Bad Credit Loans Canada

Need a bad credit loan in Canada quickly? iCash is here to help! We offer stress-free payday loans to help you when you’re in a financial crisis. Apply now!

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What is a Bad Credit Loan?

Bad credit loans are used for many purposes, including personal expenses, education, purchasing a home, or handling unexpected bills (the latter being the most common use for payday loans). They’re referred to as bad credit loans because they are easy to be approved for, even for Canadians who don’t have great credit.

Thanks to the world of instant cash loans, financial freedom is more accessible today than ever before. Let’s take a look at the world of bad credit loans in Canada, and take a look at things like why someone might have bad credit, and most importantly, how they can still obtain online payday loans to meet their financial needs.

What is Considered Bad Credit?

Bad credit refers to a less-than-ideal credit score, usually resulting from a history of late payments, excessive debt, bankruptcy, or other financial difficulties. It's crucial to understand why someone might find themselves in this situation.

Bad Credit Loans Requirement

How to be Eligible for a Bad Credit Loan

To be eligible for a bad credit loan with iCash, you simply need to meet the following criteria to be eligible:

  • Be at least 18 years old (19 years old for applicants in British Columbia, New Brunswick, Nova Scotia).

  • Be a resident of any of the provinces in which we operate. 

  • Show that you have been receiving the same source of income for the past three months.

  • Have a total net income of at least $800/month.

  • Have access to an online bank account.

  • Have a valid mobile phone number, address, and email address (VoIP numbers are not accepted).

While these urgent approval loans for bad credit may have more relaxed requirements, there are still factors that lenders consider. Stable employment, a regular source of income, and the ability to repay the loan are usually key considerations, rather than hyper-focusing on a person’s credit. 

Either way, it’s always good practice to review and compare various lenders, understand their terms, and choose the one that best aligns with your financial situation.

How to Get Loans with Bad Credit

iCash offers fast loans with bad credit with a streamlined application process and high approval rates, providing a helping hand during financial emergencies. This feeling of guaranteed approval is not one you’d usually get from traditional banks.

One common fear individuals with bad credit have is the possibility of loan refusal. While traditional banks may be hesitant to lend to those with less-than-ideal credit scores, alternative lenders like iCash focus on your ability to repay, making the process more accessible and less stressful when you apply for a payday loan.

Types of Loans for People with Bad Credit

In Canada, there are many bad credit loan options available to you, even if you have a challenging credit history. Here are some you may qualify for:

Payday Loans for Bad Credit


Payday loans for bad credit are short-term loans designed to provide quick cash to Canadians before their next paycheck. Typically, these loans are used for emergencies or unexpected expenses, whether it’s high grocery bills, a medical bill, a car repair, etc. Payday loans for bad credit specifically cater to individuals with poor or average credit scores, allowing them to access funds when needed most.

Installment Loans for Bad Credit

Installment loans* involve borrowing a set amount of money and repaying it in regular installments over some time. Those with bad credit may be able to rebuild their credit through installment loans, as long as they are paid back on the agreed-upon terms.

Urgent Loans for Bad Credit in Canada

Urgent loans for bad credit are designed to help people with less-than-perfect credit scores address urgent financial needs quickly and easily.

For Canadians with bad credit, traditional lending institutions like banks often pose challenges when it comes to getting loans quickly. The long approval processes, strict credit checks, and lengthy paperwork can cause significant delays of several days, or even weeks. For many, waiting that long for a bad credit loan simply is not realistic.

That’s why easy loans for bad credit in Canada offer a faster and more streamlined process, allowing anyone with poor credit to access funds quickly, when it matters the most. 

The Benefits of Bad Credit Loans

  • Quick Approval: Urgent loans for bad credit are known for their fast approval process. The online application typically only takes a few minutes to complete. With iCash, you’ll get an instant decision too, so you won’t have to wait around to find out if you’ve been approved. 

  • Flexible Eligibility Criteria*: Lenders offering urgent loans for bad credit often have more lenient eligibility criteria compared to traditional lenders. Companies like iCash understand that a credit score is not your whole story, meaning a broader range of people can potentially qualify.

  • Immediate Access to Funds: Once approved, funds are usually disbursed quickly. With iCash, you’ll get an instant e-Transfer with your approved funds. This quick access is vital for addressing pressing financial needs and alleviating stress during challenging times.

  • Helping Rebuild Credit: Responsible repayment of these urgent loans can contribute to rebuilding your credit. Making timely payments demonstrates financial responsibility and can have a positive impact on your credit score over time.

Choosing the Right Lender for Bad Credit

When choosing a reputable loan company, you want to start by assessing the reputation of the loan company. Look for customer reviews, testimonials, and ratings. A reputable company will have a track record of transparent practices and fair treatment of customers.

You should also ensure the interest rates and any additional fees associated with the loan are easy to understand. A transparent loan company will provide clear information about the costs involved. 

Customer service is also crucial when dealing with a loan company. Evaluate their responsiveness, helpfulness, and willingness to address your concerns.

Finally, assess the flexibility in repayment options*, loan durations, and any provisions for early repayment without penalties. You should compare loan companies.

Getting a Payday Loan with Bad Credit

Having a poor credit score can present major challenges when trying to 

secure a loan. Traditional lenders often have tough credit requirements that can make it hard to obtain financial assistance. However, despite the daunting nature of this situation, there are viable solutions available, offering hope to those grappling with very poor credit.

H2: Why Choose iCash for Bad Credit Loans?

If you have a bad credit score, don’t worry – you can still apply with us. We accept all types of credit, and more than 90% of applicants are instantly approved. Whether you have good, bad, or no credit, you could get approved for an instant loan in minutes. Most applicants complete the process faster than visiting a traditional lender. 

H3: What do the different credit scores mean?

300–579: This is considered poor and may lead to difficulty qualifying for loans as you’re considered a high risk to lenders.

580–669: This is considered fair credit, and you’re still deemed somewhat risky. You may get loans but with higher interest rates.

670–739: This is good credit. You are generally considered low-risk and eligible for decent loan terms.

740–799: This range is very good and you’re considered low risk, so you’ll likely have access to better loan terms and higher credit limits.

800 and above: Anything above 800 is considered excellent. You’ll have no issues being eligible for the best loan rates and premium credit products.

What Causes a Bad Credit Score?

The following are some of the most common reasons that someone may have a bad credit score in Canada:

  • Late Payments: Missing payments or consistently making late payments on loans or credit cards can negatively impact your credit score.

  • High Debt Levels: Having a large amount of debt in relation to your income can negatively impact your credit score.

  • Bankruptcy: Filing for bankruptcy can significantly affect your credit score and financial history.

Understanding these factors helps us empathize with those struggling with bad credit and the challenges they face in obtaining traditional loans.

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iCash is a member of the Canadian Consumer Finance Association.
iCash uses TransUnion technology to improve our lending solutions.
iCash uses Interac e-Transfer to send loans to our customers.
iCash uses Equifax technology to improve our lending solutions.
iCash is owned by women and promotes diversity, equity, and inclusion.

What our customers are saying

Since 2016 we have happily served over half a million customers.

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How to get a bad credit loan with iCash

1

Apply Online

Getting an online loan online with us is easy, even with bad credit. Select your desired loan amount, repayment plan* and provide a few personal details.

Sign up and apply online or on our app.
2

Instant Decision

Our bad credit loan application will tell you if you’re approved immediately. Once approved, simply electronically sign your contract. That’s all you need to do!

Get a decision instantly after completing our paperless loan application.
3

Get Funds

Once you digitally sign your agreement, your loan will be sent by e-Transfer within 2 minutes. Funds are sent 24/7, all year round!

Receive your money by e-Transfer within minutes of signing your agreement.

We help our members get their finances back on track

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Frequently asked questions

Can I get a loan with a 500 credit score?

Yes, you can get approved even if your score is 500 or lower. As long as you have a steady source of income, some lenders will work with you. iCash offers bad credit loans to individuals with low scores. We also have no hidden fees and flexible terms. Plus, our loans can be used for any purpose, whether you need to pay for an emergency expense or cover some unexpected bills.

What is the maximum loan I can get with a low credit score?

The maximum amount you can get will depend on your income and the lender you're working with. We offer loans in Canada up to $1,500, and our high approval rate means you're likely to get the financial help you need!

What is the easiest type of loan to get with poor credit?

In the past, the easiest way to get approved was to go to your nearest payday loan store. Payday lenders have relatively easy approval criteria. As long as you have a steady income you can likely be approved. However, Canadians are tired of the daunting process of getting a payday loan.
Our instant online loans are the best alternative to traditional payday lenders. We make approval decisions 24/7, regardless of your history, and everything is done online!

Will getting a loan make my credit score worse?

We don’t report our customer’s instant loans or payments to bureaus.
The only way any type of loan can make your score worse is if you don’t pay it in full or on time and you end up with missed payments being reported to the credit bureaus, Equifax and Transunion. For that reason, it’s important to make sure you only borrow an amount that you know you can afford to repay.

How are credit scores determined?

Many people are not aware of how credit scores work or that bureaus in Canada use a mathematical formula to calculate an individual's score. This number is used to determine an individual's creditworthiness and is also a factor that lenders use when considering a loan application.
The two main Canadian bureaus (Equifax and Transunion) will look at the following factors when calculating credit scores:
Payment History This includes things like whether you've made your credit card payments on time, missed any payments, or declared bankruptcy. It also takes into account how long it's been since you made a late payment.
Accounts Owed This looks at how much you currently owe on your lines of credit, credit cards, and other loans. It also looks at the number of accounts you have that are in good standing, as well as the number of accounts that are in collections.
Closed or Collection Accounts Bureaus will also look at any accounts that have been closed, as well as any accounts that are currently in collections. This is because these are generally seen as red flags when it comes to creditworthiness.
Bankruptcies, Judgments or Consumer Proposals If you have ever declared bankruptcy, had a judgment against you, or entered into a consumer proposal, this will also be taken into account. These are all seen as serious negative marks on your report.
Bankruptcy is when you are unable to pay your debts and have to have your assets liquidated in order to pay off your creditors. A consumer proposal is similar, but it's an agreement between you and the creditor where you agree to repay a portion of what you owe
Credit History Length Credit bureaus will also look at how long you've been using credit. The longer you've been using it, and the more responsibly you've managed it, the better your rating will be. This is because it shows that you're a more reliable borrower when it comes to repaying your debts.
New Credit If you've applied for a lot of new credit accounts in a short period of time, this can be seen as a red flag. This is because it can indicate that you're in financial trouble and are looking for ways to borrow more money than you can afford to repay.
Credit Mix CA credit mix is referred to as the type of credit that you have in your name. It includes things like lines of credit, credit cards, and loans. Having a mix of different types of credit is generally seen as being more responsible when it comes to managing your finances. However, if you only have one type, it's not necessarily a bad thing.
Credit Utilization Ratio This is the amount of credit you're using in comparison to the amount of credit you have available to you. It's important to keep this number low, as it shows that you're not maxing out your credit cards and that you're able to manage your debt.

What is considered a bad credit score?

A bad score in Canada is typically anything below 650. This means that if you have a score of 600 or below, you may have difficulty qualifying for financing or certain loans from banks or credit unions. Fortunately, there are direct lenders like us that specialize and work with borrowers who have lower scores.
The average score in Canada is 660, which is considered good. This means that if your score is 660 or above, you're likely to have an easier time qualifying for financing from traditional lenders. You'll also have an easier time qualifying for loans with more favourable terms.
When it comes to credit scores in Canada, it's good to have a general understanding of where you fall on the spectrum. If you're not sure what your score is, there are many free online tools that can help you find out.
If you have a poor credit score, it's not the end of the world. There are still many financing options available to you. At iCash, many of our customers fall into this category and have had no problem being approved. Our loans for people with bad credit have flexible repayment terms* and no hidden fees. So, if you're looking for an alternative to traditional lenders, we may be able to help.

Have more questions? Check out our full FAQ.

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How Does a Bad Credit Loan Work?

Discover how bad credit loans work and how to get approved. Learn how to rebuild your credit score and access the funds you need today!

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