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No document loans in Canada

How to get fast loans online without drowning in paperwork.

Applying for a loan used to mean lots of time spent gathering all the necessary paperwork. But many lenders now offer no document loans in Canada, making it quick and easy to apply for a loan online. The downside is that they often come with high interest rates and fees.

In this guide, we’ll show you how no doc personal loans and payday loans work, where you can apply and what you need to do to get approved.

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Can you really get a no doc loan?

“No document loans” is a phrase commonly used by lenders looking to attract new customers. But while it may sound attractive, the reality is that there’s no such thing as a no doc loan.

Any responsible lender will need to see two things before they can approve you for a loan:

  • Proof of ID so they know you are who you say you are
  • Proof of income so they know you can afford loan repayments

It wasn’t all that long ago that you would need to provide bank statements and pay stubs to prove your income. You could provide them in-person, by fax or by scanning and uploading copies.

But now many lenders offer instant bank verification, which allows them to access read-only copies of your bank statements online. This removes the need to provide physical paperwork and speeds up the loan approval process.

So when a lender says they offer no document loans, it simply means that they are able to quickly verify your income and identity online. But if a lender says they can approve you for a loan without seeing any proof of income, it’s probably a scam.

Compare no doc personal loans you can get online

You won’t need to email documents to these lenders, but you’ll still need to verify your income and identity by providing them access to your view-only bank statements.

Loan providerAPRLoan amountLoan termNo doc loan available?
Spring Financial

Personal Loan

9.99% - 46.96%$500 – $35,0009 - 84 monthsYesGo to site
Mogo

Personal Loan

9.90% - 46.96%$500 – $35,0006 - 60 monthsYesGo to site

Compare no doc cash advances

Get a small loan with these cash advance apps. You pay no interest on these cash loans, but you may pay a monthly subscription fee.

Loan providerCostLoan amountLoan termNo doc loan available?
Bree

Early Pay

0% interest for cash advances but a $2.99 monthly membership fee applies, fee for express funding (varies based on advance)$20 – $350Next pay cycle (61 days max.)YesGo to site

KOHO

Cash Advance

Pay a subscription fee starting at $2/month$20 – $250FlexibleYesGo to site

Credit Line

0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding$30 – $15030 days, extendableYesGo to site
⚠️ 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.

Get a no doc payday loan

Payday lenders have automated process, and in many cases, you won’t need to email or upload any documents. Bear in mind though that payday loans have excessively high fees and are only worth considering as a last resort.

Loan providerAPRLoan amountLoan termNo doc loan available?
iCash

Payday Loan

Varies by province$100 – $1,5007 - 62 daysYesGo to site
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

What do you need to get approved for no document loans in Canada?

You’ll need to meet the following requirements to qualify for no document loans in Canada:

  • Age and residency requirements. You’ll need to be the age of majority in your province or territory as well as a Canadian citizen or permanent resident.
  • Proof of ID. You may need to provide a form of government-issued ID such as a driver’s licence or passport.
  • Income requirement. You’ll need to earn a minimum income each month to qualify for a loan. The minimum amount required varies depending on the lender. The type of income you earn is also important. Some lenders will only accept employment income, but others will also accept other income sources such as self-employment or government benefits.
  • Employment requirement. If you earn employment income, the lender may require you to have held the same job for three months or more. This allows you to demonstrate that you have a steady source of income.
  • Bank account requirement. Your income will need to be paid into a valid Canadian bank account.

Steps to apply online

  1. Fill out the application. You’ll need to provide your name, date of birth and contact details along with information about your income and employment.
  2. Verify your income and identity. Next, upload a valid form of ID and complete the instant banking verification services. Verification is handled by a trusted third party, not the lender, and requires you to sign in to your bank account through a secure portal.
  3. Get a decision. The lender will let you know if you’ve been approved, and some lenders offer decisions almost instantly.
  4. Sign your loan agreement. The lender will send you the loan agreement to review, so make sure you read it carefully before signing.
  5. Get funded. The money will be sent to you via e-Transfer or direct deposit.

Can you get a no doc loan if you…

Financial situationYes/no
Have poor credit?Yes
Have a low income?Yes
Are on government or private benefits?Yes
Are unemployed?Yes
Have no income?No
Don’t have a bank account?No
Can’t verify your address?No

Can you get guaranteed no doc loans?

No. A legitimate lender will always need to verify your income before approving your loan. That’s why you should be very wary of any lender that promises guaranteed approval before reviewing your financial situation — this is a red flag that could indicate a loan scam.

However, payday lenders generally have very lenient eligibility requirements. So if you want to maximize your chances of getting approved, a no paperwork payday loan could be the answer. Just be aware that payday loans have high fees and short terms, so they are extremely expensive to repay.

No doc payday loans vs no doc personal loans

FeatureNo doc payday loansNo doc personal loans
RatesMuch higherLower
Loan amountsLowerHigher
SpeedInstant approval and funding with Interac e-TransferWithin 24-48 hours
Ease of approvalEasierHarder
Credit scoreGood credit not requiredGood credit not required
Income requirementsMore flexibleLess flexible

No doc loans vs traditional bank loans

FeatureNo doc loansTraditional loans
RatesLess competitiveMore competitive
Loan amountsLower minimums and maximumsHigher minimums and maximums
SpeedFasterSlower
Ease of approvalEasierHarder
Credit scoreGood credit not requiredGood credit required
Income requirementsMore flexibleLess flexible

Watch out for illegitimate lenders online

There are plenty of reputable online lenders that offer no doc loans. Unfortunately, there are also plenty of scammers that try to take advantage of unsuspecting borrowers.

The good news is that there are a few simple things you can do to make sure you’re dealing with a legit lender, such as:

  • Check if they’re licensed. If you’re applying with a payday lender, make sure they’re licensed to offer payday loans in your province.
  • Check their phone number and address. Illegitimate lenders will often not provide phone contact details or a physical office address, so look for a lender that is upfront with this information.
  • Know the warning signs of a scam. If a lender promises guaranteed approval, wants you to pay an upfront fee or uses high-pressure tactics to try to get you to sign a loan agreement, steer clear. And remember that if an offer sounds too good to be true, it probably is.
  • Read customer reviews. Read customer reviews for a lender on Google or independent review sites like Trustpilot. This will give you a good idea of whether the lender is reliable and trustworthy or not.

Summary: Pros and cons of no paperwork loans

No documents loans offer an easy way to get a fast loan, without the hassle of faxing or scanning and uploading lots of paperwork. You can apply in a matter of minutes, verify your banking details online and get a fast decision. If the lender sends the loan amount out by e-Transfer, you can get funded within minutes. You also may not need to complete a credit check.

The downside of no doc loans is the cost. With their high fees and short repayment terms, no paperwork payday loans have extremely high APRs. No doc personal loans also come with high interest rates and additional fees, so the total cost to repay a loan may be significantly more than the amount you borrow. No doc loans also tend to have lower loan amounts than loans from traditional lenders.

The other risk to be aware of is getting scammed by an illegitimate lender. There are some sketchy providers out there that try to pose as legit lenders, so you’ll need to do your due diligence to make sure you’re working with a reputable loan company.

Frequently asked questions

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Writer

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. See full bio

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