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How Credit Scores Impact Loan Approval and Borrowing Money
Your credit score is like a grade, but for your money and credit history.
It’s a number that shows how well you manage your bills, credit cards, and loans. In Canada, most credit scores range from 300 to 900. The higher the number, the better your score.
Credit Score Definition
Credit Score: A credit score is a number that shows how likely you are to pay back money you borrow. It helps lenders decide if they should give you a loan.
What is a Credit Score?
A credit score is a numerical representation of an individual’s creditworthiness, based on their credit history. It is primarily used to assess the risk of lending money to a borrower.
A higher credit score typically indicates a lower risk, making it more likely for an individual to be approved for loans and credit at favourable interest rates and terms. Credit scores are calculated using various factors from an individual’s credit report, which is a detailed record of their borrowing and repayment history.
What are the Credit Score Ranges in Canada?
These are the credit score ranges in Canada:
- 300–579: Poor
- 580–669: Fair
- 670–739: Good
- 740–799: Very Good
- 800–900: Excellent
If you’ve been wondering, “What is a good credit score?”, most lenders see anything above 660 as good.
But don’t worry because many people have less-than-perfect scores. Speedy Cash helps customers regardless of their credit score to get access to short-term loans, payday loans, and no credit check loans when they need cash fast.
How to Check Credit Score in Canada
If you don’t know your credit score, don’t panic. You can check it for free online using websites like Equifax, TransUnion, or some banking apps.
- Visit a trusted website like Equifax.ca or TransUnion.ca
- Create an account
- Answer a few questions to prove who you are
- View your credit score for free
You can check it once a year without hurting your score. If you’re applying for a payday loan, some lenders might check your credit, but Speedy Cash offers no credit check payday loans! Speedy Cash will not consider your credit score when considering your application. .
How to Improve Credit Score
It’s never too late to build or fix your credit. If you’ve been searching for how to improve credit score, here are some easy tips:
- Pay your bills on time
- Don’t borrow more than you need
- Try not to max out your credit cards
- Check your credit report for mistakes
- Pay off old debts when you can
Even small steps help over time. Speedy Cash offers loan options for bad credit to give you a chance even when other lenders may say no.
Does a Payday Loan Affect Credit Score?
Get approved for our online Payday Loans even if you don’t have a perfect credit score. We offer an alternative to traditional lenders that require credit checks.
That means your score won’t go up or down from borrowing a payday loan with us—but it can still help in emergencies without adding stress to your credit.
Learn more in our blog post: Will a Payday Loan Affect My Credit Score?
Get quick cash from a payday loan – Apply online or in-store!
Summary
Knowing your credit score can help you plan ahead. Even if you have a less-than-perfect credit score, Speedy Cash is here to help. We offer no credit check payday loans to help you get fast cash when you need it.