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Compare Bad Credit Loans

Do you have bad credit and want to apply for a personal loan? Canadian Lenders are available even if your credit rating is bad. However, they may be more expensive than other personal lending options.

Specialist Canadian lenders can provide an instant decision as to your approval with or without a guarantor for those with a poor credit history.

Why Apply Through Us?

  • Instantly access Canadian lenders who specialise in providing funds to people with poor credit history
  • All credit scores accepted
  • Flexible and easy repayment terms
  • No guarantor needed

What is a Bad Credit Loan?

This is a type of borrowing option that is designed for someone who has a low personal credit score or a bad repayment history.

The interest rates on these types of loans are usually higher than those offered by mainstream Canadian credit options. So, if you think you won't qualify for other unsecured loans or funding, you shouldn't apply for this option.

These loans are usually unsecured. An unsecured loan is based on your credit rating and not secured against your car or home in Canada. Therefore, pricing will reflect the risk that the lender takes.

Top Questions...

What are the best loans for people with bad credit?

Although many options are available for those with poor credit, they almost always have a higher APR than other options. Lenders consider this a more significant risk. There are several options for those who have a bad repayment history:

  • Guarantor loans are the most popular type of option for those with a bad repayment history. You will name someone, in Canada, to act as your guarantor and use their good track record score instead of your bad score. They will be responsible for any missed payments during the repayment term.
    • Homeowner: The guarantor must be a Canadian homeowner to qualify. These funds are still secured and will not affect the guarantor's property.
    • Non-Homeowner/Tenant where the guarantor does not have to be a homeowner to qualify.
  • Short-term loans are available if you need funds with a short repayment period. However, there is a high APR which you should not borrow a short-term loan for too long.

Is it possible to borrow money with a bad record?

A bad track record may make it more difficult to qualify for a normal loan, however, we have expert lenders on our panel who specialise in providing other options specifically for those who struggle to borrow money elsewhere. Check if you qualify by submitting your application on our website.

Are there other borrowing options if you have bad credit?

You might consider improving your rating over a period if you don't have an urgent need for money. You will be able to access better financial products such as low-interest credit cards, personal loans at favourable rates, and mortgages in the future.

A credit card is one way to improve your rating. If you can pay the card every month, you will gradually improve your rating and can begin to explore applying for different forms of borrowing.

What kind of interest rate can I expect?

Interest rates can vary significantly depending on the lender and your overall financial situation. However, these specialist Canadian lenders typically charge up to 60% interest rates. However, they cannot charge more than that because it is illegal. On the other hand, short-term borrowing options can have APRs as high as 600%.

Can I get a loan if my credit score is less than 600?

Yes, you can still borrow money if your score is less than 600. Your options, however, will most likely be limited to high-cost Canadian lenders. Rather than relying on a high-cost loan, it may be worthwhile improving your score to find a borrowing option with more affordable rates and terms.