Most banks and other lenders in Canada often shut off people with poor credit who try to secure loans. However, you can still get bad credit loans from some lenders. So, getting a loan even if you have poor credit is still possible. Before any lenders in Canada grant you bad credit loan, you will have to meet the following requirements:
Banks and other lenders in Canada who gives out bad credit loans might not approve you for a loan if you do not have a stable income. This is one of the general requirements. With a successful small business as a sure source of regular income, a lender will consider giving you a loan even with a poor credit score. If not a business, a job that proves to provide you with a steady flow of income will be helpful.
You should be ready to provide your lender with a rent receipt or utility bill receipt to prove that you are able to pay your monthly fees. These are actually enough to prove that you have a steady income.
Banks and other lenders in Canada will require you to have a bank account before they approve you of getting a bad credit loan. After all, where would they deposit the money anyway if you have no bank account? Having a bank account with a bank you are seeking to get loan from is usually an added advantage. Apart from being their client, the bank can also retrieve your history as far as saving, borrowing and repayments are concerned.
Remember that you can also take bad credit loans from online lenders, and the only way they can get you the money is by depositing the same on your bank account.
You must be 18 and above
For banks and other lenders in Canada to approve you of bad credit loans, you must be 18 years and above. No lender would even consider your loan application if you are younger than 18 years.
What to consider
Before applying for bad credit loans Canada, it’s advisable that you consider the following:
The amount you need
While you are still able to get loans even with a bad credit, you should only take the amount of money you really need rather than taking more. Otherwise, repaying the loan might prove to be very difficult or impossible. Take what you need, and put it into the right use.
Banks and other lenders in Canada offer bad credit loans on different interest rates depending on policies of a particular lender. Choose the lender with the most-friendly interest rates.
If you asked any financial expert, he or she would advise you to take a loan only after exploiting all the possible means of getting the money you need. In other words, taking a loan, whether you have bad or good credit, is never the best option. In more often than not, it doesn’t solve any of your financial problems. In fact, it can make things worse for you.
eLoan Canada extend it’s best wishes for a happy holiday season and a New Year filled with Peace, Joy and Financial Success!.