How To Get A Personal Loan With Bad Credit In Canada But Where Are The Bad Credit Lenders

A bad credit loan is a loan given to a person or a business with a poor credit rating and getting a loan with bad credit history is not an easy task. Most of the banks and big financial institutions will not give you a loan if you have a poor credit history.

Are you looking for a loan, but you have bad credit? There are thousands of Canadians who have bad credit and are desperately looking for a bad credit loan for outstanding bills, debt consolidation, home improvements, a new or a used car financing, auto repair, medical expenses, vacations, or even a credit card. When ever they search online what theses people will be getting; millions of search results, although consumers were asking for a bad credit personal loan in Canada but resulting company wanted to offer them a short term cash advance or a payday loan even from US region too. Its only happening because in online environment most people feel comfortable in finding the way to get rid of there financial problems and the today’s major problem which most of the people are facing is shortage of money, this doesn’t mean that our income have been lowered but we have increased our expenditures. This kind of consumer’s over spending behavior have been attracting the financial companies to get the credit, and payday loan is the most attractive business that benefit both the borrowers and lenders, because borrower wants to solve his or her cash emergency situation without going into delaying process of credit history check and lender wants more returns in lesser time. That’s why there are thousand of such companies which are competing for your business with each other to be up in the search results not even in the search engines but using all the available online outlets such as social media, blogs, forums, directories and lot more.

Even if you’re desperate for money, you need to spend few hours to research potential companies you’re going to use to borrow money from those should be registered, familiar, and credible. Although a phrase like “I need a bad credit personal loan that is not a payday loan” will not help you in finding a personal loan you are looking for, then where are the bad credit lenders, who offers longer term, low rates high risk personal loans. A lot of people in such situation been thinking there are not many options available online. This can be true in some respect, since a lot of banks only deal with people who have “A” class credit rating. On the other hand, there are a lot of bad credit lenders available today but you have to find and search for them by using both online and offline resources like:

  • Your own bank: Visit your bank or financial institute you are already working and have established relationship and ask them if they have any information about those companies offering poor or bad credit personal loan.
  • Directories: you can use your local business and yellow pages directories for finding such high risk lenders that would be available free of cost at your chamber of commerce or community centers. DMoz.org is the best directory available online.
  • Social Lending: Canadian Person-to-person lending or peer to peer lending through these future P2P lenders platforms like CommunityLend, IOU Central, Prosper.com, Zopa and other have been a biggest hope among borrowers that get better rates by turning personal loans into investment opportunities for the lenders offering p2p loans Canada, its like a win win situation for the both. A borrower can apply for a loan in the amount of $1,000 to $25,000 for a term up to 3 years or so in general.

Lendit Financial offers unsecured bad credit loan in 3 sizes ranging from $2,300 to $5,500 for the term of 3 to 5 year. It’s an investment loan that is specially designed to fix bad credit, have declared bankruptcy, under consumer proposal, also works for a person without any credit profile, like first time borrower and or new immigrant. If you want to enhance your financial savings and re-establish your credit score then you should apply for a Lendit GIC Loan today – Its free to apply, safe and secure!

Beside there are lots of websites offering bad credit lenders resources through their membership programs. You have to register with them first to find there hidden resources that may include self-help personal finance resources, person to person interaction, bankruptcy and credit repair kits, solutions, bad credit lenders database and other useful resources, assistance and tools. These kinds of membership sites charge a fee that may be useful to get benefits of future updates for the lifetime without payment. CreditAxis is one of such company offering secured and unsecured bad credit personal loan and resources through its resources and directory contains bad credit lenders database, although its an American based company but have extended its financial assistance in UK and Canadian market as well. On the other hand, for all your secured personal loans with bad credit you may contact BHM Financial, its Canadian based company and offering a bad credit personal loan through a security of your automobile also called a title loan for a term of 2 years and longer.

The purpose of this post was to provide information on the subject of bad credit loan availability in Canada and asking other borrowers and consumers to provide reviews about those high risk lenders they have been known or dealt with and doesn’t offer any recommendations for such companies discussed above.

16 Comments

  1. hi.i have bad credit but i have a income of $1650.00 im looking for a $5000 can.dollar asap but i dont know what to do..i wish somebody can helpme with that.thank you very much.

  2. Hi
    I from ontario and currently have no job and i have an oppertunity to work out west and i need about 2000$ to get out there if anyone can help me that would be great

  3. i am in desoerate need of $1500 for car repairs and a loan i have i will pay it back in les than a week if it is granted

  4. hi my name is eyad and looking for 5,000 $ to go to trucking school . i have a bad credit but i am trying to clear every thing . is it possible to have it
    thx

  5. Its good you are trying to improve your credit profile but till it don’t reach as a good credit rating, you will not find better rates. Yes, you can get secured loan for the said amount if your lien free asset along your regular income or salary allows you. Title loan is one of such secured personal loan that has become very popular here in Canada today, otherwise you may take a investment loan which is an unsecured personal loan that will help you in improving your credit ratting and savings, and if you fulfill their lending requirement, you can get approved with in a day or two but you can’t access to your cash instantly. You can access to your partial cash during the term of your loan based on the equity you’ve built up in your GIC, where you can get full access to your GIC plus interest at the end of the loan term.

  6. I am starting over after over 33yrs of marrage,need to get a loan of 15-2000. to help me.Have bad credit and is on pension of 900. a month and 300.a monthly support.
    I have to live with family and need everything.

  7. ok my credit is for the shit, i have own my house since 12 years and i recently turn it over to my daughter that convince me it would be less money to pay every month on mortgage, it is true, but now i found myself for the first time having nothing to play with/guarantee and i still have no credit score, although you have a mortgage you have no credit score, i do own a garage rented for the mortgage, it does take care of its own, the garage is not financially cleared, so to go futher i have nothing to convince someone that i would be doing good/paying my bills, I did a year and half ago purchase a commercial building lease to own, renovate the place, work very hard at it, now the story begin, a few suppliers are late because i succeed to open a restaurant/store starting to bring a little bit of income but it is hard to succeed when the money is going for whatever need to be paid. Personnally to kick back i would need 15,000.00 for a commercial loan and 350,000.00 for the mortgage, i did lease to own for 350,000.00 and i do have in money about 10,000.00 down but about 250,000.00 when down for renovation, the appartment upstars is being renovated and rent 1000.00 a month, i also have a commercial space rented at 650.00 a month and i do have an office for 300.00 a month, the garage outside should rent for 500.00 a month starting july 01, 2012. The rental income should be enough to take care of a mortgage on the place. If the mortgage is taking care of no problem, if not i would very much appreciate to have a small loan of 15,000.00 or better 20,000.00 on a line of credit so that i can pay what i owe and built a credit score. enough if you thing you could help let me know, thanks

  8. I am looking for a loan for 20000 dollars I have collateral for it I just need a loan fast.thx

  9. My girlfriend and I are in desparate need of a loan anywhere between $10,000.00CDN to $15,000.00CDN. My credit rating is so bad, red flags go up everywhere I apply to. My girlfriend’s credit rating is bad as well; but not like mine. We have tried payday loans; however, they haven’t helped. We have a combined income of about $2000.00/month; and are willing to make small affordable monthly payments. We have been messed around with by other “lenders” pretending to be legitimate; ad were quite burned by them. Our reasons are that our bills are piling up; getting behind in child support; and our rent keeps increasing due to our income rising.
    Thank you.
    Rik

  10. I need to get a personal loan to clear up debt etc. I have 2 vehicles with no liens for collateral. My credit is terrible but I want to rebuild it.

  11. My name is Cliff

    I’m looking to borrow $7600 to payback monthly,I’m not looking for a handout.Past 2yrs have been very uncomfortable company I worked for was sold and after 34yrs with company was handed over to new company with no severence pay only able to keep sinority.But wages were cut almost in have because wouldn’t be doing same job, so things got a little rough for while with same bills to pay, so had to make some changesthings were starting to get better and then in Dec 2012 all was wiped out, all bank accounts and rrsp’s because everything was linked so if anything happened to me would be easier for wife instead of trying to get everything together.Learned lesson there .but still being investigated,But friends have helped with what they could and have been using payday loans which drain you having to pay back every two weeks. So now company wants me to take over what I was doing before which means more money but doesn’t
    help righr as I 2 months behind on rent and trying to pay back friends.

    Can anyone help will payback monthly with ar least $300 a month

    Thank you Cliff

  12. I been going through a divorce and we have just sold our house, but it might take another 5-6 days before I get my half. I would like to know if I could get a loan
    for two thousands dollars.

  13. Dear Carol

    Hi, I feel sorry for you, I know how much painful it is.. Its now almost 10 years now being divorced but it some times hurts like it happened tomorrow. Anyway, as you know eLoanCanada is not a lender or consultant but an affiliate marketing site that promote lenders and consultant from Canada. Why don’t you browse some of the pages related to your loan requirement, it may be possible for you to get one lender according to your need. As you know eLoanCanada is one of an older portal online that’s why we are in process to reestablish our loan directory from static platform to dynamic and it will take some time to get full benefits of our offers. I hope you will understand and do visit us again after some time to get benefit of our change. For the mean while please accept my apologies.

    Best of luck and take care

    Regards

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