Bad Credit Loans in Ontario

How much would you like to borrow?

How many repayments?

Where do you live?

Lender licences
Get my loan

Loans for Bad Credit in Ontario

It isn’t hard to end up with poor credit. Anything from having a few late or missed bill payments to defaulting on a mortgage can be damaging to your financial reputation. Many people also don’t realize that simple acts like applying for new credit, maxing out or closing credit cards and even having no credit history all contribute to lowering credit scores.

At the end of the day, you may have ended up with poor credit long before you ever realized what was happening.

Bad Credit Loans in Ontario

Those with low scores or even no credit history at all, are still eligible for loans. Unsure of how to get a loan with poor credit?

Simply look to one of the many private lenders in Ontario, or anywhere else in Canada, who are willing to give out personal loans to individuals with poor credit history.

Direct online lenders evaluate loan applications on different criteria than traditional lenders. These types of loans are approved based on individual circumstance instead of just one’s credit score and are limited to $1,500. Keep in mind that this type of short term loan should only be used to cover emergency or unexpected expenses.

The Problem With Having Bad Credit

For most financial institutions in Ontario, poor credit means high-risk. Traditional loan lenders often refuse to approve loans from individuals who can’t meet a certain credit threshold (in Canada, credit scores under 650 are typically high-risk). This is because they’re deemed to be less likely than individuals with good credit to pay back a loan.

With regular living expenses and other unexpected fees piling up, individuals with low credit scores may find it practically impossible to take out a traditional loan.

Do you need an instant loan for bad credit in Ontario? Apply now with a direct online lender and get instant approval.

Loans for Bad Credit Available for Ontario Residents

Typically, loans for people with poor credit fall into one of two categories: unsecured or secured.

For those of you who don’t know, an unsecured loan does not require any collateral from the borrower in case it isn’t paid back. Credit cards and student loans both fall into this category.

Unsecured loans favour the borrower as there’s little risk attached to them. More specifically, you’ll never owe anything on top of the sum of your loan amount and fixed interest rate. These loans can take the shape of either traditional payday loans or personal loans for people with poor credit.

Payday loans for bad credit offer borrowers small amounts of money instantly that can be paid back upon receipt of their next paycheck. This is a quick solution for individuals in need of immediate cash, and who are able to pay it back within a short time frame.

Bad credit personal loans are similar in the sense that they can be taken out in a timely manner. These loans, however, can offer flexible repayment methods, either as a single lump sum or several installments.

Ontario residents with bad credit can also take out larger loans by relying on the value of their car or home. These loans require borrowers to give up their personal assets if they fail to repay their debt and are known to be “secured.”

A car title loan, for instance, allows the borrower to use the value of their car as collateral. Home equity loans also call for individuals to put their homes on the line in case they fail to repay it. Late or missed monthly payments could then result in losing an entire property, which could be worth more than the value of the original loan taken out.

Compared to small unsecured loans, secured loans can ultimately create more risk for the borrower an additional and unnecessary stressor for those who already have poor credit.

Advantages of Unsecured Bad Credit Loans from Private Lenders

Unsecured loans for bad credit aren’t any less dependable than loans reserved for those with good credit. In fact, there are quite a few reasons why these may be the right option for you.

If you’re strapped for cash, unsecured loans for people with poor credit can offer immediate financial relief. These loans have extremely flexible requirements, making it easier for most people to be eligible.

Unlike banks that rely heavily on credit scores, direct lenders evaluate individuals in all aspects. For instance, most of these lenders do not have minimum score requirements to be eligible for an instant loan for bad credit in Ontario. Even though a credit check is performed as part of the application process, it is not a disqualifying factor, on the contrary, it is merely used to validate the information provided.

Additionally, this type of loan offers a simple application process. Forget having to meet with bank representatives in person, several times over the course of multiple days or weeks. Many direct lenders offer their entire application process on their websites or apps, which can be filled out and submitted within minutes.

Just as the application process is quick, you can also expect the turnaround time to receive funds from the loan to be equally fast. Oftentimes, online lenders like iCASH approve applications instantly. This means that you’ll be able to pay your bills and unexpected fees with ease.

Finally, these loans are unrestricted, meaning that you can use the funds to handle unexpected expenses when you need the money the most. Loans for poor credit are an easy way to borrow between $100 and $1,500 if you are an Ontario resident.

Online Loans for Residents of Ontario With Bad Credit

Would you believe us if we told you that you could apply for a small loan, get approved and receive the money, all within the day? Thanks to the power of the internet, you can (yes, even with a low credit score).

Ontario-based private lenders simplify the application and approval process by offering online loans for people with bad credit. So, while waiting to hear back from a bank rep about whether or not your loan’s been approved can be extremely frustrating, you do have other options.

Online bad credit loans can give you a decision on your loan in less than five minutes after you submit an application. Whether you have to pay an emergency dental or medical fee or need to cover unexpected childcare or legal expenses, the speed of your loan’s approval can make the difference.

Plus, online direct lenders in Ontario allow you to apply from anywhere. You can simply apply for your loan when you’re on the go or at home using your personal device. Loan applications don’t get more convenient than that.

Anyone who’s ever taken out a loan with a bank knows that there’s a pile of documentation that needs to be read through, filled out and signed in person. Plus, there’s no limit to what papers may be requested from you: pay stubs, credit histories, letters of employment…. the list goes on.

Don’t waste time collecting documents and filling out paperwork for your loan ⁠— you have better things to do. Online loan applications for people with poor credit completely eliminate that time-consuming and monotonous back and forth around paperwork.

In addition, you don’t need to change your schedule to suit the regular nine-to-five business days that financial organizations usually run by. If you need to take out a bad credit loan, you can do so according to your own schedule as online lenders offer 24/7 service.

Not only is the application and approval process quicker digitally, but many online lenders provide same-day funding as well. Once your bad credit loan application is approved, the loan amount will be e-transferred to you immediately. That means you’ll have cash in your account within minutes after getting approved.

It’s also worth noting that taking out an unsecured loan online doesn’t mean that your private details aren’t secure. Many private lenders go above and beyond to ensure your personal information, account details, application and repayments are completely protected.

If you have any other concerns about taking out a loan online, private lenders offer exceptional customer support. Your loan lender should be able to give you access to resources and services that can help answer your questions in a timely manner.

Overall, this quick solution translates to less wait time, less judgement and less work for you. Just remember to research your online lender thoroughly before taking out a loan with them. It’s important to double check that they can offer you fixed interest rates, have good reviews and that you meet all of their eligibility requirements.

Your Solution to Bad Credit Personal Loans in Ontario

Our approvals for bad credit loans in Ontario have no minimum credit score requirements.

We also ensure that the terms and conditions of our loans are completely transparent with absolutely no hidden fees. Our interest rates are fixed too so you always know what to expect.

Plus, our application process doesn’t require you to submit any documents. All you need to do is fill out a simple form online for a bad credit loan and watch as your application receives instant approval. After submitting your loan application and getting approved, the money will be transferred to your bank account in under five minutes.

In general, keeping financial and personal information safe is a priority at iCASH, which is why we rely on encrypted technology to ensure your information is 100% secure.

We also offer flexibility for your bad credit loan repayments: either opt for an online loan that you can pay back using your next paycheck, or opt for paying it back with long-term installments. For Ontario residents, these installment loans can be repaid in two to three payments over a longer period of time.

Approved loan applicants are also eligible to participate in our cashback program. This gives customers up to 20% of the cost of their loan back once it’s been paid off.

If you’re looking for a personal loan in Ontario but have poor credit, guaranteed approval is almost within your reach. In fact, iCASH currently offers a 90% approval rate for bad credit personal loans. Apply now to get an instant and practically guaranteed loan approval.

FAQs about Bad Credit Loans for Ontario Residents

Do I qualify for a bad credit loan in Ontario?

You can qualify for a loan as long as you meet a few simple requirements. In order to qualify for an instant bad credit loan with iCASH, you must:

  ● Be 19 years of age and older
  ● Be a Canadian citizen and Ontario resident
  ● Have stable income of at least $800 per month for three consecutive months
  ● Have opened a Canadian bank account at least three months ago, with access to online banking
  ● Own a mobile phone, email address and home address Individuals who have had their loan application rejected by banks are still eligible to apply for a bad credit loan.

How can I get a loan with bad credit in Ontario?

To get a loan with poor credit in Ontario, follow these basic steps:

  1. Decide how much money you need to borrow.
  2. Fill in a short, online application form using iCASH.
  3. Receive instant approval and add your digital signature to the loan agreement, submit it.
  4. Instantly receive your funds via email transfer.

We also provide loans for bad credit in these cities of Ontario

in Toronto, Ottawa, Mississauga, Brampton, London, Windsor, Hamilton, Markham, Niagara Falls, Kitchener, Barrie, Oshawa, Guelph, Burlington, Sudbury, Cambridge, Brantford, Thunder Bay, Scarborough, Bellville.

20%

CASHBACK

Apply for a Bad Credit Loan in Ontario!
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!!

Smart Phone


Get up to $1,500!

Try our mobile application!

Sign up with our free app and access your account anywhere.

4.6 / 5 STARS
1773 Rating
4.8 / 5 STARS
3.8K Rating

Best Loans for Bad Credit in Ontario

APPLY ONLINE
Apply Online

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.

GET INSTANT APPROVAL
Instant Decision

Complete your 30 day 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.

GET YOUR MONEY FAST
Get Fund

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, urgent loans online 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.
+ 200 000
members since 2014
93%
of approved applications
4.9out of5
customers would recommend us to their friends


Customer Rating
iCASH logo Traditional Payday Lenders Lenders with brokerage fee
Licensed   
Flexible repayment plans      
Offers cashback program for more savings*      
Paperless      
Free membership benefits      
No hidden charges   
E-transfer in the next 5 minutes      
Get a loan now

Find out what our customers think about iCASH!

"Pertige from BC"
"Sami from Ontario"
"Teri from New Brunswick"
"John from New Brunswick"
"Erika from Alberta"
"Stephen from Alberta"
"Chelsea from Ontario"
"Scott from Alberta"
"Lynda from Ottawa"
"Kenton from Alberta"
"Catalina from BC"
"Chris from Alberta"
"Jasmine from BC"
"Christa from Alberta"
"Melissa from Ontario"
"Heather from Alberta"
Read our customers stories
iCASH loans NOW OPEN
24/7