Guaranteed Approval Loans for Poor Credit

Guaranteed Approval Loans for Poor Credit in Canada

There is no such thing as guaranteed approval loans for people with poor credit. At iCASH, we approve many people who need to borrow money but may also have a bad credit score.

Having poor or no credit is an issue that many Canadians face daily. Either they do not have a credit history, or it was previously mishandled. After a few times of being declined, some people try to find online loan lenders for poor credit.

If you are wondering how to get a personal loan with poor credit handle emergencies, you can quickly borrow money from a direct online lender to get the help you need during a financial emergency. Apply online for the amount of money that will help carry you over and you can re-pay it back in multiple flexible payments.

Please note that there are is no guaranteed that you will be approved for a loan for poor credit. The actual amount that you may be permitted to borrow depends on many factors including your net income, the length of time that you have been working with your current employer, age, current residency status in Canada as well as other factors that we look at.

Even if you have poor credit, you can apply and get instant approval. The good news is that you do not need to provide any collateral and there are no documents required.

Although “guaranteed approval loans for poor credit” do not exist, in many cases online lenders will approve many applicants. The actual amount that you will be able to borrow is between $100 to $1,500. Good credit is not required, and you can apply from your home, office, or on the go with the iCASH mobile app 24/7.

The benefit of applying and getting approved for a short term loan is that these types of loans are a simple and quick way to get funded.

Finding Bad Credit Loans in Canada With Guaranteed Approval

We all face challenges and hardships in our lives from time to time, and those challenges can often be financial. Fortunately, there are options and alternative non-bank lenders that offer bad credit loans in Canada with guaranteed approval.

Even with a job that pays well, and our best efforts at responsible money management, we can still end up with less than perfect or even bad credit score history.

Bad credit history can be like a noose around our necks. It can make it exceptionally hard to obtain loans for the funds that Canadians need. That is especially true with conventional lenders like banks.

There is no absolute assurance but companies who provide loans for bad credit can provide money to those who need it most, even if banks have declined those same customers in the past.

Bad credit loans in Canada with guaranteed approval are the same types as loans that are offered to those who have a good credit history. The difference is in the kind of minimum credit score thresholds that a lender may require you to qualify for.

Traditionally in Canada, the line between “good” and “bad” credit is generally around 650. It is also the approximate average credit rating for Canadian citizens. This means many Canadians fall below this line and therefore need guaranteed approval bad credit loans.

There can be a variety of reasons for having a lower than average credit rating, many of which can be outside of a customer’s control. That simple number, however, can often keep people from accessing the funds they need to effectively manage their finances.

As Canadian households take on more debt every year, it’s important to know what your credit score is and how it may impact your eligibility to take a loan.

If you are not sure what your rating is and like to check it, you can take the following steps:

How Can You Borrow Money If You Have Poor Credit?

Many direct payday lenders allow you to borrow money online by applying for a bad credit loans with guaranteed approval. You’ll find much lower thresholds of credit scores to quality.

Banks are extremely risk-averse, and intentionally maintain fairly high credit score standards for their loans and these standards have only gotten tighter since the late 2000s financial crisis.

Private lenders loans have risen up to fill the gap in the market by offering loans for people with bad credit. These types of lenders can offer bad credit loans with instant approval to most Canadians. They open up the credit markets and evaluate people based on their individual circumstances, rather than relying on the credit rating as the arbiter of their fate. The net result is that more Canadians can qualify for a short-term loan, which if paid on time can potently help them rebuild their credit.

In fact, iCASH boasts a loan approval rate of over 90% which means that 9 in 10 Canadians who apply are approved for bad credit loans with guaranteed approval, even if they’ve been rejected by a bank or other lenders previously!

Do I Have to Pay a Higher Interest Rate on a Bad Credit Loans?

Traditional lenders can often require a higher interest rate when you take out bad credit loans. The theory is bad credit customers present a higher risk, and therefore the bank or lender needs to make more money from them to ensure the loan is worthwhile.

At iCASH, that is not how we operate. All our interest rates are fixed. If you’re approved for an unsecured personal loan, you’re approved, and that’s what you pay, regardless of your personal credit history, income, or other factors.

The latest rates can always be found on our website, expressed as a dollar amount per $100 borrowed. They are also fully disclosed during the application and agreement process.

Can I Get a Guaranteed Payday Loan No Matter What in Canada?

Knowing that you can obtain bad credit loans in Canada with guaranteed approval can help remove a lot of stress from your life. Credit scores don’t have to be an impediment to obtaining credit and loans.

At iCASH, we guarantee* we will NEVER reject your loan application solely on the basis of your credit score. We have intentionally set our qualifications to be as accessible and attainable as reasonably possible. And none of those qualifications or requirements mention a credit score, at all.

While we do perform a credit check as part of the approval process for your short-term loan, your score is NOT a disqualifying factor. We can offer bad credit loans with instant approval due, in part, to our comprehensive technology-driven approval process.

It looks at all the information you provide as well as the loan amount that you requested in your loan application, your credit history, and other factors, to provide guaranteed approval. We are mostly concerned with your income and whether or not you have the financial means to repay your loan.

Of course, we must point out that loans can still be declined, such as not meeting all our qualification requirements. In most cases, this happens when there is an insufficient amount of income to cover the requested loan amount.

In all cases, we will always try to offer a lower loan approval amount rather than outright decline loans for people with bad credit. We know how important it is to get a payday advance, especially if all other options for borrowing are closed off due to a bad credit score.