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No bank verification loans in Canada

Get a loan without online banking verification.

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 in to 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.

No bank verification loans are available

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. The process for no bank verification loans involves more preparation than simply logging in, but it’s an option that some lenders give.

Compare no bank verification loans

The lenders below give you the option to email your bank statements and other documents instead.

⚠️ Warning: Be cautious with payday loans
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.
Loan providerInterest rateLoan amountLoan termKey featuresLink
Spring Financial

Installment loan

10.8% - 46.99%$500 – $35,0006 - 60 monthsSame-day approval and fundingGo to siteLearn more

Installment loan

29.90% - 46.90%$1,000 – $15,00012 - 60 monthsSame-day approval and funding, accepts bad creditLearn more
Cash Money

Payday loan

Varies by province$100 – $1,5005 - 40 daysInstant approval, e-Transfer in as little as 15 mins, accepts bad creditLearn more
Money Mart

Payday loan

Varies by province$120 – $1,5001 - 62 daysInstant approval, no credit checkLearn more
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

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.

What are no bank verification payday loans?

No bank verification payday loans are loans of up to $1,500 that you repay by your next payday. You’ll pay $14 to $17 for every $100 borrowed, which makes them one of the most expensive loans available. To get approved, you’ll go through a manual review.

Are there installment loans with no bank verification?

Yes, there are alternative lenders that offer installment loans with no bank verification. Instead, they do the traditional manual review, which means you’ll email them your documents to get verified. In these cases, you’ll get approval within two business days, though it’s possible to get approval within several hours.

Can you get no credit check no bank verification loans?

Yes, there are lenders that offer no credit check no bank verification loans – but instead they’ll need you to email or upload your documents so they can give approval. Avoid lenders that don’t review your finances at all because this is most likely a scam. A legitimate no credit check lender will first check that you have the income to repay its loan before giving approval.

Money Mart is an example of a legitimate lender that offers no credit check no bank verification loans. It offers installment loans and payday loans. You’ll need to email your documents to get approved, and make sure you know how much you’ll pay in interest and fees because no credit check no bank verification loans are expensive.

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

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 financing for your needs:

  1. Choose between a no bank verification payday loan or installment loan. A payday loan is faster and easier to get, but it’s usually more expensive than an installment loan.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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

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