No document loans in Canada

Applying for a loan used to mean lots of time spent gathering all the necessary paperwork. But many lenders now offer no document loans in Canada, making it quick and easy to apply for a loan online. The downside is that they often come with high interest rates and fees.

In this guide, we’ll show you how no doc personal loans and payday loans work, where you can apply and what you need to do to get approved.

Jump to:

• No document personal loans
• No document cash advances
• No document payday loans

The truth about no doc loans

“No document loans” is a phrase used to attract new customers, but the reality is that lenders need to see (1) proof of ID to verify who you are and (2) proof of income to show that you can afford loan repayments. When you see no document loans in Canada, it simply means your income and identity can be quickly verified online.

In the past, you’d provide these documents by email, fax, upload or in-person. But now many lenders offer instant bank verification, allowing them to access read-only copies of your bank statements online. This eliminates the need for physical paperwork and speeds up the approval process.

Compare no doc personal loans you can get online

You won’t need to email documents to these lenders, but you’ll still need to verify your income and identity by providing them access to your view-only bank statements.

Compare no doc cash advances

Get a small loan with these cash advance apps. You pay no interest on these cash loans, but you may pay a monthly subscription fee.

Get a no doc payday loan

Payday lenders have automated process, and in many cases, you won’t need to email or upload any documents. Bear in mind though that payday loans have excessively high fees and are only worth considering as a last resort.

What do you need to get approved for no document loans in Canada?

You’ll need to meet the following requirements to qualify for no document loans in Canada:

• Age and residency requirements. You’ll need to be the age of majority in your province or territory as well as a Canadian citizen or permanent resident.
• Proof of ID. You may need to provide a form of government-issued ID such as a driver’s licence or passport.
• Income requirement. You’ll need to earn a minimum income each month to qualify for a loan. The minimum amount required varies depending on the lender. The type of income you earn is also important. Some lenders will only accept employment income, but others will also accept other income sources such as self-employment or government benefits.
• Employment requirement. If you earn employment income, the lender may require you to have held the same job for three months or more. This allows you to demonstrate that you have a steady source of income.
• Bank account requirement. Your income will need to be paid into a valid Canadian bank account.

Related: Easy loans in Canada

Steps to apply online

1. Fill out the application. You’ll need to provide your name, date of birth and contact details along with information about your income and employment.
2. Verify your income and identity. Next, upload a valid form of ID and complete the instant banking verification services. Verification is handled by a trusted third party, not the lender, and requires you to sign in to your bank account through a secure portal.
3. Get a decision. The lender will let you know if you’ve been approved, and some lenders offer decisions almost instantly.
4. Sign your loan agreement. The lender will send you the loan agreement to review, so make sure you read it carefully before signing.
5. Get funded. The money will be sent to you via e-Transfer or direct deposit.

Related: Best online loans

Can you get a no doc loan if you…

Can you get guaranteed no doc loans?

No. Legitimate lenders always verify your income before approving a loan. Be very wary of any lender that promises guaranteed approval before reviewing your financial situation. This could indicate a loan scam.

However, payday lenders generally have very lenient requirements. So if you want to maximize your chance of approval, a no paperwork payday loan could be the answer. Just be aware that payday loans have high fees and short terms and are extremely expensive to repay.

Related: Guaranteed approval loans guide

No doc payday loans vs no doc personal loans

Feature	No doc payday loans	No doc personal loans
Rates	Much higher	Lower
Loan amounts	Lower	Higher
Speed	Instant approval and funding with Interac e-Transfer	Within 24-48 hours
Ease of approval	Easier	Harder
Credit score	Good credit not required	Good credit not required
Income requirements	More flexible	Less flexible

No doc loans vs traditional bank loans

Feature	No doc loans	Traditional loans
Rates	Less competitive	More competitive
Loan amounts	Lower minimums and maximums	Higher minimums and maximums
Speed	Faster	Slower
Ease of approval	Easier	Harder
Credit score	Good credit not required	Good credit required
Income requirements	More flexible	Less flexible

Watch out for illegitimate lenders online

There are plenty of reputable online lenders that offer no doc loans. Unfortunately, there are also plenty of scammers that try to take advantage of unsuspecting borrowers.

The good news is that there are a few simple things you can do to make sure you’re dealing with a legit lender, such as:

• Check if they’re licensed. If you’re applying with a payday lender, make sure they’re licensed to offer payday loans in your province.
• Check their phone number and address. Illegitimate lenders will often not provide phone contact details or a physical office address, so look for a lender that is upfront with this information.
• Know the warning signs of a scam. If a lender promises guaranteed approval, wants you to pay an upfront fee or uses high-pressure tactics to try to get you to sign a loan agreement, steer clear. And remember that if an offer sounds too good to be true, it probably is.
• Read customer reviews. Read customer reviews for a lender on Google or independent review sites like Trustpilot. This will give you a good idea of whether the lender is reliable and trustworthy or not.

1 in 20 loan applicants are rejected due to missing or unverifiable information

In the Finder: Consumer Sentiment Survey January 2024, respondents were asked to select the main factor for a previous application for a personal or car loan being denied. Five percent of respondents cited “Information was missing from application or couldn’t be verified by the lender” as the primary reason.

Summary: Pros and cons of no paperwork loans

Compared to getting funding the old way—with emails, faxes or in-person appointments—no documents loans come with a lot of advantages. But there are some potential drawbacks you should be aware of.

Dive deeper: Have time? Compare 35+ personal loans

Frequently asked questions

• Where can you get no document loans in Canada?

  You can get no document loans in Canada from online personal loan lenders and payday lenders. Pay advance apps also offer easy access to small no doc personal loans. You'll need to fill out an online application form with your personal information and contact details, then upload proof of ID and complete an online banking verification process to confirm your income.

• Can you get instant approval on no doc loans?

  Yes, it's possible to get no doc loans with instant approval. Some lenders use automated systems to assess and approve or deny loan applications. If you need funds urgently, look for a lender that approves and funds loans 24/7. Learn more about instant loans.

• Can you get loans without showing your bank statements in Canada?

  No. Before approving your loan, the lender will need to verify your income to determine if you can afford to repay what you borrow. They will need to see your bank statements to do this, but thanks to instant banking verification, this can now be done online without the need to upload any paperwork.

  In place of bank statements, your lender might also accept recent pay stubs or tax Notices of Assessments.

• Can you get no paperwork loans with no credit check?

  Yes, some lenders will offer no doc loans without requiring you to submit to a credit check. Rather than checking your credit history, they will verify your income to ensure that you will be able to afford your loan repayments. Learn more about no credit check loans.

• What's the fastest way to get no doc loans?

  There are two options to consider if you need a no doc loan as soon as possible. The first is a pay advance app such as Nyble or Bree, which allow you to access small interest-free loans. However, you'll need to pay a fee if you want to get your loan amount instantly.

  The second option is a payday loan. Payday lenders have lenient eligibility criteria, and some lenders will approve and fund loans 24/7. But payday loans are very expensive, so make sure you can definitely afford to repay your loan before you apply.