Whether they need urgent car repairs, a dentist appointment, new school clothes for their child or just a nice vacation, people who are facing a large cost they can’t cover immediately often turn to personal loans to make ends meet. Many Canadians borrow money from lenders every day, and there’s no reason you shouldn’t be able to join in if you want to – even if you worry about your ability to pass a credit check.
We’ll help you find the no credit check personal loans guaranteed approval you need to make that happen for you.
Why Credit Usually Matters
Lenders have a good reason to want to examine applicants’ credit scores; in doing so, they can see how reliably that person has been able to pay back any loans or other forms of credit they have taken in the past. As an institution trying to decide whether it is in their best interest to loan you money, it’s fair for them to be concerned about this.
That said, having your credit checked over and over again can start to feel very invasive and unwelcome. The idea that someone now knows the intimate details of your financial life is bad enough, but the fact that they also judged those details to be too troubling for you to be an acceptable credit risk is even worse. No one likes to be judged for things like that, especially when you’re trying to put them behind you and get a fresh start.
Taking Credit Indicators Out of the Equation
Some lenders are willing to extend a loan to a person without ever looking at their credit score. Instead, they generally consider the applicant’s current verifiable income in proportion to the amount that they have indicated they want to borrow. The idea is that as long as repayment is feasible (i.e. does not take up an unreasonably large percentage of the person’s take-home pay), they will take borrowers at their word and count on them to be responsible enough to pay it back. In other words, if they are satisfied with your income level, it’s a near-certainty that you’ll get the money you want. That’s the kind of guarantee you need to put your mind at ease.
What You Should Know
Like anything in life, no credit check loans come with benefits and drawbacks. In exchange for their leniency, lenders who do not check credit may place a higher interest rate on the loan than you would see from lenders with more rigorous applicant investigations.
This allows them to recoup more of their investment more quickly in the event that a borrower only makes a few initial payments. If you’re committed to repaying your loan as quickly as possible, though, you won’t feel much of an impact from this concession.
You should also know that if your income is extremely low, your application is likely to be discarded no matter how small a loan you’re seeking. If you understand that both of these things will affect your overall experience with these loans, there’s nothing to stop you from submitting your application.
Get No Credit Check Personal Loans Guaranteed Approval
Our lenders know that the usual process doesn’t work equally well for everyone, and that’s exactly why they want to do business with you. Their no credit check personal loans (guaranteed approval) are meant to be easy to access, even for people who would rather keep some parts of their financial lives private. Bonsai Finance helps you sort through your options for no credit check lenders quickly and easily, so you can get that personal loan you want with as little trouble as possible. You’ll never worry about how.