No Credit Check Loans

No credit check loans are increasing in popularity in Canada, partly thanks to their ease of access, and partly as debt levels across the country rise. But these simple forms of borrowing are often maligned, and frequently misunderstood. Here we’re going to look at everything you need to know if you’re considering a no credit check loan.

We can help connect you with the top loan providers in Canada.

Pre-Apply For a Cash Loan

Top No Credit Check Loans Providers in Canada

Interest Rate
Up to $1600
29.78% - 44.80%
36 months
$500 - $1,000
3 - 6 months
$250 - $7,000
6 - 60 Months
$400 - $1500
4 months to 12 months
$100 - $1,500
2 months
$100 - $1,500
Up to 2 months
$500 - $15,000
18.9% - 46.93%
6 months - 5 years
$100 - $15,000
12 - 60 Months
$500 - $1,000
29.99% - 46.96%
84 - 120 days

What is a No Credit Check Loan?

A no credit check loan is exactly what it sounds like – a loan you can get without a credit check. Whereas most traditional loans (like personal loans, mortgages, auto loans, business loans, lines of credit and so on) require a credit check, and a credit score of at least 600, no credit check loans skip this requirement. In most other ways though, it is very similar to other forms of borrowing.

Who Can Get a No Credit Check Loan?

Qualifying for a no credit check loan in Canada is much easier than qualifying for other types of loan. Most lenders in Canada require applicants to have a credit score of at least 600, and may have other financial or demographic restrictions as well. But a no credit check loan only requires that you:

Credit check
  • Provide identification showing you are of age of majority
  • Provide proof of residency (usually via recent bills or similar)
  • Provide recent bank statements or a VOID cheque
  • Some providers may require you prove your income level with paystubs or similar
  • Provide guarantor information in the case of a guaranteed loan

It is sometimes believed that no credit check loans are only useful to those with a poor credit score, who would fail a traditional lender’s credit check, but this isn’t actually the case. People in many circumstances may consider a no credit check loan; for example, if:

  • New to the country/province and lacking a credit history
  • Avoiding credit checks because of the adverse effect they can have on your credit score
  • Seeking a fast turnaround time for their loan

Types of No Credit Check Loan

Payday Loans

About 4% of Canadians have utilized a payday loan at some point, but probably everyone has seen the ads. Payday loans are a quick but expensive borrowing option for those seeking a small amount of cash (usually between $100 and $1,500) for a short amount of time (usually just a few weeks). They have very high interest rates (averaging 400% APR) and require proof of income, but are appealing because of their ease of access and speed.

Guarantor Loans

Guarantor loans are an option for those with a friend or family member who is willing and able to co-sign their loan agreement. By doing this, the co-signer (or guarantor) is agreeing that if you, the borrower, defaults on the loan, they become financially responsible for repaying it. This arrangement provides security for the lender and means that borrowers who may be unable to get a loan on their own can access financing at affordable rates. A guarantor must have a good credit history and a stable income.

Car Title Loans

A car title loan is a type of secured loan where you use the equity you have in your car as the collateral. The size of loan you can get via a car title loan will depend on your vehicle – how much equity you have in it, its overall value, age and mileage, and so on. These loans tend to be for shorter terms than other types of secured loan (3 months to 3 years).

Secured Credit Card

A third type of secured borrowing is a secured credit card. This has the benefit of being as versatile and flexible as any other credit card – meaning you do not have to apply for a set amount and you only pay interest on what you use – and simply requires that you provide security against the card’s credit limit.

Secured Personal Loans

Secured personal loans are a more affordable option for those able to provide some form of collateral against the loan. By securing the loan against an asset you already own (such as property, a savings account, or a vehicle) you are essentially guaranteeing that the lender will receive repayment – either in the form of your agreed loan repayments, or by seizing the collateral in lieu of repayments if you default on the loan. So be warned – this type of loan puts the asset you use as security at risk if you don’t meet your loan payments.

Secured personal loans are available for anywhere from $1,000 to $50,000, and can last just a few months to 5 years. Interest rates vary depending on the loan terms and the lender you choose, but can be competitive, and can be either variable or fixed.

Pros and Cons of No Credit Check Loans



  • Higher interest rates than other types of loan
  • Predatory lenders can make this a hazardous marketplace

Finding a Good No Credit Check Loan

When searching for your no credit check loan, there are a few things to bear in mind:

  • Read the terms of the loan to understand the interest rate – not just the advertised rate, but the annual rate, which should be used to properly compare your different options and their respective affordability.
  • Verify if there are any fees or penalties associated with the loan (e.g. for early prepayment).
  • Check the eligibility requirements first.
  • Consider the length of the repayment plan and whether you can afford the monthly repayments. Also look into whether the repayments are adjustable in any way, in case your circumstances change.
  • Research the lender you are considering to judge they are trustworthy. Look into past customer reviews and check how long they’ve been in business.

When problems arise, even someone with good credit for many years can find their finances in shambles. These types of scenarios present the need for a loan without a credit check. Pre-apply for any kind of loan here!

Frequently Asked Questions About No Credit Check Loans

Are payday loans legal in Canada?

Yes, payday loans are legal everywhere in Canada, though the regulations concerning them and how they work vary by province. See here for more information.

When shouldn’t I do a credit check?

Credit checks can have a short term, negative impact on your credit score, so they are best avoided if: your score is already low; you have recently had another credit check run; you are uncertain if you will be pursuing the loan requiring the check.

Are no credit check loans safe?

Yes, in general no credit check loans are safe, but not every lender in the market is trustworthy. There are predatory companies who prey on those seeking fast cash, so always check the reputability of any lender, before you apply to them.

How can I increase my chances of being approved for a no credit check loan?

To increase your chances of approval, make sure that you meet the eligibility requirements of your chosen no credit check loan, and complete the application form and supporting documentation properly.

Elite Trusted Lenders

These companies are recognized for their excellent service, product offering and financial literacy education for all Canadians.