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If you have poor credit, it can feel like you're stuck in a never-ending cycle of financial worry. You're constantly trying to catch up on bills, but it feels like there's no end in sight. If you're looking for a way out, you may have searched for terms such as “guaranteed approval payday loans for bad credit in Canada.”
Reputable lenders cannot actually guarantee approval, but the good news is that there are many loans available for people with bad credit, including iCash loans for bad credit! Our approval rate is 93%, which means that even if you have poor credit, you have a good chance of being approved for unsecured loans with us. Plus, ours come with flexible repayment options* and no hidden fees, so you don't have to worry about any surprises when it comes time to repay your loan.
So, if you're tired of struggling with poor credit, you can always apply for bad credit loans with us today. We may be able to help you get the financial relief you need so that you can finally start moving forward.
Having bad credit shouldn't hold you back from getting an instant approval loan, and the financial support you need. Whether you need an emergency loan to cover the cost of a car repair or are looking to pay for everyday essentials like groceries, bad credit loans with instant approval can be a great option.
With iCash, you can get up to $1,500 within minutes via quick e-Transfer, and you don't have to worry about being denied because of your credit score. Although we cannot offer guaranteed approval loans, we do provide instant approval loans because we know that when you need money, you can't afford to wait around. Our fast online approvals mean that you can apply for a loan, get approved, and receive your money all within the same day.
Our approval process is actually quite simple. When you apply for a loan with us, we will review your application and make an instant decision based on your ability to repay the loan, not your credit score. We understand that people with bad credit can still be responsible borrowers and may have low credit due to circumstances beyond their control, which is why we're willing to work with you.
And while we will perform a soft credit check to see your score, it's not the only factor we take into consideration. We also look at things like your employment history and income, so that we can get a better idea of your overall financial situation because iCash believes a person is more than their credit score.
There are many benefits of getting online loans for bad credit, including the fact that you can do it all from the comfort of your own home 24 hours a day, 7 days a week (yes, even on weekends and holidays). Gone are the days of having to go into a physical store, wait in line, and fill out piles of paperwork.
Other key benefits to getting bad credit loans online are:
You can apply for cash loans online in just a few minutes and get access to funds much quicker than traditional brick-and-mortar methods. Plus, with an entire process that is completely digital, you'll never have to worry about faxing or mailing in any documents.
Another great benefit of getting online loans for bad credit in Canada is that it's completely confidential. When you apply for a loan with iCash, your information is safe and secure. We use 256-bit SSL-encoded bank-level security to protect your personal data, and our automated AI process makes account and bank validation easy.
Lastly, when you get bad credit loans online with us, you'll also enjoy flexible repayment options* and no hidden fees. We want to make sure that our loans are as affordable as possible and that any fees are transparent and clear so that you can focus on using your loan for what matters most.
Getting loans for bad credit in Canada is easy! All you need to do is apply online with iCash, and we'll take care of the rest for you. We understand that people with bad credit may be apprehensive about applying for a loan, but we believe everyone is entitled to have options for financial assistance.
iCash specializes in bad credit loans, so you're in good hands with us. We have a team of experts who are ready to help you get the money you need, for whatever you need. If you're looking for how to get a loan with poor credit or no credit in Canada, follow these simple steps:
The first step is to fill out our easy online application. It only takes a few minutes, and as long as you have a computer or smartphone with internet access, you can fill it out from anywhere. Simply download our mobile loans app on your iOS or Android device, or create an account on our website and fill out the easy step-by-step application.
Once you've submitted your application, you’ll get an instant decision. We use cutting-edge technology and a fully automated process to determine your ability to repay the loan. This means that you can get approved for a loan in as little as 2 minutes. You won’t have to wait around for hours to find out the decision!
If you're approved, the funds will be sent directly to you via e-Transfer in approximately 2 minutes. The whole process is fast, easy, and convenient. You can use your loan for whatever you need, whether it's to cover an unexpected expense or to get those much-needed home repairs done.
There are many reasons why over 850,000 Canadians have chosen iCash for their bad credit loan needs. Over the years, we have helped many people get the financial assistance they need. Financial emergencies can happen to anyone, at any time. That's why we're here to help.
Some of the reasons why people choose us as their go-to online lender are:
Our online application only takes a few minutes to complete. You can do it from the comfort of your own home, and you'll get an instant decision. You can borrow up to $1,500 and we don't require any lengthy documents, paperwork, bank statements, or in-person visits needed. It’s never been easier to obtain urgent loans for bad credit.
Whether you have stellar credit or bad credit, we can get you cash today. We don't believe that your credit score should determine your ability to get a loan, so we don't use it as a factor in our decision-making process. Rather, we focus on your current financial situation and approve you for an amount we feel you can comfortably repay.
Once your loan is approved, the funds will be sent to you right away via e-Transfer. Our easy e-Signature process allows you to sign your loan agreement and have the funds sent to you in as little as 2 minutes. This means that you can start using your money for whatever you need right away, which especially comes in handy if you’re dealing with an emergency that requires immediate funds.
Our loans are available to just about anyone. Even if you don't make regular employment income, you may still qualify. We have minimum income criteria of $800/month, which can come from various sources like government benefits, child tax benefits, etc.
As long as you meet our minimum requirements and complete our easy online application, we'll do our best to get you the cash you need as soon as possible.
The basic minimum requirements to get a loan with us are:
• You must be 18 years of age (19 for applicants in British Columbia, New Brunswick, and Nova Scotia).
• You must be a Canadian citizen.
• You must have been receiving the same source or mix of incomes for the past 3 months.
• You must have a valid mobile phone number and address.
• You must have a minimum combined net monthly income of at least $800. This is the cumulative total required from all wages, tips, federal child tax benefits, federal and provincial social assistance programs, pensions, and so on.
• You must have a Canadian bank account that has been open for at least 3 months, with access to online banking.
The term bad credit personal loans and payday loans are often used interchangeably. And while they can mean the same thing, there are some key differences between the two.
Payday loans are typically for smaller amounts of money, usually $1,500 or less. Bad credit personal loans can be for much larger amounts, and often start at $5,000.
Bad credit personal loans have longer repayment periods than payday loans. These types of loans are more common and can be used for a variety of purposes, such as debt consolidation, home renovations, and so on.
Instant personal loans designed for people with poor credit typically have higher interest rates and fees than regular personal loans, which often require good credit to qualify. The bottom line is that bad credit personal loans are a better option if you need a larger amount of money.
Payday loans are a type of short-term loan that can be used in a pinch. They're typically for smaller amounts of money and have fewer requirements than regular or bad credit personal loans. The main requirements for a payday loan are that you have a steady income source and a bank account.
These loans are also much easier to obtain if you have poor credit. And while you should avoid lenders who provide payday loans with no credit check, you shouldn’t shy away from lenders who will check your credit. This is because you won’t be denied based on your credit score. The bottom line is that online payday loans are a better option if you need cash fast and have bad credit.
There are many reasons to choose a direct lender over a bank or credit union when applying for bad credit loans in Canada. One of the most important ones is that direct lenders have higher approval rates. This means that more people are likely to be approved for a loan from a direct lender like iCash than from a bank or credit union.
Another reason to choose a direct lender is that they typically offer more flexible repayment terms*. This means that you can choose a loan installment term that best suits your needs and budget. Plus, you won't have to worry about providing collateral to secure the loan - something you'll often see with loans from banks and credit unions.
Lastly, direct online lenders like iCash are typically much faster because we offer our services online, 24 hours a day, 7 days a week. Our automated process allows you to obtain instant personal loans within minutes rather than having to wait days or even weeks for approval, even if you have no credit history.
A bad credit score in Canada is typically anything below 650. This means that if you have a minimum credit 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 in bad credit loans and work with borrowers who have weak credit.
The average credit score in Canada is 660, which is considered good. This means that if your credit 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 credit score is, there are many free online tools that can help you find out.
A poor credit score isn't 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 for a loan. 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.
Most people are not aware of how credit scores work or that credit bureaus in Canada use a 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.
If you’ve ever asked yourself, “Is checking my credit score bad?” you may have some questions about how the process works. The two main Canadian credit bureaus (Equifax and Transunion) will look at the following factors when calculating a credit score:
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.
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.
Credit 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.
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 credit 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 bureaus will also look at how long you've been using credit. The longer you've been using credit, and the more responsibly you've managed it, the better your credit ratings will be. This is because it shows that you're a more reliable borrower when it comes to repaying your debts.
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 is 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 of credit, it's not necessarily a bad thing.
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.
If you are looking for loans for bad credit so that you can pay for unexpected emergencies or day-to-day essentials, it is important to know the many types of loans available in Canada.
Loan Type | Who is it designed for? |
Canadians with low credit scores. They can get up to $1,500 with a payday loan for bad credit. | |
Even with poor credit or no credit history, you can get almost guaranteed approval on your loan application. | |
Personal Loans | |
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. | |
Our bad credit loans in BC can be accessed 24 hours a day, seven days a week. | |
Manitoba residents can get up to $1,500 with a loan for people with bad credit. | |
People with bad credit in Nova Scotia can still be eligible for a poor credit loan with an instant decision. | |
Do you have poor credit? You can get a loan in New Brunswick with instant approval. | |
Residents of Ontario can get bad credit loans for up to $1,500, regardless of their credit score. | |
Residents of PEI can apply for a loan for poor credit to help them overcome an unexpected situation. |
If you're looking for a loan but have a bad credit score, don't worry - you can still apply with us. We offer bad credit loans to individuals and we accept all types of credit. Whether you have good credit, bad credit, or no credit at all, you can be approved for an instant loan in minutes.
More than 90% of those who apply with us are instantly approved. Most applicants complete the entire lending process in minutes – less time than it would take most people to get dressed and travel to a traditional lender’s store or office.
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 unsecured bad credit loans in Canada can be found in our ratings and customer feedback. iCash has received over 2,000 customer reviews from users on Trustpilot, and even more customers have rated the mobile loan apps on iOS and Android above 4.5 stars.
Don't wait! Get the financial help you need today and apply for a bad credit loan with iCash.
Since 2016, we've helped over half a million Canadians get instant loans online.
Since 2016 we have happily served over half a million customers.
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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.
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!
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!
Have more questions? Check out our full FAQ.