Are you unemployed and struggling to pay for something immediate and important? No need to worry! There are payday and installment loan lenders in Canada who provide loans in as little as 1 hour and do not require employment verification.
How Do 1 Hour Loans With No Employment Verification in Canada Work?
To get a 1 hour loan that doesn't require employment verification, you need to provide proof of non-employment income, which could be EI, CCB, your pension, etc., and you have to repay the amount of the loan plus interest to the lender in installments or all at once.
Types of 1 Hour Loans With No Employment Verification in Canada
There are two types of 1-hour unemployment loans:
Payday Loans
A payday loan provides a small amount of money up to $1500 with a relatively high interest rate. You will have to repay the amount with interest after you receive your next income deposit. You will most likely get funding in an hour if your bank accepts e-transfer.
Installment Loans
Installment loans have lower interest rates and more flexible repayment schedules than payday loans. An installment loan can provide you with between $500 and $15,000. It may take more than 1 hour to process,but it’s still much faster than traditional personal loans.
What Do You Need to Be Eligible for Unemployment Loans in Canada?
While the required documents vary depending on the lender, you'll probably be asked to provide the following:
- Personal Details: You need to provide your photo ID issued by the government. Your SIN number may be required as well.
- Bank Statements: Your last 2 or 3 bank statements will be required by the lender to verify that you will be able to repay the loan.
- Proof of Income: You will have to provide an income source to the lender. It might be government benefits such as CCB, OAS or EI.
How Can You Apply for Loans With No Job?
Here's how you can take out a loan that does not require employment verification in Canada:
Step 1: Know Your Credit Score
You need to check your credit score to know if you're eligible for a loan. A good credit score increases your chances of getting approved.
Step 2: Shop Around
Submit your application to multiple lenders and compare offers to get the loan with the most favourable terms.
Step 3: Sign the Agreement
Seal the deal with the lender and get funded.
To ensure you get the most out of your loan, we advise you to apply on WeLoans. Our system will automatically send your application to our wide array of industry-leading lenders so you can quickly and easily find the best offer for you.
You don't have to worry about your privacy or any data breaches as WeLoans uses bank-level encryption technology to protect your information. The best part is, most of our lenders use e-transfer, so you can get the money in as little as 1 hour.
How to Compare Unemployment Loans With No Job Verification in Canada?
Before deciding on a loan offer, you should consider the following criteria:
Interest Rate and APR: Choose a lender with a lower interest rate to save on interest costs over the life of the loan. You should also look for the lowest annual percentage rate (APR) in loan offers.
Fees: Check if the lender charges any fees for prepayment penalties, late repayments, or insufficient funds.
Loan term: Try to find a loan with the right length for you, which should be long enough to keep each payment low and short enough to keep the interest affordable.
Repayment Terms: It's best to borrow from a lender that's willing to work out a new agreement with you in case of default.
What Can You Do to Get Loans for the Unemployed Faster?
You can get a loan with no employment verification faster if you follow the tips below:
- Submit your loan application during business hours, preferably in the morning.
- Double check your application for errors before submission.
- Have your bank account information ready for online verification as lenders may ask this for faster approval of your loan.
- Be ready to provide your banking information such as a void cheque and your account number.
Other No Job Loans You Can Get in Canada
Here are some other types of loans that consider unemployed borrowers:
Cosigned Loans: You can apply for cosigned loans if you are unemployed and your credit score is low. You will be more likely to get the loan if your application is cosigned by someone with good credit and collateral.
Friends and Family: You may consider borrowing a small amount of money from your family and friends. This option can be more affordable and convenient than working with a lender because of the personal connections you have with your family and friends.