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The Top No Credit Check Loans in Canada 2024

Updated:

Fact Checked

No credit check loans are available in Canada; however, they often come at a cost.

When a lender approves your loan application, regardless of your credit rating, you can expect to pay high interest rates or may be required to provide collateral.

Payday loans generally fall into the no credit check loan category. There are also financial institutions that offer these loans on terms that are more favourable than what payday lenders offer.

Best No Credit Check Loans in Canada

Loans Canada

Loans Canada is a loan comparison platform for all kinds of personal loans, car loans, debt consolidation loans, and bad credit loans. It has partnerships with some of Canada’s largest lenders and offers free access to your Equifax credit score.

Interest rate: 2.99% to 46.96%.

Loan term: 4-60 months.

Maximum loan amount: Up to $50,000.

LoanConnect

LoanConnect is a search engine for finding personal loans online from various lenders. You can use it to find a loan that works for your situation regardless of your credit score.

Interest rate: 6.99% to 46.9%.

Loan term: 3-120 months.

Maximum loan amount: Up to $50,000.

Also known as alternative lenders, no credit check loan companies charge a higher interest rate than traditional banks.

The ones we have listed below offer quick online applications, and you can receive funds within a few days.

Loans Canada

Loans Canada works with various lenders who cater to individuals with bad credit scores.

You can use the platform to search for loans you want to use in consolidating your debt and for credit building and debt relief purposes. It also works with lenders who offer no credit check loans online.

To see what’s available, apply online, and they will connect you with a third-party lender as applicable.

  • Interest rate: 2.99% to 46.96%
  • Loan amount: Up to $50,000
  • Term length: 4 – 60 months
  • Minimum credit score: N/A

This platform is available to borrowers across Canada.

LoanConnect

This loan search engine offers a one-stop shop for finding cash, debt consolidation, bad credit, installment, and online loans.

LoanConnect works with various lenders, including those offering no credit check loans. Some also accept applications from borrowers with previous bankruptcies or consumer proposals.

To start, complete the online application. If approved, funds are paid out in as little as 12 hours.

  • Interest Rate: 6.99% to 46.96%
  • Loan Amount: Up to $50,000
  • Term Length: 3 – 120 months
  • Minimum credit score: N/A

LoanConnect no credit check loans are available throughout Canada, including Alberta, Ontario, British Columbia, Manitoba, and Saskatchewan.

Learn more about the platform in this LoanConnect review.

FatCatLoans

FatCatLoans

FatCatLoans is a Canadian loan comparison website. They take the work out of searching for a loan as they search the market to find trustworthy instant loan lenders. Get up to $50,000 with a personal, installment, bad credit, and debt consolidation loans.

Interest rate: 6.99% to 46.96%.

Loan term: 3-60 months.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada and the age of the majority in your province or territory, have a regular source of income, and an active bank account.

FatCatLoans logo

On FatCatLoans’s website

  • FatCatLoans offers personal, bad credit, installment, debt consolidation, and online loans from different lenders across Canada.
  • Installment loan applications take only 7 minutes to complete online with instant approval.
  • Get loans from $1,000 to $50,000, with a 4.84% to 35.99% APR and 3 to 84-month terms.
  • Depending on the lender, you could have your loan within 1 to 3 days.
  • Bad credit loans are available for those with poor credit.
  • Applications are done entirely online with no phone calls or paperwork needed.

Loans are available in all provinces

A one-stop-shop for comparing different loans and lenders

Personal, installment, bad credit, debt consolidation, and other loans are offered

There can be high interest rates for some loans

They are not a direct lender

There are limited reviews and no phone number for customer service

FatCatLoans is a one-stop-shop to find loans for every purpose and credit score, including personal, installment, debt consolidation, and bad credit loans. They search the market to find and match the best loans for you. You can borrow up to $50,000.

Refresh Financial

Refresh Financial offers a Credit Builder Loan which is different from a traditional personal loan. If you are looking to build or rebuild your credit score, a cash builder loan can help.

You don’t get any cash upfront. Instead, you make payments into your loan account, and these payments are reported to the credit bureaus as transactions.

The funds you have deposited can be accessed for use when you want, and when you close the account, you get the balance.

  • Interest rate: 19.99%
  • Loan amount: $1,250 – $25,000
  • Term length: 36 – 60 months
  • Minimum credit score: N/A

Other lenders offering short-term no credit check loans in Canada:

  • iCash
  • Captain Cash
  • Northstar Brokers
  • Money Mart
  • SkyCap Financial
  • FlexiLoans

No Credit Check Loans Compared

LenderAmountInterest RateLoan Term
Loans CanadaUp to $50,0002.99% – 46.96%4 – 60 months
LoanConnectUp to $50,0006.99% – 46.96%3 – 120 months
FatCatLoansUp to $50,0006.99% – 46.96%3 – 60 months

No Credit Check Loans Explained

A no credit check loan in Canada is one in which the lender does not check your credit score or report before they approve your loan application.

While credit scores and reports are a standard metric for assessing creditworthiness, individuals with bad credit or no credit have other options.

Instead of pulling your credit file, lenders who offer loans with no credit check in Canada look at your employment status, income as shown by your bank statements, and whether you have a guarantor or can provide collateral.

They ask the borrower to provide documentation showing they can repay the loan and not default on payments.

Types of No Credit Check Loans

The no credit check loans offered by online lenders vary in so many ways – interest rate, income eligibility, and maximum loan amounts.

Below are some of the more popular types:

1. Guarantor Loans

This loan type involves a third party (your guarantor) who co-signs the loan contract and promises to make payments if you default on the loan.

A person acting as a guarantor is required to have a good credit history and a stable source of income.

It is easier to qualify for a guarantor loan even if you have no credit history.

2. Secured Personal Loan

This loan is secured against your assets such that if you are unable to repay the loan, these assets can be seized by the lender.

Assets that may qualify as collateral for a loan include your vehicle, property, investments, or cash.

If you have an excellent credit score, you may qualify for lower unsecured personal loan rates.

3. Payday Loans

The most common no-credit-check loans are from payday lenders. Payday loans are costly, with rates as high as 600% APR and loan terms spanning only a few weeks (an average of 14 days).

The maximum amount you can borrow is around $1,500, and if you are unable to make payments on time, you could find yourself with a hefty debt burden.

What To Look For in a No Credit Check Loan

When considering a bad credit loan, look at the following features and ensure they suit your needs:

  • Eligibility requirements: Find out what the income, credit score, location, guarantor, and debt-to-income ratio requirements are.
  • Interest rates: Read the fine print to know what the loan will cost you in interest and origination fees. Ask about the Annual Percentage Rate (APR). You may be surprised at how much that payday loan is actually costing you. A $15 fee per $100 borrowed in a two-week period is equivalent to a 391% APR!
  • No-fee prepayments: Many lenders allow you to pay off your loan early without penalty. That said, you should always confirm that your no credit check loan offers this privilege.

Benefits of a No Credit Check Loan

  • Approval for loans without checking your credit.
  • Fast online application process with funds becoming available in 1-2 days.
  • Good for emergencies if you have no other options.

Downsides of a No Credit Check Loan

  • They have high interest rates, especially payday loans.
  • You may require a guarantor to qualify.
  • Exposes you to predatory lenders, and you could end up with a scam online loans service.
  • It may not improve your credit score.
  • Can result in a vicious cycle of debt if you are unable to pay it off quickly.
  • Your assets (collateral) may be seized if you miss installment payments.

Related: Why You Should Avoid Payday Loans.

Are No Credit Check Loans Worth It?

A no credit check loan can be helpful if you need cash fast and have no cheaper options available to you.

Before approaching an alternative lender offering no credit check loans, check with your regular bank or credit union. They may be able to give you a loan with better rates and terms.

If this approach does not work, speak to friends and family to see whether they can help or co-sign a loan with you.

If you have a credit card, you can get a cash advance and try to pay it back as soon as possible.

If your financial situation is extremely bad, contact a credit counsellor for advice.

FAQs

Can I borrow money without a credit check in Canada?

Alternative lenders and payday loan companies offer no credit check loans to Canadians. These financial institutions look at your income and bank statements to confirm you have the cash flow to repay the loan. In some cases, they may also require a guarantor.

Can I get a loan with a bad credit score in Canada?

You can apply for a bad credit loan through an alternative lender if your credit score is in the 500-600 range. Examples of companies offering secured and unsecured loans for bad credit include LoanConnect and Mogo.

Top Loan Offers this month

Compare the best loans for good and bad credit in Canada

Get the best loan rates from lenders regardless of credit score.

Quick online application from the comfort of your home.

Borrow up to $50,000 for 3 months to 60 months.

Loans for any reason with rates from 2.99% to 46.96%.

Check your credit score for free online in 3 minutes or less

Get access to your Equifax credit score for free.

It takes only a few minutes online, and no credit card is required.

Access free identity monitoring and protection.

Includes your credit report updated weekly.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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