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Loans for Bad Credit in Canada

Having good credit allows a person to easily apply for assistance from a bank or credit union. However, these traditional financial institutions do not tend to offer loans for people with bad credit. Fortunately, direct private lenders are less risk averse and more willing to help you work through any debts you might have. We offer bad credit loans worth $100 to $1,500.

You can apply and get a loan with bad credit to cover an unexpected emergency expense (i.e. a rattling car engine, or leaky basement pipe).

When you are looking to connect with a lender that will help you through a brief monetary shortage, it is best to first understand your credit score. If you predominantly pay bills on time, successfully manage other debts, and have diverse forms of credit (i.e. auto loans, mortgages), chances are your rating will be high.

Credit scores generally range as follows:

• Credit score of 300 to 599 points is considered poor.
• Credit score is 600 to 648 points, is considered fair.
• Credit score of 800 points or above is considered excellent.

Loans for Bad Credit

Poor credit score rating can be the result of a number of factors:

• Bankruptcy: When it is legally declared that you do not have the means to repay your debts. The length of time in which you are classified as “bankrupt” varies.
• Debt Agreement: You agreed to repay creditors a specific amount of money over certain period of time in order to settle your debts.
• Defaults: You were unable to repay a debt by an agreed upon due date, and the credit provider you were working with handed your file to debt collectors.
• Writs, Summons and Court Judgements: In the past, you needed to make a court appearance as the result of a debt.
• Late and Missed Payments: Developed a pattern of not paying bills when they were due (i.e. phone, internet, cable, etc.).
• Multiple Credit Inquiries: Having applied for multiple credit products over a short period of time. This can leave the impression that you are facing serious financial strife.

With unsecured loans for bad credit, you’ll not be required to put up any collateral in order to receive money. You will just need to meet your lender’s minimum requirements, then fill out an application.

Meanwhile, certain lenders offer secured loans instead. Here, you’ll need to put up an item of value (i.e. diamond ring, valuable artwork) to get cash. The funds you get in exchange for your piece of collateral will only be worth a percentage of its actual value. As long as you repay the amount of money that you borrowed on time, this item will be returned to you.

No matter who you choose to get a short term loan for bad credit with, please keep an eye on the repayment details. In Canada, there is maximum fee of 15% to 25% for every $100 borrowed on a two-week term. The interest rate varies depending on where you live.

If you change your mind, each province has its own “cooling off period.” This is a specified timeframe in which you can cancel your bad credit loan without facing any additional costs, or questions asked.

Finding Bad Credit Loans in Canada

If you are looking for bad credit loans in Canada, there are a wide variety of options available to you. We offer people with bad credit a way to apply for an instant approval loan.

Before deciding on which direct money lender you should work with, it is strongly advised that you first go online and do plenty of research. Since many companies will state that they provide “the best bad credit loans in Canada,” ensuring such a claim is truthful is mightily important.

Right off the bat, you should analyse customer reviews and see what people are saying about the direct lenders you are considering. This will give you first-hand insight regarding how a company does business, as well as how it treats clients. At this point, you may also learn more about the processes certain lenders employ.

Once you have finished reading reviews, visit the websites, or apps, of the companies that have the best reputations. Here, you will be able to learn more about the poor credit loan options available, repayment fees/deadlines, interest charges, as well as terms and conditions.

Since you would likely prefer to receive money as soon as possible, also look for a lender who offers unsecured personal loans for bad credit with an instant decision in Canada. If a lender presents this option to you, it means that you will not have to wait days, or even weeks, to find out whether or not you qualify for assistance.

Here are some additional perks to researching direct lenders online:

• Historical perspective: You can find out how long a lender has been in business. Odds are, if a company has been around for a number of years, it has established a great rapport with people.
• Fact-finding: You are able to see how transparent a lender is if it offers prospective clients sizeable Frequently Asked Questions or general education sections.
• Being at Peace: You will have the chance to feel at peace with the company you chose thanks to all of the due diligence you put to use.

Lastly, make sure that the company that you apply for a bad credit loan with is a direct lender licensed in your province. Choosing an unlicensed lender would mean partnering with a company that does not abide by the rules and regulations designed to protect customers. Those who are licensed must follow specific guidelines with regards to how they conduct their business.

No matter who you decide to borrow money from, please avoid requesting more than you can pay back. Also, do not take out multiple payday loans for bad credit at once from different lenders. Going either of these routes will likely cause you more financial headaches, and not help minimize your debts.

When used responsibly, bad credit loans can help improve your financial standing.

Advantages of Personal Loans for Bad Credit

There are lots of different kinds of personal loans for bad credit available in the market these days. Some are large, and some are small. Certain loans have restrictions on how they can be used, while others do not. Depending on the source of the loans, they can be hard to qualify for. Interest rates and other factors can also vary significantly. The rules and regulations for different kinds of personal loans can also play a role in the characteristics of the loan.

The type of loans that are available from us do not have restrictions in their use. There are no collateral requirements, and no lengthy application processes or waiting times. Every aspect of our process is designed to be convenient, customer-friendly, and customer-focused.

We understand that if you have not previously applied for a personal loan for bad credit, the idea may seem a tad daunting. Deciding on whether borrowing money at this time the right move for you is, consider the advantages of doing so:

• No credit judgement: If you have bad credit, you can be assured that we will not turn down your personal loan application because of your credit score history. A number of additional factors will be considered during the approval process.
• Multiple income sources allowed: We accept multiple forms of income, including the Child Tax Benefit, ODSP, AISH, provincial disability, CPP, Old Age Security, as well as Employment Insurance. Simply enter your benefit income information in the Employment Details section of your application.
• Easy application process: Our entire application process can be completed online in a very short period of time. All you need to do is fill in the requested fields.
• Fast turnaround time with instant approval: When you submit your personal loan application, you will receive instant approval from us. You won’t be asked to wait for a decision.
• Unsecured and unrestricted: Not only are the poor credit loans we provide unsecured; they are also unrestricted. This means the money you borrowed can be used however you see fit.

Just because you have a poor credit rating, or no credit history at all, that does not mean applying for financial assistance should be a trying process.

We believe in making the application and approval processes as customer friendly as possible.

Bad Credit Loans Online

Nowadays, direct lenders are giving customers easy access to bad credit loans online. With us, you can fill out your application through our website or free mobile app for iOS and Android devices.

Back in the day, it took a lot of effort to get a poor credit loan. First, you had to find a fast cash loan shop in your city and see that its hours of operation cooperated with your schedule. Next, you would likely have had to wait in line for assistance, before working through a thick stack of paperwork – otherwise known as your application.

Unlike traditional loan places, modern online lenders are open 24/7/365. Canadians can apply for a bad credit loan online without needing to visit a physical location or store. The application process can be completed in minutes.

The best poor credit loan lenders use advanced technology to process loan applications, perform a credit checks and verify applicant’s identity to prevent fraud. Since the process is automatic, you can apply and receive instant approval at any time.

Online loans for people with bad credit should be used wisely and only when an emergency occurs. They only should be used when you need an immediate way to borrow money.

When you apply online for a payday loans for bad credit, you will get the following benefits:

• Worldwide accessibility: Even if you are out of the country for a family vacation or business conference, you can pursue online payday loans for people with bad credit. All you need is a reliable Internet connection, and a little bit of time.
• Available 24/7: The best thing about bad credit loans which you can apply only is that they are available 24 hours a day, seven days a week. We can even help you get the funds you need on major holidays like Easter and Christmas.
• Same-day funding: Within minutes of being approved, we will send the funds to you via e-transfer.
• At-home privacy: Easy online loans for bad credit no longer need to be pursued in person. If you’d rather keep your financial situation private, you can now avoid public payday advance stores and apply for quick cash from your kitchen table.
• Total transparency: Our website features a comprehensive FAQ section and other informative resources that clearly explain how poor credit loans work.
• No paperwork: Since we are entirely digital, you’ll no longer need to fill out any paperwork, or fax us any additional documentation.
• Excellent customer service: If you have any questions whatsoever regarding your loans, our dedicated customer experience team is ready to lend you a hand.

Need a Loan with Bad Credit?

If you’re wondering how to get a loan with bad credit, look no further than iCASH. By having so many positive customer experiences, we have proven ourselves to be one of the top payday advance companies out there.

To date, we have helped more than 300,000 people receive the urgent funds they need to make up for lost income due to a recent job loss, or to help them pay a sizeable, unexpected bill. In all, we have approved more than 93% of all applications submitted to us, with 4.9 out of 5 people stating that they would recommend our services to their friends.

If you need a loan with bad credit, we ask that you meet the following requirements:

• Be at least 19 years of age
• Have Canadian citizenship and reside in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island
• Show that you have been working with the same employer for the past three months
• Have a net income of at least $800/month
• Receive your paycheques via direct deposit
• Have a Canadian bank account that has been in existence for a minimum of three months
• Possess a valid mobile phone, email address, and home address

We appreciate the fact that loans such as these usually need to be acquired rather quickly. To help get you through the process in an expedited manner, here are instructions for how to get a bad credit loan with us:

• Visit our iCASH website or mobile loan app (for iOS or Android) and create a user account.
• Select the amount of funds you need, then pick the repayment schedule you would like to follow.
• As soon as your account has been activated, answer questions related to your personal contact details, employment status, financials, and more.
• Choose the bank that you’d like to deposit the money we will be sending to you.
• During this application process, a credit check will be performed.
• After your banking information is validated, you’ll be pre-approved for a cash advance.
• Once your poor credit loan has been completely approved, check your inbox for an email from us.
• Next, sign your loan agreement and pre-authorized debit forms.
• Within minutes, we will send the funds to you via e-transfer.
• Deposit that money into your bank account of choice, and jot down the repayment date(s) you agreed to.

We also provide loans for bad credit in these provinces in Canada

in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, Prince Edward Island.

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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.

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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.

Minimum, maximum repayment period 62 days. Maximum APR for 62 days is 109,50%. For a $300 loan, the maximum total cost of borrowing is of $354.
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 $25 per 100.
372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services.

Bad Credit Loans FAQ

Do I qualify for a bad credit loan if I live in Canada?

• For residents of Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, or Prince Edward Island, you are eligible to receive monetary assistance from us.
• Your application will not be denied simply because of a poor credit score.
• No credit check from us is complete without considering other pieces of criteria, like a person’s ability to repay what they are borrowing in a timely fashion.

What is the maximum amount I can borrow with a loan for people with bad credit?

• You can borrow as much as $1,500. However, since our loans start at $100, you are not obligated to apply for the maximum amount.
• On occasion you will be approved for a lesser amount of funds than what you applied for. As a conscientious lender, we will only approve you for a cash total that you will easily be able to pay back.
• You may be able to get a re-loan with a higher monetary value, but you need to make sure you paid your previous loan back by the repayment date(s).

How can I get a bad credit loan online?

• From your desktop or laptop computer, bad credit loans can be easily applied for using our online application process.
• You can apply for a cash advance using our free borrow money mobile app with your smartphone or tablet.

Can you get a small loan with a 550-credit score?

• Yes, you can. Even though a credit score of 550 may not be attractive to banks and credit unions, direct private lenders like us are always ready to get money to you quickly.

Can I get loan with a 600-credit score?

• Yes. Should you have a credit score of 600, we can provide you with the money you need. Just fill out the online application and you will receive instant approval.

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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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