There are emergency situations that require you to be able to borrow money quickly. But what happens when you need more than $ 500 or $ 1,000 and you have a bad credit rating? Is it possible to get a loan of $ 5,000 without a credit check?
Why apply for a loan without investigation of $ 5,000?
Banks and Caisses systematically refuse customers who have a bad credit rating. However, they have good reasons and real needs that push them to apply for a large loan without a credit check. Not to mention that many of them are able to repay the loan requested. The borrowed money can be used:
- to pay off debts
- to pay medical expenses not covered by insurance
- to make an urgent purchase, such as a car to replace an end-of-life vehicle, or a heating system when the old one no longer works
- helping loved ones in a difficult situation
- to repay credit cards with exorbitant interest charges
What are lenders asking for?
Private lenders in Quebec are well aware that customers who request a loan without an investigation do not have a good credit rating. Accidents in life such as separation, loss of employment or even a serious health concern can easily lead to difficult situations, leading to excessive use of credit cards, delays in the payment of monthly payments and even news. loan or card applications.
Private lenders are also aware that a bad credit rating does not mean that the customer is unable to repay a loan. This is why they go beyond this rating and also ask for loan application forms and identity papers, proof of income and proof of residence. This is all they need to decide on the loan application. If they believe that the client is able to repay the loan of $ 5,000 based on his situation and the other commitments that he must honor, they simply grant it.
Being self-employed, benefiting from a CST, disability insurance or annuity plan, or not having your pay deposited by direct deposit does not lead to an automatic refusal of the loan. These files just need to be studied more closely by lending organizations.
What can be the reasons for a refusal?
In the case of a loan without investigation, it is not a bad credit rating that leads to a loan refusal but one or more of the following reasons:
- Insufficient income (less than $ 1,200 monthly)
- Too much short-term debt
- Repetitive unprovisioned payments
- Loans without investigation not yet settled
In some cases, if all the acceptance criteria are not met but the client has an endorser, it may still be possible to obtain the loan anyway.
It is quite possible to get a loan without a $ 5,000 credit check. As soon as the client’s income and other commitments make it possible to repay the loans, when the bank statements show neither an overpayment without provision, nor the presence of other similar loans, the clients have a positive response and their funds very quickly