If your credit score is low, you’re far more likely to have a loan application refused or be offered unfavourable interest rates. You will also have trouble accessing certain goods and services. Most landlords ask to see your credit report before allowing you to sign a lease to verify your creditworthiness. What should you do in these types of situations? Here are a few tips!
Different criteria affect your credit score, and understanding them will help you effectively build a budget to rebuild your financial reputation. The 5 elements that impact your credit rating are:
- your payment history
- how much of your available credit is used up
- how long your account has been active
- credit check frequency
- the number and variety of creditors
Winning back lenders’ trust takes time. During this process, you may need a source of quick financing, whether it’s an unexpected event or a sticky situation. Luckily, some private companies are able to grant you a loan without running a credit check!
Finally, a way to obtain a loan without being punished for having bad credit! As a bonus, applying for financing without a credit check means your file won’t be impacted at all. You can therefore take advantage of this option while working on rebuilding your credit score.
You can submit your request online. You won’t have to provide any paperwork or even leave the comfort of your home. All you need to do is fill out a form, provide some personal information, and enter your contact details. It won’t take longer than a few minutes.
The response should be just as quick as the submission process itself. If the loan is approved, you will receive the funds as a direct deposit to your bank account within 24 hours.
You can view your repayment schedule via your online portal. It will be determined based on your profile and personal situation.
Almost all applications are accepted. All you need to do is fulfill a few requirements to be approved for the loan you need:
- be 18 years or older
- live in Quebec
- have access to a phone
- have held the same job for at least 3 months
- earn at least $1,200 monthly