No credit check loans
A safe, hefty loan can be hard to come by if you have bad credit. Most conventional lenders will start by running a credit check, and if you have a poor record, you automatically become a high-risk customer and the chances of landing the funds you need diminish drastically. Many borrowers with lousy credit are therefore left with no choice but to approach payday lenders, some of whom exploit their desperation with ultra-high interest rates and short repayment periods.
On the bright side, decent providers of no credit check loans exist. Although it will take a lot more than a quick search online to find one, you won’t be stuck with a loan that leaves you in more debt than you can bear.
What It Means to Have Bad Credit
A poor credit history implies that you have late or unfulfilled payments on your record. If you have bank loans that you defaulted, utility payments that you missed, or debt collectors that are breathing down your neck, your credit score is probably not great. Getting too close to your credit card limit can also paint a bad picture of your financial situation.
Borrowers with bad credit are usually considered high-risk customers in Canada because lenders typically have less confidence in their ability and willingness to pay back the loan. Of course, the worse your credit history is, the harder it will be to get the funds you need.
What Are No Credit Check Loans?
A “no credit check” loan is issued without requiring that the lender perform a check on your credit background. That means you can get your loan application approved, even when your credit is unappealing.
A no credit check lender won’t pull your credit score to determine whether or not you’re safe to fund. Instead, they use alternative ways to verify that your financial situation can support additional debt. For instance, the lender may need you to provide bank statements with your application. Bank records will show how much money is entering and leaving your account monthly and will, therefore, help the lender know if you can afford the loan.
If you suspect that your monthly income won’t be good enough to convince your prospective lender, you may want to consider offering collateral. For some lenders, credit checks and bank statements mean little if the borrower has an asset that can cover the loan. You also have a better chance of getting a loan that’s larger than the usual $5,000 limit when you provide a valuable asset as collateral.
The Benefits No Credit Check Loans
Loans with no credit check are excellent sources of emergency funds. They’re easy to apply for, and since they don’t need credit check validation, the money is usually transferred to your bank account instantly, especially if you apply over the internet. The online lenders we work with will offer you full-time access to quick funding, whenever you need it.
Even more exciting is that lenders in Canada are getting more and more in tune with the needs of their customers. In addition to instant approvals, loan providers are working with borrowers to formulate payment models that work great for both parties. Applying for a no credit check installment loan from our lenders, for example, will give you the peace of mind of being able to pay it off in small, easy installments over an extended period.
How Bonsai Finance Can Help
No credit check loans are a tricky road to navigate. For every one decent lending company, there are hundreds out there to bleed you dry. Bonsai Finance is the helping hand you need to land an excellent lender that will offer you the money you want, regardless of your credit score. Our longtime experience with bad credit loan providers means we know precisely who in the industry is worth your time, and we can get you the most reasonable deal based on factors like APR, loan terms, and payment installments.
On the bright side, there are genuine lenders who offer no credit check loans Canada, enabling borrowers to address their immediate needs and position themselves for future financial success. On the flip side, there are also predatory lenders who offer rapacious no credit check loans designed to lock in borrowers in cycles of debt for months, or even years, in the future.
If you choose to obtain a no credit check loan through us, you will not have to worry about predatory lenders, extra costs or surprise payments. We guarantee that you’ll get the so much needed funds from a genuine lender, and you won’t have any added fees, upfront or hidden, to your plan. This means that you will know exactly what you are getting into when making your loan application, which will ultimately make your financial standing feel much more safe and secure.
Our help will also come in handy when it comes to distinguishing between a safe and a dangerous financial product. When pairing you with a lender, we will evaluate 3 differentiators so as to determine whether a no credit check loan is a good option for you or not. These three things are:
This is essentially the cost of the loan, which his normally expressed as either the “interest rate” or the annual percentage rate (APR). The interest rate is the percentage of a principal no credit check loan amount charged to a borrower per month, while the APR is the percentage of a principal loan averaged over the full term of the loan.
Most borrowers looking to obtain no credit check loans Canada are more likely to be desperate, so predatory lenders find them to be easy targets. Such lenders trap borrowers in high interest loans that are quite difficult to repay. With our help, you will get the very best rates on the market from Canada’s best no credit check loan lenders.
This is the duration between the funding of the no credit check loan and when the principal loan and all fees must be fully repaid. Basically, you’ll have to choose between short-term no credit check loans and long-term no credit check loans.
Short-term loans are more like payday loans or unsecured personal loans. You’ll get funding quickly, and you’ll also be expected to repay the loan within a short period of time, i.e. within weeks or a few months.
Long-term no credit check loans, on the other hand, are more like secured loans in the sense that you only get to obtain funding after pledging collateral. Under the long-term arrangement, the lender will give you credit, but in exchange, you’ll have to consent to relinquish your asset in case you fail to repay the no credit check loan on time.
At Bonsai Finance, we work with different kinds of lenders offering both short-term and long-term no credit check loans Canada. So, no matter what type of loan you are looking for, we will provide you with access to numerous loan options so that you can choose the one that’s more affordable and ideal for your situation.
Ability to Repay
A genuine and socially-responsible lender will evaluate your employment, income, and banking history so as to determine whether or not you will afford to make timely payments in accordance to the loan term and interest rate. A lender who does not consider your ability to repay your loan will most probably end up taking advantage of your predicament.
The lenders we work with usually take their time to assess potential borrower’s ability to repay the loans they are applying for. We will match you with an ideal lender so that you can obtain the funds you can afford to repay. This will eliminate the risk of losing collateral or ending up with an even lower credit score.
Contact us today for more information on no credit check loans Canada.