you can take this loan.
What conditions you must fulfill to get no credit check loans Canada approved?
Even though it might sound like anyone can take a no credit check loan, you must fulfill the basic criteria. You can get it approved online too. Here are the ones that you must meet if you wish to get your no credit check loan approved:
- Age: You must be 18 years or older to get a no credit check loan. Usually, at this age, you are either employed or still studying. If you are a college student, you may need a loan to cover your various emergency issues. If you are employed, you have the benefit of repaying the loan after your next pay-check arrives.
- Citizenship: You must be a Canadian citizen to get this loan. Usually, those on a work visa or student visa do not get this loan approved.
- Income: When you are applying for a loan, the first thing that the lender needs is the proof of your steady income. This loan is also called a payday loan as most people repay it with their next paycheck. You should be a regular employee with any venture or if you have a business, you must produce proof of your constant profit.
- Steady employment: This is not to be confused with the income. Steady employment means you have been continuously earning more than 6 months. This gives lenders a two-fold benefit. First, they know that you will repay the loan with your next pay-check. Second, they can approach your workplace in case you are late on repayment or default your loan.
- Personal bank account: You must possess a personal bank account before applying for a no credit check loan. Joint accounts do not qualify for this loan. Also, when you have a personal bank account, it gets easier for your lender to scan your credit history. Even though theoretically it does not matter, lenders do pay attention if the borrower is consistent with loan repayment.
- Bank statement: Your lender may ask you to produce the bank statement for the last 30-90 days. This is because many borrowers take multiple no credit check loans to repay another loan. And in turn, the default no credit check loan. Also, your bank statement shows your expenditure and income. Lenders get to know if you are capable of repaying your loan or not.
- Information about cosigners or assets: A loan is always against any asset or with the help of a cosigner. Your lender might ask you about the real market value of your asset. You can use your house, vehicle, or any antique piece as an asset.
But you must state its real value. In many instances, the lender gets it assessed by an expert. If you have got the loan approved with the help of a cosigner, you will be required to fulfill details about him/her.
The Final Say
No matter whether you have big savings or live from one paycheck to the next, a financial crisis can arise in any instance, you need to have a financial plan. Instead of borrowing it from unauthorized sources, you should take a no credit check loan, given you need CAD 1,500 or less.
But you must meet the basic criteria to get it approved in minutes. Always pay attention to the track record of your lender. Also, assess your repayment ability.
