No proof of employment is required, and you can get a loan even if your credit is not good!
If you don’t have a long credit history because you’re a new credit user, or if you’ve struggled with debt in the past, then you might have bad credit. This makes it hard to get approved for a personal loan.
You might also want to avoid having your credit checked for other reasons. For instance, to limit the number of hard inquiries on your credit report.
Luckily, many lenders can offer you a basic loan without having to check your credit at all. Instead, your loan amount, approval odds, and interest rate will depend on your overall ability to make payments as agreed.
There are a lot of legitimate no-credit-check lenders in Canada. However, you have to find them. As with any industry, there are bad actors as well as good lenders. This article wants to help you find the right lender for you.
What Is A Loan Without Employment Verification and Credit Check?
Simply put, these types of loans do not require that you submit any sort of documentation or proof of employment. There’s no need to supply pay stubs or employment letters from your boss in order to apply.
Borrowers who seek out loan options like these are obviously those who don’t have a standard 9-5 job or who are currently unemployed. There are several online lending companies that offer these types of loans to borrowers who are in an uncommon employment situation.
The Benefits Of No Credit Check Loans
There are plenty of reasons why a no credit check loan would be perfect for you, including but not limited to the following benefits:
• Your credit score isn’t as important – Obviously, the best part about no credit check loans is that having bad credit or no existing credit history won’t be a problem during the approval process.
• Approval depends on other aspects – Instead of focusing on your credit or prior debt problems, most subprime lenders simply need to confirm that you’ll be able to afford your payments, interest, and fees.
• Approvals are often quicker – With a bank or credit union, it can take numerous business days just to get approved, sometimes over a week to receive the funds. On the other hand, a no credit check loan may only take one or two days to be approved and deposited.
How To Apply For A No Credit Check Loan In Canada
1. Compare Lenders – To get the best rate, it’s best to compare multiple lenders. Many lenders offer pre-approvals which can give you an idea of how much money you can borrow and at what cost.
2. Gather Documents – Before applying with a lender, be sure to have all the necessary documents to apply. Inaccurate information and missing documents can lead to a rejection of your application.
3. Apply – Most lenders have an online application form you can complete in just a few minutes.
4. Wait For Response – After submitting your application, the lender will review your application and provide you with a response via email or phone. They may also contact you if they require additional information to assess your application.
5. Get Funded – Once approved, the lender will usually send you your funds via direct deposit or e-transfer within 24 hours or less..
Can You Get A 1-Hour Loan With No Employment Verification In Canada?
Yes, you could get a no employment verification loan in under 1 hour through certain lenders. Payday lenders, in particular, offer quick funding, some in as little as 15 minutes after approval. iCash and CashMoney are two payday lenders that you can get funded in under an hour after approval.
Final Thoughts About No Employment Verification Loans
It’s definitely possible to apply and get approved for a loan even if you do not have any proof of employment or income. Sometimes desperate situations call for desperate measures, and taking out a short-term loan may be your best bet.
That being said, it’s important that you completely understand the responsibility that you will be taking on since you will be obligated to repay your loan at some point in the future. If you are unable to make good on your loan, you could be putting yourself in an even more vulnerable situation. Make sure you assess your financials and the loan products out there before you sign on the dotted line.