Loans for Bad Credit in Canada

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For those with bad credit seeking a loan, the type you might be eligible for can depend on a few factors, and can also depend on the lender that you apply to. For many lenders, whether you qualify for  loans with bad credit can depend on your credit history and score. This helps some lenders with determining how likely the borrower is to repay the loan. 

Many lenders will rely on information from credit bureaus such as Experian, Equifax or Transunion when reviewing a loan request to determine credit worthiness of an individual.

At Slide Financial, it is possible to find no credit check loans, as we do not use the typical method of using a credit score when reviewing applications. As we rely more on alternative data for making decisions about a loan request, our process can be appealing to those that might be looking for loans with bad credit.

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Types of Personal Loans for Bad Credit in Canada

There are several types of unsecured loans to choose from when someone has a lower credit score or less than stellar credit history. In most cases where people have bad credit it is an installment loan that will be the better option. The following provides some insight in what the difference is between the loan types that might be available.

  • Personal Loans – A personal loan is often used for a higher loan amount and usually for people with a fair, good or excellent credit rating. These also come with longer repayment periods at times since they are also for larger amounts being borrowed.

  • Installment Loans – An installment loan is an option for many that are interested in loans with bad credit and can provide an option where the interest rates might be a little higher than personal loans, but they may also actually have a chance of being approved. The installment loan comes with scheduled payments that the borrower and lender agree upon, and can be a manageable option for many that can use a loan, even with bad credit.

  • Payday Loans – When your application is considered possibly risky by a direct lender and you do not qualify for a personal loan or an installment loan, there is another option. Often you can be considered for a bad credit payday loan in those cases. While the interest rate of this type of loan is higher, it does provide you with an option when you need quick cash. Repayment is typically due on your next payday (and why they are named this) so it can still provide you another way to go, even if it might cost more than an installment loan or personal loan.

Bad Credit Loans in Canada with Guaranteed Approval

For people in Canada looking for bad credit loans and hoping to find an option with guaranteed approval, we feel you should know that this is not an option, and we’ll explain why so that you can be on the lookout for this kind of thing.

First off, a lender would not be able to offer guaranteed approval if they hope to stay in business because every application requires some kind of review or credit check in order to determine the credit worthiness of a potential borrower. This is also to help ensure the lender that they might be repaid. 

When you come across a lender that makes claims of guaranteed approval, it is our suggestion that you are hesitant or cautious, as such a thing doesn’t really exist. There are some lenders that make such claims like guaranteed approval for bad credit loans because they are interested in attracting the interest of borrowers and this is but one way to do so.

Online Loans for Bad Credit

While some might choose to borrow from a bank or credit union, online loans can sometimes be a better option for those with bad credit. It can be difficult to get approval from a bank, especially if you have bad credit, where online loans might not only be more likely for getting approved, sometimes the interest rates are also more in your favour. 

Finding online loans for bad credit is not difficult, but it’s important to choose the right lender. While being approved is one thing, you should also be looking at the interest rates, along with the terms and conditions, and any other fees that may be associated with the loan. Some lenders charge a fee if the loan is paid off early, or other fees that are similar.

How to Get A Loan with Bad Credit

The first step is to make sure that you qualify and meet the requirements. While every lender is likely to be a little different in what they expect in their applicants, there is some criteria that are often the same among many lenders.

  • Applicant is a citizen of the country and of legal age
  • They are currently employed or have a verifiable steady income
  • They have a current bank account

Loans for unemployed people with bad credit can also be a possibility when the applicant is able to provide proof of a steady and consistent income.

Application Requirements

  • must be 18 years of age and citizen
  • need an active bank account
  • require regular income

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