Your bad credit history doesn’t have to stop you from getting a loan. From online personal loan lenders to payday lenders, credit card cash advances and more, there are several no credit check loans available. However, they all come with higher interest rates.
Keep reading to find out about no credit check loan options you can choose from, how they work and how much they cost.
Compare no credit check loans in Canada
Loan provider
Interest rate
Loan amount
Loan term
Key features
Link
Early pay
0% and no fees
$20 – $250
Next pay cycle (61 days max.)
No interest, no fees, instant approval and funding, no credit check
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
Compare no credit check payday loans
A no credit check loan that’s readily available is a payday loan. They’re extremely expensive though, so they’re only suitable as a last resort.
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
Can you get a no credit check loan in Canada?
Yes, you can. Many online and storefront lenders offer no credit check loans in Canada – but be careful as scammers and sketchy lenders sometimes use the “no credit check” tagline to lure borrowers who are in desperate financial situations. They may also claim to guarantee approval on your loan. Scammers will steal your money, while sketchy lenders sell your personal information or convince you to take out a high-cost loan you can’t afford. Do your research to find a reputable lender with loan payments you can manage before signing any documentation.
To qualify for a no credit check loan, you’ll need to have a steady source of income. In general, you will also need to have a debt-to-income (DTI) ratio of less than 40%, but some lenders may offer loans if you have a higher ratio.
Your DTI ratio is the percentage of your monthly debt payments, such as mortgages and minimum credit card payments, out of your gross monthly income.
Nyble Credit Line
Borrow $30-$150
No interest charges
Sign up for a free account or pay $11.99 per month for premium perks, such as instant funding
As you search for the best no credit check loans in Canada, be sure to find out their annual percentage rates (APR). APR is the interest rate plus all the fees you must pay to get the loan, such as broker, appraisal and title search fees. Some lenders might only promote the interest rate to make the no credit check loan seem less expensive. This is why looking at the APR is key – it gives you a more complete view of the loan’s cost and allows you to better compare different loans.
Types of no credit check loans you can get
Navigate to a type of no credit check loan to learn about how it works, benefits, risks and more.
Common features of loans with no credit check in Canada
Loans with no credit check share these features:
Bad credit is okay. Since there’s no credit check involved, it’s possible to get fast or instant approval even with poor credit.
Very expensive. Since lenders take on more risk by not checking credit scores, they charge higher rates.
Small loan amounts. Since no credit check loans are riskier, lenders are not likely to approve high loan amounts.
What are the risks of no credit check loans?
There are a few key risks you should be aware of before applying for any no credit check loan in Canada:
High rates and fees. No credit check loans come with much higher interest rates than regular loans, which can greatly increase the cost of borrowing. Administration, NSF, late payment fees and other charges may apply, so read the fine print thoroughly.
Short loan terms. Payday loans and other no credit check loans have short repayment terms. If you fail to pay off your loan by the due date, you can incur further fees and interest charges that could trap you in a cycle of debt.
Sketchy lenders and scams. Illegitimate lenders sometimes use the phrase “no credit checks” to prey on people experiencing severe financial difficulties. Do your research to make sure you only ever deal with reputable lenders. Check out our guides to personal loan scams and payday loan scams for more information.
You may have to put collateral at risk. Some lenders require borrowers with bad or no credit to provide an asset as collateral before approving a no credit check loan. Whether you offer your car title, jewellery or something else, you run the risk of losing that asset if you can’t afford to repay the loan.
Option 1: No credit check installment loans
How it works: A no credit check installment loan from an online lender allows you to pay the loan back over a period that ranges from 3 - 60 months. Payments are usually bi-weekly or monthly. These loans have more lenient eligibility criteria than regular personal loans, but come with higher interest rates and lower loan amounts.
How much you can borrow: You can typically borrow less than $2,000 with no credit check installment loans.
How much it costs: Pay around 30% interest rate, plus a surety or broker fee of up to $300.
Who are no credit check installment loans best for?
Apply for no credit check installment loans if you have bad credit or no credit history, you earn a steady income and you need an emergency loan.
Avoid no credit check installment loans if you don’t need emergency cash or if you’re not sure whether a lender is completely legitimate.
Types of no credit check installment loans
You have two options to consider if you want a no credit check installment loan:
Secured personal loans. While secured loans usually come with more competitive rates and terms, you’ll need to offer an asset as collateral for the loan. Offering collateral may help borrowers with bad credit get approved and some lenders will not require a credit check. Keep in mind you can lose your assets should you default on your loan. A common type of secured no credit check loan is a car title loan, which uses your paid-off car as collateral.
Unsecured personal loans. Most unsecured personal loans will require a credit check. However, it is possible to find some online lenders that won’t require a credit check – but you’ll likely be charged higher interest than if a credit check were to be done. You can typically borrow up to $2,000.
Can you get no credit check personal loans with guaranteed approval?
No. Be wary of lenders offering no credit check personal loans with guaranteed approval — it could be a scam. Legitimate lenders of no credit check installment loans do have easier requirements, but they still need to review your income and debts before approving you for a loan.
Can you get instant approval on a no credit check installment loan?
Lenders of no credit check personal loans will need time to manually look at your application, though it’s possible to get fast approval in less than an hour. To speed up the process, apply online using instant bank verification. This method saves time because you won’t need to email the lender any documents. Instead, you’ll connect your bank account to give the lender view-only access to your bank statements.
How to apply online
You can apply for a no credit check installment loan online by completing the following steps:
Fill out an application form. Head to your chosen lender or loan search platform’s website to complete an application. You’ll need to provide your name, contact details, proof of ID, bank account details and income and employment information.
Get approved. Review any loan offer you receive before signing the contract. If applying through a loan search platform, you may need to compare multiple offers before choosing one.
Get funded. The loan amount will then be deposited into your bank account. If you need cash fast, look for a lender that uses Interac e-Transfer.
Compare no credit check installment loans in Canada
LoanConnect
LoanConnect is an online loan search platform that can help you find a no credit check personal loan from its network of lenders.
Loan details
APR: 8.99% - 46.96%
Loan amount: $500 – $50,000
Loan term: 3 - 120 months
Serviced provinces: All provinces
Eligibility requirements: Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
Speed: Instant pre-approval, funding within 24 to 48 hours
Loans Canada is a loan search platform with the largest lender network in Canada. It helps match you with lenders that provide loans suited to your needs, including options for bad credit borrowers.
Loan details
APR: 6.99% - 46.96%
Loan amount: $300 – $50,000
Loan term: 3 - 60 months
Serviced provinces: All of Canada
Eligibility requirements: Canadian resident, age of majority in your province of residence
Speed: Instant pre-approval, funding within 24 to 48 hours
Pros
Find out your matches with no impact on your credit score
Fast approval and funding
Easy online application
Large lender network
Borrowers with bad credit or no credit history accepted
BBB accredited with an A+ rating
Cons
High rates for bad credit
You can only access quotes from Loans Canada’s partner lenders
Some of your matches may run a credit check – you’ll need to withdraw consent if you don’t want a credit check
24Cash is an online broker that offers fast short-term personal loans with no credit check. Same-day funding is available and 24Cash says it works with several lenders to help match borrowers with loans.
Loan details
APR: 22.00% + broker fee
Loan amount: $500 – $850
Loan term: 90 - 120 days
Serviced provinces: Canada-wide except Manitoba, Quebec and Saskatchewan
Eligibility requirements: Be at least 18 years old, Canadian citizen, 3+ months employed, $1,200 monthly income, Canadian bank account with direct deposits for 3+ months, low short term debt ratio, no active or plans for bankruptcy
Speed: Within 24 hours
Pros
Same-day funding available
Paperless application
Access funds via Interac e-Transfer
A+ BBB rating
Cons
High broker fee of $225 applies
Not available in Manitoba, Quebec and Saskatchewan
Credito is an online broker that provides access to same-day no credit check loans. You can take advantage of a paperless loan application, with funds deposited into your account via Interac e-Transfer.
Loan details
APR: 22.00%
Loan amount: $500 – $850
Loan term: 90 - 120 days
Serviced provinces: N/A
Eligibility requirements: Be at least 18 years old, Canadian citizen, have a Canadian bank account (3+ months old), have a steady job (3+ months), $1,200 monthly income
Speed: Within 24 hours
Pros
Same-day funding
Easy online application
Bad credit accepted
Cons
Short-term loans with high rates
Smaller loan amounts won’t suit all borrowers
Watch out for non-sufficient funds (NSF) fees
Broker fees of up to $225 will drive up the cost of your loan
Vancity is a credit union serving BC residents. As a credit union, it has stricter requirements than alternative lenders, but its Fair & Fast Loan has a lower interest rate.
Loan details
APR: 19.00%
Loan amount: $100 – $2,500
Loan term: 2 weeks - 24 months
Serviced provinces: BC
Eligibility requirements: Must have enough room in your income to take on the loan
How it works: A no credit check payday loan offers fast access to funds when you need urgent cash, with some lenders offering loan approval and funding within minutes. You’ll need to repay the full amount by your next payday in most cases.
How much you can borrow: $100 – $1,500
How much it costs: $14 to $17 for every $100 borrowed, which works out to APRs in the triple digits
Who are no credit check payday loans best for?
Apply for no credit check payday loans if you need emergency cash and you’ve already exhausted all other alternatives.
Avoid no credit check payday loans if you won’t have enough income left after repaying your payday loan. If you need help with your debts, consider credit counselling.
Advantages of no credit check payday loans in Canada
Flexible eligibility requirements. Payday loans are one of the easiest loans to get approved for. Those with poor credit or no credit history can be approved. You can also apply if you’re unemployed but have benefits such as disability income, employment insurance, social assistance or pension.
Instant. Payday loans with no credit check can provide instant approval if you go through online bank verification, which doesn’t involve documents. If you opt to email your documents, instant approval is less likely. Once you submit your signed contract, you can get your loan via e-Transfer. Learn more about e-Transfer payday loans.
Watch out for these no credit check payday lender traps
Excruciatingly high interest rates. Payday loan APRs are extremely high, commonly over 300%. They should only be considered as a last resort.
Short loan terms. You have a very limited amount of time to pay back what you borrow. If you don’t have enough money left in your bank account after repaying your payday loan, you may be forced to take out another high-interest loan – and become stuck in a cycle of debt.
NSF fees. Payday lenders often set up automatic repayments directly from the borrower’s bank account. If an attempt by an online payday lender to withdraw payment results in insufficient funds, the borrower will face another fee from the bank this time.
Late fees. If you default on your loan, you can be on the hook to pay late fees. For example, in Ontario, a payday lender can charge you up to 2.5% per month on the outstanding principal.
How can some payday loan lenders in Canada not do credit checks?
With payday loans, lenders generally see credit checks as just one way of deciding your loan eligibility, along with other factors such as your employment history, income and debt-to-income ratio.
Lenders are usually more concerned about your ability to repay the loan than your specific credit score number. So even if a payday loan lender does run a credit check and you have bad credit, it doesn’t necessarily mean you’ll be denied.
How to apply online
Want to apply for a no credit check payday loan? Before you do, it’s worth considering a range of payday loan alternatives first.
If you decide a payday loan is the best option, here’s what you need to do to apply:
Research and compare lenders. Compare the loan features provided by a range of lenders, including turnaround time and funding options. Check that any lender you choose is legitimate and has a payday lending licence in your province.
Apply online or in-store. It’s quick and easy to apply online or via a lender’s mobile app. Many lenders offer online bank verification to allow faster processing. You also won’t need to wait for a credit check to be completed.
Get approved. Check the loan agreement carefully before you sign. Make sure all details are correct and that the lender is transparent about the total cost of the loan.
Get your funds. If you need the money quickly, some lenders send out loan amounts via Interac e-Transfer 24/7. Alternatively, you could choose a lender with physical branches and collect the cash in-store.
Compare payday loans with no credit check in Canada
PAY2DAY
PAY2DAY is a payday lender that provides loans online and in-store. It offers fast access to the money you borrow, with online approvals and funding available 24/7.
Loan details
APR: Varies by province
Loan amount: $300 – $1,500
Loan term: Up to 62 days
Serviced provinces: ON, BC, NS
Eligibility requirements: Active bank account with access to online banking, recurring income
Turnaround time: Within 1-2 hours via e-Transfer once approved
Loan Express is an online payday lender that offers no credit check payday loans. You can apply 24/7 and take advantage of same-day funding. Some government benefits are accepted as income.
My Canada Payday is an online lender where you can access emergency payday loans. There’s no need to undergo a credit check and you can complete an online application within minutes. Funds are distributed 24/7 via Interac e-Transfer.
Loan details
APR: Varies by province
Loan amount: $100 – $1,500
Loan term: Up to 62 days
Serviced provinces: AB, BC, MB, NS, ON, SK
Eligibility requirements: Must be of the age of majority in your province, have a Canadian bank account, earn a steady form of income with an active bank account that receives direct deposit.
Turnaround time: Funds will be sent in as little as 15 minutes via Interac e-Transfer
Pros
Money delivered 24/7
Quick and easy application process
No need to upload documents
Cons
Not available in all provinces
High fees and short loan terms
Repayments automatically withdrawn from your bank account
Mr. Payday provides fast online payday loans with no credit checks. Approvals are available within 30 minutes and loans are sent to you via email money transfer.
Loan details
APR: Varies by province
Loan amount: $100 – $1,500
Loan term: Up to 62 days
Serviced provinces: AB, BC, ON
Eligibility requirements: Be at least 19 years old, be a Canadian citizen or permanent resident, have an active chequing account, have a stable job that you’ve been at for more than 2 months or receive CPP, private pension, EI, WCB, CTC or non-government disability benefits, have a net income over $1,100 per month, have an active phone number.
Turnaround time: 30 minutes to get approved during business hours, and another 30 minutes to get an e-mail transfer once approved
Pros
Approval within 30 minutes and funding within another 30 minutes
Has been in business for 20+ years
Mobile app available
A+ BBB rating
Cons
Only available in British Columbia, Alberta and Ontario
Watch out for high APRs
No loans for self-employed people or those on social assistance or government disability
How it works: A relatively new arrival in Canada, early payroll advance apps allow you to access a small cash advance to help you get through to your next paycheque. There’s usually no interest charged, but you’ll pay a fee to get instant funding. Your loan repayment is then automatically withdrawn from your bank account on your next payday.
How much you can borrow: Usually $20 – $250
How much it costs: No interest, but you may pay a subscription fee
Who are early payroll advance apps best for?
Apply for a pay advance app if you want a very small loan with zero interest and minimum fuss.
Avoid pay advance apps if you need a larger loan amount or if you don’t want to pay a subscription or instant transfer fees.
How to get a no credit check loan via a pay advance app
Once you’ve found a pay advance app that suits your needs, here’s how to apply:
Sign up for an account. You can create an account by providing your name and contact details and connecting your bank account.
Request an advance. Next, select how much you’d like to borrow and when you will pay it back to request a cash advance.
Get approved. Standard advances are sent to your bank account within a few business days, but you can get money within minutes if you pay a fee.
Repay your loan. Your loan repayment is automatically deducted from your bank account when you get your next paycheque.
Compare no credit check pay advance apps in Canada
Nyble
Established in 2022, Nyble offers pay advances of $150 or less to help you get through to your next payday. You don’t need to complete a credit check to apply and there are no interest charges. Get funds in 1-3 business days with a free account. For $11.99 per month, get fast funds in 1-30 minutes plus a free Equifax credit report and identity theft protection.
Loan details
APR: 0%
Loan amount: $30 – $150
Loan term: 30 days, extendable
Serviced provinces: All provinces and territories
Eligibility requirements: You must be 18 years or older, have an active bank account with minimal NSF transactions and satisfy income requirements.
Turnaround time: 1-30 minutes with a paid membership or 1-3 business days with a free membership.
Pros
Quick and easy application
No interest
No late fees
Cons
$11.99/month for premium membership for instant transfers, full credit report and other premium perks
Payroll advance service Bree offers cash advances of up to $250. There is no credit check and you can apply within minutes. You are not charged interest charged on the money you borrow; however, you’ll need to pay a fee if you want to access your money quickly.
Loan details
APR: No interest, but you’ll pay a small fee if you want cash within eight hours
Loan amount: $20 – $250
Loan term: Next pay cycle (61 days max.)
Serviced provinces: All provinces and territories
Eligibility requirements: You must be 18 years or older, a Canadian resident and have a Canadian bank account that receives regular income.
Turnaround time: Within 8 hours for the express option (fee charged based on advance amount) and up to 3 business days for standard delivery
How it works:Car title loans allow you to take out a loan using your paid-off vehicle as collateral. This means you could access higher loan amounts and better rates, but you run the risk of your car being repossessed if you default on the loan.
How much you can borrow: 25% to 50% of your car’s value, up to $50,000
How much it costs: 9% – 49% APR
Who are no credit check car title loans best for?
Apply for no credit check car title loans if you own your car outright and you want to secure a higher loan amount and better interest rate.
Avoid no credit check car title loans if you’re not sure you can afford to repay the loan – if you default on the loan, you will lose your car.
How to apply for a title loan
After comparing options and selecting the right car title loan provider here’s how to apply for a no credit check car title loan:
Apply online. Fill out an online application form with your name, contact details and vehicle information (such as year, make, model and mileage).
Submit your documents. Next, provide any documents the lender requests to process your application. As well as proof of ID, these may include your vehicle registration, insurance documents, pay stubs or bank statements and pictures of your vehicle.
Get your vehicle appraised. Some lenders require you to drive your car to one of their locations to have it inspected and appraised. However, some online lenders simply require you to submit photos of the vehicle’s condition, odometer and vehicle identification number (VIN).
Get approved. Once you receive a loan offer, be sure to read it carefully to make sure all details are correct and that you understand the full cost of the loan.
Get funded. The money will be deposited into your bank account. If you need cash fast, some lenders will send your money via Interac e-Transfer.
Compare no credit check car title loans in Canada
getloanapproved.com
getloanapproved.com offers no credit check car title loans with competitive interest rates. There are no job requirements which makes the approval process easier.
Loan details
APR: 9.95% - 29.00%
Loan amount: $1,000 – $50,000
Loan term: 12 - 72 months
Serviced provinces: AB, BC, MB, NB, NL, NS, ON, PEI, SK
Title Loans Online (titleloansonline.ca) offers car and motorhome title loans to Canadian drivers. You can apply online without a credit check and get pre-approved. Approval is based on the equity in your vehicle rather than your credit score.
Loan details
APR: 14% - 49%
Loan amount: $3,000 – $25,000
Loan term: 24 - 60 months
Serviced provinces: British Columbia, Alberta, Saskatchewan and Ontario
Eligibility requirements: Vehicles 2013 and newer with less than 200,000km. Vehicle must be fully paid for, registered in your name and have a full coverage insurance policy. Rebuilt or repaired vehicles not accepted.
Turnaround time: 24 hours
Pros
No prepayment penalties
One-hour approvals
Easy online application
Cons
Not available in all provinces
Vehicle must be 2013, or newer
Fast Action Finance
Fast Action Finance offers quick and easy access to car title loans online. You can apply and get your money the same day and there are no upfront fees to worry about.
Loan details
APR: N/A
Loan amount: Up to $25,000
Loan term: N/A
Serviced provinces: British Columbia, Alberta, Saskatchewan and Ontario
Eligibility requirements: Vehicle must be nine years old or newer and have less than 200,000km mileage. There must not be any money owing on the car and it must not be leased.
Turnaround time: Within 24 hours
Pros
Established in 1997
Simple online application
Same-day funding available
A+ BBB rating
Cons
Only available in Ontario
Vehicle must be less than nine years old
Car Title Loans Canada
Car Title Loans Canada offers no credit check car loans online. You can apply and get approved for same-day financing. Cars, trucks, vans and SUVs are accepted.
Loan details
APR: Not disclosed
Loan amount: Up to $25,000
Loan term: Up to 60 months
Serviced provinces: British Columbia, Ontario, Alberta and Saskatchewan
Eligibility requirements: Vehicle must be no more than eight years old and registered and insured in your name. Vehicle must have collision and comprehensive insurance and you must have a clear title to the vehicle.
Turnaround time: Within 24 hours
Pros
In business since 2004
Same-day funding available
No penalties for paying off your loan early
Cons
Not available in all provinces
Other types of loans with no credit check in Canada
Pawn shop loan
How it works: With a pawn shop loan, you provide a valuable item (such as jewellery or current electronics) as collateral. You can take advantage of fast access to funds and you’ll get your item back once you repay the loan plus interest. However, higher interest rates and fees may apply. You also run the risk of your item being sold if you can’t make repayments.
How much you can borrow: 20% to 60% of the item’s resale value
How much it costs: Interest of 5% to 30% commonly applies while you may also need to pay insurance and storage fees
Where can I get a no credit check pawn shop loan?
Many pawn shops in Canada offer no credit check loans. Contact pawn stores near you to find out whether they offer no credit check loans or check out their website for more information.
You’ll also need to find out other key details about the loans they offer, such as:
What items do they accept as collateral?
How much can you borrow?
What interest rate and APR will you get?
How long do you have to repay the loan?
What happens if you fall behind on your repayments?
It’s worth comparing multiple pawn shops to find flexible conditions and get the best deal.
How to apply for a pawn shop loan
If you want to apply for a pawn shop loan, here’s what you need to do:
Choose your collateral. From gold and jewellery to smartphones, musical instruments and tools, there’s a wide range of items that pawn shops accept as collateral. Choose a suitable item that’s worth a few hundred dollars or more and take it to the pawn shop.
Have it appraised. The pawn shop will appraise your item and then offer a loan based on its value. You can typically borrow 20–60% of the appraised value, but you’ll need to surrender the item to the store. You’ll also need to provide proof of ID.
Review your loan offer. Take your time to review all the details of the loan you’re offered. Check the interest rate, any fees that apply and how long you have to pay it back.
Get funded. You’ll be given a pawn ticket and your loan will be paid out in cash.
Pros and cons of no credit check pawn shop loans
Pros
Quick and easy to apply. There’s no lengthy application process to go through and you can access your loan amount the same day.
Won’t affect your credit score. If you default on a pawn shop loan, it won’t have any negative impact on your credit score.
Cons
You could lose your asset. If you default on your loan, you’ll surrender ownership of whatever item you offered as collateral.
Can be expensive. High rates can apply to pawn shop loans. You’ll also need to keep an eye out for additional charges such as storage and insurance fees.
Who are no credit check pawn shop loans best for?
Apply for no credit check pawn shop loans if you have a valuable asset you can use as collateral and you’re looking for a lender with lenient eligibility criteria.
Avoid no credit check pawn shop loans if you can’t afford the repayments. High rates and fees can apply and you’ll lose your asset if you default on the loan.
Credit card cash advance
How it works: A credit card cash advance allows you to withdraw cash from your card balance via an ATM or at your bank. It’s a simple and convenient way to access money, but you’ll need to pay a cash advance fee as well as higher interest rates.
How much you can borrow: Varies depending on the card issuer and your credit limit. Many card providers have maximum daily cash advance limits of $500 or less.
How much it costs: Cash advance fee of approximately $10 or 5% of the transaction cost. You’ll also need to pay interest at an APR of 22.99% or higher.
What credit cards allow credit card cash advances?
Most credit cards allow cash advances, allowing you to withdraw cash from your card balance. This means that when you need money fast, you can simply use your credit card at an ATM or visit your bank to make a withdrawal.
There are also several other types of transactions that credit card providers classify as cash advances, such as:
Gambling transactions
Buying gift cards
Buying foreign currency
If you’d like to withdraw cash from your credit card, here’s what you need to do:
Find an ATM. Choosing an ATM that’s operated by your card provider will help you avoid extra fees.
Insert your card and enter your PIN.
Tap “withdraw cash” and follow the prompts.
Collect your cash from the machine.
How do I pay it off?
There are two costs to be aware of when you get a credit card cash advance:
Cash advance interest rate. This rate is higher than your card’s annual percentage rate (APR). Plus, cash advances are not eligible for interest-free days, so you’ll start accruing interest on the money you withdraw straight away.
Cash advance fee. Either a flat fee or a percentage of the advance amount.
You can pay off the cash advance loan the same way you pay off your monthly credit card balance. Keep in mind, if you only make the minimum payment each month, it will be applied to the portion of your balance that earns the lowest interest rate – not your cash advance.
The amount you pay above the minimum payment will either go towards the part of your balance that has the highest interest rate or be applied proportionally to your full card balance.
Pros and cons of credit card cash advances
Pros
Easy and convenient. You can withdraw the cash you need from an ATM or bank branch, so it’s a simple solution when you need emergency funds.
No need to apply for new credit. You don’t need to go through the hassle of filling out an application with your personal and bank account details – just use your existing card.
Get cash fast. A credit card cash advance allows you to withdraw the money you need straight away.
Better rates than bad credit personal loans. Cash advance interest rates tend to be lower than the rates many lenders provide to borrowers with bad credit.
Cons
Expensive. Your credit card provider will charge a cash advance fee every time you make a cash advance transaction. Higher interest rates also apply.
Limits apply. Daily, weekly and monthly cash advance limits apply, so you may not be able to withdraw as much money as you need.
Not eligible for interest-free days. The cash advance amount starts accruing interest right away.
Who are credit card cash advances best for?
Consider credit card cash advances if you need fast and convenient access to cash without having to apply to a new provider.
Avoid credit card cash advances if you’re already struggling with credit card debt.
Bottom line
You have many options in Canada for no credit check loans, and it’s quick and easy to apply for them. However, most of them have steep interest rates. Before you apply for a no credit check loan, evaluate the risks and your alternatives first.
Yes, some online payday lenders accept and approve applications and send cash via e-Transfer, 24/7. They can offer this service by automating the loan approval process. However, if your loan application needs to be manually reviewed, such as if you've just started a new job, make sure you look for a lender that has staff working 24/7.
There are multiple options to choose from. Online lenders offer personal and payday loans with same-day funding. You can also access funds without a credit check by getting a car title loan. Other loan options include pay advance apps, credit card cash advances and pawn shop loans.
You'll need to consider alternative and online lenders if you want a no credit check loan in Canada. Traditional lenders such as banks and credit unions will usually do a credit check before approving a loan application.
Yes – provided that you deal with a legitimate lender. Unfortunately, disreputable lenders can target financially vulnerable people with promises of no credit check loans. Do your research to make sure any lender you deal with is completely above board.
How you get your loan amount will vary depending on the lender and how you apply for a loan. If you apply in person at a payday lending store or a pawn shop, you can collect your loan as cash.
However, if you apply online, the money can be sent directly to your bank account. Many online lenders can send the funds via email money transfer using Interac e-Transfer. This allows you to access the cash within minutes, which is handy when you need an emergency loan.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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