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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The truth about no doc loans

“No document loans” is a phrase used to attract new customers, but the reality is that lenders need to see (1) proof of ID to verify who you are and (2) proof of income to show that you can afford loan repayments. When you see no document loans in Canada, it simply means your income and identity can be quickly verified online.

In the past, you’d provide these documents by email, fax, upload or in-person. But now many lenders offer instant bank verification, allowing them to access read-only copies of your bank statements online. This eliminates the need for physical paperwork and speeds up the approval process.

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.

1 - 3 of 3
Name Product CAFPL APR Range Loan Amount Loan Term No Doc Loan Available?
Spring Financial Personal Loan
9.99% - 46.99%
$500 - $35,000
6 - 60 months
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Mogo Personal Loan
9.90% - 46.96%
$500 - $35,000
6 - 60 months
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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.

1 - 3 of 3
Name Product CAFPL Fees Loan Amount Loan Term No Doc Loan Available?
KOHO Cover
0% interest with a subscription fee starting at $2/month
$20 - $250
Flexible
Nyble Credit Line
0% interest with optional fees
$30 - $250
30 days, extendable
Bree Early Pay
0% interest with a $2.99 monthly membership fee
$20 - $350
Next pay cycle
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⚠️ 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. 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. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.

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.

1 - 1 of 1
Name Product CAFSL APR Loan Amount Loan Term No Doc Loan Available?
iCash Payday Loan
Varies by province
$100 - $1,500
7 - 62 days
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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…

  • 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. Legitimate lenders always verify your income before approving a loan. Be very wary of any lender that promises guaranteed approval before reviewing your financial situation. This could indicate a loan scam.

However, payday lenders generally have very lenient requirements. So if you want to maximize your chance of approval, a no paperwork payday loan could be the answer. Just be aware that payday loans have high fees and short terms and 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.

1 in 20 loan applicants are rejected due to missing or unverifiable information

In the Finder: Consumer Sentiment Survey January 2024, respondents were asked to select the main factor for a previous application for a personal or car loan being denied. Five percent of respondents cited “Information was missing from application or couldn’t be verified by the lender” as the primary reason.

Summary: Pros and cons of no paperwork loans

Compared to getting funding the old way—with emails, faxes or in-person appointments—no documents loans come with a lot of advantages. But there are some potential drawbacks you should be aware of.

  • Easy application process
  • Fast approval (apply in minutes)
  • Credit check not required by some lenders (i.e. payday lenders)
  • May come with high rates & fees
  • Many no doc loan providers offer low amonts
  • Not all lenders are legitimate & safe

Frequently asked questions

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To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.
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Written by

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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