Non credit check payday loans: get up to $1000
Borrowing in the short term is a solution that makes it possible in particular to deal with emergency situations or at the end of difficult months. And when you have a bad credit rating, the only possible option is often to apply for a non credit check payday loan. Here are three tips for success.
1. Meet the basic criteria
Only a portion of people who do not have access to conventional credit is eligible for loans without a credit check. In fact, as a general rule, lending institutions accept borrowers who:
- Are aged 18 and over
- I have been employed full time for at least six months. Under certain conditions, self-employed workers, beneficiaries of CSST programs, disability insurance, pension plan or people on maternity or parental leave can be accepted.
- Receive at least an average net income of $ 1,200 per month
- Use a Canadian bank account that has been open for at least three months
- Resides at the same address for more than six months
- Are paid by direct deposit or check
- Are not bankrupt
- Have no wage garnishments.
- Are not involuntary deposit process.
2. Provide the requested information and documents
Even if obtaining a loan without a credit check is easier than a conventional loan, you must fill out the form and provide all the information and documents requested for verification purposes and in particular:
- U or not two pieces of identification
- Proof of social insurance number
- Proof of residence (internet service bill, water, etc.)
- One to two pay stubs
- Two to three months of bank statements
- A sample check.
3. Proving creditworthiness
Once all the requested information and documents have been provided and the basic criteria have been met, it remains to convince the lender that your financial situation can support additional financing. Because if the organization does not require the credit investigation to approve the loan request, it will still verify that you can repay this new loan through another form of evaluation.
Most lenders who do not take credit into account require you to provide them with bank statements to check the amounts of money that are collected monthly from your bank account as well as the regularity of payments. They also take the opportunity to check if you already have too many financial responsibilities, and if so refuse to approve a new loan if they consider that the level of short-term debt is too high.
Lending organizations also look on bank statements for the possible presence of other loans in progress, and in particular microloans, as well as payments without provisions. Each lender has their own policy, but as a general rule, loan requests from customers who already have two microloans in progress or who have been the subject of several bad payments in the past few months are refused.
It is only if the file is complete and all the criteria are met that the loan request without a credit check can be successful. In certain specific cases, such as for the self-employed, beneficiaries of CSST, disability insurance, pension plans or people on maternity or parental leave, acceptance of the request is subject to a detailed study. of the file which generally requires an additional delay.