How To Get A Personal Loan With Bad Credit In Canada But Where Are The Bad Credit Lenders
A bad credit loan is a loan given to a person or a business with a poor credit rating and getting a loan with bad credit history is not an easy task. Most banks and big financial institutions will not give you a loan if you have a poor credit history. Thousands of people desperately searching online; how to get a personal loan with bad credit in Canada but where are the bad credit lenders?
Are you looking for a loan, but you have bad credit? There are thousands of Canadians who have bad credit and are desperately looking for a bad credit loan for outstanding bills, debt consolidation, home improvements, a new or a used car financing, auto repair, medical expenses, vacations, or even a credit card. Whenever they search online what these people will be getting; millions of search results, although consumers were asking for a bad credit personal loan in Canada resulting company wanted to offer them a short term cash advance or a payday loan even from the US region too. It’s only happening because in an online environment most people feel comfortable in finding a way to get rid of their financial problems and today’s major problem which most people are facing is a shortage of money, this doesn’t mean that our income have been lowered but we have increased our expenditures. This kind of consumer’s overspending behaviour have been attracting the financial companies to get credit, and a payday loan is the most attractive business that benefits both the borrowers and lenders because the borrower wants to solve his or her cash emergency situation without going into delaying process of credit history check and lender wants more returns in lesser time. That’s why there are thousands of such companies that are competing for your business with each other to be up in the search results not even in the search engines but using all the available online outlets such as social media, blogs, forums, directories and a lot more.
Even if you’re desperate for money, you need to spend few hours researching potential companies you’re going to use to borrow money from those that should be registered, familiar, and credible. Although a phrase like “I need a bad credit personal loan that is not a payday loan” will not help you in finding a personal loan you are looking for, then where are the bad credit lenders, who offer long term, low rates high-risk personal loans. A lot of people in such a situation been thinking there are not many options available online. This can be true in some respect since a lot of banks only deal with people who have “A” class credit rating. On the other hand, there are a lot of bad credit lenders available today but you have to find and search for them by using both online and offline resources like:
- Your own bank: Visit your bank or financial institute you are already working with and have established relationships and ask them if they have any information about those companies offering poor or bad credit personal loans.
- Directories: you can use your local business and yellow page directories for finding such high risk lenders that would be available free of cost at your chamber of commerce or community centers. Search online to find some of the best directories that offer bad credit loan lenders list.
- Social Lending: Canadian Person-to-person lending or peer to peer lending through these future P2P lenders platforms like CommunityLend, IOU Central, Prosper.com, Zopa and others have been the biggest hope among borrowers that get better rates by turning personal loans into investment opportunities for the lenders offering p2p loans Canada, it’s like a win-win situation for them both. A borrower can apply for a loan in the amount of $1,000 to $25,000 for a term up to 3 years or so in general.
Refresh Financial offers Credit Builder Loans that works differently than a traditional loan. Instead of receiving the loan amount upfront, Refresh Financial Canada puts the loan amount into a secured account with a financial institution. So you don’t get the loan amount in your hands upfront. However, when you start to make affordable, scheduled payments towards this secured amount, then Refresh Financial consider that you are repaying a loan to them, which allows it to report every payment you make to TransUnion and Equifax, raising your credit score. The payments you make also build equity against this secured loan amount (Equity is money that you can withdraw later). If you are going through bad credit, bankruptcy or consumer proposal in Canada, Refresh Financial credit building programs (Refresh Credit Builder Loan or Secured Card) are designed for you.
Loans Canada is the nation’s first and largest loan search and loan comparison platform that allows borrowers to quickly and easily compare all the loan options that might be available to them and specialize in matching those with low credit scores to lenders that can accommodate their needs. Find the best personal loan. What if I have bad credit? If you have a low credit score then a vehicle or car title loan is probably the easiest way to obtain a loan. Apply and get multiple loan options. All credit scores welcome.
The purpose of this post was to provide information on the subject of bad credit loan availability in Canada and asking other borrowers and consumers to provide reviews about those high-risk lenders they have been known or dealt with and don’t offer any recommendations for such companies discussed above.
16 thoughts on “How To Get A Personal Loan With Bad Credit In Canada But Where Are The Bad Credit Lenders”
hi. I have bad credit but I have an income of $1650.00 I’m looking for a $5000 can. dollar asap but I don’t know what to do…I wish somebody can help me with that. thank you very much.
I from Ontario and currently have no job and I have an opportunity to work out west and I need about 2000$ to get out there if anyone can help me that would be great.
I am in desperate need of $1500 for car repairs and a loan I have I will pay it back in less than a week if it is granted.
hi, my name is eyad and looking for 5,000 $ to go to trucking school. I have bad credit but I am trying to clear everything. is it possible to have it
I am wondering if you borrow money to a person who has a bad credit rating and is in the process of getting that fixed up.
It’s good you are trying to improve your credit profile but till it doesn’t reach a good credit rating, you will not find better rates. Yes, you can get a secured loan for the said amount if your lien-free asset along with your regular income or salary allows you. A title loan is one of such secured personal loan that has become very popular here in Canada today, otherwise, you may take an investment loan which is an unsecured personal loan that will help you in improving your credit rating and savings, and if you fulfill their lending requirement, you can get approved within a day or two but you can’t access to your cash instantly. You can access your partial cash during the term of your loan based on the equity you’ve built up in your GIC, where you can get full access to your GIC plus interest at the end of the loan term.
hi, looking for a loan to end the misery, and have peace of mind, and one payment, not 3 or 4, thank you
I am starting over after over 33yrs of marriage, need to get a loan of 15-2000. to help me. Have bad credit and is on a pension of 900. a month and 300. monthly support.
I have to live with family and need everything.
I need a loan or line of credit for about #20.000 I have bad credit but own a house outright.
ok my credit is for the shit, I have own my house for 12 years and I recently turned it over to my daughter that convinces me it would be less money to pay every month on the mortgage, it is true, but now I found myself for the first time having nothing to play with/guarantee and I still have no credit score, although you have a mortgage you have no credit score, I do own a garage rented for the mortgage, it does take care of its own, the garage is not financially cleared, so to go further I have nothing to convince someone that I would be doing good/paying my bills, I did a year and a half ago purchase a commercial building lease to own, renovate the place, work very hard at it, now the story begins, a few suppliers are late because I succeed to open a restaurant/store starting to bring a little bit of income but it is hard to succeed when the money is going for whatever needs to be paid. Personally, to kick back I would need 15,000.00 for a commercial loan and 350,000.00 for the mortgage, I did lease to own for 350,000.00 and I do have in money about 10,000.00 down but about 250,000.00 when down for renovation, the apartment upstairs is being renovated and rent 1000.00 a month, I also have a commercial space rented at 650.00 a month and I do have an office for 300.00 a month, the garage outside should rent for 500.00 a month starting July 01, 2012. The rental income should be enough to take care of a mortgage on the place. If the mortgage is taking care of no problem, if not I would very much appreciate having a small loan of 15,000.00 or better 20,000.00 on a line of credit so that I can pay what I owe and build a credit score. enough if you think you could help let me know, thanks
I am looking for a loan for 20000 dollars I have collateral for it I just need a loan fast. thx
My girlfriend and I are in desperate need of a loan anywhere between $10,000.00CDN to $15,000.00CDN. My credit rating is so bad, red flags go up everywhere I apply. My girlfriend’s credit rating is bad as well; but not like mine. We have tried payday loans; however, they haven’t helped. We have a combined income of about $2000.00/month and are willing to make small affordable monthly payments. We have been messed around with by other “lenders” pretending to be legitimate; ads were quite burned by them. Our reasons are that our bills are piling up; getting behind in child support, and our rent keeps increasing due to our income rising.
I need to get a personal loan to clear up debt etc. I have 2 vehicles with no liens for collateral. My credit is terrible but I want to rebuild it.
My name is Cliff
I’m looking to borrow $7600 to pay back monthly, I’m not looking for a handout. The past 2yrs have been a very uncomfortable company I worked for was sold and after 34yrs with the company was handed over to a new company with no severance pay only able to keep seniority.But wages were cut almost in have because wouldn’t be doing the same job, so things got a little rough for while with some bills to pay, so had to make some changes things were starting to get better and then in Dec 2012 all was wiped out, all bank accounts and rrsp’s because everything was linked so if anything happened to me would be easier for a wife instead of trying to get everything together. Learned a lesson there .but still being investigated, But friends have helped with what they could and have been using payday loans which drain you having to pay back every two weeks. So now the company wants me to take over what I was doing before which means more money but doesn’t
help right as I 2 months behind on rent and trying to pay back friends.
Can anyone help will payback monthly with at least $300 a month?
Thank you Cliff
I have been going through a divorce and we have just sold our house, but it might take another 5-6 days before I get my half. I would like to know if I could get a loan
for two thousand dollars.
Hi, I feel sorry for you, I know how much painful it is… It’s now almost 10 years now being divorced but it sometimes hurts like it happened tomorrow. Anyway, as you know eLoanCanada is not a lender or consultant but an affiliate marketing site that promote lenders and consultant from Canada. Why don’t you browse some of the pages related to your loan requirement, it may be possible for you to get one lender according to your need. As you know eLoanCanada is one of the older portals online that’s why we are in the process to reestablish our loan directory from static platform to dynamic and it will take some time to get the full benefits of our offers. I hope you will understand and do visit us again after some time to get the benefit of our change. In the meanwhile please accept my apologies.
Best of luck and take care
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