Everyone Approved Loans: Do They Exist?
There aren't any legitimate loans that approve everyone, but select lenders in Canada offer a strong chance of approval.
If you’re searching for financing and you have bad credit, you may come across lending sites that advertise that everyone is approved.
Be wary of these sites because legit lenders don’t claim to approve everyone. They first need to review your finances before making a decision.
However, there are plenty of online lenders of personal loans, cash advances and payday loans that finance borrowers with less-than-perfect credit. These lenders have lenient eligibility criteria, making approval almost (but not completely) certain. But which lenders have easy requirements, and which loan should you go for? Keep reading to find out.
Loans that almost anyone can get approved for
| Provider | APR | Loan term | What makes approval easy? | Go to site |
|---|---|---|---|---|
| KOHO | 0% | Flexible | Requires no job, income or credit check | Go to site |
| Loans Canada | 8.99% - 35.00% | 4 - 60 months | Matches you with suitable lenders based on just one application | Go to site |
| Bree | 0% | Next pay cycle (90 days max) | Requires no credit check and accepts many incomes | Go to site |
From cash advances to personal and payday loans, below is a comprehensive comparison of your borrowing options.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for long-term borrowing, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, consider calling 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 payday loans for poor credit
If you need fast access to a small loan of up to $1,500, a payday loan might work. But this is an extremely expensive option, and you’ll need to repay this loan by your next payday, so be sure to consider alternatives first.
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Compare cash advance apps for poor credit
If you only need a small amount of money to help you get through to your next payday or avoid overdraft fees, you could apply for an interest-free cash advance of up to $500.
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Finder Score for cash advance apps
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Compare personal loans for bad credit
With loan amounts typically ranging from $500 to $10,000 for bad credit and repayment terms that commonly range anywhere from 3 to 60 months, personal loans are a flexible option if you need funds to pay for a large purchase.
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Compare other products
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How we picked theseFinder Score for personal loans
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Key takeaways
- Online personal loans, payday loans and cash advances are easier to get than traditional loans. Out of the three, online personal loans are the hardest to get.
- Some direct lenders in Canada do approve applicants without a credit check, but they need to review your identity, income and spending first before approving.
Loans with easy approval are usually very expensive. The cheapest option is a cash advance app with three-day funding.
Are there direct lenders in Canada that approve everyone with no credit check?
There are plenty of online and alternative lenders in Canada with lenient eligibility requirements, and some don’t even carry out credit checks. Cash advance apps, payday lenders and online personal loan providers all make it easier for many people to qualify.
That said, promises of “guaranteed approval” or “everyone approved” can sometimes be a red flag for scams. It’s important to research any lender to make sure they’re legitimate before sharing personal or financial information.
At the same time, “guaranteed approval” marketing doesn’t always indicate a scam. For example, KOHO currently advertises “guaranteed approval” for its Cover product and is a reputable fintech pursuing a Schedule 1 bank licence. Capital One makes similar claims for its secured credit card. (Learn more about Capital One secured card alternatives.)
How much do loans with easy requirements cost?
Bad credit personal loan lenders and payday lenders may offer high approval rates, but the cost of borrowing can be steep. Personal loans can have APRs of up to 35%, while payday lenders may charge $14 for every $100 borrowed. Cash advance apps, on the other hand, can cost as little as 0% APR if you choose three-day funding. Opting for instant funding incurs a fee, which brings the APR to over 20%.
If you’re looking for the most affordable loan option with easy approval, a cash advance app with three-day delivery is your top choice.
Personal loans vs cash advance apps vs payday loans: Which is easiest to get with bad credit?
Cash advances and payday loans in Canada are both easy to get with bad credit. Cash advance apps and payday lenders typically don’t conduct credit checks, and they will instead check whether you have enough income to repay the amount you want to borrow.
Both options offer fast access to funds as well, but with a cash advance, you’ll have to pay an additional fee to get an instant advance. Even with this extra fee, however, cash advance apps can be much more affordable than payday loans.
Personal loans are the hardest to get with bad credit. While there are online lenders that offer bad credit personal loans, you’ll typically need to meet income and employment requirements. These loans also come with high APRs for bad credit.
Are there car loans where everyone is approved?
Generally speaking, no, auto financing providers don’t offer everyone approved loans in Canada. Car loan lenders have their own eligibility criteria that you will need to satisfy to qualify for funding.
Many lenders require you to have good to excellent credit, though some providers offer bad credit car loans. However, you’ll still need to meet a minimum monthly income requirement, and many lenders will require you to have been in steady employment for at least three months.
If you already own a vehicle, a car title loan could be an option. Many car title loan lenders advertise high approval rates. Because your vehicle serves as collateral, the lender’s risk is lower since they can repossess it if you don’t repay, which increases your chances of approval.
How to find legitimate loans online
Use these simple tips to avoid scams and ensure that you only ever deal with reputable lenders.
- Research the lender. Thoroughly research any lender to make sure they’re legit. Do they provide loan APR and cost details on their website, along with contact information and a physical address? If they’re a payday lender, are they licensed to operate in your province?
- Check customer reviews. Check for customer reviews on sites like Trustpilot, Google and the Better Business Bureau to find out whether other borrowers would recommend the lender.
- Watch out for signs of a scam. Keep an eye out for any red flags that could indicate a scam, like high-pressure sales tactics or requiring you to pay an upfront fee. Learn more in our guide to finding legit loan companies.
Steps to get the right online loan for you
1. Choose a lender. Compare lenders and loan options to find the best fit for you. Consider loan amounts, repayment periods, interest rates and fees when making your choice. Make sure you know how much you need to borrow and how much you’ll have to repay before applying.
2. Submit an application. Fill out an online application with your personal and contact details as well as your employment information. Many online lenders require instant bank verification, which provides them with view-only access to your bank statements.
3. Check whether you can afford the loan. If you’re approved, check the loan APR and any other fees that apply. How long do you have to repay what you borrow, and does the repayment schedule suit your income frequency? You need to make sure that you have enough income to afford regular repayments while also covering all your other day-to-day expenses.
4. Sign the loan contract. If you can afford the loan, review all the details of the loan agreement carefully before signing.
5. Get your funds. The funds will be sent to your bank account by electronic funds transfer or e-Transfer.
Bottom line
If you’re searching for everyone approved loans in Canada online, there are plenty of lenders with lenient eligibility requirements. But approval isn’t usually guaranteed—you’ll need to prove that you have enough income to manage your loan repayments. Compare lenders and borrowing options to find the most affordable and suitable loan for you.
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