If you currently have bad credit and need a loan, you have options. From online personal loan lenders to payday lenders, cash advance apps and more, there are several no credit check loans available. However, they often come with higher interest rates and fees.
In this guide, we cover Canadian no credit check loans you can choose from, how much you can borrow, and how much they cost.
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Cost
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Loan term
Cash Advance
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$20 – $250
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High-cost payday loans are unsustainable for long-term use, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, call Credit Counselling Society for free financial counselling (Mon–Fri, 8am–5pm at 1-888-527-8999). Also consider payday loan alternatives.
Last resort option: No credit check payday loan
While payday loans can provide quick cash in a pinch, their very high costs often make them a risky financial move. If you have explored other alternatives and have decided a payday loan is right for your situation, ensure the lender you choose is licensed.
No credit check loans are quick and accessible for borrowers with bad credit, but they may come with high interest rates and fees.
Comparing installment loans, cash advance apps and payday loans can help you choose the option that best fits your needs and budget. Payday loans are the most expensive and are only suitable when you’ve considered all other alternatives.
Before applying for any loan, verify that the lender is legitimate. Scammers sometimes say “no credit check” to target borrowers.
Can you get a no credit check loan in Canada?
Yes. Many lenders offer no credit check loans in Canada, but be careful, as scammers sometimes use the taglines “no credit check” and “guaranteed approval” to lure borrowers who are in desperate financial situations and steal their money.
To find a legitimate lender, make sure they’re licensed to operate in your province and read online customer reviews for any red flags. You can also check out our list of legitimate lenders above.
Find out the APR of your no credit check loan
If you want to find the best no credit check loans in Canada, be sure to look at the annual percentage rates (APRs). The APR is the interest rate plus all fees you must pay to get the loan, such as broker, appraisal and title search fees. Showing the APR is required by law. Some lenders might only promote the interest rate and hide the APR in the fine print to make a no credit check loan seem less expensive. Carefully review your loan agreement so you’re aware of all costs involved.
Who are some popular no credit check loan lenders?
Well-known no credit check lenders include:
KOHO. A leading fintech company in Canada, and its no credit check loan, the KOHO Cover, offers instant funding with no job requirements. (Finder Score: 8.7)
Nyble. A Canadian fintech platform offering a small no credit check line of credit designed to help users access short-term funds and build credit. It offers a slow funding option that charges zero fees. (Finder Score: 9.3)
Bree. A cash advance app that provides no credit check advances of up to $750, the highest among the apps. Like Nyble, its slow delivery option charges no fees. (Finder Score: 8.8)
These three options are cash advance apps. They’re worth checking out because not only do they skip the credit checks, but they’re also lenient with their income requirements and offer potentially low costs.
Are there no credit check loans where everyone’s approved?
Not exactly. Some credit check loans offer near-guaranteed approval due to lenient eligibility requirements. However, legitimate lenders still need to assess your finances before approving your application.
Examples of no credit check lenders with close-to-guaranteed approval include KOHO, Bree, Nyble, Wagepay and Money Mart.
Are there no credit check lines of credit?
There are no traditional lines of credit that don’t require credit checks. Lines of credit require financial discipline, which is why lenders tend to require credit checks for them. However, there are cash advance apps similar to lines of credit, thanks to their flexible repayments. These are Nyble’s small credit line and the KOHO Cover.
Installment loans vs cash advances vs payday loans
Installment loans, cash advances and payday loans are the three common types of no credit check loans in Canada. Compare their key features below.
Feature
No credit check installment loan
No credit check cash advance
No credit check payday loan
Cost
Alternative lenders: Pay around 30% interest plus a surety or broker fee of up to $300
Credit unions: Pay around 19% interest
No interest, but you may pay a monthly fee
$14 for every $100 borrowed
Loan amount
Less than $2,000
$20–$750
$100–$1,500
Loan term
Typically less than 12 months
Next pay cycle or flexible
Up to 62 days
Basic eligibility criteria
Recurring income, bank account with minimal to no NSF transactions
Recurring income, bank account, good banking history
Recurring income, bank account
Collateral required
No, this loan is unsecured
No, this loan is unsecured
No, this loan is unsecured
Speed
Within 24 to 48 hours
Instant approval and funding
Instant approval and funding
Application process
Easy—apply online, get a nearly instant decision and get funded within 24 to 48 hours
Easy—apply on the website or download the app, get an instant decision and get instant funding
Easy—apply online or in-store, get an instant decision and get instant funding
Pros
Break up payments into installments
Fast process
High loan amounts
Non-employment income sources like government benefits are okay
Apps available
24/7 availability
Quick and easy process
Extendable deadlines
No late fees
Accepts non-employment income
24/7 availability
Options to apply online or in-store
Quick and easy
High loan amounts
Cons
High rates and fees
Potential for scams
Monthly subscription fee
Potential extra fee for instant funding
Small loan amounts
Extremely expensive
Late fees and NSF fees
Short loan terms that cannot be extended
Guaranteed approval
No, but requirements are lenient
No, but requirements are very lenient
No, but requirements are very lenient
Avoid if
You don’t need emergency cash and you’re not sure if the lender is legit
You need large amounts or don’t want to pay a monthly fee
You have alternatives available or you’re not sure the lender is legit
Demonstrate reliable income. Showing the lender you have the means to repay your loan will help your chances of approval.
Have no NSF transactions. NSF transactions in your bank account in the last 60 to 90 days will suggest to lenders that you will struggle to make repayments.
Show on-time payments. Paying your debts and bills on time will show lenders that you’re a responsible borrower.
Keep your existing debts low. A lower overall debt-to-income ratio shows lenders you can manage additional credit responsibly.
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 often come with much higher interest rates than regular loans, which can greatly increase the cost of borrowing. Administration, broker, NSF, late payment fees, express fees and other charges may also 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 additional 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 on personal loan scams and payday loan scams for more information.
Expert insight
"While you may need the money quickly, it’s important to make sure you’re getting a no credit check loan from a legitimate source. Do your research and due diligence to make sure you’re truly being helped."
How it works:Car title loans allow you to take out a loan using your paid-off vehicle as collateral. However, 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%–35% APR
Pros: No credit check, funding on the same or next day, less focus on your income
Risks: High rates and fees apply, such as title search and vehicle inspection fees. If you stop making payments, you could lose your car.
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’ll get your item back once you repay the loan plus interest. However, high interest rates and fees usually 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. You may also need to pay insurance and storage fees.
Pros: No credit check, walk into a shop and walk out with funds
Risks: It’s very expensive, and you lose your collateral if you don’t repay 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 high 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.
Pros: Walk to an ATM and withdraw cash using your credit card.
Cons: Expensive, interest accrues daily
Are you in a stronger financial position than you were 12 months ago?
If you’re struggling with finances, you’re not alone. In the Finder: Consumer Sentiment Survey January 2024, Canadians were asked whether they were in a stronger financial position now compared to 12 months ago. While 33% of Canadians said “Yes,” there were 27% who said “No.”
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Finder 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.
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.
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Bottom line
You have many options in Canada for no credit check loans, and it’s quick and easy to apply. However, most have steep interest rates and fees. Before you apply for a no credit check loan, evaluate the risks and your alternatives first.
It's possible to get a no credit check loan if you're unemployed as long as you have some sort of recurring income, like government benefits, or you can secure your loan with your paid-off car. Learn more about unemployment loans.
Yes, many private no credit check lenders operate in Ontario, such as Nyble, KOHO, Bree and Wagepay. Loans you can get include personal loans, cash advances and payday loans.
Yes, some online payday lenders accept and approve applications and send cash via e-Transfer 24/7. This service is offered by automating the loan approval process. However, if your loan application needs to be manually reviewed, say, if you've just started a new job, make sure you look for a lender that has staff working 24/7.
The fastest way to get a no credit check loan is via payday loans or cash advance apps.
Yes—provided you deal with a legitimate lender. Unfortunately, disreputable lenders promise no credit check loans to target financially vulnerable people. Do your research to make sure any lender you deal with is completely above board.
How you get your loan depends on the lender and how you apply. If you apply in person at a payday lending store or pawn shop, you can collect your loan in cash.
If you apply online, money can be sent directly to your bank account. Many online lenders send funds via email money transfer using Interac e-Transfer. This allows you to access cash within minutes, which is handy when you need an emergency loan.
Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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Tim Falk is a freelance writer for Finder. Over the course of his 20-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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