Over the past few years, no-credit loans have become commonplace worldwide, especially in North America. This may be attributed to the dwindling economic realities of the region, increased inflation, and an increase in unforeseen expenditure among other factors.
It also doesn’t help that the economy is based on a credit system that can be extremely difficult to correct when it falters. This also implies that individuals with bad credit are often unable to access credit facilities due to poor credit.
Thankfully, renowned online payday loan broker, WeLoans offers a mouth-watering disposition to residents of Canada by providing a number of loan offerings including installment loans, payday loans, bad credit loans, and no-credit-check loans.
What Is A No Credit Check Loan?
A no credit check loan as the name implies refers to a type of loan that does not require credit checks from the loan provider. These types of loans offer a second chance to prospective loanees who have bad credit, yet need loans.
Some examples of no-credit loans offered by WeLoans include payday loans with a maximum lending amount of $1,500 (Canadian) with short repayment periods.
Others include installment loans and bad credit loans, the former requiring a set repayment period for a fixed repayment loan amount, and the latter specifically designed to meet the needs of prospective loanees with bad credit.
The benefits of these loans are exponential, especially seeing the prevalence of the difficulties that arise from emergency bills in Canada and the North American region. Thanks to a straightforward application process, and even faster loan disbursement periods, prospective loanees can now access these loans within a few minutes of applying.
How Do WeLoans’ No Credit Check Loans Work?
No-credit-check loans from WeLoans offer an unbridled experience for loanees who would rather skip the step of extensive loan checks. To access no-credit-check loans from WeLoans, prospective loans must meet the eligibility requirements, and follow these steps.
- Fill Out an Application Form: To start the process, a prospective loanee must fill out the online application form on the WeLoans website with accurate information as these will be used to determine the level of financial assistance and risk levels associated with the loanee by the lenders.
- Compare Offers: Thanks to an extensive list of willing lenders with exceptional lending records, loanees who seek loans through WeLoans can access truly endearing no-credit-loan offers with some of the best terms in the industry.
Since more lenders mean more competition, the loanee gets to pick the best possible terms based on several offers by various lenders through WeLoans.
- Get Access to Loan Disbursement: After an offer has been accepted by the prospective loanee, the loan will be disbursed to the account number and details provided by the loanee during the application phase.
With WeLoans, loanees can access their loans within 24 hours after accepting an offer.
As stated earlier, only individuals who meet the eligibility requirements for no-check-credit loans can obtain said loans from WeLoans.
Here’s a list of some of the eligibility requirements for these loans.
- Loanees must be at least 18 years old.
- Loanees must hold a valid government-issued ID.
- Loanees must be citizens or permanent residents of Canada
- Loanees must have verifiable proof of income with proof of payments.
- Loanees must present a recent utility bill to verify their place of residence.
- All loanees are expected to have a functional bank account.
Here’s a list of no-credit-check-loans offered by WeLoans:
WeLoans payday loans offer a maximum of $1,500 in loans to prospective loanees with a minimum repayment period of 14 days.
Installment loans also offer a maximum of $1,500 and a minimum of $100 with low-interest repayment plans. These loans can be used to service credit card payments.
While bad credit loans allow for $1,500 in loans, certain additional requirements must be met such as a monthly income of at least $800, and verifiable proof of employment for the past 6 months.
- Provide examples of no credit check loan terms and amounts offered by WeLoans
Advantages Of Using WeLoans For No Credit Check Loans
There exist a plethora of advantages when using WeLoans for no credit check loans, here are some of these advantages.
- Consideration for Bad Credit Loanees: One of the more endearing advantages of WeLoans is its consideration for prospective loanees who can convince lenders of their repayment capabilities based on a steady income source.
- Fast Approval: With WeLoans, prospective loanees can access loan disbursements a few hours after applying. It is advised that loanees apply earlier in the day to ensure faster disbursements.
- A Plethora of Offers: WeLoans boasts of an extensive list of lenders which implies that there’s often more competition between lenders to give loans. This scenario often positions loanees better as it gives room for more loan offers and more competitive terms.
- Ease of Use: The application process is relatively straightforward to use. The Graphical User Interface (GUI) of the WeLoans website offers users an easy and straightforward pathway towards applying safely and easily.
Hence, it’s safe to say that a 70-year-old non-tech savvy individual would often be able to navigate through the WeLoans website and apply for a loan with little or no assistance.
WeLoans offers a unique proposition to prospective loans in Canada with its no-credit-check loan offerings. These loans are sure to help mitigate the current harsh economic realities of most individuals with bad credit, giving them a second chance at obtaining loans solely based on their current financial capabilities and discipline.
Prospective loanees may reach out to WeLoans to access a wide variety of loans namely, installment loans, payday loans, and even bad credit loans as long as they meet all eligibility requirements stated in this article.
While WeLoans ensures a more inclusive financial atmosphere for all, it’s pertinent to note that loans should only be requested when necessary and used responsibly. Financial discipline remains an extremely important factor, especially for those with bad credit scores.