Bad Credit Loans Canada
We understand that everyone has a history, and that when you have a less than perfect track record in Canada you should be allowed a second chance. We work with multiple lenders who specialise in providing financial assistance to every Canadian with a poor credit history and so we’re well equipped to help you!
If you have been turned down by other Canadian lenders or banks, then our bad credit loans Canada service is available if you have exhausted all other options. Check if you qualify by submitting your application on our website today. We help thousands of people each day even if you have a bad repayment history.
Why Apply Through Us?
- Easy access to funds even if you’ve been declined elsewhere
- No personal paperwork required
- Instant decision with cash paid directly into your Canadian bank account
- Affordable interest rates
What are Bad Credit Loans?
These are loans that have higher interest rates, and often also with shorter repayment periods. They are provided to people who have a poor credit history. Lenders charge higher interest rates on these types of agreements as they are deemed to be high risk. This is because the probability of a person not being able to pay their loan in full is high. The lender needs to be able to reduce their loss by charging higher rates of interest.
Often, those who have a bad history in repaying their debt also tend to have a low score. Being in this position makes it more difficult to obtain quick cash to cover unexpected bills or pay for costs related to unexpected emergencies, or even when you need money to repair your car, pay for heating or hot water, or cover other expenses. Borrowing money can be challenging if you have a bad debt repayment history.
More about Subprime Lending
If your Canadian record and repayment history is bad, it’s important that you work to improve your score by reducing your borrowing and keeping your repayments on any credit line (store cards, credit cards, mortgages, car loans, student loans, business and personal loans etc) in order. Consistently applying for credit lines, in Canada, in a short period of time can also harm your personal score and so you should only apply for online loans when it’s absolutely necessary.
It’s also important that you regularly monitor your bad debt to make sure you know what’s affecting your score.
You will know how important your credit score is to the lender if you have ever applied for funds, such as an installment loan. The lender will use information from your personal report to determine the rate they offer and whether to approve your application. Lenders will judge your ability to repay the loan based on your history, even if you are financially stable today.
Your score measures your financial history and ability to keep a borrowing agreement. It gives lenders an indication of your ability to repay. Many lenders in Canada won't approve your application if you have a poor track record in managing your debt. If this sounds familiar and you have had difficulty getting the funds you need, an alternative loan of this type may be the right solution for any Canadian with bad credit.
There are subprime lending options for those with very bad credit histories. We consider more than your bad financial credit record when assessing your loan application. We also consider your personal financial situation and affordability. In addition, our loans for bad credit may be an option for you if you aren't sure if you're eligible or if another lender has already declined your application elsewhere.