Bad Credit Loans in Canada Guaranteed Approval

Payday Loans Bad Credit Guaranteed Approval

Bad Credit Loans Instant Approval

Bad Credit Loans in Canada Guaranteed* Approval

We all face challenges and hardships in our lives from time to time, and those challenges can often be financial in nature. Fortunately, there are options and alternative non-bank lenders that offer bad credit loans in Canada with guaranteed approval.

Even with a job that pays well, and our best efforts at responsible money management, we can still end up with less than perfect or even bad credit score history.

A bad credit history can be like a noose around our necks. It can make it exceptionally hard to obtain loans for the funds that Canadians need. That’s especially true with conventional lenders like banks.

There is no absolute assurance but companies who provide payday loans for bad credit can provide money to those who need it most, even if banks have declined those same customers in the past.

Bad Credit Loans in Canada with Guaranteed Approval

Bad credit loans in Canada with guaranteed approval are the same types as loans that are offered to for those who have good credit history. The difference is in the kind of minimum credit score thresholds that a lender may require you to qualify for.

Traditionally in Canada, the line between “good” and “bad” credit is generally around 650. It’s also the approximate average credit rating for Canadian citizens. This means many Canadians fall below this line and therefore need guaranteed approval bad credit loans.

There can be a variety of reasons for having a lower then average credit rating, many of which can be outside of a customer’s control. That simple number however can often keep people from accessing the funds they need to effectively manage their finances.

As Canadians households take on more debt every year, it’s important to know what your personal credit score is and how it may impact your eligibility to take a loan.

If you’re not sure what your rating is and like to check it, you can take the following steps:

  1. Learn how credit scores are getting a makeover and how it impacts you.
  2. Visit the Government of Canada website and learn how to get a free credit report
  3. Request a credit report from Equifax
  4. Request a credit report from TransUnion

How Can You Borrow Money If You Have Bad Credit?

Many direct payday lenders allow you to borrow money online by applying for a bad credit loans with guaranteed approval. You’ll find much lower thresholds of credit scores to quality.

Banks are extremely risk-averse, and intentionally maintain fairly high credit score standards for their loans and these standards have only gotten tighter since the late 2000s financial crisis.

Private lenders loans have risen up to fill the gap in the market by offering loans for people with bad credit. These types of lenders can offer bad credit loans with instant approval to most Canadians. They open up the credit markets and evaluate people based on their individual circumstances, rather than relying on the credit rating as the arbiter of their fate. The net result is that more Canadians can qualify for a short-term loan, which if paid on time can potently help them rebuild their credit.

In fact, iCASH boasts a loan approval rate of over 90% which means that 9 in 10 Canadians who apply are approved for bad credit loans with guaranteed approval, even if they’ve been rejected by a bank or other lenders previously!

Do I Have to Pay a Higher Interest Rate on a Bad Credit Loans?

Traditional lenders can often require a higher interest rate when you take out bad credit loans. The theory is bad credit customers present a higher risk, and therefore the bank or lender needs to make more money off of them to ensure the loan is worthwhile.

At iCASH, that’s not how we operate. All of our interest rates are fixed. If you’re approved for cash loans, you’re approved, and that’s what you pay, regardless of your personal credit history, income, or other factors. The latest rates can always be found on our website, expressed as a dollar amount per $100 borrowed. They’re also fully disclosed during the application and agreement process.

Can I Get Bad Credit Loans in Canada with Guaranteed Approval?

Knowing that you can obtain bad credit loans in Canada with guaranteed approval can help remove a lot of stress from your life. Credit scores don’t have to be an impediment to obtaining credit and loans.

At iCASH, we guarantee* we will NEVER reject your loan application solely on the basis of your credit score. We’ve intentionally set our qualifications for instant payday loans to be as accessible and attainable as reasonably possible. And none of those qualifications or requirements mention a credit score, at all.

While we do perform a credit check as part of the approval process for your short-term loan, your score is NOT a disqualifying factor. In fact, we can offer bad credit loans with instant approval due, in part, to our comprehensive technology driven approval process. It looks at all the information you provide as well as the loan amount that you requested in your loan application, your credit history and other factors, to provide guaranteed approval. We’re mostly concerned with your income and whether or not you have the financial means to repay back your loan.

Of course, we have to point out that loans can still be declined, such as on the basis of not meeting all our qualification requirements. In most case, this happens when there is an insufficient amount of income to cover the requested loan amount.

In all cases, we will always try to offer a lower loan approval amount rather than outright decline loans for people with bad credit. We know how important it is to get a payday advance, especially if all other options for borrowing are closed off due to a bad credit score.