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Loans for people with poor credit rating
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Bad Credit Loans
See in the table below a list of lending firms that offer bad credit loans. Regardless of your credit history or financial situation you can find bad credit loans that suit you. There are now many bad credit loans lenders that take on low credit applicants, allowing you to borrow anything from around $80 to thousands of dollars. Bad credit loans have payment schemes designed specifically for people with poor credit. Many Canadians find it hard to get loans with bad credit however, even if your local bank turns down your loan request, there are specialist lenders (sometimes called ‘sub-prime’ lenders) that can offer you good bad credit loans. Use the comparison table to compare different loans looking at borrowing rates and any fees that might be charged.
If you wish to speak to someone: Contact Us
The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate
LOAN AMOUNT
Amount you can borrow
Minimum borrowing period
Maximum borrowing period
Provinces in which loan is available in
Terms and conditions of loan
Applicants the loan is suitable for
RESTRICTIONS
Restrictions regarding potential borrowers
SECURED LOAN
Loans secured with an asset
UNSECURED LOAN
Loans which are not secured with an asset
Mogo
BC, Ontario and Alberta
See website for details
Full spectrum lender for 500+ credit score
Restrictions
Age of majority in ON, BC, Alta, only eligibility rules to sign up for a Mogo Account
Online sign up/check your rate
Advantages
Disadvantages
Only available in BC, AB, ON
Refresh Financial
Canada only – excluding Quebec and Saskatchewan
Weekly Payments Starting at Just $12
Individuals exiting insolvency needing to rebuild credit (Lendit can fund its loan prior to an individual being discharged from bankruptcy or consumer proposal). New immigrants. Students looking to build up credit. Individuals affected with identity theft.
Restrictions
Not available in Quebec & Saskatchewan
Loan / Credit Rebuilding Services
Advantages
1.Affordable payments starting at as little as $12 per week.
2. Almost all applicants are approved.
3. No up-front out of pocket expense. Rebuild your credit after insolvency, or financial hardship.
4. Reports to the credit bureau (versus a payday loan that doesn’t report and therefore rebuild credit history).
5. Build up automatic savings to reach your financial goals as you progress through the loan.
6. Access cash during the loan term (without affecting your interest rate or payment amount) for emergency expenses, paying off debts, or going on a vacation.
Disadvantages
1. Not an upfront cash loan.
My Canada Payday
British Columbia, Saskatchewan and Ontario
For those in need of a short term cash solution
Restrictions
1. Must be 18 years or older.
2. Ontario and British Columbia only.
3. No disability loans paid. You must be employed.
Online Payday Loan Application
Advantages
1.Totally Online Application Process – You can apply 24 hours a day, 7 days a week!
2.No Faxing Required.
3.Everything is done securely and safely via your PC.
4.Cash deposited direct to your bank account, or sent via EMT.
5.Safe, Convenient and Secure
Disadvantages
1.Must be paid via Direct Deposit or Cheque only.
2.No cash allowed.
3.You must live in B.C. Or Ontario at time of review.
4. No disability loans paid. You must be employed.
If you wish to speak to someone: Contact Us
Related Bad Credit Loans Products
Compare Bad Credit Loans
If you have bad credit but need a loan you can still the money you want with a Bad Credit Loan.
Bad Credit Loan Variables
There are loans especially available for people with bad credit. Most of the loans for people with bad credit in Canada are similar to payday loans but there are alternatives. Payday loans are unsecured loans which can be taken out for short periods of time, usually one month although this may vary. The interest rate on payday loans is generally very high so it is wise to consider alternative options before you borrow with this method. Bad credit loans are more flexible than payday loans and you will be able to borrow more money for more time.
Credit Rebuild Bad Credit Loans
If you are looking to rebuild your credit score then there are loans for people with bad credit which can do just that. A credit rebuild loan is a type of bad credit loan which can build your credit. You can borrow a particular sum if money which is put into a GIC investment and you can make monthly repayments on it. With a better credit rating you will be offered better loan conditions in time.
Secured Bad Credit Loans
It is worth remembering that when you borrow money there is always an element of risk involved. This is usually the case when investing in any financial product. However, if you decide to get a secured bad credit loan then the risk is increased because whatever asset which you are using to secure your loan is at stake. If you are using your home for the security of the bad credit loan then there is a high risk involved. If you cannot for some reason make the repayments on your loan you could potentially lose your home and have it repossessed. In the same way if you are using your car or jewellery to secure your loan you could lose that if payments are not made. However, with a secured loan you will find interest rates can be lower and you can borrow more money.
Issues to consider regarding bad credit loans
It is also good to be aware that not all of the companies which you see advertising bad credit loans on the internet are necessarily bad credit loan lenders. There are also likely to be a lot of brokers who will offer a certain rate of interest but it will not be provided by them. Bad credit loan brokers work with a panel of lenders to try and find you the best loan to suit your circumstances. This might be useful if you are having trouble finding a loan but a lot of these companies do charge a fee for their services which might be more expensive than what you have in mind. When you have chosen the bad credit loan you want make sure that you have read all of the terms and conditions in the small print thoroughly. Hidden fees and charges will always be included in the small print so it is worth checking this out to avoid any unexpected surprises. You might wish to seek independent financial advice before taking out a bad credit loan.
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SOURCE: http://www.whichwaytopay.ca/bad-credit-loans.asp
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