At times life throws a curveball and all your financial plans go askew. An abrupt car breakdown, emergency medical expense or even having your pocket picked can result in a major financial crisis for you. You can try to trim down needless expenditures to sustain the balance on your budget but there are those expenses that cannot be disregarded. Grocery shopping and paying your rent are some of the things that cannot be postponed and therefore, sometimes unsecured personal loans such as no credit check installment loans Canada emerge as the only way out.
What are No Credit Check Installment Loans Canada?
These are types of loans that are to be repaid over the course of a few years or months in pre-scheduled payments. ‘No credit check’ simply means that lenders don’t require performing hard credit checks in order to offer these types of loans. This makes them an ideal option for people with no credit and bad credit.
At Bonsai Finance, we want to help borrowers who do not have access to traditional financing through banks or credit unions. That’s why we work with reputable lenders who offer different loan products to ensure that different borrowers with different financial statuses and needs find the most ideal credit option with ease. No credit check installment loans are among the loan products that we can help you access while at the convenience of your home, office, or virtually anywhere.
Characteristics of No Credit Check Installment Loans
- No credit check: This is the key feature of these types of loans, which means that if you have bad credit, bankruptcy, or a CCJ, you have an increased chance of getting the financing you need quickly. This is because lenders will not rely on your credit report or score to gauge your creditworthiness.
- Paid in installments: Another key feature is that these types of loans are that they are to be repaid conveniently and at the borrower’s own pace. This makes them different from payday loans that are required to be repaid all at once with the next paycheck.
- Instant approval: Unlike traditional loans that take long to process, these types of loans take a shorter time to process. Once you apply, you’ll receive an acceptance or denial response within minutes. If your application is accepted, you can have the credit you need in your bank account within hours after your application.
- They are unsecured: In most cases, you will not be required to put up collateral in order to obtain these types of loans.
Key Points to Keep in Mind
Before taking out a no credit check installment loan, it’s important to remember the following aspects:
- There are fees to consider: These types of loans often have hefty fees and high interest rates. So be prepared to spend a lot more than the initial loan amount on repayments. With our help, you won’t have to spend more than it’s legally acceptable as we work with lenders who charge very reasonable rates.
- There’s other criteria to meet: Traditional credit check may not be conducted to ascertain your creditworthiness, but there are other criteria to meet in order to qualify for these types of loans. Lenders will be looking at your income levels to establish whether you have the ability to repay back the loan. With a stable source of income, we can help you obtain these loans with ease.
- Lenders report activity to credit bureaus: Dissimilar to payday loans, installment loans report activity to the two credit bureaus in Canada. This means that if you repay your loan on time, it could boost your credit score, and vice versa.