Loans for Bad Credit

What is a Bad Credit Loan?

Bad credit loans help individuals with low credit scores access funds for emergencies and personal expenses and bills.

They’re referred to as bad credit loans because they are easy to be approved for, even for Canadians who don’t have great credit. If you have a credit score below 560 and need funds for an emergency, a bad credit loan might be an option. We understand that past financial challenges can happen, and iCash can help.

Let’s take a look at the world of bad credit loans in Canada, and take a look at things like why someone might have bad credit, and most importantly, how they can still obtain online payday loans to meet their financial needs.

What is Considered Bad Credit?

Bad credit refers to a less-than-ideal credit score, usually resulting from a history of late payments, excessive debt, bankruptcy, or other financial difficulties. A bad credit score typically falls under 560, while anything above 660 ranges from good to excellent.

Credit scores in Canada range on a scale from 300 to 900. These different ranges are what indicate to lenders your potential level of creditworthiness:

300–559: Poor
560–659: Fair
660–724: Good or acceptable
725–759: Very good
760 and higher: Excellent

How to be Eligible for a Bad Credit Loan?

To be eligible for a bad credit loan with iCash, you simply need to meet the following criteria to be eligible:

• Be at least 18 years old (19 years old for applicants in British Columbia, New Brunswick, Nova Scotia).

• Be a resident of any of the provinces in which we operate. 

• Show that you have been receiving the same source of income for the past three months.

• Have a total net income of at least $800/month.

• Have access to an online bank account.

• Have a valid mobile phone number, address, and email address (VoIP numbers are not accepted).

While these urgent approval loans for poor credit may have more relaxed requirements, there are still factors that lenders consider. Stable employment, a regular source of income, and the ability to repay the loan are usually key considerations, rather than hyper-focusing on a person’s credit. 

Either way, it’s always good practice to review and compare various lenders, understand their terms, and choose the one that best aligns with your financial situation.

Types of Loans for People with Bad Credit

In Canada, there are many bad credit loan options available to you, even if you have a challenging credit history. Here are some you may qualify for:

Payday Loans for Bad Credit

Payday loans for bad credit are short-term loans designed to provide quick cash to Canadians before their next paycheck. Typically, these loans are used for emergencies or unexpected expenses, whether it’s high grocery bills, a medical bill, a car repair, etc. Payday loans for bad credit specifically cater to individuals with poor or average credit scores, allowing them to access funds when they need them most.

Installment Loans for Bad Credit

Installment loans* involve borrowing a set amount of money and repaying it in regular installments over some time. Those with bad credit may be able to rebuild their credit through installment loans, as long as they are paid back on the agreed-upon terms.

Choosing the Right Lender

When looking for a good loan company in Canada, start by finding lenders that work in your area. Different provinces like Alberta, British Columbia and Ontario have companies that know the local rules better.

Check what other people say about these companies. Read reviews to see if customers are happy. Good lenders in various regions will clearly tell you about interest rates and extra fees.

Also, look at how flexible they are with payment plans and if they charge you extra for paying early. Always look at several loan companies in your area to find the best choice for your bad credit loan.

Choose iCash for Loans for Bad Credit

If you have a bad credit score, don’t worry – you can still apply with us. iCash offers flexible loan options for borrowers with low credit score, providing a fast online application process. However, loan approvals depend on income stability, existing debt levels, and repayment history.