No bank verification loans in Canada

During the application process for a loan, especially for a payday loan, you may have to choose between providing lenders with bank verification access and manually uploading bank statements, proof of ID and income verification. If you prefer the latter, follow our guide to no bank verification loans.

What is bank verification and why do lenders use it?

Bank verification is a common way for lenders to examine a borrower’s finances during the application process. With bank verification, the applicant gives the lender access to electronic copies of their bank statements by logging into their account through a securely encrypted portal, and authorizing their bank to send relevant account information to the lender. It’s a fast, seamless way to send the information you need to get approved.

Some applicants choose not to take this route, and that’s okay. In this case, you can opt to manually upload the required documents into your account with the lender or email them to the customer service team. Examples of documents include recent bank statements, proof of ID, pay stubs and proof of address. This process involves more preparation than simply logging in, but it’s an option that some lenders give.

Compare no bank verification loans

The lender below gives you the option to skip bank verification and provide your bank statements and other documents manually instead. You’ll need to choose Standard instead of Express when you start your application.

No bank verification payday loan

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Money Mart Payday Loan

$120 – $1,500
Loan amount

1 – 62 days
Loan Term

60 minutes
Min. Turnaround Time

• Info
• Features
• Details

Borrow between $120 - $1,500. To be eligible for a Money Mart payday loan, you'll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check is required for this payday loan.

• 24/7 funding
• No credit check

• Payday loans are expensive
• Only residents of AB, BC, MB, NS, ON, SK are eligible

Loan amount	$120 – $1,500
APR	Varies by province
Term	1 - 62 days
Min. Turnaround time	As little as 1 hour after getting approved
How to apply	Online In Store
Credit Check	No

No bank verification installment loan

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Money Mart Installment Loan

$500 – $15,000
Loan amount

29.9% – 46.9%
APR

12 - 60 months
Term

• Info
• Features
• Details

Borrow up to $15,000 and repay your loan in installments that are automatically deducted from your bank account. To be eligible for an installment loan, you'll need to be at least 18 years of age with a steady source of income and a chequing account.

• No minimum income or employment requirements
• Approval within Less than 1 day
• Minimum credit score is 300

• Interest rates can reach as high as 46.9%
• Residents of Quebec are not eligible

Loan amount	$500 – $15,000
APR	29.9% – 46.9%
Term	12 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	None
Turnaround Time	Less than 1 day

Features of no bank verification loans

No bank verification loans share these features:

• Slower process. Since no bank verification loans require you to provide documents and the lender to do a more manual review, getting approval can take longer than loans with bank verification.
• Easy application. The application process is still quick and easy for no bank verification loans. Typically, the application shouldn’t take more than 10 to 20 minutes to fill out, especially if you already have the required documents on hand.

Am I eligible for a no bank verification loan?

While eligibility requirements will differ from lender to lender, you can expect a baseline criteria of:

• Be 18 years old or the age of majority in your province or territory
• Be a Canadian citizen or a permanent resident with a valid Canadian address
• Have a working bank account
• Have proof of regular income and ongoing employment
• Some lenders may have additional criteria, such as a minimum credit score, that you’ll need to meet in order to apply for a loan

What do I need to apply for no bank verification loans?

During the application process, you will likely be asked to provide the following to verify your income and identity:

• A valid government-issued ID (passport, driver’s licence, citizenship card) with your full name
• Proof of address (utility bills, letters from the government, etc.)
• Contact information including your phone number and email address. They will need your email address to send you an Interac e-Transfer link to deposit your funding
• Proof of your income (letter of employment, pay stubs, bank statements showing a steady source of income)
• Proof of your net and gross income amounts (via tax returns or income tax statements)
• Your bank account information (chequing account, routing and institution numbers); they will need these details to set up automatic withdrawals from your account to repay your loan

How to choose a no bank verification loan

Before you apply, take these steps to find the best no bank verification loan for your needs:

1. Check that you’re eligible. Even if you have excellent credit and a high income, you might not be eligible for every loan. Some lenders don’t operate in every province, while others won’t work with self-employed applicants. If you’re not sure what the requirements are, reach out to the lender’s customer service team and ask.
2. Compare interest rates. Interest rates are the most important factor to consider when taking out any type of loan. Shop around to see which lenders will provide you with the most competitive rate.
3. Watch out for extra fees and charges. Fees can drive up the true cost of your loan. Before proceeding, take inventory of how much loan origination fees, NSF fees and early prepayment penalties may be.
4. Check terms and repayment options. The term of your loan and your repayment conditions determine how you’ll repay your loan each month over a set period of time. Aim for a lender that will work with you to renegotiate repayment if your financial situation takes a turn for the worse.
5. Read customer reviews. Look at reviews left from clients on the Better Business Bureau or Trustpilot. If you notice a pattern of complaints, that could be a red flag.

Is bank verification safe?

It is, especially when you’re working with a legitimate lender and established bank verification technology. Flinks, for example, is based in Montreal, Que., and pulls financial data from over 250 million Canadian accounts for customers, such as Wealthsimple and Transferwise, helping them verify customer identity. Inverite calls itself Canada’s first “focused real-time bank verification service”, helping over 250 financial institutions quickly and securely connect with users’ financial data.

If you’re hesitant, your lender will provide details about the bank verification process, the secure technology it uses, and a reminder that the data collection is a one-time occurrence for your loan application.

How does the bank verification process work for loans?

Bank verification loans are pretty straightforward, with lenders guiding applicants through the process on their website. Here’s a step-by-step look at what to expect:

1. Start your application. Once you’ve narrowed down your search and found the lender and loan you’d like to apply for, head to the lender’s website.
2. Fill in the prompts. During the application process, lenders will ask for your full name, contact information, and employment and income details.
3. Start the bank verification route. After you’ve filled in key application information, you’ll need to verify these details by logging into your bank account via an encrypted portal, such as Flinks and Inverite. Your lender will provide details about the security involved, noting that it will only access this information for the loan application.
4. Log in to your bank account via the portal. Once you agree to the bank verification route, follow the prompts to log in to your bank account. Typically, these portals will list Canada’s major banks so you can click on your choice to load the login page.

During the verification process, your lender is simply gathering:

• Your legal name and contact information tied to your bank account
• Your bank account number
• Transaction history, including monthly direct deposits for income verification

Bottom line

These days, applying for a loan could not be easier. Borrowers have a variety of options to choose from when applying for a loan, from applying in-person to online or over the phone. Bank verification is one of the quickest and easiest ways to send your lender all of the key information required for the application process. If you prefer to take the no bank verification route, just make sure you have all of the necessary documentation ready for a seamless application.

Frequently asked questions

• How does my credit score influence my ability to get a personal loan?

  Your credit score is an important factor that providers look at to determine your eligibility for a loan. If you have a bad credit score, it can be more difficult to qualify for a loan or you could end up paying much higher interest rates than someone with good credit. That’s why it’s important to compare the best personal loans for your unique financial situation.

• Where can I find out my credit score?

  The most reputable credit bureaus in Canada are Equifax and TransUnion. You can apply for your credit score using their websites.

• Can I get no bank verification payday loans?

  Yes. While bank verification is a common step for payday loans, there are lenders who let you skip this step and do a manual review instead. The approval process will take longer, and you’ll need to send the lender your documents yourself, such as copies of your bank statements and government-issued ID.