If you currently have bad credit and need a loan, you have options. From online personal loan lenders to payday lenders, cash advance apps and more, there are several no credit check loans available. However, they often come with higher interest rates and fees.
In this guide, we cover Canadian no credit check loans you can choose from, how easy they are to get and how much they cost.
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Finder Score for personal loans
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
High-cost payday loans are unsustainable for long-term borrowing, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, consider calling Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
Compare no credit check payday loans
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Can you get a no credit check loan in Canada?
Yes. Many lenders offer no credit check loans in Canada—but be careful as scammers sometimes use the taglines “no credit check” and “guaranteed approval” to lure borrowers who are in desperate financial situations and steal their money.
To find a legitimate lender, make sure they’re licensed to operate in your province and read online customer reviews for any red flags. You can also check out our list of legitimate lenders above.
Find out the APR of your no credit check loan
If you want to find the best no credit check loans in Canada, be sure to look for annual percentage rates (APRs). The APR is the interest rate plus all fees you must pay to get the loan, such as broker, appraisal and title search fees. Showing the APR is required by law.
Some lenders might only promote the interest rate and hide the APR in the fine print to make a no credit check loan seem less expensive. Carefully review your loan agreement so you’re aware of all costs involved.
What are the best no credit check loans?
Comparing features that are your top priorities can help you find the best no credit check loans in Canada. We break down key features of popular no credit check loan types below.
Feature
No credit check installment loan
No credit check cash advance
No credit check payday loan
Cost
Pay around 30% interest plus a surety or broker fee of up to $300.
No interest, but you may pay a monthly fee
$14 for every $100 borrowed
Loan amount
Less than $2,000
$20–$500
$100–$1,500
Loan term
Less than 12 months
Next pay cycle or flexible
Up to $1,500 days
Basic eligibility criteria
Recurring income, bank account with minimal NSF transactions
Recurring income, bank account, good banking history
Recurring income, bank account
Collateral required
No, this loan is unsecured
No, this loan is unsecured
No, this loan is unsecured
Speed
Within 24 to 48 hours
Instant approval and funding
Instant approval and funding
Application process
Easy—apply online, get a nearly instant decision and get funded within 24 to 48 hours
Easy—apply on the website or download the app, get an instant decision and get instant funding
Easy—apply online or in-store, get an instant decision and get instant funding
Pros
Break up payments into installments
Fast process
High loan amounts
Non-employment income sources like government benefits are okay
Apps available
24/7 availability
Quick and easy process
Extendable deadlines
No late fees
Accepts non-employment income
24/7 availability
Options to apply online or in-store
Quick and easy
High loan amounts
Cons
High rates and fees
Potential for scams
Monthly subscription fee
Potential extra fee for instant funding
Small loan amounts
Extremely expensive
Late fees and NSF fees
Short loan terms that cannot be extended
Guaranteed approval
No, but requirements are lenient
No, but requirements are very lenient
No, but requirements are very lenient
Avoid if
You don’t need emergency cash and you’re not sure if the lender is legit
You need large amounts or don’t want to pay a monthly fee
You have alternatives available or you’re not sure the lender is legit
Who are some popular no credit check loan lenders?
Well-known no credit check lenders include:
KOHO. A leading fintech company in Canada, and its no credit check loan, the KOHO Cover, offers instant funding with no job requirements.
Money Mart. One of the largest payday lenders, with online and in-store applications for its no credit check payday loans. Learn more about loans like Money Mart.
Demonstrate reliable income. Showing the lender you have the means to repay your loan will help your chances of approval.
Have no NSF transactions. NSF transactions in your bank account in the last 60 to 90 days will suggest to lenders that you will struggle to make repayments.
Show on-time payments. Paying your debts and bills on time will show lenders that you’re a responsible borrower.
Common features of loans with no credit check in Canada
Loans with no credit check share these features:
Bad credit is okay. Since there’s no credit check involved, it’s possible to get fast or instant approval even with poor credit.
Very expensive. Since lenders take on more risk by not checking credit scores, they charge higher rates and fees.
Small loan amounts. Since no credit check loans are riskier, lenders typically provide small loans only, unless you provide your car as collateral.
Risks of no credit check loans
There are a few key risks you should be aware of before applying for any no credit check loan in Canada:
High rates and fees. No credit check loans come with much higher interest rates than regular loans, which can greatly increase the cost of borrowing. Administration, broker, NSF, late payment fees, express fees and other charges may apply, so read the fine print thoroughly.
Short loan terms. Payday loans and other no credit check loans have short repayment terms. If you fail to pay off your loan by the due date, you can incur additional fees and interest charges that could trap you in a cycle of debt.
Sketchy lenders and scams. Illegitimate lenders sometimes use the phrase “no credit checks” to prey on people experiencing severe financial difficulties. Do your research to make sure you only ever deal with reputable lenders. Check out our guides on personal loan scams and payday loan scams for more information.
Expert insight
"While you may need the money quickly, it’s important to make sure you’re getting a no credit check loan from a legitimate source. Do your research and due diligence to make sure you’re truly being helped."
How it works:Car title loans allow you to take out a loan using your paid-off vehicle as collateral. However, you run the risk of your car being repossessed if you default on the loan.
How much you can borrow: 25% to 50% of your car’s value up to $50,000
How much it costs: 9%–35% APR
Who are no credit check car title loans best for?
Apply for no credit check car title loans if you own your car outright, it’s less than 10 years old and you want to secure a high loan amount and more competitive interest rate.
Avoid no credit check car title loans if you’re not sure you can afford to repay the loan – if you default on the loan, you will lose your car.
Pawn shop loan
How it works: With a pawn shop loan, you provide a valuable item (such as jewellery or current electronics) as collateral. You’ll get your item back once you repay the loan plus interest. However, high interest rates and fees usually apply. You also run the risk of your item being sold if you can’t make repayments.
How much you can borrow: 20% to 60% of the item’s resale value.
How much it costs: Interest of 5% to 30% commonly applies. You may also need to pay insurance and storage fees.
Who are no credit check pawn shop loans best for?
Apply for no credit check pawn shop loans if you’re looking for a lender with very easy eligibility criteria and you have collateral.
Avoid no credit check pawn shop loans if you can’t afford repayments and you don’t want to lose your collateral.
Credit card cash advance
How it works: A credit card cash advance allows you to withdraw cash from your card balance via an ATM or at your bank. It’s a simple and convenient way to access money, but you’ll need to pay a cash advance fee as well as high interest rates.
How much you can borrow: Varies depending on the card issuer and your credit limit. Many card providers have maximum daily cash advance limits of $500 or less.
How much it costs: Cash advance fee of approximately $10 or 5% of the transaction cost. You’ll also need to pay interest at an APR of 22.99% or higher.
Who are credit card cash advances best for?
Consider credit card cash advances if you need fast and convenient access to cash without applying to a new provider.
Avoid credit card cash advances if you’re already struggling with credit card debt. Credit card cash advances come with steep rates and fees that could put you in a worse financial situation.
Are there no credit check lines of credit?
There are no traditional lines of credit that don’t require credit checks. Lines of credit require financial discipline, which is why lenders tend to require credit checks for them. However, there are cash advance apps that are similar to lines of credit, thanks to their flexible repayments. These are Nyble’s small credit line and the KOHO Cover.
Are there no credit check loans where everyone’s approved?
Not exactly. Some credit check loans offer near-guaranteed approval due to lenient eligibility requirements. However, legitimate lenders still need to assess your finances before approving your application.
Examples of no credit check lenders with close-to-guaranteed approval include KOHO, Bree, Nyble, Cashco and Money Mart.
Are you in a stronger financial position than you were 12 months ago?
If you’re struggling with finances, you’re not alone. In the Finder: Consumer Sentiment Survey January 2024, Canadians were asked whether they were in a stronger financial position now compared to 12 months ago. While 33% of Canadians said “Yes,” there were 27% who said “No.”
You have many options in Canada for no credit check loans, and it’s quick and easy to apply. However, most have steep interest rates and fees. Before you apply for a no credit check loan, evaluate the risks and your alternatives first.
It's possible to get a no credit check loan if you're unemployed as long as you have some sort of recurring income like government benefits, or you can secure your loan with your paid-off car.
Yes, many private no credit check lenders operating in Ontario. Loans you can get include personal loans, cash advances and payday loans.
Yes, some online payday lenders accept and approve applications and send cash via e-Transfer 24/7. This service is offered by automating the loan approval process. However, if your loan application needs to be manually reviewed, say, if you've just started a new job, make sure you look for a lender that has staff working 24/7.
The fastest way to get a no credit check loan is via payday loans or cash advance apps.
Yes—provided you deal with a legitimate lender. Unfortunately, disreputable lenders promise no credit check loans to target financially vulnerable people. Do your research to make sure any lender you deal with is completely above board.
How you get your loan depends on the lender and how you apply. If you apply in person at a payday lending store or pawn shop, you can collect your loan in cash.
If you apply online, money can be sent directly to your bank account. Many online lenders send funds via email money transfer using Interac e-Transfer. This allows you to access cash within minutes, which is handy when you need an emergency loan.
Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
Leanne's expertise
Leanne has written 183 Finder guides across topics including:
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
The Finder personal loans ratings and review methodology provides a data-based method to assess and rate personal loan providers in the Canadian marketplace.
Need a $4,000 loan quickly? Whether you have good or bad credit, find out about your loan options in our guide.
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