We launched No Credit Check Loans with a simple mission: to be among the top private money lenders in Alberta, Canada. We provide personal loans at reasonable rates to borrowers with bad credit. In fact, our rates are often 10-15% less than the unsecured private loans offered by other companies.
As our name indicates, we don’t look at applicants’ credit. Instead, they must meet various other factors that we consider important. They must also have a minimum income of $4,000 per month.
Why we lend in Alberta
As a private money lender in Alberta we recognize both the opportunities and headwinds that the province faces. It, like many places, was deeply impacted by the global recession of 2008. The economy sputtered when oil prices dropped between 2014 and 2016. Most recently it has been subjected to the COVID-19 pandemic. However, Alberta is a beautiful place that houses talented entrepreneurs, numerous corporate headquarters, an active real estate market and leading energy companies. We believe the province’s future is bright.
Are you allowed to borrow from a private lender?
Yes. In Alberta you are allowed to borrow money from private lenders. Banks and credit unions generally work with borrowers who have a high credit score. As such, a significant segment of the lending market is served by private money lenders.
Who are Alberta’s private money lenders?
A private money lender can be any non-bank entity. It ranges from a person giving a loan to a family member, to a large mortgage investment corporation, to a payday lender, to an online lender (like us).
What documents should you receive when you borrow from a private money lender in Alberta?
Private loans are not informal arrangements. They are backed by legal agreements for each party’s mutual protection. When you borrow from a private money lender in Alberta you should receive two documents: first, a document that discloses your total cost of borrowing and the protections that you have as a borrower. Second, an executed loan agreement.
Here are some questions to ask before borrowing from a private lender.
What interest rate can you expect to pay?
Private money lenders charge more than banks. If the loan is unsecured, meaning there is no collateral (such as a mortgage over real estate), it is common to see interest rates of up to 45% per year. Payday lenders charge substantially more. Conversely, our interest rates range from 15-31% per year.
Do private lenders need to be licensed in Alberta?
There is no such thing as a “private lending license” in Alberta. However, lenders who offer loans with rates of above 32% per year must have a High Cost Credit Business License.