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.
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.
19 June 2013
Loans are available even for people with a bad credit history
03 April 2013
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.
14 June 2012 10:00am
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.
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.
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.