Regardless of how hard we try, sometimes we fall into a bad credit situation. That being said, it is still likely that we will need to take out loans for a wide range of expensive purchases, including a home, a car, etc. If you are someone who is in this situation, you may believe that you are ineligible for a loan of any kind. However, this is not necessarily the case. There are some places that will offer loans to people with bad credit, including in Edmonton.
As a resident of Edmonton, you are probably aware of the size of this city compared to other cities in Canada. This may make it a somewhat overwhelming process to find the right loan provider. This situation can be made a lot easier by first knowing where to look.
You may also rely on the advice of friends and family members who have had previous experience with seeking out bad credit loans. By doing some additional research yourself, you can also find the most suitable lender that will meet your personal financial needs.
6 Places you Can Get Bad Credit Loans in Edmonton
Your first option my be to seek out a bank that is willing to work with individuals with bad credit. While some will not want to take on your business, because you are considered too high a risk for a large bank loan, there are some banks who do make exceptions. A good plan is to look up the major Canadian banks in your area and inquire if they offer bad credit loans as well as what the qualifying factors my be.
2) Debt Consolidators
Debt consolidators work separately from banks and can help you save money on monthly payments by consolidating all of your debt into one entity. By taking out a new loan to help pay off your other loans, you can work towards managing your finances and debt more effectively. Sometimes, the new loan will have a lower interest rate, and can also encourage credit improvement. Many of these companies are available in the Edmonton area and you can seek them out also by accessing information from the internet, including the Credit Counseling Society’s website.
3) Website Comparisons
You can research a variety of loan options through online platforms, such as Craigslist and Kijiji. There you will find many opportunities for lenders who are offering loans to individuals with poor credit. While these sites may prove worthwhile, you must still be aware of what personal information to disclose and to whom. Make sure you secure the proper information about the lender before proceeding.
4) Other lenders
CitiFinancial and Prudent Financial are examples of two companies who offer loans to consumers with bad credit scores. You can access these sites by performing a quick search of the internet, where you can then gather relevant information about the types of available loans as will as the loan requirements of each company. You can have assistance with debt consolidation, as well as loan agreements that will reflect your financial goals.
5) Line of Credit Companies
Another method for seeking out a bad credit loan, is to consider working with a company that will offer a line of credit. Typically, these companies will work with you to get you the financing you require as soon as possible. The loans they provide are secured based on your home’s equity. While other Alberta lenders will not want to risk giving you a loan, if you have bad credit or no credit, there are companies who will assist you with your loan despite your credit situation.
6) Payday Loans
Payday loans can also help you secure the money you require, if you can not access it from other lenders due to your poor credit history. However, these loans are only ideal when they are used over short time periods. Typically, the loan size will fall between $100 and $1000 and you will be expected to pay it back no later than 30 days after receiving the money. These loans are designed to last until you receive your next paycheque and are normally a source of emergency income only.
Ultimately, your bad credit does not need to hold you back from receiving the financing you require. Doing some investigating of your own, as well as investigating which of the 6 places mentioned above can help you get a bad credit loan in Edmonton.