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Bad Credit Loans Burnaby

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Written by Bryan Daly

Best Bad Credit Loans Burnaby (Online) 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
PayBright
- 0+ 2 - 60
-
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Instant Payday Canada
- 15% - 19% -
-
Flexiti Financial
- Up to 35% -
-
FinanceIT
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Diamond Financial Services
- - -
-
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 19.44% and 31.90% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
My Canada Payday
Up to $1,500 15% - 19% 14 days
Up to $1,500
Mr. Payday
$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Loan Away
Up to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
LendDirect
Up to $15,000 19.99% APR Open-end
Up to $15,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
GoDay
$100 - $1,500 - 14 days
$100 - $1,500
iCash
Up to $1,500 15% - 23% -
Up to $1,500
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
FlexFi
$2,500 + - -
$2,500 +
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit Club
$100 - $1,500 90% - 390% APR 14 days
$100 - $1,500
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Ferratum
$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Cashco Financial
Up to $7,000 - 6 – 60
Up to $7,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
Mogo Finance
$300 – $35,000 5.9% to 47.72% 24 - 60
$300 – $35,000
Cash Money
$50 – $10,000 - Up to 62 days
$50 – $10,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Speedy Cash
Up to $1,500 15% - 23% 14 days
Up to $1,500
Provider Loan Amount Rate Term (Months) Rating
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
SNAP Financial Group
- - -
-
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Guardian Leasing
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 5.49% - 22.79% 12 - 60
$5,000 - $150,000
First West Credit Union
$500,000 - $10,000,000 - -
$500,000 - $10,000,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Dynamic Capital
- - -
-
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Go Auto
- - 12 - 96
-
Eden Park
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
Fisgard Asset Management
- -- -
-
First National
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Alpine Credits
- - -
-
Provider Services Rating
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
MNP
Personal Bankruptcy, Consumer Proposal
Personal Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

As the years pass, you’re going to accumulate (and hopefully pay off) various kinds of debt, especially if you’re a credit user. In Burnaby, the cost of housing alone can be quite substantial. While some borrowers in Burnaby can handle their bills just fine, others struggle to keep up with them.

When your debts get ahead of you, that’s when bad credit can become a real problem, as it can prevent you from being approved with lots of different lenders in Burnaby and Canada, in general. But don’t worry, even with bad credit, it’s still possible to get a loan in Burnaby.

Need some debt management tips? Check this out.  

Why is Bad Credit Such a Problem?

When you activate your first credit product, the lender you were approved by should report your payment activity to Canada’s two main credit bureaus; Equifax and TransUnion. Afterward, both bureaus will build you a credit report and credit score, both of which can represent your health as a credit user.

Credit Report

Your credit report is a detailed personal profile that contains a history of all your credit-related actions over the past decade or so. Every credit product you activate gets listed on the report, then receives its own account and credit rating.

Whenever you apply for a new product in Burnaby, your potential lender can check your report to judge how worthy of credit you are. If they see decent credit ratings and a credit history that’s filled with complete payments, your chances of approval will be better. However, if you’ve defaulted on a lot of payments, they may deny you because there’s too much risk on their part.

Want to learn how to read your credit report? Click here.

Credit Score

Your credit score is a 3-digit number ranging from 300 to 900. Since it summarizes your health as a credit user, lenders may also look at it when you apply for new credit, saving them from having to read your entire credit report. The range your score falls within can have a major influence on the outcome of your credit product.

Canadian Credit Score Ranges

Good Credit (660 – 900): A score within this range typically means you’ve been a responsible credit user thus far, so potential lenders will consider you more creditworthy. As a result, you’ll have an easier time getting approved for larger credit products, lower interest rates, and better payment plans.

Fair Credit (560 – 660): If you’ve defaulted a couple of times in recent months or experienced some other kind of financial problem that’s caused you to deviate from your payment plans, your score will slowly descend into the ‘fair’ range. At this point, lenders will start considering you riskier, meaning you’ll be approved for less credit at a higher interest rate. That said, approval itself still shouldn’t be too hard to obtain.

Bad Credit (300-590): This is where the real problems will arise because, for most lenders, a bad credit score is a sign that you have trouble making payments. Although this could be due to other factors, prime lenders like banks will be even less likely to approve you because of their tighter borrowing restrictions. While you can still be approved by a private, alternative, or bad credit lender, the product you get will be smaller and more expensive.

Click here to learn what bad credit lenders look at when assessing loan eligibility.  

How Else Can Bad Credit Happen?

Unfortunately, a bad credit score might not be caused solely by your unwillingness to follow your payment plan. Actually, there are a number of situations that can lead to both defaulted payments and bad credit in general.

Bad credit may also be due to:

  • Errors within your credit report
  • Reduced hours/income at your workplace
  • Car accidents, funerals, or other financial emergencies
  • An injury or another event that results in you becoming unemployed
  • Fraud or identity theft
  • A lack of credit history

Whatever the cause of your bad credit is, it’s important to take action and avoid letting things drag out. The longer you wait to fix the situation, the less likely you’ll be to get approved for new credit products (especially larger ones) in the future.

What Factors Impact My Credit Score?

If you’re looking to improve your credit, it’s helpful to break down your score and get to the root of the problem. While both credit bureaus have their own system, there are 5 elements that they typically use to calculate your score.

How is a credit score calculated?

History of Payments (35%)

The largest percentage of your score’s calculation is based on your payment history. Simply put, the more payments you complete, the further your score will rise. Your payment history is also one of, not the main factor that lenders look at when deciding to approve or deny your applications.

Outstanding Debt (30%)

The money you owe plays the second largest role. If you have a lot of unpaid debt spread across several accounts, your score will decrease drastically. This effect is particularly visible for products with revolving credit limits, such as credit cards. In that case, the closer you are to maxing out your available credit, the further your score would fall.

Length of Credit (15%)

A longer credit history is also good for your score, as long as you’re paying all your accounts on time. For example, a credit card that you’ve been using responsibly for several years is healthier than applying for a new card every few months. A good history also shows prospective lenders that you’re experienced in handling credit products.

New Credit Applications (10%)

Another reason why you shouldn’t apply for new credit frequently is that every time your lender checks your report, a ‘hard inquiry’ gets listed in your credit history and decreases your score by a few points. On top of that, constantly applying for and cancelling credit accounts makes you look less responsible.

Credit Diversity (10%)

The types of credit accounts on your report can also impact your score. While having one credit card is still a good way of building credit, adding an installment-based product (like a loan) and/or an open product (like a line of credit) to the mix is even better. Again, this is only true if you’re handling all your accounts responsibly.

What Are My Loan Options in Burnaby With Bad Credit?

A loan is a lump sum of money that gets deposited directly into your bank account after your application is approved. You’ll then have to pay it back through installments. As we mentioned, the worse your credit score is, the less credit you’ll be approved for and the more expensive said loan would be overall.

Don’t panic, there are still plenty of lenders in Burnaby that won’t hassle you, even if you have bad credit. However, you will probably have to look outside of banks, credit unions, and other prime lenders where approval is harder to obtain.

What’s the difference between a bank and a credit union? Find out here.    

The good news is that while a bad credit loan will cost you more and come with less favourable conditions, any responsible payments you make should elevate your credit score to the point when more traditional credit products will one day be within reach.

Loan Types For Bad Credit Borrowers in Burnaby

  • No Credit-Check LoansBelieve it or not, there are some lenders in Burnaby that don’t even look at your credit score when you apply. Instead, they’ll base your approval on factors such as your income and source of employment.
  • Secured Loans – While large amounts of credit are harder to obtain, securing the loan with collateral, such as your car or another asset might do the trick. Because your lender will have some security, they should be more inclined to approve you for more credit at a lower rate. You must be careful, however, because defaulting on too many payments could result in the loss of your asset.
  • Cosigned Loans – Since bad credit can make a lender skeptical of your ability to make payments, having a stronger candidate to take responsibility for them if you default can also act as a form of security. Nonetheless, your payments can put your cosigner in a tough position financially, so make sure they’re fully aware of that before you apply together.

What is a Loan Scam?

Before you apply for a bad credit loan, it’s essential to do lots of research and compare lenders all over Burnaby, not just for the sake of finding the best loan conditions but to make sure you don’t end up getting scammed.

Although it’s not as much of an issue with big-name lenders like banks, smaller subprime lenders are popping up everywhere and are much harder to regulate, especially online. Unfortunately, scammers, fraudsters, and identity thieves take advantage of this situation by setting up fake lending portals.

What’s worse, people with bad credit are prone to desperation and become susceptible to their traps. After all, the notion of easier approval would be a welcome relief for someone that’s been rejected all over town. Without thinking things through properly, unsuspecting borrowers fork over their financial information and the trap is sprung.  

Here are some signs that a ‘lender’ is trying to scam you:

  • They don’t have have a physical location you can visit or report to the police
  • You can’t find any reliable credentials or reviews about them
  • They can’t be found in the Better Business Bureau database
  • They demand ‘loan insurance’ before your loan is deposited
  • They refuse to tell you all the conditions of your loan, including the overall costs
  • They charge more than 15% interest ($15 per $100 borrowed), which is the legal limit for a loan product in British Columbia

How Does Bad Credit Affect Daily Life?Take a look at this infographic to see how bad credit affects your daily life.

Are There Other Credit Improvement Products in Burnaby?

If you need credit improvement but have decided that the risks associated with a bad credit loan are too great, there are a few other options available in Burnaby, even if you have bad credit. Prior to applying, it’s best to consult a financial advisor so you end up with the right product or program for your situation.

Alternative credit improvement products:

  • Credit counselling
  • Secured credit card
  • Credit rehab savings program
  • Guarantor loans

Need a Bad Credit Loan in Burnaby?

If you have bad credit, it can be harder to get approved for a loan or other credit product in Burnaby. Don’t give up! At Loans Canada, we cater to clients with all levels of financial health and can set you up with the right lender for your situation. Contact us today or apply below when you’re ready to get started.    

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