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Bad Credit Loans British Columbia 2019

Compare the best lenders in this region:
ProviderRating
Climb -
4 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 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
Speedy Cash 5 / 5
ProviderRating
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 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 2 / 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
ProviderRating
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada -
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
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

In this day and age, it’s more of a question of “when” as opposed to “if”, when talking about getting a loan. For most of us, if we want a car, a home, or to go to university, we will need to take out a loan. Also, with how expensive homes have gotten in British Columbia and how expensive university tuition has gotten, these loans might be hefty.

To discover more facts about the loan process in British Columbia, read this.

However, what if you find yourself struggling financially, but still need to secure some financing? Are there loan and borrowing options for those with bad credit?

What is Bad Credit?

Before looking at your bad credit loan options in British Columbia, it’s important that we first learn about bad credit itself. In Canada, credit scores range from 300 to 900. According to most, your credit is bad if your score is between 300 and 599. Bad credit can affect your life in a number of ways, including but not limited to:

  • Loans become more expensive
  • Renting an apartment becomes more difficult  
  • Securing a mortgage becomes more difficult
  • Applying for a job in certain industries may be hard

However, what bad credit is to one person might not be the same to another. It all depends on what sort of loan you are trying to secure and your unique financial situation. So even if your credit is bad to some lenders, that doesn’t mean it will always qualify as bad for others.

How Does Bad Credit Affect Daily Life?Check out this infographic to see how bad credit affects your daily life.

What Are the Ways to Improve Your Credit?

Now that you know the basics of bad credit, how do you go about fixing bad credit in British Columbia? Thankfully, you are never stuck with bad credit and there are many different ways to improve your credit quickly.

Pay Down Outstanding Debt

One of the first things you need to do is work at paying off any debt that you might have. While having some debt that you’re able to manage comfortably isn’t the worst thing for your finances, too much debt is never a good idea and can negatively affect your credit score. Want to know how you can rebuild your credit while you’re in debt? Look here.  

Make Your Payments on Time

If you often make late payments or miss them altogether, you need to start making them on time. This is definitely one of the best things you can do for your credit score and after several months of on-time payments, you should start to see an improvement.

Keeping Credit Utilization Low

Once you work hard to pay down your debt, it’s in your best interest to not accrue too much more and to keep your credit utilization ratio low. Your credit utilization ratio compares the amount of debt you carry each month to your total available credit. it’s best to keep this ratio under 30%.

Seek Additional Help

While these tips can help improve credit, you could also enlist the help of a credit improvement product such as a secured credit card or a credit rehab savings program.

Which is better? Secured credit card or prepaid credit card? Find out more here.  

You should also be patient when improving your credit as it will not happen overnight. Depending on how bad your credit is when you start the credit improvement process, it could take months before you start to see any change or improvement in your credit.

Personal Loans Application Check List

Getting a Bad Credit Loan in British Columbia

So while it is possible to improve your credit, it can be a lengthy process. However, what if you need to borrow money now for a vehicle, a home for your family, or to cover a financial emergency? Well, thankfully, there is a wide range of bad credit lending options for those with less-than-perfect credit score and history.

Click this link to learn how you can get a bad credit car loan in Canada.  

Choose a Secured Loan

One solid option is to get a secured loan. A secured loan is one where you put up an asset (for example a vehicle) as collateral. Collateral offsets the risk taken on by the lender, this means that they are often more willing to approved secured loans for bad credit borrowers. These can also have fairly decent interest rates, so if you are confident you can make the payments and not default, choosing a secure loan in BC is a great option for many consumers. Here’s what you need to know about loan default.

No Credit Check Lenders

Another popular option is to go with a lender who doesn’t check credit. There are many local and online lenders that are happy to work with anyone and generally won’t care too much if your credit is low. Of course, the interest rates can often be higher and the terms a bit more strict, but that is to be expected. Starting out with one of these lenders is always a great way to work at improving your credit score. Once you’ve paid off the loan you can apply with a lender who does check credit and who may offer better interest rates.

Want to know what bad credit lenders look at when assessing loan eligibility? Read this.  

Watch Out For Bad Credit Loan Scams

While there are many great loan options for those with bad credit in British Columbia, there are also a lot of loan scammers who prey on these types of consumers. Any lender that asks you to pay a large fee or payment up front, is likely a scammer and should be avoided no matter what.

If you’re unsure about which loans to trust or you have any other questions, you can try credit counselling in British Columbia.

The Right Bad Credit Loan Options

The great thing about bad credit is that it’s not permanent and it doesn’t need to hold you back. There are loan options for all bad credit consumers in British Columbia. If you’re currently in the market and need any assistance with securing a bad credit loan or want to learn more, be sure to reach out to Loans Canada today.

FAQs

Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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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, Kale has focused on writing about finance, technology, cryptocurrency, entertainment, and sports. Kale work has been published on Yahoo, RentHop, the Regina Leader-Post, and ReboundFinance.com. Kale loves to create a wide variety of personal financ...

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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.