If you’ve had financial trouble in the past, it is very likely that it is reflected within your credit score. So many aspects of our lives revolve around our credit rating, ranging from deposits for utilities and phone services, the insurance premiums we pay and sometimes even whether or not we’re hired for a new job. The most common problem that consumers with poor credit often run into is the fact that obtaining a loan can be difficult. From mortgages to personal loans, many lenders are hesitant to consider approving any subprime scores.
Two Best Options for Consumer with Bad Credit
You seek debt consolidation from a debt consolidation expert. We highly recommend you apply online with Consumerdebtaid.ca
You don’t want to fix your credit score and negotiate lower debt so you opt for a high interest Payday Loan. You can apply online here as well.
There are still financial lenders out there who specialize in or have problems for people with a less than perfect credit history, most will require you to prove you can pay by securing your home on the line or prepaying the loan upfront before receiving it. If you’re one of the debt burdened Canadians in this boat, you can see below for some lenders. We do not provide any loans and cannot vouch for any of these companies below.
Loans Secured on Pay Cheques (Bad Credit Loans)
- Website: https://www.bad-credit-loans.ca/payday-loans-online/
- Offering bad credit loans which are secured on payday cheques. You will need a steady job for these loans and payments can be reported to the credit bureau.
- Loan amount of $500, $2300, $3200 and $5500
- APR’s are generally high up to 36.00%
- For bad credit loan amounts of $5500, monthly payments will be very high
Sylvester & Associates
No matter what type of loan you’re looking for, it’s likely that Sylvester & Associates has an affordable bad credit option to fit your needs. They specialize in providing loan products to consumers with less than stellar credit ratings in order to help them rebuild their financial situation while paying reasonable interest rates. They offer loans ranking from $1,000 up to $250,000 across a wide range of loan types including:
- Personal Loans
- Student Loans
- Debt Consolidation
- Automotive Loans
- Home Loans
Western Sky Financial
If you’re looking for a small, personal loan and have exhausted your traditional resources, Western Sky Financial might be the solution you need. They offer loans ranging from $850 to $10,000, and provide terms ranging from one to seven years for repayment. They never include a prepayment penalty on their loans and are able to provide funding as quickly as the following business day. Many people chose unsecured personal loans such as Western Sky Financial instead of “cash advance” lenders because of their longer terms and overall flexibility.
Canadian Credit Group
Canadian Credit Group specializes in automotive loans, and has programs available to consumers with less than perfect credit. The company is not an actual lender, but a broker who works with a number of different bad credit lenders. Their offers include post-bankruptcy loans, loans designed to help you rebuild your credit, and zero-money down auto loans. Canadian Credit Group has low income requirements, making it one of the easiest ways for anyone with credit issues to obtain funding for their automotive purchase. For residents of some provinces, there are guaranteed approval loans in even the worst credit situations.
By utilizing this list, finding the right bad credit loan is just the first step on the way to improving your financial situation. Once you have found a lender you must strive to ensure that payments are made on-time, every time. Try paying more than the required minimum – additional payments will knock down your principal balance quickly. If done properly, you can use your new loan as a sturdy stepping stool on your way up the financial ladder.