Bad Credit Loans Edmonton 2019

While living in Edmonton comes with countless benefits, but it can be quite expensive. In fact, the average person in Edmonton has over $25,000 of non-mortgage debt, which is among the highest in the country.

Need to conquer your high-interest consumer debt? Read this for some solutions.

While some Edmontonians can handle these high amounts of debt due to high income or lots of savings, this isn’t always the case. For many consumers, this large amount of unpaid debt can affect other areas in their lives, most notably their credit score. Having bad credit isn’t a great feeling and it may leave you feeling hopeless if you ever need to borrow more money in the future.

Thankfully, there are actually a few different borrowing options for those with bad credit.

What is Bad Credit?

Before we look at the loan options for those with bad credit in Edmonton, we need to ensure everyone understands what bad credit is. In Canada, credit scores range from 300 to 900. The higher the score, the lower the interest rates and the better loans you get access to.

While there is no concrete definition for what bad credit is, generally, most lenders believe that a score between 300-600 is bad. Of course, the numbers might be 300-560 for some lenders and 300-575 for others, but if your score is under 600 you should generally be prepared for some lenders to consider it as bad.

Click here for more information about bad credit.

Of course, a good or bad credit score can also vary from person to person. Someone who has struggled with finances all their life might see a 620 credit score as great, while someone who has been at 850 their whole adult life will see that same 620 as a bad score.

Canadian Credit Score RangesCommon Causes of Bad Credit in Edmonton

So now that you know a little about what bad credit is, what causes this bad credit? Well, in general, bad credit is caused by irresponsible spending and other bad financial habits. While we all make mistakes here and there, continuous or frequent bad financial habits can quickly leave you with bad credit.

However, in addition to bad habits and overspending, things like accidents, emergencies or other unforeseen circumstances can lead to bad credit issues. These include things like unexpected travel, job loss, change in income, medical emergency, or a car accident.

Type of Loans Available to Those With Bad Credit in Edmonton

Now that you understand a bit more about bad credit and what causes it, what are the types of loans available to those with bad credit? Well, there are a few different options at your disposal.

Loans From Lenders Who Don’t Check Credit

If a lender offers loans without performing a credit check, they are a great option for those with bad credit. While these might be easier to get, they often come with decently steep interest rates and can be expensive. But if your options are limited, they are a good choice.

Looking for a loan with no credit check? Look at this first.

Secured Loans

These are loans that are secured by some sort of asset, such as your car or home. You will put up these things as collateral for the loan, and if you default, the lender can legally take possession of the collateral. Because there is less risk involved, lenders are often willing to work with those who have bad credit as the loan amount is secured. These loans may also come with a lower interest rate. These definitely have their place, but be sure you don’t default on the loan or you could lose a lot.

Want to know how secured personal loans work? Check this out.

So while there aren’t a ton of options, you shouldn’t have a problem finding one in your area. However, always be cautious when looking for loans. Loan scams are unfortunately quite common and they often prey on those with bad credit, as their options are limited. So be sure to always know the reputation of any lender before you agree to work with them.

To learn about how Loans Canada deals with loan scams, click here.

Credit Improvement Products

While some people might be fine with applying for and using bad credit lending options, others might not. Some people might be more comfortable with improving their credit first and then applying for a standard loan. While some people can improve their credit on their own by reducing spending and using credit intelligently, this can be easier said than done.

As a result, many consumers will need some assistance to improve their credit. Thankfully, there are a few different credit improvement products that exist that can help you improve your credit score quickly. One of the most common is a secured credit card. A secured credit requires a deposit in exchange for credit. Once you provide the credit card company with a deposit, you’ll receive a card with a specific limit. You should use your card regularly and responsibly and your creditor will report your payments to the credit bureaus, thus improving your credit score over time.

If you don’t want to use this option, you can opt to utilize a credit rehab savings program. This program is a creative way for you to build up your credit, while also being a way to save money. There are no up-front fees and you simply pay a manageable weekly payment that will be reported to the credit bureaus.

Click this link to learn a few more credit score improvement techniques.

Great Loans For Those With Bad Credit

Do you have bad credit and are looking to borrow some money? If so, look no further than Loans Canada. We can help get you set up with a great loan, even with less-than-perfect credit.

How useful was this post?

Click on a star to rate it!

Posted by
After dipping his toes into freelance writing while still enrolled in school, Kale decided to pursue freelance writing as his career after earning his Bachelors degree from the University of Regina. In his six-year career as a professional writer, Ka...

Lenders in this region:
Provider Rating
Pylo Finance 4/5
Fresh Start Finance 4/5
Marble Finance 5/5
Money Mart 4/5
Speedy Cash 5/5
Private Loan Shop 5/5
Progressa 5/5
My Canada Payday 4/5
Mr. Payday 4/5
Money Provider 5/5
Loan Express 3/5
Loan Away 5/5
Lendful 3/5
LendDirect 5/5
Health Smart Financial Services -
GoDay 5/5
iCash 5/5
Focus Financial Inc. 2/5
FlexFi 5/5
Eastern Loans 5/5
DMO Credit 5/5
Credit 700 2/5
Credit2Go 3/5
Ledn 5/5
ATB Financial 5/5
Amber Financial 5/5
Affirm Financial 5/5
310 Loan 2/5
Ferratum 5/5
SkyCap Financial 3/5
Fast Access Finance 5/5
Fairstone 2/5
Consumer Capital Canada 2/5
Lamina 3/5
Loans SOS -
CashCo 5/5
UrLoan 5/5
Loan Me Now 4/5
Captain Cash 3/5
BC Loans 4/5
Urgent Loans 4/5
Easy Financial 3/5
Mogo Finance 4/5
Cash Money 5/5
Borrowell 5/5
Magical Credit 5/5
Provider Rating
SharpShooter Funding 5/5
First West Credit Union 5/5
ATB Financial 5/5
Meridian Credit Union 5/5
Laurentian Bank of Canada 5/5
HSBC Bank Canada 5/5
National Bank 5/5
Canadian Imperial Bank of Commerce (CIBC) 5/5
Scotiabank 3/5
Bank of Montreal (BMO) 3/5
Royal Bank of Canada (RBC) 5/5
CWB National Leasing 5/5
Money in Motion 5/5
Lease Link 5/5
FundThrough 5/5
Econolease Financial Services Inc. 5/5
Easylease Corp 5/5
Dynamic Capital 5/5
Capify 5/5
Canadian Equipment Finance 5/5
Capital Key 5/5
Cashbloom 5/5
BFS Captial 5/5
BDC 5/5
Baron Finance 5/5
B2B Bank 5/5
AOne Financial Solutions 5/5
Borrowell 5/5
iCapital 5/5
Lendified -
IOU Financial 5/5
Company Capital 5/5
OnDeck 5/5
Evolocity 5/5
Lending Loop 5/5
Thinking Capital 5/5
Provider Rating
Car Creditex -
Auto Capital Canada 5/5
Carfinco 5/5
Canada Drives 5/5
Prefera Finance 5/5
Approve Canada 5/5
2nd Chance Automotive 5/5
SkyCap Financial 3/5
Splash Auto Finance by Rifco 5/5
Carloans411 5/5
AutoArriba 5/5
Provider Rating
Fast Access Finance 5/5
BHM Financial 2/5
Provider Rating
Centum 5/5
Broker Financial Group Inc. 5/5
Bridgewater Bank 5/5
Alpine Credits 5/5
From the blog...
Can I Use a Personal Loan For Emergencies?
Posted on July 24, 2019
Can I Use a Personal Loan For Emergencies?

For this blog, we’ve teamed up with our partners at Fairstone Almost half of Canadians are $200 away from not meeting their financial obligations each month. You’re not alone if you fall into this category, but being cash strapped can make it difficult to tackle unexpected expenses. … Read More

Have You Made These Mistakes on a Personal Loan Application? 
Posted on April 24, 2019
Have You Made These Mistakes on a Personal Loan Application? 

Applications for personal loans can be daunting, sometimes there is so much to read and interpret. For this reason, many applicants make mistakes on their application. Unfortunately, filling out an application incorrectly can result in your loan being rejected, regardless of how minuscule the error is. To better your chances… Read More

What is Negative Equity? 
Posted on April 19, 2019
What is Negative Equity? 

Equity is defined as the total value of an asset less the owed obligations. Individuals want equity in their assets to be positive because it means they will make money if they were to sell the asset. Sometimes individuals do not have the fortune of positive equity, instead, they have… Read More

Related Videos
How To Identify A Loan Scam
How Your Credit Score is Calculated
The Ins & Outs of Debt Consolidation

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.