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. Whenever they search online what these people will be getting; millions of search results, although consumers were asking for a bad credit personal loan in Canada resulting company wanted to offer them a short term cash advance or a payday loan even from the US region too. It’s only happening because in an online environment most people feel comfortable in finding a way to get rid of there financial problems and today’s major problem which most people are facing is a shortage of money, this doesn’t mean that our income have been lowered but we have increased our expenditures. This kind of consumer’s overspending behaviour have been attracting the financial companies to get credit, and a payday loan is the most attractive business that benefits both the borrowers and lenders because the 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 thousands of such companies that 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 a lot more.
Even if you’re desperate for money, you need to spend few hours researching potential companies you’re going to use to borrow money from those that 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 offer long term, low rates high-risk personal loans. A lot of people in such a 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 with and have established relationships and ask them if they have any information about those companies offering poor or bad credit personal loans.
- Directories: you can use your local business and yellow page directories for finding such high risk lenders that would be available free of cost at your chamber of commerce or community centers. Search online to find some of the best directories that offer bad credit loan lenders list.
- 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 others have been the biggest hope among borrowers that get better rates by turning personal loans into investment opportunities for the lenders offering p2p loans Canada, it’s like a win-win situation for them 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.
Refresh Financial offers Credit Builder Loans that works differently than a traditional loan. Instead of receiving the loan amount upfront, Refresh Financial Canada puts the loan amount into a secured account with a financial institution. So you don’t get the loan amount in your hands upfront. However, when you start to make affordable, scheduled payments towards this secured amount, then Refresh Financial consider that you are repaying a loan to them, which allows it to report every payment you make to TransUnion and Equifax, raising your credit score. The payments you make also build equity against this secured loan amount (Equity is money that you can withdraw later). If you are going through bad credit, bankruptcy or consumer proposal in Canada, Refresh Financial credit building programs (Refresh Credit Builder Loan or Secured Card) are designed for you.
Loans Canada is the nation’s first and largest loan search and loan comparison platform that allows borrowers to quickly and easily compare all the loan options that might be available to them and specialize in matching those with low credit scores to lenders that can accommodate their needs. Find the best personal loan. What if I have bad credit? If you have a low credit score then a vehicle or car title loan is probably the easiest way to obtain a loan. Apply and get multiple loan options. All credit scores welcome.
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 don’t offer any recommendations for such companies discussed above.