Just use the simple form on our website – select the amount of cash that you want to borrow, your repayment plan*, provide some information and you’re on your way.
For many years, it’s been a sad reality that finding bad credit loans from a reliable lender has been virtually impossible. Credit score has, far too often, governed every aspect of lending.
While credit scores are useful tools, in theory, to help lenders assess risk and make lending decisions, in practice they have morphed into a roadblock for many Canadians. This is especially true with banks and traditional lenders.
The net result is that many people who are responsible borrowers with adequate income to repay a loan are shut out of the lending process unfairly. Whether due to their past financial problems, identity theft, or one of the dozens of other issues that can negatively impact a credit score, loans and credit end up being out of reach. Trying to get loans for bad credit has been an exercise in frustration for many desperate borrowers – at least until recently.
In the last several years, new financial technology companies have entered the market, offering lending services online. These companies cater to individuals rather than institutional customers, and engage with a much broader range of borrowers – especially compared to traditional banks and lending firms. They typically have minimal or no minimum credit score requirements.
If you need to get cash loans online, direct lenders provide quick funding that Canadians can use as they see fit. Often, these are the only kinds of loans or credit products for which someone with poor credit can qualify for. Customers who apply for these types of loans with an online lender tend to have high approval rates, even after beings turned down at other lenders.
In addition, online lenders have added a range of benefits when compared to their traditional bank counterparts. They are easier and quicker to obtain, far more automated to manage, and available around-the-clock – ideally suited to the pace of our digital world. In every way, they make it easier to apply for a loan with bad credit, get approved and funded quickly so you can get on with life.
If you are looking for a loan for poor credit to help you pay for unexpected emergencies, it is important to know the many types of loans available in Canada.
Loan Type | Who is it designed for? |
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Payday loans for bad credit |
Canadians with low credit scores can get up to $1,500 with a payday loan for bad credit. |
Guaranteed approval loans for poor credit |
Even with poor credit or no credit history, you can get almost guaranteed approval on your loan application. |
Personal Loans | |
Personal loans for bad credit |
Are you looking for a personal loan for bad credit? You can get instant approval and get funded the same day. |
Unsecured personal loans for bad credit with instant approval in Canada |
You can get an unsecured personal loan for bad credit without putting up any collateral. |
Loans for Bad Credit in Canada | |
Bad credit loans in Alberta provide you with quick cash in as little as 2 minutes. |
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Our bad credit loans in BC can be accessed 24 hours a day, seven days a week. |
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Manitoba residents can get up to $1,500 with a loan for people with bad credit. |
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People with bad credit in Nova Scotia can still be eligible for a poor credit loan with instant decision. |
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Do you have poor credit? You can get a loan in New Brunswick with instant approval. |
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Residents of Ontario can get bad credit loans for up to $1,500, regardless of their credit score. |
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Residents of PEI can apply for a loan for poor credit to help them overcome an unexpected situation. |
Before one applies for bad credit loans online, it can be useful to understand a bit more about the basics of what they are and how they work.
After all, the best financial decisions are made by well-informed consumers. That will allow borrowers to evaluate the pros and cons of choosing such loans as well as serve as a good basis for choosing a top online lender, too.
Online loans in Canada for bad credit are often referred to as small loans or payday loans and can provide borrowers with up to $1,500 on the same day. Like most loans, there are application criteria that must be met prior to approval.
Poor credit loans, however, do not include a minimum credit score, greatly increasing their availability and approval odds. There are also no collateral requirements.
Loan terms are typically a few weeks to a month or two, which is why they are considered short term loans. Some people choose to re-pay their loan in a single repayment date, whereas others prefer installment payments*.
Whatever the case may be, borrowers must repay the loan amount, with interest, as specified in their loan agreement. These rates are usually not based on a borrower’s credit score – unlike traditional bank loans – and are usually fixed.
In essence, if a borrower is approved, they pay the same interest amount as everyone else. There are no interest premiums that further penalize those who have bad credit scores.
There are many advantages to getting a loan online with poor credit over brick-and-mortar loan store places. This goes above and beyond the no minimum credit score requirement. Briefly, these benefits include:
Direct lenders who offers bad credit loans online make it incredibly easy to apply, get approved, and funded. They recognize that a low credit score does not mean a borrower can’t be responsible with a small loan.
These companies are a new breed of lenders which use advanced technology and different metrics to measure risk. While most conduct a credit check as part of the application process, it is primarily used to verify an applicant’s identity and application information. Your application will never be rejected purely on the basis of a poor credit score.
Taken together, these basics of how bad credit loans online work demonstrate why so many Canadians are choosing to get a loan online when they need fast cash. High approval odds, a quick and easy application process, fast funding, and much more all add up to a more positive lending experience for customers.
Getting bad credit loans in Canada may seem impossible, but you can get instant approval and borrow up to $1,500 with a direct lender.
iCASH is the leading source providing these types of financial solutions to Canadians. In just 3 years, we have provided over $100 million in loans to hundreds of thousands of customers all across Canada, including those who have poor credit.
There are many reasons why many Canadians consider us as go-to source when they need an emergency loan. Some of these reasons include:
In addition to the above features and benefits, you’ll get competitive interest rates, at or below those offered by other unsecured personal loans for bad credit. Rates vary by province based on provincial regulations, and the latest effective rates can always be found on the iCASH website (and are specified during the application and agreement process).
More than 90% of those who apply with us are instantly approved. Most applicants complete the entire lending process in 30 to 60 minutes – less time than it would take most people to travel to a traditional lender’s store or office.
No matter if a borrower’s credit score is 450 or 800, outstanding service, competitive rates, speedy application, instant approval, and fast funding are all reasons why Canadians love working with us.
Perhaps the best indicators of why we provide the best bad credit loans in Canada can be found in the ratings and customer feedback.
iCASH has received over 1,000 customer reviews on Trustpilot, with an average rating of 4.5/5 stars. Even more customers have rated the mobile loan apps on iOS and Android above 4.5 stars.
It’s worth briefly discussing the importance of direct lender loans for people with bad credit (and really anyone seeking to borrow fast cash online). It’s one of the things that sets us apart from some of our competitors.
Some lenders are not really direct lenders but rather, they act as brokers or middlemen. Often, customers don’t know this up-front, and are left struggling with finding a point of contact if they have issues with their money loans. That can make the entire borrowing and repayment process far more complex, stressful, and time-consuming than it needs to be.
Additionally, there are many lenders who advertise online who are not licensed as direct lenders in Canada. Effectively, while they may offer “direct loans for bad credit”, they are operating outside of the regulatory framework enforced by the provincial governments. As with everything online, it’s important to distinguish these rogue companies from legitimate lenders, so that borrowers’ personal and financial information is protected.
Some sketchy lenders online today find it easiest to prey on the desperate – often, those with poor credit. Emotions can override good sense, and rogue private lenders prey on these emotions to offer deals that sound too good to be true. Though it may take a little effort, it’s important for borrowers to seek out a safe, reputable and trustworthy company to avoid getting caught up with illegitimate direct lenders.
Unfortunately, searching for a site with a query like, “I need a loan now for bad credit direct lenders only” or searching online for “payday loans with no credit check” is no guarantee the top results won’t point to rogue or illegitimate lenders. Licensed, direct lenders should have their information available on their website, which can then be cross-checked with the relevant provincial authorities. It also helps if they have strong customer feedback and ratings. They should always have a customer service contact, and provide information about their place of operation – even if they only operate online.
Finding a Canada-based source for money lender doesn’t have to be hard. Choosing a local company, with Canadian employees, is one of the best ways to ensure that you can get a bad credit loans from direct lenders only.
Most customers who need a bad credit loan with instant approval are dealing with a financial problem or emergency. That is why time is of the essence and they need cash right away.
These types of quick loans eliminate the stress of waiting for an approval decision that is common with traditional lenders. Instead, customers receive a fast decision in about a minute. The entire process is automated, so customers can even get approved on the weekend or whenever they are most in need to borrow money.
We are not always close to home when a crisis strikes, or we might even be on a vacation. If you need financial assistance urgently to make it through an unforeseen, expensive scenario, it is important to know that private lenders will loan you money immediately.
Most people can get an instant loan online with bad credit in about 10 minutes. If you’re applying with a direct lender, you’ll be asked to provide them with an email address so that funds can be sent to you via e-Transfer once your loan application has been approved and the agreement has been signed.
Most lending companies have minimum requirements that all applicants must meet in order to apply for a fast and easy payday loans for bad credit. In order to be eligible, you must:
The iCASH website provides all the tools and resources you need to get a money loan, as do our iOS and Android mobile loan apps for mobile devices. Regardless of how you like to apply for a loan, we promise that you will be thrilled by the ease in which you can go from applying for money, to actually having it in your pocket.
It’s clear that when speed matters, Canadians prefer, a quick application, and fast funding. It’s the difference between being funded in about an hour, a day, or several days.
When every minute counts, with an urgent bill or expense pending, more borrowers choose instant bad credit loans in Canada from top online lenders.
Perhaps one of the most important questions that can be asked is, “How can I get a loan with bad credit?”.
In Canada, credit scores range from 300 to 900 points. A bad credit score ranges from 300 to 599 points. If your credit score gets into that sub-600-point category and you need to borrow money, you will need to apply for payday loans for bad credit with a direct lender.
Typically, banks and conventional financial institutions are the worst choice of lenders to get a loan with bad credit in Canada. Banks, especially, are highly risk-averse and usually have very high minimum credit score requirements.
By contrast, online lenders, especially those who specialize in short-term loans, often accept a much wider range of the credit score spectrum – as much as 80% or more.
Therefore, the best answer to the question, “How to get accepted for a loan with bad credit?” is to choose an online lender like iCASH. By having so many positive customer experiences, we have proven ourselves to be one of the top lenders out there.
To get a loan with bad credit, follow these simple steps:
Although we will evaluate your credit score, we will not base our instant decision on that factor alone. We will review your entire loan application, including your income, as well as your ability to repay the amount you requested. We will not decline your application due to poor credit.
Another benefit is that the cash proceeds from your loan are unrestricted. They are not tied to the purchase of a specific item (such as with an auto loan).
Of course, that doesn’t mean they should be used for anything and everything. The goal is to use a personal loan for bad credit to improve one’s financial situation, not to go deeper into debt.
To that end, most people get poor credit loans to use them in one of the following ways:
When cash is urgently needed, whatever the reason may be, and whatever a person’s credit score may be, getting a loan for bad credit may be the ideal answer and a short-term solution for your finance needs.
Just use the simple form on our website – select the amount of cash that you want to borrow, your repayment plan*, provide some information and you’re on your way.
Complete your online loan application. You’ll receive an instant decision, so you can put your finances back on track. Fast, easy and reliable loans from a trusted licensed direct lender.
Your funds will be sent via e-transfer in 5 minutes or less. Our transfers mean your money is available anytime you need it. Safe, emergency loans with same day funding.
While we’ve striven to provide comprehensive information in this guide to bad credit loans, many customers may still have additional questions – especially if they have never borrowed from an online lender before.
To that end, we’ve compiled several of the most common questions we receive along with detailed answers below.
If you have additional questions that are not covered here, please feel free to explore the rest of our website, including our FAQ page, or reach out and contact one of our Customer Experience Advisors, via the iCASH Contact page.
iCASH offers a unique Cashback program to reward its customers in Canada. You can get back up to 20% of the cost of borrowing paid once your loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real Money!*
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Traditional Payday Lenders | Lenders with brokerage fee | |
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Licensed | |||
Flexible repayment plans* | |||
Offers cashback program for more savings* | |||
Paperless | |||
Free membership benefits | |||
No hidden charges | |||
E-transfer in the next 5 minutes | |||
Get a loan now |