$500 Loan No Credit Check In Canada — Fast Approval, Flexible Terms, and Easy Application Process, Ideal for Emergency Cash Needs Without Hurting Your Credit Score.
If you need a $500 loan in Canada, including no credit check options, there are 2 main types of loans available: Installment loans and payday loans.
How $500 installment loans work in Canada
Installment loans are a type of personal loan that often come in amounts as small as $500. These loans are offered by alternative lenders, and come with higher rates but easier eligibility requirements than traditional personal loans.
You’ll pay back a $500 installment loan in equal payments over the preset loan term. Many lenders offer the option to save on interest by paying off your $500 installment loan early without facing any early repayment penalties or fees.
Features of $500 installment loans
Funding turnaround time: Within 24 to 48 hours
Bad credit accepted? Yes, and some lenders offer no credit check $500 loans
Interest rates: Typically range from 18% to 47%, with rates on the higher side for bad credit
Loan amounts: Usually $500 to $10,000
Loan terms: Term lengths usually last between 3 – 60 months
Am I eligible for a $500 installment loan?
Installment loans are harder to get than payday loans, but they have easier requirements than traditional personal loans:
Be 18 years old, or the age of majority in your province or territory
Be a Canadian citizen or permanent resident
Have a bank account
Have a steady income (employment income preferred)
Meet the minimum credit score for lenders who do credit checks
How to apply for a $500 installment loan?
The application process is also straightforward with installment loans:
Fill out the application: Provide your name, address, housing situation and employment information.
Get pre-approved: Find out whether the lender wants to proceed with your application. Get your $500 loan offer.
Get verified: Provide access to your bank statements via instant bank verification, and submit to a credit check.
Receive your contract: Review the payment schedule and make sure you can afford the monthly payments. Be aware of any extra charges you might encounter.
Get funded: Get your money via Interac e-Transfer or direct deposit.
How $500 payday loans in Canada work
Payday loans are small loans that you can get within an hour, and sometimes with no credit check. That said, payday loans are an extremely expensive $500 loan option, so be sure to consider other options before applying for one.
Each province has its own rules for payday loans, such as how much you can borrow and how much you can be charged. Choose a licensed lender — like the ones we’ve listed here — that follows all of them.
Features of $500 payday loans
Funding turnaround time: Within a few minutes or an hour of applying
Bad credit accepted? Yes. Plus, no credit check loans are also available from some lenders
Cost: Payday loans cost between $14 to $17 for every $100 borrowed depending on your province or territory, which means a $500 payday loan will cost you between $570 and $585 in total
Loan amount: Usually between $100 and $1,500
Loan term: You typically repay in full by your next payday, up to 62 days. In Alberta, however, you have a minimum of 42 days, and you repay in at least 2 installments
Am I eligible for $500 payday loans?
Payday loans have lenient eligibility requirements, including some lenders that provide $500 loans with no credit check. You’ll need to meet the following:
Be 18 years old, or the age of majority in your province or territory
Be a Canadian citizen or permanent resident
Have an active bank account
Have a recurring income, whether that’s from employment, government assistance, private disability and others
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How to apply for a $500 payday loan
The application process for payday loans is straightforward. Follow these steps to get your $500 loan:
Fill out the application: Provide your name, address, housing situation, job title, income and payment frequency. Some payday lenders may ask you to provide one or two references with some payday lenders.
Get a decision: Get instant approval if you’re eligible.
Review the contract: Read your contract carefully, taking into account the repayment schedule and costs. Sign when you’re ready.
Get funded: You’ll get your money within minutes via Interac e-Transfer. If you choose direct deposit, you’ll get your money within a business day.
Can I get a $500 loan with no credit check in Canada?
Yes, you can get a $500 loan with no credit check from select installment loan and payday loan lenders in Canada. These lenders will instead check that you can afford to repay the $500 loan by looking at your recent bank statements and pay stubs.
An example of an installment loan lender that offers $500 loans with no credit check is LoansLoans.ca. If you’re looking for a legitimate no credit check payday lender, consider Loan Express.
Keep in mind that no credit check loans will come with steep interest rates because lenders will assume you have a bad credit history. Also, be sure to apply with a legitimate no credit check lender that is transparent about its rates and fees.