Overview
Fast loans no credit check are designed to provide quick funds to subprime and near-prime borrowers in Ontario.
The Cost-of-Living Crisis in Ontario
The Ontario Living Wage Network (OLWN) calculates the living wage one needs to earn to cover basic expenses in various regions of Ontario. In 2024, the Ontario living wage ranged from $26.00 per hour in the Greater Toronto Area to $21.30 per hour in Hamilton, from $22.80 per hour in Ottawa to $20.30 per hour in Northern Ontario, and so on. The London-Elgin-Oxford region boasted the lowest living wage rate at $19.50 per hour. However, all of the rates had increased since 2023 and are likely to continue to rise in 2025.
All of the above living wages are greater than the current provincial minimum wage of $17.20 per hour, which came into effect on October 1, 2024. Therefore, there is no place in the province where a minimum wage worker can comfortably afford regular expenses.
Eligibility Requirements
Fast loans no credit check offer more flexible lending criteria. Below, you will find some common lending requirements for these types of loans:
- You must be at least 18 years of age or older.
- You must be a Canadian citizen or permanent resident.
- You must have a consistent source of income.
- You must have a valid Canadian bank account, which has been active for at least 90 days.
If you meet the above criteria, you significantly improve your chances of qualifying for quick funds.
Before you obtain a personal loan, consider the following pros and cons so you can make an informed decision.
Pros of Fast Loans No Credit Check
- Fast approvals.
- Fast access to funds. Funds may be deposited in your bank account in as little as 24 hours!
- Simple and quick online application process.
- No credit checks during the simple online application process.
- Longer repayment period and more flexibility in repayment compared to payday loans.
- Flexible requirements.
Cons of Fast Loans No Credit Check
- Higher perceived lending risk translates to higher interest rates and fees.
- Late or missed payments may result in additional charges and fees.
5 Tips to Improve Your Credit Score
Subprime and near-prime borrowers fall in slightly different credit score ranges based on a given organization’s classification system. Credit scores between 620-659 can be considered near-prime, while scores below 620 are considered subprime.
Consider the following tips to help improve your credit score:
- Pay your bills on time.
- Maintain a low credit utilization ratio – below 30%.
- Pay off your debts.
- Keep older accounts open.
- Sign up for Credit Verify to monitor your credit health.
While the tips are straightforward, implementing some of them may be more difficult than others. However, implementing these tips is almost certain to help improve your credit score.
Final Thoughts
Many Ontarians are struggling with the cost of living. Fast loans can provide quick funds to help cover urgent expenses in Ontario. You can apply for a loan online via Crediteck. We don’t check your credit score or credit report during our simple and quick online application process.
