Life’s chances, a project that needs to be done, a bad surprise or a few mistakes along the way can make you need a source of finance quickly. If your credit score is not good enough, you will have a hard time getting a loan. It is for this type of situation that loans without a credit check are intended. How does it work? We tell you everything!
Who is this type of loan for?
If you need a sum of money quickly and your credit report does not allow you to borrow from your bank without having to pay high interest rates, you may be the target group for this type of loan. Make sure you have a stable income and good spending habits before you get started.
You simply need to be at least 18 years old, to live in Quebec and have held the same job for 3 months with a minimum weekly income of $300. You also cannot apply for a loan without a credit check if you are about to go bankrupt.
What are the advantages of taking out a loan without a credit check?
Loans granted without a credit check give you access to emergency funds without affecting your credit report. The request is made quickly and the vast majority of files are accepted.
You have the borrowed sum very quickly, which makes it easier for you to get back, regardless of the situation you are in. You are not penalized by your credit report and thus avoid the unpleasant surprises of seeing you refuse your loan.
Also, if you are thorough and repay your loan on time, your loan company can notify the credit reporting agencies, which will be favorably considered in the assessment of your case. These are mainly small amounts, so you have less risk of getting into excessive debt. You thus benefit from a new source of financing and at the same time you work to calmly improve your creditworthiness.
How do you apply for support?
Applying for a loan without a credit check usually only takes a few minutes. The procedures are accelerated and simplified as they do not require an in-depth assessment of your credit file. Everything is done online with a few clicks! Simply fill out a form with your general information and contact details. No need to go to a branch with a stack of printed documents.
The experts from the financial institution you have chosen will then analyze your request. They actually check the data you give them to determine how much loan you will get. In the vast majority of cases, you will receive a response in less than 48 hours as well as a variable credit contract, which describes the agreement the institution in question has proposed with the terms of your contract.
Once the agreement has been concluded, the borrowed amount is deposited directly into your bank account. Usually money is deposited on the same day you receive your reply. You then have access to a payment calendar to constantly check your balance and schedule your repayments.