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Credit Improvement Richmond

Save time and money with Loans Canada

Written by Lisa Rennie

Best Credit Improvement Richmond (Online) 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
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
Alphera Financial Services
- - -
-
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 ...

Do you know where your credit rating currently stands? If not, you’d be well advised to find out. Your credit health is crucial when it comes to your financial options. Loans, jobs, and even utility bills all count on your credit rating. If your credit health is lagging, your financial options could be very limited.

What’s the difference between your credit score and credit rating? Find out here.

Knowing what your credit score is important. But what you do with that information also matters. If you live in Richmond and your credit could use some improvement, it’s important to take the necessary steps to give it a boost. Luckily, there are plenty of options available to help you improve your credit rating.

What Factors Impact Your Credit Score in Richmond?

Your credit score is an important number that lenders, landlords, utility companies, and employers look at when assessing consumers’ ability to secure loan products, apartments, contracts, and jobs. If your score is not as high as it should be, you could be turned down for a number of financial products in Richmond.

In Canada, credit scores range from 300 to 900. The financial choices that you make have a direct impact on your credit score. By what exactly goes into your credit score calculation?

Payment history – The number one factor that influences your credit score is your payment history. Being diligent with bill payments will help keep your credit score up. But falling behind on bill payments can do the opposite to your score. If you’re looking to improve your credit score, start by ensuring that all your bills are paid in full and on time every month.

For even more information about the importance of payment history, click here.

Credit utilization – The amount of credit that you use relative to what you have available to you is another important factor that plays a role in your credit score calculation.

For instance, if you spend close to your credit card limit on a regular basis, your credit score will take a hit. A general rule of thumb is to make sure you spend no more than 30% of your credit limit.

Credit inquiries – If you apply for new loans or new credit in Richmond, the creditors or lenders will want to see your credit report to make sure they’re working with someone who is responsible with their bills.

There’s a lot of info on your credit report that can tell lenders what they need to know. But every time a lender pulls your credit report, a “hard pull” will be noted, which can temporarily cause your credit score to dip.

Length of credit history – Lenders in Richmond need something to go on to see what loan applicants are like with their credit. But if you have a very short credit history, lenders won’t have much to look at to make an accurate assessment about what you’d be like as a borrower.

A longer credit history is generally better for credit scores and gives creditors a better idea of what your long-term financial habits are like.

Credit mix – While not mandatory, it may be helpful to have a few different types of credit to show creditors how you are able to handle different types of debt.

Canadian Credit ScoreTake a look at this infographic to learn more about credit scores.

What Information Does Your Credit Report Contain?

We’ve already mentioned that lenders in Richmond will be interested in obtaining your credit report in order for them to gauge what you’d be like as a borrower. But what exactly will they be looking at? What’s included in your credit report?

Personal info:

  • Name
  • Birthdate
  • Current and prior addresses
  • Phone number
  • Social insurance number (SIN)
  • Driver’s license info (if applicable)
  • Passport info (if you have one)
  • Current and prior employers

Financial info:

  • Credit accounts
  • Credit transactions
  • Cell phone accounts
  • Internet accounts
  • Accounts closed because of fraud
  • NFS check info
  • Judgments
  • Liens
  • Bankruptcies
  • Collections info
  • Hard pulls
  • Identity verification

Read this to learn why a collections account would disappear from your credit report.

How Long Does Certain Info Remain on Your Credit Report?

There are different types of credit information that are included in your credit report, but they don’t all stay on your credit report for the same amount of time. Here are some of the things that you’ll find in your credit report and the length of time that they remain:

  • Fully repaid credit accounts in good standing: 20 years following the last day of being active
  • Loans and credit cards: 6 years
  • Secured loans: 6 years
  • NSF: 6 years
  • Closed accounts as a result of fraud: 6 years
  • Hard inquiries: 3 years for Equifax, 6 years for TransUnion
  • Judgments: 7 years
  • Collection accounts: 6 years
  • Liens: 6 years for Equifax, 5 years for TransUnion
  • Consumer proposals: 3 years
  • Bankruptcies: 7 years for the first, 14 years for more than one
  • Debt management program: 3 years for from the date paid; 6 years if the debt has not been repaid

Hard Pulls Vs. Soft Pulls

We’ve already briefly discussed what a “hard pull” is, but what is a “soft pull?” And how do they differ?

While hard pulls can have a negative impact on your credit score, soft pulls don’t. Instead, a soft pull refers to any time you pull your own credit report, which shouldn’t have a negative effect on your credit score.

Richmond Habits That Could Be Sabotaging Your Credit

Many consumers in Richmond have credit scores that are suffering because of poor financial decisions that they make, prompting them to seek help from credit improvement services in Richmond. Yet many of these habits can be avoided, thereby preventing your credit score from suffering in the first place.

Here are some things that could be pulling your credit score down:

Multiple hard pulls – If you’re applying for many loans and credit accounts in Richmond within a short period of time, you’ll have several hard pulls on your report, which we already know is bad for your credit score.

Missing loan payments – Whether you have a mortgage, car loan, student loan, or personal loan on the books, you’re responsible for making your debt payments on time. If you are overdue on your debt payments by 60 days, your credit score will likely suffer.

Falling behind on your credit card payments? Be sure to check this out.  

Drowning in debt – If you are finding it difficult to pay down your debt because it’s too much for your income to comfortably handle, your credit score may reflect poorly. Having too much debt and only making minimum payments can be a bad thing for your credit score.

Asking for an increase on your credit limit – Similar to applying for a new loan, asking for a credit limit increase can result in a hard pull of your credit report, which can pull your credit score down temporarily.

Not using your credit card – If you have a credit card, you’d be better off using it responsibility instead of not using it at all. Using a credit card responsibly can help you establish a good credit history.

Try to avoid these 8 mistakes that many first-time credit card users make.

Closing out old credit accounts – Even if you’ve fully repaid your credit card debt, you don’t necessarily have to close the account. Actually, doing so can have a negative impact on your credit score because it can affect your credit utilization ratio. You’d be better off using it once in a while to keep it active rather than closing it out.  

How to Change Your Spending Habits in Richmond to Improve Your Credit

If your credit score needs a boost, there are some things you may be able to do on your own before seeking outside intervention, including the following:

  • Come up with a workable budget and stick to it
  • Find ways to increase your income
  • Work hard to pay down your debt
  • Get a copy of your credit report to identify any errors and have them fixed
  • Be on time with every bill payment
  • Leave old credit accounts open
  • Use your credit card responsibly
  • Don’t spend any more than 30% of your credit limit
  • Make more than minimum credit card payments

How Does Bad Credit Affect Daily Life?Did you know that bad credit can affect your daily life? Learn more here.

Credit Building Products in Richmond to Help Improve Your Credit

If you’re still in need of some assistance with credit improvement in Richmond, there are a few credit building products out there that you may want to consider, such as the following:

Secured credit cards – If you’re having a tough time getting approved for a traditional unsecured credit card in Richmond, you may be able to get your hands on a secured card instead. With these types of credit cards, you put up a certain amount of money that serves as collateral. By paying off whatever you spend every month, you can effectively improve your credit score and build a positive credit history.

Debt consolidation – As already mentioned, having too much debt can be detrimental for your credit score. But if you’re having a tough time paying down your debt, perhaps a debt consolidation loan would help.

This involves taking out a large loan at an interest rate that’s lower than your highest-rate debt and using that money to pay off all other loans you may have. You’re then left with only one loan to pay – at a lower rate – which will make it easier to pay down your debt. In turn, this may help improve your credit score.

Read this to discover more ways of conquering your high-interest debt.

Credit Rehab Savings Program – This credit improvement program available in Richmond can help give your credit score a boost and is ideal for those who are finding it challenging to pay down their debt. With this arrangement, you would make low payments on your debts. And if you’re responsible with your payments to your credit rehab savings program provider, your payments will be reported to the credit bureaus and your credit score will improve.

Credit counselling – A credit counsellor in Richmond can guide you on making better financial decisions and adopting healthier habits with your money and debt. These experts can work with you to come up with a realistic budget and develop good spending habits that can help your credit score increase.

Need Help With Credit Improvement Richmond?

Your credit score is a critical component of your overall financial health. Without a decent score, you could find yourself getting shut out from loans, apartments, and even employment opportunities. If you live in Richmond and are looking for help with credit or debt problems, Loans Canada offers a wide variety of financial services that may work for you.

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