- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
If you have bad credit and need some extra cash, your options for borrowing may be limited but not impossible. There are alternative lenders in Vancouver who deal exclusively with consumers who have bad credit. These lenders don’t necessarily follow the same regulations or criteria that banks and other conventional lenders do.
Rather than emphasizing credit scores, these alternative bad credit lenders may not look at your credit score. Instead, they’ll look at your income and employment to verify whether or not you have the financial means to repay your loan.
It should be noted that bad credit loans typically come with higher interest rates compared to traditional loans. As such, these loans are often more expensive.
If you live in Vancouver and need a bad credit loan, multiple lenders in the city can help. Here are a few lenders that offer bad credit loans in Vancouver:
Fairstone | – 5540 Cambie St., Vancouver, BC, V5Z 3A2 – 2788 E Hastings St., Unit #101, Vancouver, BC, V5K 1Z9 | Learn More |
Easyfinancial | – 402 E Broadway, Vancouver, BC, V5T 1X2 – 1024 Mainland St., Vancouver, BC, V6B 2T4 – CRU 4, 2839 E Hastings St., Vancouver, BC, V5X 2A1 – 1754 W Broadway, Vancouver, BC, V6J 1Y1 | Learn More |
Spring Financial | You can apply for a loan online in Saskatchewan. No Physical branches are available. | Learn More |
LoanMeNow | You can apply for a loan online in Saskatchewan. No Physical branches are available. | Learn More |
Fairstone offers personal loans up to $50,000. Loan applications are processed quickly and funds are often available the same day. Bad credit borrowers may also apply.
You can complete the loan application process online or visit one of the two physical branches in Vancouver mentioned above.
easyfinancial offers personal loans up to $20,000. Loan terms range from 9 months to 7 years, and rates start at 29.99%. You can get approved even with no credit history.
You can apply for a loan with easyfinancial via their website or in person at one of the Vancouver locations mentioned above.
Spring Financial is available to Canadians in Vancouver, as well as the rest of Canada. The lender offers same-day personal loans up to $35,000 to borrowers of all credit types, including those with bad credit.
Spring Financial operates entirely online, making the application and approval process super easy and convenient. There are no physical branches.
LoanMeNow also operates solely online and does not have any physical branches. You can apply from wherever you have internet access, including in Vancouver.
Loan amounts range from $500 to $1,000, and funds can be delivered in as little as 24 hours. There are no credit checks performed, so bad credit borrowers can get approved.
Yes, it’s possible to secure a car loan even with a bad credit score. However, you will have to apply with B lenders, since traditional banks usually require good credit as part of their lending criteria.
B lenders accept lower credit scores and often don’t include credit checks as part of their vetting process. As such, it’s a lot easier to get approved for a loan with these types of lenders if you have bad credit.
Keep in mind, however, that bad credit car loans are more expensive than conventional car loans. That’s because your lender will charge a higher interest rate in exchange for the higher risk you present as a bad credit borrower.
Cost | Credit Score | Credit Report | ||
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | - |
Your bad habits may have caused your credit score to plummet over the years, but that doesn’t mean your score has to stay that way. You can start making changes today that will help improve your credit score over time. Here are some things you can do in Vancouver to improve your credit score:
Vancouver residents in need have several programs and resources at their fingertips, which can be found at www.211.ca. Programs such as food banks, homeless shelters, income assistance, and other free services are available to locals. Simply enter the city name, and 211.ca will display all available services and programs from all levels of government and non-profit community organizations.
Here are just a few examples of the types of services and programs available on 211.ca:
If you’re having trouble covering the cost of necessities, then you may qualify for some financial help. Vancouver residents in the lower-income bracket may find financial support through Ceridian Cares. This program provides grants to help cover the cost of food, clothing, household items, and medical services. Grants range from $200 to $4,000, and funding is valid for six months from approval.
Buying groceries can be a tall order these days given the soaring cost of food. To help alleviate this financial burden, you may qualify for discounts on your grocery bills.
The BC Farmers’ Market Nutrition Coupon Program collaborates with organizations in Vancouver to provide coupons to residents in financial need. Eligible recipients can use these coupons at local farmers’ markets to buy food products at a discount. Each household can receive at least $27 worth of coupons per week.
Certain members of society may face more barriers to opportunities and services than others, which can have dire consequences on quality of life. Engaged Communities Canada Society aims to break down these socio-economic barriers in the Lower Mainland to ensure more equitable opportunities for everyone, regardless of social status or ethnic identity.
The program includes the following:
If you’re at risk of being evicted or having your heat or water shut off due to your rent or bills being in arrears, the Vancouver Rent Bank may be able to help. This housing stability resource provides one-time interest-free loans to residents of Vancouver to be used to pay rent, security deposits, and utility bills.
To be eligible, applicants must be at least 19 years of age, live in Vancouver, earn a steady income, be classified as low-income, have a valid bank account, and be a Canadian citizen or permanent resident.
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To better protect vulnerable borrowers, provinces have enacted legislation that sets boundaries on what alternative lenders can and can’t do.
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