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.

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COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

PROVINCE

PROVINCE

Provinces in which loan is available in

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

SECURED LOAN

SECURED LOAN

Loans secured with an asset

UNSECURED LOAN

UNSECURED LOAN

Loans which are not secured with an asset

MORE INFO

Mogo
Mogo

Lender5.9% - 47.88%$100 - $35,0007 Days5 YearsProvince

Province

BC, Ontario and Alberta

Terms

Terms

See website for details

Suitable For

Suitable

Full spectrum lender for 500+ credit score

Restrictions

Restrictions

Age of majority in ON, BC, Alta, only eligibility rules to sign up for a Mogo Account

NoYesMogo
MogoMoney is a unique line of loans designed to help Canadians get out of high interest debt. With a range of rates starting at 5.9%, Canadians with both good and not-so-great credit can apply. In three minutes, you could be pre-approved for a loan amount/interest rate and receive a FREE credit score. Unlike other lenders, Mogo has an innovative Level Up program that rewards your on-time payments with lower rates over time. Because the terms are fixed, youíd be paying drastically less interest overall compared to credit cardsóeven if youíre approved for a higher rate with Mogo. If for whatever reason youíre not satisfied with the loan, the 100-day money-back guarantee has you covered. To qualify you must have a credit score of at 500, earn $20,000 gross per annum, and be employed for 30 days. Saves customers up 93% compared to other credit products. DETAIL INFORMATION >>Services

Services

Online sign up/check your rate


Advantages

Advantages

1. Sign up a free Mogo account in 3 minutes, see your rate/loan offer with no impact to your credit
2. Free credit score
3. Full spectrum lender
4. $100 - $35,000
5. Terms up to 5 years


Disadvantages

Disadvantages

Only available in BC, AB, ON

Refresh Financial
Refresh Financial

Lender15.99%$1,200, $2,300, $3,200 and $5,5003 years5 yearsProvince

Province

Canada only - excluding Quebec and Saskatchewan

Terms

Terms

Weekly Payments Starting at Just $12

Suitable For

Suitable

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

Restrictions

Not available in Quebec & Saskatchewan

YesNoRefresh Financial
Refresh Secured Savings Loans are specifically designed for those with bad credit. Whatever your credit past, a Refresh loan can help you rebuild credit allowing you to obtain future financing more easily and at competitive interest rates. A Secured Savings Loan from Refresh will not only help you rebuild your credit, but also help to build your financial savings as you progress through the loan term. Refresh services those individuals with no or little credit history, typically from financial distress such as bankruptcy or consumer proposal. Fill out a free and secure application today and experience the Refresh difference! DETAIL INFORMATION >>Services

Services

Loan / Credit Rebuilding Services


Advantages

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 doesnít 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

Disadvantages

1. Not an upfront cash loan.

My Canada Payday
My Canada Payday

Lender599.64%$100 Ė $15003 Days42 DaysProvince

Province

British Columbia, Saskatchewan and Ontario

Terms

Terms

Suitable For

Suitable

For those in need of a short term cash solution

Restrictions

Restrictions

1. Must be 18 years or older.
2. Ontario and British Columbia only.
3. No disability loans paid. You must be employed.

NoYesMy Canada Payday
My Canada Payday understands the sense of urgency when applying for a payday loan. My Canada Payday customers donít have to waste their time commuting, standing in line, and waiting for paperwork to be filed, but rather can submit a loan application online, with approvals in as little as 30 minutes. Other lenders can take hours or even days to process and approve applications. My Canada Payday is Canada's Premier Online Payday Lender. Their quick and secure online application will have money in your account without even leaving your home! My Canada Payday staff are very helpful and their loan application process is extremely quick and easy. DETAIL INFORMATION >>Services

Services

Online Payday Loan Application


Advantages

Advantages

1.Totally Online Application Process Ė 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

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

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.

Bad Credit Loans - Latest News News and Charts

Loan with a bad credit history Ė is this possible?

19 June 2013
Mark Maffia

Loans are available even for people with a bad credit history

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Taking out a loan in spite of a bad credit history?

03 April 2013
James Larkin

People who have been turned down by their bank still can apply for a bad credit loan. Bad credit loans are designed for people who have do not have a very good credit history. They are more flexible than other loans, but don't have to be repaid as quickly as payday loans.

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All You Need To Know About Bad Credit Loans

14 June 2012 10:00am
Victoria Wedderburn

There are thousands of people across Canada who have a bad credit rating. Bad credit loans are loans designed for those who have been turned away by conventional lenders because of their credit history.

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Is Your Credit Rating Standing Between You And The Cash You Need?

23 January 2012
Which Way to Pay

In most instances a low credit rating will prevent you from getting a loan that you really need, especially from banks. You donít have to be penalised for a poor credit history.

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Got Bad Credit? Donít Despair!

01 August 2011
Which Way to Pay

Bad credit can feel like the end of the world if you need a loan, but canít get the credit, or even if you want to buy a house and canít get approved for a mortgage. There are financial products out there that can help! Whether itís a credit repair loan, or a bad credit loan, or a payday loan, you can now get the loan you need.

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