5 Places to Find a Bad Credit Loan in Toronto

5 Places to Find a Bad Credit Loan in Toronto
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It is quite a common occurrence that some of us do find ourselves at one time or another in a bad credit situation. Despite this reality, we still are likely to require loans for a variety of expensive purchases, including cars, houses, and other expenses.

You may have heard that if you have bad credit, you will not be eligible for a loan of any kind. However, there is still hope for people living in Toronto to secure the loans they need. The downside may be that with a large city like Toronto, it might not be easy to locate the right loan provider. Knowing where to look can help save you time and frustration when finding a suitable lender.

5 Places to Find Bad Credit Loans in Toronto

1) Banks

While not all banks will provide bad credit loans, there are some Canadian financial institutions in the city of Toronto that you can approach to secure a loan if you have a poor credit rating.

Many times, banks will still provide loans if you have bad credit, however they may secure loans at a lower amount. After, you have shown that you can make payments on time and in full over a period of time, you can begin to try and rebuild your credit score.

2) Debt Consolidators

Debt Consolidations loans also exist to help individuals struggling with bad credit and financial issues to secure loans and decrease their monthly payments. By consolidating all of your debt, you can save money with lower payments.

Across the Greater Toronto Area, you can seek out a Debt Consolidator, who acts as a private lender and is not affiliated with a bank. Sometimes, the fees can be high, however it is an alternative method of getting a loan if you have bad credit and will not be approved elsewhere.

3) Use the Web to Compare Lenders

You can use the internet to look up various lenders who may offer loans to borrowers with bad credit scores. Some of the sites that you can access to look up ads and information about a variety of possible lenders in Toronto, include Craigslist and Kijiji. It is important, however to note that while these sites may be monitored, you still must acts with a certain level of caution, regarding who you give personal details to.

4) Other Lenders

As a Torontonian, you can look to other lenders in your area to secure loans. CitiFinancial, for example offers bad credit loans that can help you consolidate your debt, so that you can save money each month and still take out additional credit. You can review and gather relevant information on their website, as well as speaking to a representative in person.

Prudent Financial is another lender who has been offering loans to people with poor credit, living in the Toronto area. You can access further information online or through a toll-free number, as well as applying online. Doing some additional research on each company is a good idea to understand all of the conditions offered through each lender.

5) Payday Loans

Looking into a payday loan, is also an option, if you require a loan and may have difficulty getting one with a bad credit history in tow. Many payday loan lenders exist to serve Toronto residents with small loans, that typically extend until your next payday. Meaning, the purpose of this type of loan is to help you with some emergency expenses ($100 – $1000) for only a short period of time, for example 14 to 30 days.

If you require a larger loan amount or a loan that you will not be able to repay within a month’s time, then you may want to look to other types of lender to secure the financing you require.

By examining these 5 places to find bad credit loans in Toronto, you can seek out the best option for your personal situation. Although, it may seem like you are unlikely to be approved for a loan, it is important to know you do have some options. Once you have found a lender that will provide the credit you require, then you can work towards improving your credit rating, as many of these lenders may require as part of your loan agreement. Improving your rating, will help you immensely when you go to secure future loans, or increase your current credit amount.


  1. need a tempary loannto pay off some debts whete do i go bankrupcy not discharged

  2. Hi Susan,
    I would recommend applying for a loan through one of our providers noted on our site. Many can provide individuals with bad credit or no credit (i.e. due to bankruptcy) with some assistance. Please visit http://www.bad-credit-loans.ca/

  3. I am self employed. My son was diagnosed with cancer 7 months ago and during that time I gave him all the attention in the world. My wife was on a leave from work that resulted in a 50% pay cut. Glad to report my son is in Remission but assets were drained during that time. The banks won’t help. Need a private loan of around 15k for 120 days so I can get my business overhead covered while I get cracking again. Tried family and friends and as much as they say they will do anything for you during times of crisis funny how that changes when crisis hits. Where’s the best place to find a personal loan for approx 15k given these circumstances?

  4. Hi Frank, I’m sorry to hear about everything that’s happened over the past few months – it sounds like a whirlwind. I am so happy to hear that your son is OK. I would suggest visiting one of our personal loans page – https://www.bad-credit-loans.ca/find-personal-loan-option/. There are links at the top of the page to some of the providers that we are affiliated with. I’m sure they can help. Good luck & please let us know how you get on with things, Miriam :)

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