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.
Request your no credit check loan with us today!