Unsecured Personal Loans for Bad Credit with Instant Decision in Canada

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Safe Unsecured Personal Loans in Canada

An unsecured personal loan allows Canadians to borrow money without putting up any collateral. If you qualify, you can get the funds the same day, use the money as you see fit and repay it to the lender at a pre-arranged time frame.

There are many types of unsecured loans in Canada. These can include credit card debt, medical bills, student loans, vacation loans, and payday loans.

Unsecured loans in Canada are usually riskier for private lenders in case of a default. From the viewpoint of a lender, there’s no security blanket like a car or house to guarantee loan repayment. This extra risk usually results in higher interest rates being charged on the loan.

Many lenders will require borrowers to have good credit when they take out an unsecured personal loan. Private online lenders, however, allow Canadians to get a loan with instant decision even if they have bad credit without needing a co-signer.

Advantages of Unsecured Personal Loans

The main advantages of getting approved for an unsecured personal loan are:

1. As a borrower, you are protected because you’ll never be responsible for more money than the original value of the loan plus interest payments.
2. You can receive instant decision when applying with a private lender.
3. Private lenders provide flexible repayment options allowing you to pay back the money over time.

iCASH provides you the options to have more time to repay the money you borrowed with no additional interest.

1. The funds from the loan can be used for any reason with no restriction.
2. Online lenders provide access to the funds 24/7 with an easy to complete application.

You don’t need to fill out or fax any documentation. The process is fast and easy when you apply for an instant loan online.

1. People who have bad credit can still apply and get loans from private lenders because they have different criteria on who they approve for a loan.
2. Upon being approved, you’ll sign the loan documentations online and get the money within 2 minutes via e-transfer.

The math is pretty clear: unsecured loans are usually the better deal for consumers. This is especially true when dealing with personal finances — you don’t want to risk more than you have to pay your bills.

How Unsecured Online Loans Work

The process of obtaining an unsecured loan online is very simple. In Canada, online lenders make it easy to apply, qualify for, and receive quick personal loans.

These types of small unsecured loans allow people to borrow anywhere from $150 - $1,500, depending on your source of income, your credit score history, your repayment history, the lender you work with as well as if you are a new or repeat borrower. Of course, the higher your credit score, the more likely that you’ll be approved for a loan but at iCASH even if you have bad credit, you can still get instant decision and funded in less than an hour.

The actual interest rates on an unsecured personal loan vary and are based on multiple factors such as your credit, the lender you work with as well as the province that you live in.

Qualifying for an Unsecured Personal Loan

Everyone is different and so are their needs. To qualify for quick unsecured loans are not much different from traditional payday loans. Canadians can get the cash they need with no security deposit and without putting up any collateral, provided they meet the lender’s minimum requirements.

To qualify for a personal loan that’s not secured, you’ll need to:

• Be at least 19 years old and a Canadian citizen.
• Reside in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island.
• Be employed with the same employer for the past 3 months.
• Receive your pay by direct deposit.
• Provide proof of a stable monthly income of at least $800/month.
• The reason for this is to show the lender that you can repay the loan on time. Some lenders consider your income to be as, if not more important than your credit score history.
• Have access to a Canadian bank account has been open for at least 3 months.
• Have a valid mobile phone, email and home address.

Can I Get a Personal Loan without putting up any collateral?

You can get unsecured personal loans online as well as at banks, payday loan stores, and private money lenders.

One of the most popular ways that Canadians get a personal loan without security is through payday loans via direct lenders.

Applying for fast loans from a private lender is relatively easy as they provide instant decision for people who may have been declined by banks due to the fact the lender is willing to take on that extra risk.

Unsecured Personal Loans for Bad Credit in Canada

Everyone needs to borrow money, whether it’s for a new car, upkeeping the home, taking a vacation, fixing a car. Many Canadians, however, have a difficult time getting an unsecured personal loan due to bad credit history.

Too often, this leaves customers who have poor credit out in the cold, with no chance of getting approved for the money they need.

There are private lenders in Canada who provide bad credit personal loans. These lenders can help people who encounter an emergency by offering them unsecured loans with immediate approval even if they have poor credit or no credit history.

We believe that all Canadians regardless of their credit scores deserve access to quick unsecured loans, even if they have poor credit. In fact, these individuals are often most in need of access to quick cash and instant unsecured loans.

Thanks to our advanced modern computer software, we are able to more accurately paint a whole picture of your current financial status. Plus, many online direct lenders do not have the same strict requirements that banks, and traditional financial institutions do.

As a result, you don’t need any minimum credit score requirements to receive a personal loan from private lenders. Your income and financial stability are far more important to us. If we determine that you’re able to repay the loan when it’s due, there’s an excellent chance you’ll be approved for an unsecured loan for bad credit with instant decision.

In fact, we instantly approve over 90% of all Canadians who apply for a personal loan without collateral. While individuals cannot be guaranteed that they will always get approved, the odds are excellent that they will be.

There are many reasons that people choose to work with us to get an unsecured personal loan for bad credit. Not only do we provide an immediate decision on the loan, but you can also pay back the loan in 2 or 3 separate payments. This will help you get back on your feet while at the same time, avoid the debt cycle.

If you have bad credit, there are major benefits to apply for an unsecured loan from a direct online lender, such as:

• There is an easy online application that you can fill out on your computer, smartphone or loan app.
• Instant decision even if you have poor credit.
• Flexible repayment schedule
• In an emergency, you can get access to funds 27/4
• 9/10 Canadians are approved for an unsecured loan from a direct lender
• Use the funds as you see fit.

Currently, iCASH is making it easier than ever for Canadians to access the funds they need with unsecured personal loans for bad credit available for residents of Alberta, BC, Manitoba, New Brunswick, Nova Scotia, Ontario, and Saskatchewan. iCASH has rapidly become the online lender of choice for Canadians.

Instant Unsecured Loans for Urgent Needs

One of the biggest reasons people choose iCASH for instant unsecured loans is due to the speed in which the funds are available. When you need emergency cash, you don’t have days, or even hours, to wait. Thanks to our advanced loan lending platform, the entire process takes 30 to 60 minutes at most.

How do you find an honest, reputable direct lender that provides fast loans in Canada if you have bad credit?

• Make sure that the company you deal with is licensed to provide loans in the province that you reside in.
• Legitimate lenders must post their lending license on their website.
• Look at business review websites to see what other customers are saying about the business.

One thing to note is that instant personal loans for bad credit will charge a higher interest rate. The reason for this is that if the loan is not paid back, the lending company does not have any way to recoup their money as the borrower did not put up collateral. This being the case, there is an extra level of risk that the company is taking on when they provide personal loans to people who have low credit scores. Just like any form of debt, whether its personal, business or governmental, as risk goes up, so do interest rates on the money borrowed. Don’t wait around for a bank or financial institution to deem you worthy of receiving an express loan from them. Since most people who need these small unsecured loans for emergency expenses, including home and auto repairs, an unsecured loan grants access to funds within the hour can make all the difference to those in need. This is especially important for people who have poor credit and need an immediate decision.

Competitive Rates

You might think that all of these benefits naturally come at a high cost. Because iCASH is an online-only lender, we don’t have any branch offices. This allows us to keep our expenses low. We pass these savings onto you, our customers, in the form of highly competitive interest rates on our loans. Interest rates vary by provincial lending regulations ⁠— the latest rates are always available on our site ⁠— and are also provided during the loan application process. It’s important for you to fully understand your unsecured personal loan rates before you agree to the loan. That way, you know exactly what it’s going to cost you.

Robust Data Security

Some people may be hesitant to take out an unsecured loan online thanks to hackers everywhere. But while the assessment and transfer processes are completely digital, your information is protected with an extremely reliable data security system. As an online lender, iCASH takes data security, privacy, and confidentiality very seriously. All online transactions are completely protected with military-grade encryption technology. This is significantly more secure than most of the technology used for online credit card transactions. We also maintain strict internal data and privacy regulations. At the end of the day, we treat your personal and financial data with the same care and protection we’d want ours to be handled with.

FAQs About Unsecured Loans

Taking out an unsecured loan, like any financial decision, can seem a bit overwhelming at first. To help put you at ease and address some of your related concerns, we’ve compiled a comprehensive list of FAQs (Frequently Asked Questions) below.

If you have additional questions about unsecured loans, please feel free to contact one of our customer experience advisors.

Are unsecured loans a good idea?

Like most things in life, the choice between a secured loan vs. unsecured loan is going to greatly depend on your point of view and individual circumstances. Secured loans offer low-interest rates, but they come with a much greater risk of financial loss. If you have absolutely no risk of defaulting on the loan because you are otherwise financially stable, then a secured loan may be the best choice.

However, for most people who need to borrow money fast, getting an unsecured loan with instant decision might be a better option since it provides faster approvals and less paperwork.

How can I get an unsecured loan?

If you need a small, unsecured personal loan, you’ve come to the right place! You can apply for an unsecured loan with instant decision in just minutes. All you need to do is make sure that you meet our minimum eligibility criteria for the loan. Then, fill out the loan application, and follow the instructions from there.

How do I pay off my unsecured loan?

As with any loan, unsecured short term loans are paid off according to the terms of their loan agreement. This usually involves repaying the principal amount of the loan as well as interest.

iCASH offers repayment options either in the form of a single lump sum or between two and three installments. The repayment deadline is determined during the loan agreement process and is based on your income or pay period.

On the agreed-upon repayment date(s) in your loan agreement, the bank account you provided in the application will automatically be debited for the correct amounts of principal and interest due. You do not need to send a cheque, make an online transfer, or otherwise worry about payment. Just be sure to have enough in your linked bank account in time for the payment date.

How much can you borrow through an unsecured loan?

The amount you can borrow as part of an unsecured loan will naturally vary depending on the type of loan and the lender. When it comes to small loans available from online lenders, the limits are set by the government.

Online lenders in Canada can give out unsecured personal loans worth a maximum of $1,500. If you require a larger sum, then you may need to pursue a secured loan with a bank or financial institution.

What happens if you don’t pay back an unsecured loan?

You should always make every effort to repay a loan — whether it’s a secured or unsecured loan — at the time you agreed to in your loan agreement. If you’re unable to do so, then you should reach out to the support or customer service department of your lender.

It’s better to let them know what’s happening, why you can’t repay the loan on time, and when you might be able to repay it than to leave them guessing with no information from you.

If they fail to hear back, your account is usually marked as delinquent and referred to a debt collector. This can have a serious, negative impact on your credit score, and may eventually lead to court proceedings and garnished wages.

The consequence for not paying a loan on time will depend on you, your lender, your specific circumstances, the debt collector your account may be referred to as well as government and provincial regulations on debts.

The bottom line is this: it’s best to only borrow what you’re confident you can reasonably repay on time. If you run into trouble with your unsecured emergency loan, contact your lender as soon as possible for the best chance to get an extension or loan modification.



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Best way to Apply for Unsecured Personal Loans in Canada

Apply Online

Apply in a few simple steps and get the money today. Complete the quick and easy loan application on our website – provide some personal information about yourself, select the amount of money you need, and the loan repayment schedule.

Instant Decision

As soon as you send us your online loan application. You’ll receive instant approval on your personal loan 24/7 so you can take care of anything that life throws your way. Quick, easy, trustworthy loans from a licensed Canadians lender.

Get Fund

Your money will be sent to you via e-transfer in 2 minutes or less. Email money transfer means that the funds from an unsecured loan can be accessed anytime, day or night, 24/7. Safe, loans online with same day funding.

Minimum repayment period 61 days. Maximum repayment period 62 days. Maximum APR 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. Please note that we cannot accept customers or conduct any transactions from this location.
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