Obtaining a loan is an almost essential step. Indeed, whatever the reason, almost all Quebecers will have to take out a loan at some point in their lives. However, what happens when your credit rating is not favorable?
Loans without investigation are a good alternative in this situation. But how do loans without a credit check work?
In this exclusive guide, we tell you everything about the loan without a survey: how it works, rates, providers and more.
What is a loan without investigation?
A loan without an investigation, also called a loan without a credit investigation, will be a loan that will be granted to you by your lender without the latter having gone to check, or rather “investigate” the level of your credit rating.
In fact, usually, with a traditional loan, the lender will request information from TransUnion or Equifax which accumulates and stores all consumers’ financial data and thus determines a number, which will represent your credit rating.
Who is the loan for without a credit check?
Anyone can take out an online loan no credit check. Mostly, loans without investigation are going to be more popular with people with bad credit, and therefore bad records.
Indeed, it will be more complicated for them to obtain a loan from traditional banks and institutions, because their situation is logically considered to be riskier than average. By turning to the option of the loan without investigation, the person ensures that their loan is obtained, and regardless of their credit report!
How to apply for a loan without a credit check?
So you have a rather very average credit rating and traditional financial institutions are refusing you the loan? The alternative of a loans no credit check is therefore one of your best options.
Once you have decided who you want to submit your loan quote to, all you need to do is apply to the one you have chosen. Note that a large majority offer the submission directly online via the official websites of the institutions.
Is there a loan without a credit check and without a document?
Without your credit rating information, how can the lender ensure minimum security for your repayment? The lender will actually have to check some creditworthiness by other means. In general, your loan lender without a credit check may ask you:
- Your bank statements: will allow you to check how much money is coming into your account each month, and your other existing financial obligations
- Proof of your income: very good indicator of solvency. Your lender is not meant to create further financial hardship
- To provide guarantees: the guarantees allow obtaining loans without investigation often higher because they protect the lender.
Loan without credit check and jobless: is it possible?
In general, it is still not easy to find a banking organization that will grant you a loan without a job, especially if the amount of the loan is large.
However, a loan without a credit check and without a job is not impossible.
In addition, you also have the option of turning to the micro loan without a credit check, which will be a type of loan without a survey that is mostly granted in a situation of joblessness. To obtain a loan without an investigation and without a job, you will have to put all the chances on your side and therefore prove that you are able to make the repayments that will be requested from you with a certain source of income , for example:
- you are unemployed for a high amount.
- you can have assets as collateral
- you have taken out employment insurance
- you benefit from certain aid programs.
In addition to this, it is necessary to reassure your lender in the best possible way. To do this, do not hesitate to explain your situation to him: why you do not have a job? What is your plan for the future?