Loans in Canada With No Credit Check: 2022’s Best Lenders

Many lenders want nothing to do with borrowers burdened with bad credit, putting thousands of Canadians between a rock and a hard place when looking for a solution to their predicament. 

How can you take out a loan while in debt when no one gives you a second look?

But there is a way out – a no credit check loan. Here, you’ll discover the best loans in Canada with no credit check to help you determine your next move.

Let’s dig in! 

Best Loans in Canada with No Credit Check: A Glimpse

Our exhaustive research has born a list of the best loans without a credit check. Some of them are entirely online, while others also support on-site applications.  

Rank Provider Rating Features Maximum Loan Amount
1. iCash

10/10

Best Overall

  • 5-day grace period
  • Generous referral program
  • Free membership benefits

$1,500 

(Visit Site)

2. Captain Cash

9.8/10

Fastest Approval

  • Email money transfers
  • Fast and easy application process
  • 120 days repayment term

$750

(Visit Site)

3. Cash4You

9.8/10

Best Flexibility

  • 100+ physical stores
  • Pay the money back on the next payday
  • On-time payments build your credit

$1,500

(Visit Site)

4. Money Mart

9.5/10

Lowest Requirements

  • Loan Protection Plan
  • No hidden fees
  • One-stop-shop mobile app

$1,500

(Visit Site)

5. Pay2day

9.3/10

Fastest Transfers

  • Paperless transactions
  • 24/7 online applications
  • Flexible repayment options

$1,500

(Visit Site)

6. Instant Payday

9.3/10

Best Rates

  • Payday loans available in 15 minutes
  • Streamlined lending process
  • Excellent  customer service

$1,500

(Visit Site)

7. Simple Credit

9/10

Best Loan Catalogue

  • Compare offers side by side to find the best endorsement
  • 96% customer satisfaction
  • Personalized offers according to credit score

$1,500

(Visit Site)

8. Credito

8.9/10

Best Loyalty Benefits

  • The more loans you take out – the less interest you incur
  • Same-day deposits
  • 128-bit encryption for usernames and passwords

$750

(Visit Site)

9. Deposit My Cash Now

8.5/10

Highest Loan Amount

  • Loans of up to $3,000
  • Repayment terms of up to 6 months
  • Funds available within the hour following signature

$3,000

(Visit Site)

10. GetMyPayToday

8.5/10

Best Loan Term Range

  • No documents required
  • Short-term loans from $300 to $3,000
  • No credit investigation 

$3,000

(Visit Site)

10 Best Loans in Canada with No Credit Check

Now, let’s take a closer look at the leading online no credit check loans with the most unique features and benefits. 

1. iCash – Best Overall 

iCash Logo

  • Reviewlution Rating: 10/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $1,500
  • Loan Term: Up to 62 days
  • Minimum Income Requirements: $800/month

As the leader of our list, iCash is the best place to go to for a loan with no credit check in Canada. The lender guarantees fast, safe, and easy loans with flexible repayment terms and online applications with zero implications on credit, no paperwork, and a 5-day grace period

After applying, you’ll get an instant decision with a prompt to sign a contract, after which you’ll get your money in about 5 minutes. 

But iCash doesn’t only offer loans. In fact, its unique cashback program allows customers to get up to 20% cashback of the cost of borrowing. 

Moreover, this lender enables you to repay your loan in installments, but without the higher interest fees, which can be a lifesaver for many financially-burdened individuals. In terms of security, iCash owns all licences required in every province and follows all laws regarding payday loans, so you can rest assured your information is protected. 

Pros:

  • High approval odds 
  • Instant funding
  • No prepayment penalties

Cons:

  • High interest fees
  • Short repayment terms

2. Captain Cash – Fastest Approval

Captain Cash Logo

  • Reviewlution Rating: 9.8/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $750
  • Loan Term: Up to 120 days
  • Minimum Income Requirements: $1,200/month

Captain Cash is a Canadian lender that’s coming in at a close second, providing some of the best online loans with no credit check and instant approval in all of Canada. By applying for a loan with Captain Cash, you get a flexible repayment term of up to 3 months, paperless applications, and fast email money transfers.

Moreover, as a borrower, you can choose the frequency of your payments which best suits your needs and devise a payment schedule for paying in 3, 6, or 12 installments. And you can get in touch with this lender daily, as they’re open seven days a week.

Lastly, it’s worth mentioning that Captain Cash maintains the utmost security on the site and uses robust encryption to protect your personal information, so your data is never shared with third parties without your consent. 

Pros:

  • Long repayment period
  • Ability to defer payments 
  • Unsecured loans

Cons:

  • Self-employed individuals don’t qualify
  • Small amounts available for a first loan

3. Cash4You – Best Flexibility 

Cash4You Logo

  • Reviewlution Rating: 9.8/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $1,500 
  • Loan Term: Until next payday 
  • Minimum Income Requirements: Varies by province

Cash4You is a one-stop-shop for short-term loans with no credit check and money solutions because it offers instalment loans (of up to $15,000), payday loans, credit boost, and cheque cashing. With over 100 physical locations, customers can apply both online and in-person. And since the lender doesn’t do credit checks, you can get approved in minutes.

One of Cash4You’s biggest selling points is the transparency it exercises with its customers, sparing them of hidden fees, pre-payment penalties, and pricey add-on products. Although the service is currently only available for Ontario and British Columbia residents, those who can use it will benefit from the velocity and simplicity of the process.   

For any questions, check out Cash4You’s extensive FAQ section for comprehensive answers or call the customer support team at 1-888-997-2807.

Pros:

  • Hassle-free cash 
  • Clear terms and conditions
  • No additional fees

Cons:

  • Not available in all provinces
  • No information on security measures

4. Money Mart – Lowest Requirements

Money Mart Logo

  • Reviewlution Rating: 9.5/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $1,500
  • Loan Term: Up to 62 days
  • Minimum Income Requirements: N/A

If you want to pay loans online with no credit check, look no further than Money Mart. This lender is the only one on the list that has ever presented a bonus for applying, with the last offer being a $100 eGift card and the current one – a chance to win $10,000. Plus, customers will benefit from a secure and easy application and no hidden fees. 

Money Mart prides itself on fast cash deposited directly to your bank account, transparent, flat-rate fees, and quick repayment. Moreover, it offers almost everything under the sun, from cash advances, instalment loans, business loans, cheque cashing, money transfers, and currency exchanges, to bill payments. 

Additionally, Money Mart provides an optional Loan Protection Plan, which gives you monthly benefits in the event of misfortune, pays off your balance, and helps you enjoy peace of mind knowing you and your family are safe from unexpected financial strain. 

Pros:

  • Instant funding
  • Lenient eligibility requirements 
  • No pre-payment penalties

Cons:

  • High interest rates
  • High fees   

5. Pay2day – Fastest Transfers 

Pay2day Logo

  • Reviewlution Rating: 9.3/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $1,500
  • Loan Term: Up to 31 days
  • Minimum Income Requirements: N/A

With 32 locations in Canada and 24/7 customer service, it’s no surprise that many customers think of Pay2day when they need loans in under 24 hours. This lender does a great job of attracting customers. Namely, you can get a free $300 cash advance and a first cheque cashed for free

One of Pay2day’s most valuable features is its generous referral program, where customers get a $20 discount on their next payday loan if they refer a friend. Apart from this, the lender provides 1-hour e-transfers, no hidden fees, no credit checks, and entirely paperless applications and transactions.  

The company has recently focused on expanding its services to cover more provinces, with Nova Scotia being added to the list. However, if you can’t go to any of the physical locations, you can download Pay2day’s convenient mobile app that allows you to get a loan right through your phone.

Pros:

  • Generous referral program
  • No fees on the first cheque
  • Physical locations

Cons:

  • Not available in all provinces
  • High cost of loans

6. Instant Payday – Best Rates 

Instant Payday Logo

  • Reviewlution Rating: 9.3/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $1,500
  • Loan Term: Up to 30 days
  • Minimum Income Requirements: $1,000/month

Those looking for loans in Canada with bad credit can take advantage of Instant Payday’s appealing rates, hassle-free applications, and fast payouts

For your convenience, the lender has successfully streamlined the lending process and eliminated storefront locations. Consequently, loan approvals happen in as little as 15 minutes, while returning customers can get their money within minutes of the application by Interac Email transfers.  

Another significant feature of Instant Payday is the easily attainable eligibility requirements, where the lender only needs two payroll deposits, proof of income, and the occasional fax or void cheque. 

Regarding security, the lender is licenced by Consumer Protection BC, so customers can rest assured knowing their application and money are protected. Moreover, if you have any problems, you can contact the professional customer support team by phone at 604-630-4783 or 877-730-8406. 

Pros:

  • Fast and simple
  • Helpful customer service team
  • Quick money transfers

Cons:

  • Unappealing website interface
  • No unique features

7. Simple Credit – Best Loan Catalogue 

Simple Credit Logo

  • Reviewlution Rating: 9/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $1,500
  • Loan Term: N/A
  • Minimum Income Requirements: $1,200/month

We can’t talk about no credit check loans without mentioning Simple Credit, one of Canada’s best references for financial endorsement. With 96% customer satisfaction and a wide array of loans available, it’s no surprise that this lender has contributed much to online lending. Namely, the application and approval process is fast, easy, and convenient for your needs. 

At Simple Credit, you can shop and compare endorsements from various lenders and choose from their growing catalogue of services, including personal loans, mortgages, debt consolidation, credit cards, insurance, and student loans.

The company offers two kinds of credit cards with low interest rates, a secured and an unsecured one, both of which provide unlimited possibilities and the chance to build credit by accumulating cashback. 

So, with a team of dedicated specialists and no credit impact from loans, who wouldn’t want to do business with Simple Credit?        

Pros:

  • Compare lender endorsements 
  • Impeccable customer service
  • Cashback program

Cons:

  • High fees
  • Application mostly by fax

8. Credito – Best Loyalty Benefits 

Credito Logo

  • Reviewlution Rating: 8.9/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $750
  • Loan Term: Up to 120 days
  • Minimum Income Requirements: $1,200

As the lender with the best loyalty benefits, Credito pays the utmost attention to its customer base. Not only does it provide a loan without a credit check to everyone who needs it, but it also decreases the interest rate with every subsequent loan, from 26% on your first to 15% on your third loan.  

Usually, Credito’s customers receive their money transfers within 24 hours of the applications and have the chance to pay back the loan over a period of 90 to 120 days. On top of that, you can rest assured knowing you’re not incurring any hidden fees or interest, undergoing credit checks, or falling victim to security breaches.  

Finally, it’s worth mentioning that each borrower’s information is 100% confidential and protected by state-of-the-art security, coupled with round-the-clock help and guidance from certified and reliable agents. 

Pros:

  • No hidden fees
  • Rewards for loyal customers
  • Flexible payment methods and frequencies

Cons:

  • High fees
  • Slow service

9. Deposit My Cash Now – Highest Loan Amount 

Deposit My Cash Now Logo

  • Reviewlution Rating: 8.5/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $3,000
  • Loan Term: Up to 6 months
  • Minimum Income Requirements: N/A

Deposit My Cash Now differs from the rest of the lenders on this list mainly due to their high loan amount of up to $3,000. Therefore, if you’re looking for larger payday loans with no credit check, fast and straightforward applications and no need to provide documents, you should consider Deposit My Cash Now. 

With 17 years of experience in the debt management and loan sector, this lender gathers your personal information and sends you a comprehensive loan agreement, before sending you your funds within the hour. For those with bad credit scores, Deposit My Cash Now assigns professional brokers who will support you and help you get out of unfortunate situations. 

Moreover, the site is also home to valuable resources concerning short-term loans, credit scores, and credit checks, which might help some customers feel more at ease with the lending process.  

Pros:

  • High loan amount
  • Fast deposits
  • Professional customer service team

Cons:  

  • Low email response rate
  • High service fees

10. GetMyPayToday – Best Loan Term Range

GetMyPayToday Logo

  • Reviewlution Rating: 8.5/10
  • Interest Rate: Varies by province
  • Loan Amount: Up to $3,000
  • Loan Term: N/A
  • Minimum Income Requirements: N/A

Although GetMyPayToday occupies the tenth position on this list, it by no means lacks unique features and appealing offers. In fact, the company has been operating for 17 years and has employed expert brokers to help each customer improve their financial situation. 

Regarding online no credit check loans, GetMyPayToday enables you to qualify quickly and receive a loan of up to $3,000 within an hour. All you need to do is provide photo identification, proof of address, and your last three bank statements, and you’re good to go. Following your approval, the money will arrive in your account shortly. 

Apart from no credit check loans, the company also provides other services like payday loans, instalment loans, bad credit loans, cash advances, credit rebuilding, personal loans, debt consolidation, emergency loans, and instant loans without documents or refusals. There’s something for everybody. 

Pros:

  • SSL website encryption 
  • No hidden fees
  • Immediate responses from brokers

Cons:   

  • High interest rates
  • Can’t apply for two loans simultaneously

Buyer’s Guide

Since you’re now acquainted with our favourite online loans with no credit check, the next thing you should do is learn the ins and outs of no credit check loans so that you know what you’re signing up for before you receive your funds. 

What Is a No Credit Check Loan and How Does It Work?

A no credit check loan is a type of short-term borrowing where the lender does not check your credit history or report when deciding to lend you money. Therefore, your application will never be refused because of a bad credit score, nor will the loan impact your record. 

Usually, this is because these lenders don’t have to report to the major credit bureaus and rating agencies or because they understand that bad things can happen to good people. 

So how does this work?  Firstly, when you apply for loans without a credit check, the lender won’t pull your credit report as a prerequisite. Instead, they will rely on other factors, such as income and residency, to make their decision. 

Therefore, it’s crucial to remember that just because a lender doesn’t check your credit, it doesn’t mean they’ll just approve you for a loan without much thought. 

What Are the Requirements for a No Credit Check Loan?

Although the requirements for no credit check loans may vary from lender to lender, there are some general criteria that you can expect, such as:

  • Income – most loans require borrowers to have had a stable job for at least three months and a suitable monthly income (usually $1,200 or less) to support paying off the loan 
  • Bank statements – lenders may ask for documents including monthly incoming and outgoing payments so they can discover your debt-to-income ratio, spending habits, and financial obligations, helping them understand your finances better
  • Identification – you’ll need to provide a government-issued document proving your identity, such as a photo ID, a passport, or a driver’s licence, so the lender can ascertain that you’re a legal resident of Canada with an existing address
  • Recent bills – recurring payments such as utility bills provide insight into whether or not the borrower has paid everything on time and verifies their address  
  • Cosigners/assets information – if you don’t have good income or credit, some lenders may require you to offer up an asset as collateral or get someone to cosign your application to ensure you pay back the loan amount

Before applying for a loan, make sure you check the eligibility requirements for your chosen lender. And remember, criteria can also vary drastically depending on the type of loan.

Types of No Credit Check Loans

Luckily for many borrowers, lenders offer different types of loans without a credit check. Here’s what’s on the radar:

  • No credit check personal loans are loans that can be used for anything. Typically, they have lower interest rates than other types of loans, but they may have more stringent requirements. There are two types of personal loans:
  • Secured personal loans that require collateral, such as a savings account or a piece of property
  • Unsecured personal loans that don’t require collateral but may have higher interest rates
  • No credit check guarantor loans are a type of loan where someone else (usually a family member or close friend) agrees to repay the owed amount if you can’t. Guarantors will need a high credit score and stellar credit reports to take on this responsibility.
  • No credit check car title loans are loans where you use your vehicle as collateral. Therefore, the lender will place a lien on your car, and if you can’t repay the loan, your car will be repossessed. These loans also come with high fees and APRs. 
  • No credit check payday loans are short-term, high-interest loans typically due on your next payday. They are easy to get but usually come with high fees and APRs.

Unsurprisingly, personal loans and online payday loans with no credit check are among the most popular types of loans due to their convenience.

Maximum Cost of a $100 Payday Loan by Province

Although loan rates and fees differ significantly between lenders, your province of residence dictates some interest rates, rules, and guidelines on loans. 

In the table below, you can find out the maximum cost borrowers pay per $100:

Province Maximum Cost per $100
Alberta $15
British Columbia $15
Manitoba $17
New Brunswick $15
Newfoundland and Labrador $21
Nova Scotia $19
Ontario $15
Prince Edward Island $25
Quebec 35% (annual interest rate)
Saskatchewan $17

But why are these numbers significant? Well, by remembering the cap on interest in your province, you can weed out lenders who are breaking the law and charging above the maximum. 

How to Choose a Lender?

With the many quality lenders on the market, you may get overwhelmed with the options. But don’t worry because we’ll provide you with some tips that will help you earmark the best lender for you. You should pay mind to:

  • Trustworthiness – determine whether or not the lender is reliable by attentively reading customer reviews on independent sites 
  • Overall amount – compare the total cost of the loan and beware of lenders who try to sucker you in with a low APR but make up for it by charging high fees
  • Debt duration – shorter repayment terms mean you’ll be in debt for a shorter time, but it also means you’ll have to make larger payments
  • Payment adjustability – some lenders offer more flexible payment options, allowing you to choose from weekly, bi-weekly, and monthly payments, as well as increase or decrease your payments

To ensure you’re considering the best no credit check loans online, you must carefully comb through the terms and conditions. That way, you’ll know what to expect and won’t be caught off-guard by any fees or obligations.

Advantages and Disadvantages of No Credit Check Loans

Now that you know more about the topic, here are some benefits of applying for a no credit check loan:

  • Credit score won’t make or break the application
  • The application process is fast and convenient
  • Borrowers get the money swiftly
  • People with bad credit can qualify
  • It can rebuild credit by way of timely payments

However, no credit check loans also have some drawbacks, such as:

  • Prevalent scamming lenders
  • High interest rates 
  • High costs and fees
  • Borrowers can lose their cars or other collateral
  • Limited loan amounts 

As with all things, there are good and bad sides. Ultimately, whether or not you consider these loans beneficial will depend on your unique financial circumstances. But, remember to do thorough research to ensure you avoid the risks before embarking on a journey that may harm your savings. 

Alternatives to Payday Loans

If you’ve decided that an online no credit check loan might not be the right move, there are other ways you can get the money you need. Here are a few options:

Borrow from friends or family 

If you have someone in your life who’s willing and able to lend you some money, this is usually the cheapest and safest option. However, be sure to put your agreement in writing and decide on terms so that there are no hard feelings later and the relationship remains intact. 

Get an unsecured credit card

Unsecured credit cards are the most common cards available because they come with little risk since they don’t require any collateral. What’s more, you’ll likely get a lower interest rate than with payday loans with no credit check

Credit unions

You may also get a low-interest loan from a chosen credit union, even with bad credit. In fact, these non-profit organizations typically have lower rates and fees than banks, which will help you maintain your credit score and enable you to receive the money you need. 

Improve your budget

Although this option won’t give you money directly, it can help you get out of a wretched payday loan cycle. So, if you can learn to budget better and save up for unexpected expenses beforehand, you may not need a payday loan in the future. 

Wrapping Up

Applying for loans in Canada with no credit check can be a helpful option if you need money fast and don’t have good credit.

Hopefully, by analyzing the carefully compiled list of the best online loan providers, you can make an informed decision about which lender is best for your financial needs. 

Finally, remember to consider the pros and cons of no credit check loans before you apply, ensure you read the terms and conditions (yes, the whole thing), and only borrow what you can afford to repay. 

FAQ

Where can I get a no credit check loan?

You can get no credit check loans from payday and online lenders, such as the ones in the list above.

What do I need to qualify for a no credit check loan?

Usually, the eligibility criteria for a no credit check loan focus on income levels, outstanding debt, employment status, and past bankruptcies. Therefore, you’ll need to generate a stable income for the life of the loan and have a reasonable debt-to-income ratio.

Are no credit check loans safe?

Unfortunately, no credit check loans aren’t the safest option because lenders may charge high rates and fees, damaging your credit. It’s essential to research and read reviews on your lender of choice before applying for a loan.

What is the easiest loan to get in Canada?

Payday loans are the easiest and quickest loan to get in Canada. Typically, they cost approximately $15 to $20 for every $100 borrowed, which you will need to repay by your next payday, hence the name. 

Where can I borrow money immediately?

To borrow money fast, you can look for no credit check loans online with instant approval, personal loans, online cash advances, credit unions, banks, or pawn shop loans.

ABOUT AUTHOR

With an early start in journalism and years of work as a technical translator, Marija felt it was natural to blend the two. Passionate about news and research, she enjoys sifting through the data, researching new currents and the constant changes in our technologically and financially driven lives, as well as presenting the stats and facts to the readers so you don’t have to dig deep on your own.

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