When you think about payday loans Canada no credit check, you probably assume that these products are extremely easy to get no matter who you are or what your financial situation is. It’s not often that this is the case, but this time, we’re happy to say that these assumptions are entirely correct. These loans are extremely easy to sign up for! This ease of access does come with a few trade-offs, but for the most part, you’ll be able to rely on these products to pick you up whenever you have a financial hiccup you need to take care of.
No Credit Check Clears the Biggest Barrier
It should come as no surprise to you to hear that many Canadians have a lot of trouble with their credit score, whether or not you’re one of them. It takes years to build up one that is good enough to impress lenders, but you can lower your score drastically in just a few months if your credit behaviour is poor enough. It’s not always obvious things that lead to this result, either – for instance, did you know that cancelling a credit card you have had for a long time could significantly lower your score all on it’s own? You wouldn’t expect to face consequences for that innocuous action, but you still might. You aren’t necessarily safe from frightening credit score drops even if you think you’re doing everything right.
You can see how easy it is to end up with a worse score than you planned, and if you do, you won’t be able to pass a credit check. Cutting out that part of the process ensures that this won’t be a problem, which makes payday loans Canada no credit check an ideal solution. Whatever your credit score might be at the moment, it won’t make a bit of difference to your odds of getting approved for these products. You don’t have to worry about that at all, which many people will find appealing.
Warning: Interest Rates Going Up
Unfortunately, this good news doesn’t come without some bad to balance it out. The price of ignoring the credit check requirements that loan applicants are usually subject to is a much higher interest rate than you would usually have to pay. If a lender has no way of knowing what your credit is like, the safest thing for them to do is assume that it is bad and to charge you accordingly to ensure they can make a profit in their business. If your credit really is bad, this isn’t a big deal, since you wouldn’t have gotten a better rate by having your credit checked anyway. However, if your score isn’t as terrible as you might have originally thought, it’s possible that you could borrow for less by choosing loans that do not omit the credit check.
If you’re in true need of loans that charge as little as possible or simply don’t like the idea of paying more than you have to, this means that no credit check loans will never be the best option for you. There is no hope of securing a low rate without undergoing a credit check (as you wouldn’t in a loan like this). To be able to use them without any hesitation means either recognizing that you are in no position to argue with whatever rates a lender wants to charge you if they’re willing to work with you at all, or accepting that cost cannot be something you worry about if you’re so insistent on the convenience of skipping the credit check. This is the most important thing to make your peace with when you’re considering using these loans.
Higher Income May Be Required, Too
On top of the higher interest rates you’ll face, you should be aware of the fact that you may need to apply with a higher income than usual if you’re choosing payday loans Canada no credit check. This is because the absence of a credit score to help guide their decisions means that lenders are forced to rely on other criteria in order to come to a final decision about whether to approve you. Your monthly income is one of the best indicators of your true financial situation at this moment, so naturally it has a lot of bearing on whether or not you look like a good loan candidate in this context. You don’t necessarily need to make exorbitant amounts if you’re just looking for a small loan of perhaps a hundred dollars or so, but to get loans in larger amounts (think closer to $1,000), you’ll need to show some pretty impressive numbers. This helps you, too, though; the higher your income is, the easier it will be to afford the loans and their fees, making it more likely that you will be able to pay the whole thing back successfully. This is a good thing for both you and your lender, so you shouldn’t get too upset if you can only get approved for a smaller amount than what you were hoping to get. Chances are good that if the lender in question had gone ahead and given you what you wanted, you might have had more trouble meeting your obligations for repayment than you anticipated. Better safe than sorry, right?
Payday Loans Canada No Credit Check Have Lots To Offer
For the reasons stated above, payday loans Canada no credit check are never a perfect solution and shouldn’t be your first choice in most cases. However, when all else fails you, you can still always count in these loans to be there for you. You can find a whole range of options for lenders in this category through Bonsai Finance. Just log on now and let us guide you through your different potential choices; the whole research and application process could be over and done with in just a few minutes if you’re diligent.