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No credit check payday loans
Here's what you should know about these loans before you apply.
What should I know about no credit check payday loans?
Some lenders in the payday loan space run credit checks on their applicants, while others don’t. Those who do not run credit checks hone in on the stability of your income, your employment and your existing debts. They may need more time to give you approval as they assess your ability to repay the loan.
Even if a lender does run a credit check, it will consider much more than your credit when looking at your application. Just like lenders of no credit check payday loans, it will also look at your income, employment and debts – a credit check is simply an extra step. So even if you have poor credit, it doesn’t necessarily mean you’ll be denied by a payday lender who runs credit checks.
Keep in mind that lenders run credit checks to determine how likely a borrower is able to make repayments. With no credit check payday loans, lenders have 1 fewer measure to help them verify that you can actually afford your payday loan.
Will payday loans with a credit check impact my credit?
It depends. For example, payday lender GoDay says a credit check will likely not impact your credit score, but it also depends on your credit history.
⚠️ Warning: Be cautious with payday loansPayday loans are expensive. 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). Consider alternatives instead of a payday loan:
- Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
- Debt relief companies. There are services to help you reduce your debt payments.
- Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
- Side jobs. Sell unwanted items online, sign up for food delivery and more.
No credit check payday loans
|Payday loan||Serviced provinces||Max. loan amount||Turnaround time|
|PAY2DAY loans||ON, BC||50% of your net income up to $1,500||Within 1-2 hours via e-Transfer once approved|
|My Canada Payday Payday Loan||AB, BC, MB, NS, ON, SK
||$1,500||Funds will be sent immediately via INTERAC e-Transfer.|
Compare other payday loans
Maximum borrowing costs per provinceAlways refer to your contract for exact repayment amounts and costs as they may vary from our results.
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island||$15 per $100 borrowed|
|Manitoba & Saskatchewan||$17 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
Features of payday loans
- Loan amount. You can borrow between $100 and $1,500, although some provinces have rules where you can only borrow up to a certain percentage of your income.
- Loan term. The maximum term is 62 days, but you typically need to repay the loan within 1 to 4 weeks.
- Borrowing fee. Depending on your province, the fee can be anywhere between $15 and $25. Expressed as an annual percentage rate (APR), it would be in the triple digits. This is an extremely expensive loan that can put you in a cycle of debt if you don’t repay it in time. Because of this, payday loans should only be a last resort.
- Flexible eligibility requirements. Payday loans are 1 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 like disability income, employment insurance, social assistance or pension.
Eligibility requirements for no credit check payday loans
The specific requirements will vary between lenders and products, but the criteria usually includes:
- Age. You must be at least 18 years old, or the age of the majority in your province or territory.
- Income. Applicants must prove that they receive a regular income.
- Banking statements. To assess income and expenses, lenders usually require read-only access to bank statements.
- Liabilities. Applicants must provide details of any other liabilities including outstanding loans or credit card repayments.
As long as the eligibility requirements are met, people can apply for these loans online, though approval is not guaranteed. If approved, the lender can usually make the deposit on the same day.
Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.
The Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in these territories at the federal level only.
Watch out for these payday lender traps
In return for these quick and easy no credit check loans, payday lenders set up a number of traps that can result in borrowers getting into more financial trouble than when they started.
- Excruciatingly high interest rates. A lender’s fees may appear reasonable at first. For example, a $25 fee on a $100 loan doesn’t seem high, but this is actually a 470.96% APR. These astronomical rates keep borrowers in debt with their payday lenders.
- 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. In Ontario, for example, a payday lender can charge you up to 2.5% per month on the outstanding principal.
- Bank account closure. If a bank account maintains a negative balance for an extended amount of time, the bank may close the account. People are then forced to look to high-fee debit cards to pay bills since regular banks will no longer do business with them.
Whether they involve credit checks or not, payday loans are extremely expensive and should only be a last resort. If you do decide on a payday loan, be absolutely sure that you can afford it. Otherwise, you could incur late fees and place yourself in more debt. Before applying, have a plan in place for how you will repay your loan by your next payday.
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