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 or Enquiry Line: +1 416 8000999

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

Lenderfrom 47.88%Up to $20000 Days1 yearProvince

Province

BC,Ontario and Alberta

Terms

Terms

A minimum annual income of $15,000

Suitable For

Suitable

Immediate cash needs

Restrictions

Restrictions

1. A minimum annual income of $15,000.
2. Be paid through direct deposit.
3. Active employment by the same employer for a minimum of 3 months.
4. Mogo loans are not available to customers whose only primary income is derived from pensions, employment insurance, maternity/paternity leave, disability, worker’s compensation or any other government supplements.
5. A current bank statement showing 30 days of transactions that clearly identifies your name, account number and your last 2 pay roll deposits.
6. A minimum of 2 references.
7. Your Social Insurance Number (SIN).

NoYesMogo
Mogo.ca is the only company in Canada that offers a line of credit that is 94% cheaper than a typical payday loan and gives you the flexibility to pay it back when you want. As an example with our mini money product you can pay as little as $3.86 to borrow $200 for 2 weeks (47.88% APR) compared to up to $46 from competitors, not to mention the flexibility of paying back when you want. We are also the only company to offer a free prepaid visa with no monthly fees, along with a free credit score from Equifax. We proudly back up all our products with a 30 day money back guarantee, as well as offer funding in as little as 1 hour. Simply go to mogo.ca now to get your money today. DETAIL INFORMATION >>Services

Services

1. You can apply online or in store.
2. Loans range from $300 all the way up to $2000.


Advantages

Advantages

1. $100 cheaper than a payday loan and $1329 cheaper than a credit card.
2. Fully automated process.
3. Flexible payments like a line of credit with easy renewal options
4. Only $30 per $100 every 30 days - guaranteed lowest rate


Disadvantages

Disadvantages

1. Fee payments required every 2 weeks, at $15 per hundred borrowed
2. In BC, AB & ON you must repay your loan in full every 30 days

Refresh Financial
Refresh Financial

Lender12.99%$2,300, $3,200 and $5,5003 years5 yearsProvince

Province

Not available in Quebec

Terms

Terms

Monthly Payments: $78/$108/$126

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

Canada only

YesNoRefresh Financial
Refresh offers Canadians alternative financial products, offering safe, secure and affordable credit rebuilding solutions that help Canadians move forward towards a brighter financial future. Refresh allows “bad credit” consumers to take control of their financial future by rebuilding their credit and building their savings. An investment loan from Refresh Financial will help to jumpstart your financial savings. Apply online through the safe and secure website for free. Refresh loans are specifically designed for those with poor credit. Refresh services those individuals with no or little credit history, typically from financial distress such as bankruptcy or consumer proposal. DETAIL INFORMATION >>Services

Services

Loan / Credit Rebuilding Services


Advantages

Advantages

1. Low Interest Rate.
2.No up-front out of pocket expense. Rebuild your credit after insolvency, or financial hardship.
3.Reports to the credit bureau (versus a payday loan that doesn’t report and therefore rebuild credit history).
4.Build up savings and a strong financial future by earning guaranteed interest on your GIC Savings Account. GIC is CDIC insured.
5.Almost all applicants are approved.
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.

Wonga
Wonga

LenderVariesUp to $15001 day45 daysProvince

Province

Alberta, Ontario and British Columbia

Terms

Terms

You must be over 18 to apply

Suitable For

Suitable

For those in need of a short term cash solution.

Restrictions

Restrictions

You must be a Canadian citizen and over the age of 18.

NoYesWonga
Wonga.ca is a ground-breaking online lender founded in the UK and serving Canadians from its Toronto based headquarters. Wonga.ca can help solve your short-term and urgent cash flow problems and with wonga.ca you only pay for what you borrow. Pay it back early and it’ll cost you less. Wonga.ca is different from other online lenders because of its sophisticated risk and decision technology which means that the application and approval process takes literally minutes. Wonga.ca is the first company in the world to fully automate the lending process and wonga.ca makes the approval process completely objective and responsible. DETAIL INFORMATION >>Services

Services

This is a fast and efficient Payday loan service.


Advantages

Advantages

1.Very user-friendly calculator / sliding scale on homepage to view your possible loan, term and interest
2.Choose your repayment by the day - the shorter the loan the less you pay
3.If accepted, you'll get the money in your bank account very quickly.
4. Max loan amount is $500 for new customers and up to $1,500 for existing customers


Disadvantages

Disadvantages

1.Not available in Quebec, New Brunswick and Manitoba

Money Mart
Money Mart

Lender599.64%Up to $1,5007 days42 daysProvince

Province

Alberta, Ontario, Nova Scotia, Saskatchewan and British Columbia.

Terms

Terms

You must have an active bank account with direct deposit and be at least 18 years of age.

Suitable For

Suitable

Emergency cash needs

Restrictions

Restrictions

Services Currently Not Available in: Manitoba, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nunavut, Prince Edward Island, Quebec, Saskatchewan, Yukon Territory

NoYesMoney Mart
Get a fast and easy Payday Loan from Money Mart! Sometimes everyone ends up a little short on cash. Whether you need cash to pay the bills, fix the car or just breathe a little easier, they can help get you the quick instant payday loan you need. Apply online today – it’s fast, friendly and hassle-free which is why you can count on us for the best payday loans in town. Depending upon income level, province of residence and other underwriting criteria, payday loan amounts can range from $120 to $1,500. Poor credit will not impact the approval of your loan. Their payday loans are designed to help customers with poor credit gain access to short term credit. DETAIL INFORMATION >>Services

Services

1. Apply online
2. You may receive up to $1,000 for your first loan
3. Repeat customers can receive up to $1,500


Advantages

Advantages

1. Online Application – apply 24 hours a day, 7 days a week
2. No faxing required for qualified applicants
3. Cash deposited directly into your bank account, or pick-up your funds
4. Convenient, quick, hassle free


Disadvantages

Disadvantages

1. You must have a source of income with direct deposit
2. You must reside in a province where the loans are offered

DollarsDirect
DollarsDirect

Lender599.64%Up to $1,5000 days62 daysProvince

Province

Saskatchewan,Alberta, Ontario and British Columbia

Terms

Terms

You must be employed, have an active bank account and be over the age of 18 years old.

Suitable For

Suitable

Emergency cash needs

Restrictions

Restrictions

Services Currently Not Available
Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Quebec, Saskatchewan, Yukon Territory

NoYesDollarsDirect
DollarsDirect is dedicated to providing you with fast, convenient and straightforward lending services. Their payday loans are designed to meet your unique needs, whether you need to bridge the gap between paydays or can't access a loan through a traditional source. DollarsDirect provides you with a fast, convenient and reliable payday loans service. Their payday loans are a convenient option if you cannot access a payday loan through a traditional service. New customers may qualify for up to $500 and returning customers can receive up to $1,500. Apply at DollarsDirect.com and use code CJCASH to save 20% on your loan application fee now through January 31, 2013!(not redeemable in British Columbia.) DETAIL INFORMATION >>Services

Services

1. Apply online
2. You may qualify for up to $500 for your first loan from DollarsDirect
3. Returning customers can receive up to $1,500


Advantages

Advantages

1. Apply online in minutes 24 hours a day, 7 days a week
2. Easy to qualify — perfect credit not required
3. No paperwork required and there’s usually nothing to fax
4.Cash as soon as today deposited directly into your bank account.


Disadvantages

Disadvantages

1. The loan term can be up to 62 days.
2. For a loan of $1,500, the total cost of borrowing would be $315. The total amount you would repay would be $1,815.

My Canada Payday
My Canada Payday

Lender599.64%$100 – $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 don’t 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 – 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.

Canadian Credit Group
Canadian Credit Group

Broker0 – 31.9%From $50001 day96 monthsProvince

Province

Canada Wide

Terms

Terms

Interest rates range from 0% - 31.9% depending on vehicle and approval

Suitable For

Suitable

Bad Credit, No Credit, Bankrupt, Consumer Proposal, Repossession, Collections, Credit Rebuild,

Restrictions

Restrictions

1. 18 years old or age of majority in province of application
2. Must have driver’s license
3. Must have income

YesNoCanadian Credit Group
If you are looking to get auto financing in Canada, but have found your past credit issues are making it difficult – we can help. We have programs available for all credit types – from bad credit to no credit and everywhere in between. Before you apply it is worth reading the terms and conditions carefuly to ensure that you fully understand the financing process. DETAIL INFORMATION >>Services

Services

1.Auto loan approvals across Canada for customers with credit issues
2.Cars, Trucks, SUVs and Minivans with budget payments


Advantages

Advantages

1.Competitive auto finance from a local approval centre
2.Applying is free and no obligation
3.Application takes less than 2 mins. to complete


Disadvantages

Disadvantages

Loan not available on all vehicles

CanadaDrives.ca
CanadaDrives.ca

BrokerVariesAsk on application1 day96 monthsProvince

Province

Canada Wide

Terms

Terms

1.Vehicle must meet certain guidelines
2.Must have income

Suitable For

Suitable

Bad credit, no credit, bankrupt, consumer proposal, repossession, collections, credit rebuild, low credit score.

Restrictions

Restrictions

1. 18 years old or age of majority in province of application
2. Must have driver’s license
3.Must have income

YesNoCanadaDrives.ca
CanadaDrives.ca helps thousands of Canadians purchase the car, truck, SUV or minivan they need. Whether you have good credit, bad credit or no credit, we have vehicle financing options for you. Complete an easy application to get pre-qualified for an auto loan today. Please make sure that you read the terms and conditions thoroughly to ensure that you understand the financing process. DETAIL INFORMATION >>Services

Services

1.Auto finance for all types of credit situations 2.Credit rebuild programs available


Advantages

Advantages

1. Response typically within same hour (during regular business hours)
2. Options on popular cars, trucks, SUVs and minivans
3. Easy-to-make payment options
4. $0 down options


Disadvantages

Disadvantages

1.Not offered in the United States
2.Not offered on all vehicles

Canada Loan Source
Canada Loan Source

BrokerDepends on LenderUp to $1,500Ask on application31 daysProvince

Province

Ontario, British Columbia, Alberta

Terms

Terms

You must be employed and over the age of 18 years old.

Suitable For

Suitable

Immediate Cash Needs

Restrictions

Restrictions

You must be employed and over the age of 18 years old.

NoYesCanada Loan Source
Canada Loan Source is your trusted source for fast, easy and secure Payday Loans. They match you with the best lender in your province, for the best payday loans, ensuring you get the money you need when you need it. CanadaLoanSource provide financial options for individuals who require money before their next payday. If you decide a payday loan is right for you, it is their goal to present you with a convenient, fast and effective way to deal with lack of funds between paydays. They understand that not everyone has a perfect credit score and so extend their services to you despite the typical obstacles of traditional loans. DETAIL INFORMATION >>Services

Services

Pay day loan service


Advantages

Advantages

1. Immediate Approval
2. Funds deposited same day
3. Up to $1,500 Loan


Disadvantages

Disadvantages

1. Not available for self-employed, social assistance, workers comp or disability.
2. For short-term money needs only

If you wish to speak to someone: Contact Us or Enquiry Line: +1 416 8000999

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 – is this possible?

19 June 2013
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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 don’t have to be penalised for a poor credit history.

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Got Bad Credit? Don’t Despair!

01 August 2011
Which Way to Pay

Bad credit can feel like the end of the world if you need a loan, but can’t get the credit, or even if you want to buy a house and can’t get approved for a mortgage. There are financial products out there that can help! Whether it’s 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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