Overview
The purpose of no credit score loans is to provide funds quickly to subprime and near-prime borrowers in Ontario. Boasting fast approval processes and flexible eligibility requirements, no credit score loans offer an alternative to traditional borrowing options.
Who Is the Intended Borrower?
No credit score loans are designed for subprime and near-prime borrowers whose scores generally fall below 660.
Factors that result in a lower credit score may include the following:
- Late or missed payments
- Limited or absent credit history
- High credit utilization ratio (exceeding 30%)
- Default on payments
- Identity fraud
- Mistakes on the credit report
Borrowers who exhibit any of these characteristics may experience lower credit scores and may benefit from no credit score loans to help them cover urgent expenses in the absence of other options.
Advantages
- Fast access to funds.
- Quick approval processes.
- Simple and straightforward online application process.
- Flexible eligibility criteria.
- No credit check during the simple online application process.
Disadvantages
- Higher credit risk may be associated with higher interest rates and fees.
- Late or missed payments may result in additional charges.
The Bottom Line
If you need quick funds but don’t have a perfect credit score, you may wish to apply online via OntarioCASH. We don’t do credit checks during our simple and fast online application process. Additionally, to monitor your credit health, consider signing up for Credit Verify and take advantage of their sophisticated technology platform.
