Many bad credit loan providers in Ontario, Canada offer financing to individuals with tarnished credit. They offer payday loans, home equity lines of credit, and other types of financing.
Bad Credit Lenders in Toronto and the GTA
Tribecca is a private provider that offers loans to help repair and establish credit, pay medical and unexpected expenses, and consolidate bills. Prudent Financial offers home, consumer, and car loans to customers with tarnished credit. If you are trying to find bad credit loans in Toronto, Mississauga, Brampton and the rest of the GTA, Addison Credit offers financing to debtors with poor credit, newcomers to Canada, and borrowers with a history of repossessions, bankruptcies, and other negative events. If you live in Mississauga or Brampton, Dixie Auto Loans, Easy Financial, and Home Trust also provide loans for people with bad credit. To get approved, customers fill in employment and personal information such as months at employer, gross annual income, and position. Borrowers who filed for bankruptcy or are in undischarged or discharged consumer proposal often qualify.
Where to Find Bad Credit Loans in Ottawa
Customers looking to apply for a car loan in Ottawa can do so at Drive Time Ottawa, Easy Financial, and BHM Financial Group. Lenders take into account factors such as term of residency, length of employment, stable income, and income level. To apply, customers present information such as proof of vehicle ownership, proof of residency and income, and ID. References increase your chances of getting approved.
Lenders in Hamilton for Individuals with Poor Credit
Fitzgerald Motors, Prudent Value Cars, and Ezee Credit offer financing to customers. To apply, clients provide information about their income, occupation, marital status, housing cost, and address. Residents who are employed full-time usually get approved. Customers with a history of credit counseling, consumer proposals, and bankruptcies usually qualify.
Unsecured Loan Lenders in London, Windsor and South Western Ontario
Issuers such as Ezee Credit and Prime Motors of London provide loans to customers who are new divorcees, borrowers poor or no credit exposure, and bankruptcies. To apply, customers provide information such as occupation, main source of income, income before tax, SIN, and others. Companies such as DollarsDirect and Strickland’s offer loans to individuals with less than perfect credit in Windsor. Applicants with missed card payments, multiple collections, no credit, closed accounts, and missed payments are not turned down at DollarsDirect.
Who Offers Bad Credit Loans
Try Banks
Banks offer loans to customers with poor credit history but they usually qualify for secured financing such as home equity lines of credit and home equity loans. Canadian lenders offer rate quotes based on information such as the amount required, credit score, and loan purpose, for example, medical expenses, relocation and moving, car financing, home purchase, home improvement, or credit card refinancing. When applying for loans, customers provide information such as additional and individual income, date of birth, and address. Individuals with stable employment have a better chance of getting approved. Those who offer collateral are more likely to get a loan with bad credit.
Credit Unions
Credit Unions help people with bad credit and offer low-cost financing to their members. The best options are community-based and employer-affiliated unions that operate as community banks and are owned by their members. They are willing to discuss their customers’ personal and financial situation. Credit unions look at customers more personally and are more willing to work with them. They make a decision on whether to lend or not based on the borrowers’ promise to repay and their individual circumstances.
Go Online to Search for Bad Credit Lenders
Another option is to check places like the yellow pages and kijiji. Online bad credit lenders list their ads and advertise loans for bad and no credit. You will find cash advance and payday loan listings, credit and debt counseling services, and other loan providers. There is an option to sort by location and category to find providers that offer bad credit auto loans, consumer loans, and other financing options.
Use Debt Consolidation Lenders and Services
Debt consolidation is another option for individuals who are looking for financing. Lenders and services offer consolidation loans to borrowers with multiple revolving and installment debts but the rate can be higher if you have tarnished credit. There are many benefits to debt consolidation, and issuers advertise no hidden fees, no prepayment penalties, flexible payment schedules, and competitive rates. Other benefits include easier budgeting, no collection calls, and credit score improvement if payments are made on a regular basis. The loan amount varies but some providers offer up to $35,000. Issuers usually offer several consolidation options with different rates, fees, and payment terms. Some issuers offer terms of 1 to 5 years so that customers get rid of debt faster and save on interest. Lenders offer the option to consolidate loans, overdrafts, credit card accounts, and other balances. While debt consolidation companies offer loans to individuals with tarnished credit, they usually require proof of income such as pension or salary.
Try Payday Loan Lenders
Payday lenders are considered a last resort because they provide loans with short terms and extremely high rates. At the same time, this is often the only choice for people who are short of cash and face an emergency. Payday lenders offer other benefits such as quick approval, easy application, and less stringent requirements compared to brick-and-mortar banks. Just avoid controversial providers that charge broker fees. There are con artists that use fraudulent websites and request details such as credit card numbers and identification. They make unauthorized withdrawals, and customers find their account emptied. Other than that, there are reputable payday lenders that offer emergency cash. The money can be used to pay bills, utility bills, groceries, credit card balances, fees and charges, and other expenses.
Other Providers
Loan brokers and providers such as MoneyMart, Lending Tree, Prosper, Lending Club, and Citifinancial also offer bad credit personal loans in Canada. Customers with consumer proposals, history of poor credit, and loans in arrears qualify.
I was wondering what is the difference between a payday loan and a bad credit loan. Are those 2 the same thing?
No they are not. A payday loan is a form of short-term financing repaid when the customer gets his next paycheck. Consumers are asked to write a post-dated check as a guarantee of timely repayment. The interest rates are high and the terms vary from 2 weeks to 2 months. The loan amounts vary from $500 to $1,500.
Bad credit loans are 2 types – secured and unsecured. The loan amounts are greater from $500 to $10,000. These types of loans are usually harder to get. I explain in detail here: https://www.lifeoncredit.ca/bad-credit-personal-loans-in-canada/
Hi how are u?
I am looking for a personal loan with a low interest rate to give me 1 biweekly payment and clean up all the little things I owe! I don’t have any assists and my credit is about 530 score! I have about 25000 I would like! A 200 biweekly I can handle without a problem
Thanks John
Hi John,
25,000 is not a small amount and it won’t be very easy to qualify for a personal loan. I would suggest to try your bank first, before you go to any other personal loan lenders.
Hello i am looking for a bad credit loan personal loan for the amount of 2000.00
Hi I am looking for an unsecured loan of 15000 that I can have just one payment of around 300. please can you help me
Hi, have you tried any of the above lenders?
hi I was wondering if you heard of Wilson heights solutions.are they a legit company or a scam any info would be great thanks
Hi Neal,
I haven’t heard of them. There is no phone number listed on their web site. It seems like the only way to contact them is by email… This is a red flag for me.
Hi I tried looking online and I got approved for a loan but I’m not sure if the company is real because they want me to transfer $1000 for insurance first. The name is city wide lending group do you have any idea if it’s a real company
It looks like the company does not have offices in Canada. Did you get approved from their Canadian location?
No don’t. Big scam. We have open investigation in Nova Scotia.
I am looking for a consolidation loan to pay off my outstanding debt due to being laid off.. My credit is poor but I’m slowly re establishing it… But need to consolidat… I need about 12000 if possible.. . any suggestions
Thank you
You can try to apply for consolidation loan. Please follow the link above.
Hi…I am interested in an unsecure loan of about $6000 to clear up another of small loans I have so I can just have one loan and get out of the pay day cycle I am in….. I have a good job and is able to afford bi weekly or monthly payments…tried the banks and places like easy financial already and did not get through….
I’m in the same dilemma, did you get through with any other companies yet?
Hi I am trying to get a Start up Business loan of $20000 to by a vehicle and start up Capital.
Tried my Bank and do to my Consumer Proposal they said NO.
Even with the Government Loan guaranty they denied me. I have a $11500 locked retirement fund created by WSIB. Many companies have approached to start right a way to work for them but I do not have the proper equipment. It is sad that you want to work and very hard to find Lenders even with all the programs out there.
If you know anybody…
I’m looking for a loan for up too 45000. Which lender should I look at. My credit rating is not good at all. I work full time and wanting to consolidate all my payments to one. Please advise
Hi M,
Have you tried Consolidated Credit?
Hello,
I am unsure exactly what my credit score is, but I do have both a visa and Mastercard in good standing. My student loan from osap is around 40,000 (recent graduate) and the limits on my credit cards are 500 and 2500 respectively. With my current job I only make about 30,000 per year.
My idea is to live simply and minimalistically via purchasing a mobile home in the price range of 30,000-50,000 and have it situated in a location costing 520 per month. I am currently living with my parents to save up, but I found out from the bank that mortgages only apply to mobile homes less than 15 years in age.
My plan is that purchasing a mobile home is a smarter course of action than spending 800 on rent per month for an apartment. Any recommendations on where I could find some financing for this plan?
Jason
I did some researdch online for (Bad Credit Lenders in Quebec) and did find any. Most of the cie in other provinces in Canada do no offer their service to Quebec resident is there a reason why? and also do you have suggestion… I was looking for consolidation loan but my credit is really poor ( 530-590)
I need emergency loan of 2000$ , I am permanent resident of Canada
I have some debt not a major amount, I owe restitution, fines to pay off. As well am looking at two pieces of property I am very interested in. Can you help me figure something out.
Hello
I have been approached to purchase a business..i would like to move forward with this if you are willing to help with a down payment. I did have a bankruptcy in the past. Approx 3 years ago now..have been rebuilding my credit since then.
The business is a thriving and ever growing store in Oro Ontario Canada.
Could we talk and discuss a possible deal on this venture.
Robert
Did you ever get an answer Robert as I am in a similar situation now.
Hello Robert …. have you had any luck with financing … I am in a similar situation
Renee
I am looking for an unsecured loan for about 10.000.00 I have tried everything possible I’ve ended up with a bunch of small loans and they are killing me I have fallen behind on everything else. I have tried some of the places you mention but no luck. Can someone please help me?
Hi
I am.looking for $3000 as unsecured personal loan.
I have permanent job.
My credit score is 570. Can you suggest me a good lender except easy financial and mogo.
I’m in a consumer proposal. Looking at borrowing a bit to finish my transport licence and get back in a truck. Only getting about 10 hrs a week right now but can be upwards of 50 hrs if I can upgrade.
I currently have a car loan with a co signer but i want to take them off, so I am looking to refinance the loan, I do not have the best credit and understand that, that will change the payments, wondering if this is something that you can help with or point me in the right direction. thanks
I am looking for $20,000, unsecured loan which I could pay off in 2 years. It is for me to get rid of collections. I have a car loan and am in good standing with them. They will not increase the loan as my care has devalued.
I am employed full time and part time. I have an excellent income. My credit score is 641
Any help out there?
I have an opportunity to buy a well established business but was denied a business loan at my bank. I need approx $40,000 and though I have had a consumer proposal approximately 2 years ago I was able to pay it off early and have been re-establishing my credit. I am in Ontario. Do you have any suggestions who I might try?
I am looking for a loan but I have a consumer credit and no co signer and poor credit score. Where can I get a loan for 11000.00. Thanks
I have 2 R9 in my credit file though I have no debt as its all paid up. I make very good money (approx. 200K) and have a lot equity in my existing mortgage with no leans. I am trying to get a HELOC for a small loan to fix up my house and sell it. My R9 are posing as an issue for my.
Please suggest?
thanks,
I need a 5 or 6000 unsecured loan as i have been laid off from my job and need some money to help me through until i am able to find a new job. I am on welfare but that is barely anything. My credit score is 552. I have tried EVERY SINGLE PLACE and no luck. Please help me.