Quick Loans for Bad Credit in Canada

Bad credit is defined as an individual’s low credit score that limits him or her ability to access loans from lending facilities. An individual with a low credit score experiences an uphill task in getting a financial institution that can lend him or her money without going through a long process of elevating the credit score. However, there are various lending institutions, both physical and online, that offer quick loans for bad credit. In Canada, there are payday lenders and online lending services that offer quick loans for bad credit and efficient assistance to individuals that need fast loans but are held back by their bad credits. Some of these finance companies are not much concerned about the low credit but rather concentrate more on individuals that have stable and regular income. Each individual’s income influences the amount of loan that the finance company is willing to lend. This therefore means that the financing company has not set loan amount that is limited to the borrowers, but tailors the loans in accordance to the income of each individual. In case the loan amount offered by the finance company is not enough, a borrower has the option of increasing the limit by applying for a secured auto loan whereby his vehicle serves as collateral. Alternatively, an individual can use his home as collateral by applying for a home equity loan. In some instances, individuals with a bad credit are reluctant to applying for loans in banks due to their strict rules and consequences met with defaulting loan payment. Payday lenders and peer to peer services come in handy in such time. These services offer quick loans for bad credit at a considerable lower interest rate. These services also provide a platform where the borrower can negotiate with them regarding the best interest rate available, duration of payment and kind of security required. Tribecca Finance, Prudent Financial, Capital Direct, Canada Lend and Easy Financial are the top lenders in Canada that offer loans to individuals with bad credit. Applying for an unsecured loan with a bad credit can also be achieved by collaborating with a co-signer. Co-signers have high credit scores and are solely responsible for ensuring that the loan is paid on time without default. Jump to top

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