What Are No Credit Check Loans?

Loan up to $1,500 even with bad credit

If you've been turned down for a loan in the past because of bad credit, don't worry – you can still get a loan from iCash. We understand that sometimes people have bad luck with their credit, and we don't want that to stop you from getting the money you need.

You may have even searched for online loans with no credit check in Canada, however, most reputable lenders will perform a credit check as part of their assessment process. At iCash, we will check your credit, but we also consider other factors when we make our decision. So even if you have bad credit, there's a good chance that you'll be approved for bad credit loans with us.

If you're looking to get an instant loan regardless of your credit situation, here's how our process works:

1. Apply Online

If you're looking to get a loan online and be approved within minutes, you've come to the right place. Simply fill out our easy application form either online or through our mobile app. It only takes a few minutes, and you'll get an instant decision on whether or not you've been approved for the amount you applied for.

2. Get an Instant Approval

After completing our fast and easy online application, you'll receive an instant decision letting you know how much you've been approved for. Once you've been approved for your loan, all you need to do is sign your contract and wait for your money. We'll send you an e-Transfer within two minutes of signing the loan agreement.

3. Receive Your e-Transfer

The final step is to collect your funds and start using them. Our loans for bad credit are sent fast via e-Transfer in Canada. Plus, you can use the money for anything you need - there are no limits or restrictions on how you can use your loan. Whether it's used to cover an emergency expense or to pay for everyday essentials, the choice is yours.

How no credit check loans work

Many people searching for no-credit-check loans in Canada may be doing so because they may have been turned down for a loan in the past or their credit score is not as strong as they would like it to be.

The truth is, bad credit isn't always a deciding factor for being turned down, and there are many lenders out there, like iCash, who will approve loans for people with bad credit even after checking your credit.

What is a Credit Check?

A credit check is when a lender reviews your credit history to assess your financial situation and determine if you're a good candidate for a loan. Although checking your credit is standard practice, it doesn't mean that your loan is automatically approved or denied – other factors come into play and we'd like to reassure you that bad credit isn't a deterrent.

When it comes to checking your credit, there are two types of credit checks: hard credit checks and soft credit checks.

A hard credit check is when a lender asks for your permission to review your credit report from one of the major credit bureaus (TransUnion, Equifax, or Experian). This type of credit check will show up on your credit report and may negatively impact your score.

A soft credit check is when a lender pulls your credit report but your score isn't impacted. This type of credit check is often used to pre-approve you for a loan or to give you an idea of what interest rate you may qualify for.

What is a Bad Credit Score?

A credit score is a number between 300 and 900 that lenders use to assess your creditworthiness. The higher your score, the lower the risk you pose to lenders, which may mean you're more likely to be approved for a loan with a lower interest rate.

• Your credit score is determined by several factors, including:
• Your payment history.
• The amount of debt you have and your credit utilization ratio.
• The types of credit you have (e.g., revolving, installment, etc.).
• The length of your credit history.
• Public records on your credit report.

We recognize that having good credit is extremely important, but we also know that life happens and sometimes people need a loan even if they don't have perfect credit. And while an iCash loan without a credit check doesn't exist, we're here to help, with bad credit loans online.

What you need to know about payday loans with no credit check

There are a few things you should know about payday loans with no credit check before you apply. The first thing to know is that no credit check loans are not regulated by the Canadian government, which means they're not subject to the same rules and regulations as other types of loans. This also means that instant loans with no credit check often have strict terms and fees that can be difficult to meet.

Many lenders who offer this type of loan will often still do a credit inquiry and assess your creditworthiness. They will also require more collateral to secure the loan, often have a much slower approval process, and will require more documentation and paperwork. This can be a big hassle for anyone trying to obtain a fast loan to cover an emergency expense.

The best way to avoid being taken advantage of when applying for bad credit loans online in Canada that require no credit check is to work with a reputable online lender like iCash. This is because we can offer you a loan with no hidden fees and flexible repayment terms*. We also don't require any collateral, so you can rest assured that you won't have to put up your home or car to secure your loan. And while we do perform credit checks, they won't impact your credit score or be the sole deciding factor in whether or not you're approved for a loan.

Why choose iCash?

There are many reasons to choose iCash when you need a loan and your credit isn't the best. First off, we approve 9 out of 10 applicants, so you have a good chance of being approved for a short-term loan with bad credit or no credit at all.

There are many other benefits to choosing iCash, such as:

100% Online

Applying for a loan with us is easy and can be done entirely online. There's no need to visit a store or wait in line. Everything can be done via our mobile loans app or through our online application found on our website. You also won't have to deal with any lengthy paperwork, which can be a hassle, especially if you're on the go and need money now.

Same Day Funding

We provide same-day funding on all of our online payday loans with instant approval. We know that when you need a loan, you need it fast. That's why we offer some of the quickest funding times in the industry. Within just minutes, you can be approved and receive your money via e-Transfer.

Flexible Terms*

We offer flexible repayment terms, which allow you to get the best loan for your needs. We also have absolutely no hidden fees or prepayment penalties - all of our terms are spelled out clearly. You may even qualify for payday loans with installments, which make the repayment even easier. This flexibility serves our clients well, as they know exactly what they're getting into when they take out a loan with us.

Helpful Support Team

We are available 24/7 hours a day, 365 days a year, and our support staff is available to help or answer questions any day, any time. With over 600,00 Canadians helped, we're confident that we can help you too and work with you on your own repayment agreement.

Our easy requirements for instant payday loans

All of our loans are easy to get even if you’re worried about your credit or have been turned down before. Because we focus on your ability to repay, and not your credit, we’re able to provide payday loans with instant approval to more applicants, so you have a good chance of getting the money you need with us.

The basic requirements for iCash bad credit loans are that you:

Be at least 18 years old (19 years old for applicants in British Columbia, New Brunswick, Nova Scotia).
Be a resident of any of the provinces in which we operate.
Show that you have been receiving the same source of income for the past three months.
Have a total net income of at least $800/month.
Have access to an online bank account.
Have a valid mobile phone number, address, and email address (VoIP numbers are not accepted).

Apply now and get up to $1,500 today

If you're looking for alternative financing options while rebuilding your credit, a loan from iCash can help. We offer e-Transfer payday loans of up to $1,500 and can get you the money you need within minutes.

No matter your financial situation, life happens, don't let bad credit or no credit hold you back from getting the financial assistance you need. To apply for a loan with us today, simply fill out our short and easy online loan application, and once approved, you could get a same-day e-Transfer in as little as 2 minutes. It's that easy.

To get a loan without a credit check, you need to look for a lender that does not look at your credit report. Then, simply create an account on their website, provide the required personal information (typically your physical address, employment status, and biweekly income), collateral information, and submit the application.
If the direct lender needs additional information before approving your loan, they will contact you immediately to keep the process moving along swiftly. If they are satisfied with what you have provided, the simple online application form should be sufficient for them to transfer the funds in short order.
However, it's important to remember that the most reputable lenders, like iCash, do perform credit checks to verify your information. You should be cautious of any lender that promises a loan with no credit check, as they may not be all that they seem.

No Credit Check Loans in Canada