Filters
- Amount
- Up to $35,000
- Rate
- 9.99% - 46.96%
- Term
- 9 - 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% - 39.99%
- Term
- 6 - 120
Types of Loans Available To Individuals With Bad Credit In Saskatoon
Besides unsecured personal loans from alternative lenders, let’s take a look at the other types of bad credit loans available in the major city of Saskatchewan: Saskatoon.
No Credit Check Loans
There are many lenders in most major cities that offer no credit check loans. That means, no credit checks are required for approval. However, you’ll need to have enough income to cover your loan payments. Moreover, be aware that these loans often come with high fees and a fairly high interest rate to offset the risk.
Secured Loans
Another option for people with bad credit is to get a secured loan. A secured loan is when you put something up as collateral (such as your home or car), to gain access to borrowed funds.
This collateral helps reduce the risk for a lender, which will often get you a better rate. Of course, if you do end up getting a secured loan, be sure to pay it off on time and in full. If you miss payments or make late payments, you are potentially putting your collateral at risk.
How To Get A Bad Credit Loan
Here are some steps you can take to get a bad credit loan:Step 1. Compare Lenders And Get Pre-Approved
Online loan aggregator sites can help you quickly find and compare lenders and their loan products. Simply input a few pieces of information about yourself and the loan you need, and the lending platform will populate a list of lenders and products, along with their rates based on your profile. This will start the process of pre-approval, which will give you an idea of how much you can qualify for and the rate you will be charged. You can then compare offers side-by-side and choose the one that best suits your needs. It's very helpful to start the loan process by getting pre-approved first, especially if you have bad credit, as your credit score can affect the interest rates and loan amount you can qualify for.Step 2. Apply For A Loan
Depending on the lender you choose to work with, you may apply in person or online. To accurately assess your financial situation and verify your identity, lenders usually require certain documents for review, which may include a government ID, pay stubs and bank account statements. In some cases, you won’t require any physical documents as the whole verification process can be done via instant bank verification services like Flinx, Plaid and Yodlee. During your application process, you’ll be asked to sign into your bank account through a secure portal. This process allows lenders to receive a read-only bank statement and have your bank account verified instantly.Step 3. Get Funded
Traditional loans can take a few days for funding to come through. But with alternative lenders, you can receive the funds from your bad credit loan in a matter of hours, as long as the approval is made by a certain time. Otherwise, you can expect your funds the next business day.What Do You Need To Get Bad Credit Loans In Saskatoon?
- Name, date of birth, contact information
- 1 or 2 government-issued IDs (1 photo)
- Social Insurance Number (SIN)
- Proof of employment (income, employers name, job title)
- Loan purpose
- 3 months' worth of bank statements
- Bank account details (for direct deposit and withdrawal of payments)
Local Lender Locations For Bad Credit Loans In Saskatoon
If you have bad credit, getting approved for a loan with your bank or other traditional lender may be difficult, if not impossible. Instead of applying with a conventional lender, you’ll have better luck with an alternative lender that caters to bad credit borrowers.
Fortunately, several lenders in Saskatoon offer bad credit loans, including the following:
| Fairstone | – 3130 8th St. E, Unit 6, Saskatoon, SK, S7H 0W2 – 606 22nd St. W, Unit 1, Saskatoon, SK, S7M 5W1 | Learn More |
| Easyfinancial | – 622 Circle Dr. E, Saskatoon, SK, S7K 0T9 – 2410 22nd St. W, Saskatoon, SK, S7M 5S6 – 2921 8th St. E, Saskatoon, SK, S7H 0V4 | Learn More |
| Spring Financial | You can apply for a loan online in Saskatoon. No Physical branches are available. | Learn More |
| LoanMeNow | You can apply for a loan online in Saskatoon. No Physical branches are available. | Learn More |
Fairstone
Fairstone provides residents of Saskatoon with secured personal loans of up to $50,000 and unsecured personal loans of up to $25,000. Borrowers with all sorts of credit scores are encouraged to apply, including those with bad credit.
Before applying, you can get a quick online quote to find out how much you can qualify for without impacting your credit. From there, you can formally start the application process either online or at an in-person location in Saskatoon.
easyfinancial
easyfinancial offers personal loans from $500 to $20,000 with loan terms of up to 84 months. The lender serves all types of borrowers, including those with bad credit or no credit history at all. Applying takes only a few minutes, and once you’re approved, you can get access to your funds just a few hours later.
The fastest and easiest way to apply for a bad credit loan with easyfinancial is online through their website. Alternatively, you can apply by visiting a physical location in Saskatoon.
Spring Financial
Spring Financial provides unsecured personal loans to Saskatoon residents with all types of credit, including bad credit. Loan amounts range from $500 to $35,000, with loan terms from 9 months to 5 years.
The application process is quick and takes place either online, via text, or over the telephone. There are no physical branches.
LoanMeNow
LoanMeNow offers quick personal loans up to $1,000 with funding in as little as 24 hours following loan approval. Loans are also available to those Saskatoon residents with bad credit, as no credit check is required. Instead, LoanMeNow uses your employment and banking information to assess your creditworthiness.
The LoanMeNow application process takes place entirely online. There are no physical locations.
Can You Finance A Car In Saskatoon With Bad Credit?
Yes, you can get a bad credit loan to finance a car, but it’s difficult to qualify for, especially if you want a high amount. Plus, your interest rate will be much higher even if you can get approved.
Instead, you may want to consider applying specifically for a bad credit car loan that uses the vehicle as collateral. By securing your loan, you may have an easier time getting financing to buy a car.
Is My Credit Score Bad?
- Excellent (Scores 760+)
- Very Good (Scores 759 – 725)
- Good (Scores 724 – 660)
- Fair (Scored 659 – 560)
- Poor (Scores 559 – 300)
How Do I Check If I Have Bad Credit?
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
Products In Saskatoon To Help Improve Your Credit
While some people are capable of repairing their credit, that is not always the case. Thankfully, there are products and services available to those who are struggling to improve their credit.
Secured Credit Cards
A secured credit card requires a deposit that acts as collateral. For most secured credit cards, the amount of security also acts as the credit limit you will be offered. For example, if the secured credit card you’re interested in requires a deposit of $500, typically your credit limit will also be $500. Secured credit cards can be used in the same way as any other credit card and with every on-time payment you make, your credit score will benefit.
Check out the top secured credit cards in Canada, here.
| Annual Fee | Interest Rates | Min. Deposit | |
| Neo Secured Credit | $0 | - 19.99% - 26.99% - QC: 19.99%-24.99% | $50 |
| Capital One® Guaranteed Secured Mastercard® | $59 | 19.8% | $75 or $300 |
| Home Trust Secured Visa Card | 0$ or $59 | - 19.99% (no annual fee) - 14.90% (with annual fee) | $500 |
| Vancity enviro™ Secured Visa* card | $0 - $395 | 11.25% or 19.50 % | $500 |
Credit Rehab Savings Program
Lastly, if you’re looking to improve your credit quickly, consider entering a credit rehab savings program. It is a simple and easy way to not only rebuild your credit but also save some money in the process. Whether you have bad credit or even no credit, you will still be accepted.
The program doesn’t give you cash upfront but provides you with access to savings during your loan term based on your equity. The payment options are flexible and affordable, as well.
Watch Out For Bad Credit Loan Scams
All borrowers can be the target of loan scams, but bad credit borrowers are particularly vulnerable. That’s because bad credit borrowers have fewer options when it comes to getting approved for a loan and have trouble getting a loan.
To protect yourself from getting scammed, watch out for these red flags:
Upfront Payment Required
Legitimate lenders will not demand an upfront payment before you sign a loan contract. Known as an advance-fee loan scam, fraudulent lenders will promise you a loan regardless of your credit history, as long as you pay a fee upfront. This is a big red flag.
No Reviews
It’s helpful to find out what type of lender you’re working with from previous clients. You can find this information online by reading reviews. But if you can’t find any reviews or any other information about the lender through an online search, the lender may likely be a scammer.
No Physical Or Online Presence
A legitimate lender will have an address of some sort, whether online or a physical location. If you can’t find an address for the lender you’re thinking of working with, odds are they’re not truly in business.
Guaranteed Approval
Even if the lender doesn’t require a credit check, they should still verify your income, employment, or bank account. If you’re guaranteed loan approval right off the bat without a vetting process, you could be getting yourself involved in a loan scam.
If you live in Saskatchewan and need help, check to see if you’re eligible for Saskatchewan Income Support.
Bad Credit Loan Alternatives: Financial Services Offered By The Government
| Financial Resource | |
| Saskatchewan Income Support (SIS) | Learn More |
| Seniors Income Plan (SIP) | Learn More |
| Saskatchewan Assured Income for Disability (SAID) | Learn More |
| Saskatchewan Temporary Wage Supplement Program (STWSP) | Learn More |
| Family Health Benefits | Learn More |
Other Financial Assistance Programs And Resources in Saskatoon
Bad credit loans in Saskatoon provide one solution to your financial woes, but there are other options available. If you’re struggling to cover the cost of things like food, utility bills, housing, child care, school supplies, and other necessities, there are programs available throughout Saskatoon that may help.
You can quickly find various programs throughout the city by visiting www.211.ca and performing a city-based search. Here are a few resources that can be found on www.211.ca to help you get started:
Free Meals
The Saskatoon Friendship Inn provides free daily breakfast, lunch, and bottled water to Saskatoon residents in need. The centre is open every day of the year to anyone with no restrictions and no questions asked.
Breakfast is served from 8 am to 9:30 am, and lunch is served from 11:30 am to 1:30 pm, 365 days a year. Saskatoon Friendship Inn is located at 619 20th St. W, Saskatoon SK, S7M 0X8.
Housing Benefit
Housing is extremely expensive these days, and low-income earners may find it difficult to keep up with rent or mortgage payments. To alleviate this situation, the Saskatchewan Housing Benefit provided by the Ministry of Social Services may help.
This monthly benefit is offered to eligible Saskatchewan renters to offset the cost of housing, including rent and utilities. Depending on the size of your household, you could receive anywhere from $150 to $250 per month.
The Bridge Fellowship Centre – Free Store
Residents of Saskatoon’s inner city who are experiencing financial troubles can access free goods at The Bridge Fellowship Centre. Items include clothing, personal care items, and household goods. All items are gently used and are offered for free.
The centre is located at 1008 20th St. W, Saskatoon, SK, S7M 0Y7.
Child Care Subsidy
The cost of child care can be more than some parents and guardians can financially handle. To help make child care costs more affordable for families in Saskatoon, eligible residents can apply for the province’s Child Care Subsidy. A monthly payment is made directly to licensed child care centres to lower the rate parents are required to pay.
Subsidy amounts vary. To qualify, you must reside in Saskatchewan, have a child under the age of 13, and have a valid reason for requiring child care.
