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Bad Credit Loans in Toronto

Bad credit loans in Toronto enable people with less-than-perfect credit scores or limited credit history to still get access to money when they need it.

In fact, they are often one of the only kinds of credit or loan products available to those individuals with average or bad credit. This makes them powerful and valuable tools for those facing financial difficulties or a strain on their budget and who may not have other borrowing options.

To start, it’s useful to understand what exactly bad credit loans are and how they work. Simply put, these loans work like any other loan, in that they provide cash proceeds to a borrower. The borrower must repay the loan after a period of time, called the loan term, along with an interest or finance charge.

Many lenders offering loans for bad credit customers provide up to $1,500 in cash funds, pending borrower qualification, and approval. The duration or term of loans for bad credit in Toronto will vary, typically between a few weeks to a month.

Traditionally, banks and other conventional lenders are very risk-averse and only accept a small portion of the applicants who apply for loans. They rely heavily on credit score as a metric of risk and therefore accept only customers at the very top of the credit score spectrum.

That leaves as many as 75-80% of people ineligible for a traditional bank loan based on poor credit or limited credit history. By contrast, as many as 90% of applicants can be approved for a bad credit loan in Toronto through a modern, online lender.

The funds from loans for bad credit are unrestricted, allowing customers to put them to use however they want. This helps to ensure that a borrower has full control over how to use their loan funds to improve their financial situation.

Most people consider bad credit loans in Ontario, as a form of emergency loan or source of emergency cash. They use these funds most often for home and auto repairs, appliance repairs or replacement, to help manage their cash flow and pay for essentials between paychecks, deal with family emergencies, pay urgent medical, dental, or veterinary bills and for similar purposes.

Poor Credit Loans Toronto

Bad Credit Personal Loans in Toronto

There are some distinct advantages to choosing bad credit personal loans in Toronto today, especially as compared to traditional bank loans. They are also far superior to running up a credit card balance, pawning personal items, or other forms of generating quick cash when people need it most. Some of these advantages stem from the differences between modern direct lenders and banks and how they work, whereas others are a result of the nature of this type of loan.

First, it’s essential to understand that personal loans in Toronto for people with bad credit are almost always unsecured. This means that there is no collateral required to obtain the loan. Putting up collateral against a loan decreases risk for the lender, but raises the risk for the borrower (the customer).

By eliminating collateral requirements, unsecured personal loans for bad credit are much easier to obtain, much faster to get approved, and much more accessible – especially for people who may be struggling financially.

As mentioned earlier, the funds from a bad credit personal loan in Toronto and elsewhere in Canada are unrestricted. Unlike a mortgage or auto loan, where the funds are linked to the purchase of a specific home or car, respectively, these small personal loans provide funds that are mostly cash – free to be spent by the borrower as they see fit. Of course, responsible use of these loan funds is essential to improve one’s financial situation and avoid taking on additional debt.

Because of the way that online lenders work, there are several additional advantages and features that make these loans an ideal choice. First, lenders offering loans for bad credit in Toronto have an easy online application that can be completed in just minutes from anywhere. There’s no paperwork and nothing to scan, fax, or mail. Loans are available 24/7/365, with instant approvals and no long waits, either.

For those who are facing financial difficulties, there is another key advantage to personal loans for bad credit: the ability to apply and get approved with bad credit, even if you have limited wages. Multiple sources of income can go towards meeting the minimum income requirement to qualify for payday loans in Ontario, including social welfare benefits, child tax credit, retirement or pension accounts, disability, and more.

When combined with the lack of collateral required and very low or no minimum credit scores required to qualify, it’s easy to see why so many Torontonians can successfully obtain a loan – even with bad credit!

Payday Loans in Toronto for Bad Credit

There are many reasons why a person might need a payday loan in Toronto for bad credit. The average credit score throughout Canada, approximately 650, is by no means “bad.” However, it is still below what most banks or conventional lenders would consider many of their personal loan products.

At the same time, a limited credit history – little experience with loans or credit cards or few accounts – can greatly limit people’s ability to take out a new loan. This is almost paradoxical, as not relying on credit cards and loans generally is a sign of responsible financial management. That should not result in people being penalized and unable to obtain a loan.

Consequently, many people seeking to get a loan with bad credit in Toronto and throughout Ontario, or those who have a limited credit history, have started to turn to modern online lenders as their best source of money loans. Lenders like iCASH have made it much easier and more convenient to access fast cash loans and all without leaving your home or office.

First, iCASH has no minimum credit score requirement, so almost anyone can apply. With very easily-met qualification criteria, including accepting multiple forms of income, the vast majority of applicants are approved for a loan.

Bad credit payday loans in Toronto through iCASH take just minutes to apply online. After that, a loan application is instantly reviewed and approved, with no long stressful waits. In a few minutes more, approved customers can be done with the entire process and have their funds on the way!

With high approval odds, most customers get approved for their loan – even if they have been declined previously by a bank or other lender. Like all bad credit loans in Toronto, there’s no collateral requirement and no restriction on how a customer can use their instant loan funds.

There’s customer service and support to help with any issues, and the loan repayments are made automatically.

Simply put, there’s no faster way to get a payday loan with bad credit in Toronto today than through online lender iCASH. You can apply online or download the iCASH app on iOS or Android. All you need is a smartphone, tablet, or computer and a working internet connection. In less than an hour, you can borrow up to $1,500, ready to take on the financial challenges that may be facing you.

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Complete our online loan application on our website or app– provide us with some personal information about yourself, select the amount of money you need, and submit your application.


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Complete your loan application. You’ll receive an instant approval, 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, urgent online loans with same day funding.

Maximum repayment period 62 days. APR is 109.50%. On a $500 loan of 14 days, the total cost of borrowing is $75, with a total payback amount of $575 and an APR of 391.07%. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $17 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.

Bad Credit Loans in Toronto FAQs

What do I need to qualify for a bad credit loan in Toronto?

The minimum requirements to be eligible for a to be eligible for a loan for bad credit are:

• Be 19 years of age or older.
• Be a Canadian citizen and a resident of Ontario.
• You must have been receiving the same source of income for at least 3 months.
• You must have a net income of at least $800/month.
• You must have a Canadian bank account, open for at least 3 months, with access to online banking functionality.
• You need a valid mobile phone, email address, and home address.

What is the easiest place to get a loan for bad credit in Toronto?

The easiest place to get a personal loan in Toronto with bad credit is an online lender like iCASH. There’s no need to visit a store or branch office, nothing to scan or fax and no waiting. We have no minimum credit score requirement to qualify for a loan.

We accept multiple forms of income towards the minimum income requirement. Also, we offer an instant approval decision, with the application and funds being available 24/7.

Can I get a payday loan with bad credit and no credit check in Toronto?

Generally, you cannot get a loan without a credit check – at least, not from a reputable lender. Credit checks are conducted as part of any loan approval process – even with direct lenders in Toronto.

However, seeking unsecured loans for bad credit does not mean you have to worry about the credit check causing a denial. We will never decline a loan application based on a bad credit score.

Online lenders like iCASH have no minimum credit score requirement in order to qualify, so there’s no reason to fear a credit check. A credit check is primarily used to verify a borrower’s identity and the information provided in their loan application.

Can I get a payday loan for bad credit in Toronto on weekends?

Our payday loans in Toronto for bad credit are available 24/7. If you need fast cash on a Saturday morning, you can rely on iCASH. We even approve loans on holidays because you just never know when an unanticipated expense might appear.
Borrow and save!
Get up to 20% in Cashback!*

iCASH offers a unique Cashback program to reward its customers in Toronto. You can get back up to 20% of the cost of borrowing paid once your bad credit loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real Money!*

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