All of us who live in Winnipeg know that the past few years haven’t been easy. Many of us have found it hard to pay off our bills on time or at all for that matter. Every time we fail to pay off our credit cards, loans or other expenses on time, it gets tracked by the Canadian credit bureau. Unfortunately if you make a habit of not paying on time, you’ll get yourself into a situation where you’ll have a bad credit rating, making it difficult to get future credit. It may even get you into a situation where you need to declare bankruptcy.
If this bad credit situation happens, later in life, even when you’ve paid off your debts, you may have trouble. Remember that if you fall into a bad credit situation, it typically takes time to demonstrate a changing pattern to the credit bureau. Unfortunately, if during this time of rebuilding your credit status, you need credit for a personal loan, you may find it hard to get approved.
Since bad credit has become increasingly common across Canada, there are many lenders in Winnipeg that have started to offer loans for this specific group. While you’re likely to pay higher interest rates, at least you can gain access to the funds that you need. If you’re in this situation and looking for a loan in Winnipeg, you may not know where to start.
Here are a few tips on how to source a bad credit loan in Winnipeg:
#1 – Take a look online
In the first instance, you can always access a wealth of information about bad credit loans in Winnipeg online. Although you may be tempted to walk into your local bank or another lending institution, it’s always helpful if you do some of the research on your own in advance. In finding a good rate, knowledge is power and it can help you find loans in areas of the city you may not have originally thought of looking at.
#2 – Get in touch with the local debt consolidation agency
With so many people in Canada being in a bad credit situation, a number of credit counselling and debt consolidation agencies have sprung up. Even if you don’t use their services long-term, having an initial consultation with the agency to understand your options proves very helpful for many people. These specialists may point you in a new direction to get a better deal especially if you require the loan for something urgent. These resources are there to help you repair your credit score over the long-term and are often free to access as they operate under a non-profit structure.
#3 – Drop into your existing bank
If you already have a good relationship with your existing bank, there’s no harm in getting in touch and finding out what they can do for you. Your existing relationship manager can help you find a loan that meets your needs. Since they’ll have existing knowledge of your financial track record and outgoings, they could also provide you with some advice to help you find the right loan that won’t cost you too muc in the long run.
#4 – Consider other lending firms
Depending on what you need the loan for there are a range of lending institutions that may be able to help you meet your needs. For instance, if you need a personal loan to buy a new car in Winnipeg, you can always consult the local dealership as they will likely offer some financing solutions that could help you out. Many times other lenders have greater flexibility in offering credit in exchange for higher interest rates or longer term arrangements. If you are looking at taking a loan from another lending institution just be sure to do the right amount of research on the company and ensure that they are registered to provide loans to individuals in Winnipeg. You want to avoid borrowing money from unregulated sources in case there are any discrepancies or issues in the future.
Throughout our lives, a number of us will encounter tough financial times. If this has occurred in your life and you’re now trying to find a bad credit loan in Winnipeg, there are a number of ways to do it. As the 4 tips above highlight, you still have financial alternatives even if you’ve got bad credit. Try out some or all of these methods and good luck in your search.