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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.

Loans for Bad Credit

Types of Loans for Bad Credit

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?
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

Bad credit loans in Alberta provide you with quick cash in as little as 2 minutes.

Bad credit loans in BC

Our bad credit loans in BC can be accessed 24 hours a day, seven days a week.

Bad credit loans in Manitoba

Manitoba residents can get up to $1,500 with a loan for people with bad credit.

Bad credit loans in NS

People with bad credit in Nova Scotia can still be eligible for a poor credit loan with instant decision.

Bad credit loans in New Brunswick

Do you have poor credit? You can get a loan in New Brunswick with instant approval.

Bad credit loans in Ontario

Residents of Ontario can get bad credit loans for up to $1,500, regardless of their credit score.

Bad credit loans in PEI

Residents of PEI can apply for a loan for poor credit to help them overcome an unexpected situation.

Bad Credit Loans Online

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:

• 24/7/365 loan availability.
• An all-digital application process that takes just minutes.
• No travel, appointment, or physical paperwork requirements.
• Instant decision on small loans for bad credit – no long or stressful waiting.
• High approval odds – as high as 90% with top lenders.
• Funding available the same day (or even faster).
• Automatic hassle-free repayment.
• Customer service to help at every step of the way.

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.

Bad Credit Loans in Canada

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:

• iCASH is a fully certified and licensed direct lender.
• Applicants can complete the application online in as little as 10 minutes.
• The application only requires an Internet connection and a smart phone, tablet, or computer. There’s no paperwork – nothing to mail, fax, or scan.
• Applications, approvals, and funding are available 24/7/365.
• When you apply for a loan with bad credit, there is no minimum credit score requirement in order to qualify.
• Borrowers can choose from a single lump sum repayment, or 2 or 3 installment repayment options*. Regardless of the choice, the interest rate charged on the loan is the same.
• Fast funding – offering same day loans. Choosing the email money transfer option can provide funds in as little as 5 minutes upon loan agreement execution.
• Automated repayment on the dates specified in the loan agreement via bank debit.
• Cash back rewards program for members makes the cost of borrowing even lower.
• Canada-based expert customer service team to help applicants and borrowers.

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.

Direct Lender Loans for People with Bad Credit

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.

Bad Credit Loans with Instant Approval

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:

• Be at least 19 years of age.
• Have Canadian citizenship.
• Show that you have been working with the same employer for the past 3 months
• Have a net income of at least $800/month.
• Receive your pay via direct deposit.
• Have a Canadian bank account that which has been open for at least 3 months.
• Provide a valid mobile phone, email address, and home address.

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.

How to Get a Loan with Bad Credit?

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:

Sign-up for an account using our website or download de iCASH app on your phone
• Complete the online loan application and submit it
• Get instant approval within minutes
• Sign your loan agreement and send it back to us
• Receive your funds via e-Transfer in minutes or the next business day via direct deposit

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:

• Paying for urgent home repairs
• Handling urgent auto repair expenses
• Repairing or replacing appliances
• Helping with rent or utility payments
• Paying for travel or lodging due to family emergencies
• Taking care of medical, dental, or veterinary expenses
• Avoiding default or late payment on a mortgage, auto loan, or another form of credit
• Bridging the gap between immediate expenses and one’s next payday

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.

What is Bad Credit?

In Canada, credit scores between 670 and 900 are usually considered good or excellent. On the other hand, bad credit usually refers to credit scores below 580 and will often mean that you have a history of paying bills late.

A person’s credit determines their risk of defaulting on loans. Banks and other lending entities use this score to decide whether they should accept your credit applications. Credit bureaus calculate your score by looking at your credit report, which showcases your history of repaying debts and managing your finances.

How Do You Get a Bad Credit Score?

Several factors influence a person’s credit, and they are weighted differently. These are the aspects that come into consideration when a credit bureau calculates your credit score:

• Payment history (35%)
• Credit utilization (30%)
• Length of credit history (15%)
• Types of credit (10%)
• New credit (10%)

How Can Bad Credit Affect You?

Having bad credit can impact every aspect of your financial life and reduce your ability to access financial services. These are several consequences of having a low credit score:

Rejected loan applications. A low credit score implies to lenders that you are more likely to default on your loans. As a result, they may not want to take the risk and decline to provide credit card loans or mortgages.
Rejected job applications. Some employers will conduct a credit check when screening candidates, especially if the job position is in an area where financial management is essential. Having a bad credit history can deter employers from accepting your application.
Difficulty in renting an apartment. Landlords consider your credit score because they want to make sure you can pay your rent punctually throughout the lease period.
Difficulty in starting your own business. If you are looking to start a business, you will likely need bigger loans. This can be difficult to access when you have bad credit.

Do You Have Bad Credit? We Can Help

At iCASH, we believe in allowing everyone to access financial aid, so we offer bad credit loans. We make sure that you receive the necessary support to overcome life’s challenges and improve your future financial outlook.

Apply now for a loan for bad credit

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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.


Instant Decision

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.


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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.

Maximum repayment period 62 days. APR is 109.50%. For a $300 loan of 14 days, the total payback amount is $345. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $19 per 100, Ontario $15 per 100, PEI $15 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.

FAQs about Bad Credit Loans

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.

What is the best loans for bad credit?

The best loans for bad credit, provide:
• Have no minimum credit score requirement.
• Are unsecured (no collateral required).
• Come from licensed direct lenders.
• Are available 24/7/365 online.
• Provide instant loan approval decisions.
• Offer fast same-day funding or better.
• Are sourced from legitimate, well-reviewed lenders.
• Offer competitive interest rates and flexible repayment terms*.

How can you get a loan with bad credit?

It’s very easy to get a loan with bad credit – just choose a quality online lender like iCASH. Unsecured loans, with no collateral requirement, are available in amounts of up to $1,500. There is no minimum credit score requirement, meaning even customers with bad credit scores, or limited or no credit history are able to qualify.

Can I get a loan with a 500 credit score?

Yes, you can get a loan with a 500 credit score, or even lower. Online lenders no minimum credit score requirement in order to qualify. While no lender can guarantee approval, some direct lenders approve the majority of applicants a loan with poor credit.

What is a bad credit loan?

A bad credit loan can be described as:
• A loan that is easily available for people with bad credit.
• A loan that has very low or no minimum credit score requirements.
• A loan that does not require collateral (an unsecured loan).
• A loan that is quick and easy to obtain.
• A loan that has no restriction on how its cash proceeds can be used.

How do bad credit loans work?

Bad credit loans work just like regular loans, because they are regular loans! They are simply easier and faster to obtain, and much more accessible for people with bad credit scores. In simplest terms:
1. Borrowers apply online for their loan. The application is available 24/7/365.
2. An instant approval decision is provided by an automated system, that doesn’t rely on credit score as a measure of borrower risk.
3. Once approved, a digital loan agreement is provided for review and digital signature, after which it is returned online instantly.
4. Funding is then released based on the funding method chosen during the application process.
5. The loan is automatically repaid, with interest, as a debit from the bank account specified during the application process.
Borrow and Save!
Get up to 20% in Cashback!*

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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