Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- Up to $10,000
- Rate
- Varies by product
- Term
- Varies by product
Are you looking to apply for a loan in BC, but you’re worried about your bad credit? The good news is that you’re not out of options. While many banks use your credit score as a deciding factor, many other lenders don’t put as much emphasis on your credit. These lenders rely on your overall financial health and stability.
Learn everything about how to get a loan with bad credit, where to get one, and what you need to get approved.
Can You Get A Loan With Bad Credit In BC?
Yes, it is possible to get a loan with bad credit in BC. You can get many types of loans with bad credit from different types of lenders, including private lenders, credit unions and dealerships. These lenders generally have more flexible requirements and put less emphasis on your credit score. Depending on the type of loan you’re looking for, the terms, amounts, and interest rates available will vary.
Features You Can Expect When Applying For A Personal Loan With Bad Credit
If you’re looking for a bad credit personal loan, you can expect the following terms:
| Loan Amount | Loans up to $35,000 (or more, depending on the lender, your financial profile and if you offer up collateral) |
| Loan Term | Between 6 and 60 months usually |
| Interest Rate | APRs are generally higher than banks and range between 9.99% and 35%. |
| Funding Method | Direct deposit or e-transfer. |
Types Of Loans You Can Get With Bad Credit
There are a wide range of bad credit lending options in British Columbia for those with less-than-perfect credit score and history.
Payday Loans
Payday loans are specially designed with bad credit borrowers in mind. They generally do not require any credit checks and have very few requirements for approval. Those living on a pension or government benefits, such as the Canada Child Benefit or disability benefit, can qualify.
With payday loans, you can get up to $1,500 with repayment terms up to 62 days. Payday loans loan costs $14 per $100 borrowed across Canada, except Quebec and the territories.
Cash Advances
A quick cash advance can also be a good option in emergency situations:
| Credit Card Cash Advance | Get up to your cash advance limit. Interest rates generally range around 30%. | Learn More |
| Bree | Get up to $500 with Bree with zero interest. | Learn More |
| Nyble | Get $30 to $250 with Nyble without interest. | Learn More |
| Koho Cover | Get up to $250 without interest. | Learn More |
Secured Loans
As opposed to a regular unsecured personal loan, a secured loan is one where you put up an asset (for example a vehicle) as collateral. They’re generally easier to qualify for as the collateral offsets the risk taken on by the lender.
These loans also have fairly decent interest rates, so if you are confident you can make the payments and not default, choosing a secure loan in British Columbia is a great option for many consumers with bad credit.
Car Loan
If you’re looking to buy a car with bad credit, a car loan may be your best option. Car loans are secured by the car you’re purchasing, which helps offset the risk the lender is taking. This can result in higher approval chances and lower interest rates than a personal loan.
Are You Eligible For A Bad Credit Loan In BC?
To be eligible for a loan with bad credit, you’ll generally need to meet a few minimum requirements:
- You must be a Canadian resident
- You must be at least 19 years (the age of majority in BC)
- You must have a steady source of income. While some lenders require the income to come from employment, others may accept income from disability, pension or other government benefits.
- Your current debts cannot be too high. Most lenders will calculate your debt-to-income ratio to ensure it’s low enough to handle another loan payment. Most lenders require your DTI to be under 45%.
Is My Credit Score Bad? Follow This Simple Table As Your Guide
- Excellent (Scores 760+)
- Very Good (Scores 759 – 725)
- Good (Scores 724 – 660)
- Fair (Scored 659 – 560)
- Poor (Scores 559 – 300)
How To Check Your Credit Score
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
How To Apply for a Loan If You Have Bad Credit
Here are some steps you can take to get a bad credit loan:Step 1. Compare Lenders And Get Pre-Approved
To get the best loan terms, compare loan offers from multiple lenders. You can do so by getting pre-approved with a particular lender or by using an online loan aggregator site like Loans Canada. You can then compare offers side-by-side and choose the one that best suits your needs.Step 2. Apply For A Loan
Depending on the lender you 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, including a government ID, pay stubs, and bank account statements. Sometimes, you won’t require any physical documents as the whole verification process can be done via instant bank verification (IBV) services like Flinx, Plaid and Yodlee. You’ll be asked to sign into your bank account through a secure portal during your application process. This allows lenders to receive a read-only bank statement and have your bank account verified instantly.Step 3. Get Funded
If you’re approved, you may receive your funds within a few minutes to 24 hours via e-transfer or electronic bank transfer.Can I Get A Bad Credit Loan Online?
Loans can be applied online from anywhere in BC, whether in a big city like Vancouver or a small city like Penticton. In fact, many bad credit lenders have automated underwriting processes to facilitate fast online approvals. You can generally apply for loans online at any time of day, including weekends.
Should You Apply For A Loan Online Or In-Person
Whether you should apply online or in person depends on what you prefer. Usually, online loans are better because:
- Pre-Approvals – Many online lenders allow borrowers to get fast pre-approvals. This allows you to compare offers without having to undergo a hard credit check.
- Convenience – With an online loan, you can apply quickly and from the comfort of your home..
- Instant Bank Verification (IBV) – Many online lenders use instant bank verification (IBV) to instantly verify your identity and income. This allows lenders to quickly approve borrowers and fund them as quickly as the same day.
Learn more: Is It Better To Apply Online Or In Person For A Loan?
Where Can I Find A Bad Credit Loan Near Me?
Ontario residents have several bad credit lenders from which to choose. Here are just a handful of lenders in the province that offer bad credit loans:
Bad Credit Loans Locations In BC
| Fairstone | – 32915 South Fraser Way A, Abbotsford, BC V2S 2A6 – 2121 Springfield Rd, Kelowna, BC V1Y 7X1 – 3355 North Rd, Burnaby, BC V3J 7T9 Find a location near you with this Fairstone branch locator. |
| easyfinancial | – 402 E Broadway, Vancouver, BC V5T 4T3 – 4429 Kingsway, Burnaby, BC V5H 2A1 – 1225 Blanshard St, Victoria, BC V8W 3J4 Find a location near you with this easyfinancial branch locator. |
| Money Mart | – 1043 Granville Street, null, Vancouver, BC V6Z 1L4 – 345 E Broadway, null, Vancouver, BC V5T 1W5 – 1896 W Broadway, Vancouver, BC V6J 1Y9 Find a location near you with this Money Mart branch locator. |
| CashMoney | – 1251 Main Street, Vancouver, BC V6A 4G5 – 2390 East Hastings St, Vancouver, BC V5L 1V5 – 4676 Main Street Suite 201, Vancouver, BC V5V 3R7 Find a location near you with this CashMoney branch locator. |
What Are Your Rights When Applying For A Loan In BC?
| Max Interest Rate | In BC, there is no maximum interest that a high-cost credit lender can charge, as long as the APR does not exceed 35%, as per Section 347 of the Criminal Code. |
| Fee Caps | While there are no provincial caps on fee charges, there are federal rules. The total fees, cost and interest of a high-cost personal loan cannot be more than the criminal interest rate of 35% APR. |
| Do Lenders Require A License? | High-cost credit lenders must be licensed in BC and comply with requirements under the Business Practices and Consumer Protection Act. This license number must be clearly displayed on the high-cost credit lender's storefront or website. |
| Debt Collection Rules | When collecting debt, high-cost credit lenders have rules to follow under the Business Practices and Consumer Protection Act. Lenders cannot: - Collect a debt payment before the due date. - Require information that would give the lender direct access to a borrower's bank account. - Use account information for any purpose other than to process a pre-authorized payment. - Use threatening, intimidating or coercive language in an attempt to collect unpaid debt. - Communicate with the borrower's family, neighbours, friends, or employer in a manner that is considered harassment. - Collect debt payments until the borrower has been informed in writing. - Communicate with a borrower to collect a debt until five days after written notice has been provided. |
How To Increase Your Odds Of Getting A Loan With Bad Credit
If you have bad credit, you can do a few things to increase your odds of approval:
- Cosign the loan – If someone with good credit and finances is willing to cosign a loan for you, your chances of approval will be much better. Moreover, you may qualify for lower interest rates and higher loan amounts.
- Lower your DTI – Many bad credit lenders will put more emphasis on your DTI instead of your credit score. As such, lowering your DTI to ideally 32% or lower can help your chances of approval.
- Avoid NSF fees – A lot of lenders will require 3 months of bank statements. Having one or more NSFs can cause the lender to deny your loan. Ensuring you don’t have any NSFs can help your approval chances.
| Tip. If you do not need the funds urgently, consider taking a few months to increase your credit score. You can help improve your score by paying your bills on time, lowering your credit utilization ratio and by using credit-building programs. |
| Did You Know? BC’s average non-mortgage debt per consumer reached $22,583 in Q4 2024 (Equifax). If you’re struggling with debt, consider consolidating your debt or speaking to a credit counsellor for debt relief options. |
Bad Credit Loans In BC: Watch Out For 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.
Here are some tell-tale red flags to watch out for:
- Loans are “guaranteed”. No legitimate lender will guarantee loan approval. Even though bad credit loans are easier to secure, they should still involve some sort of vetting process to ensure you can make your loan payments. If a lender guarantees loan approval, avoid them.
- No online or physical presence. Lenders who have been in business should be easily found online or in person. If you can’t find a website or a physical address, this is a red flag.
- Upfront payment is required. You should not have to pay your lender any upfront fees before you’re given a loan. Generally, fees are taken out directly from the loan amount you qualify for. Payments should only begin once a loan agreement has been signed and you received the agreed-upon loan amount. Steer clear of lenders that demand upfront payments.
Can’t Get A Loan? Check Out These Financial Assistance Programs In BC
While loans are a great option to help you cover an expense, it’s only financially sensible if you can comfortably afford it. Otherwise, it may be better to look for other ways to cover it or make room in your income to cover it. Here are a few financial programs in BC that can help you cover certain costs so there’s more room in your budget.
Rent And Housing Assistance In BC
If your rent is making it hard to afford other necessities, you could apply for the Rental Assistance Program (RAP). It is available to low-income.
e BC families and provides monthly payments to help cover rent payments.
Similarly, low-income families in BC who are struggling to pay rent may qualify for subsidized housing. This is a long-term housing solution that bridges the gap between what families can afford to pay in rent and their monthly rent obligations.
Income Assistance In BC
Income assistance is available to BC residents in need and have exhausted all other options. The program is designed to help low-income individuals cover their bills as they actively search for employment. Income assistance payments are made on a monthly basis.
Food Banks In BC
Food prices have inflated all over the country causing many to rebalance their budgets. If food costs are a major source of financial stress for you, you may be able to get free food through food banks.
To combat food insecurity, multiple food banks are available to BC residents in need. Each food bank caters to members of its specific community. Some examples of food banks in BC include the Mustard Seed Street Church & Food Bank in Victoria, the Archway Abbotsford Food Bank in Abbotsford and Ryan’s Rainbow Emergency Food Outreach in Burnaby.
Utility Assistance In BC
Low-income families in BC are at risk of having their heat or water shut off if they are unable to keep up with their utility bills. To mitigate this risk, a Utility Security Deposit supplement is available to eligible households to cover the cost of securing service for natural gas or electricity.
More Financial Assistance Programs In BC
Bad Credit Loans BC FAQs
What kind of income can I use to get a bad credit loan in British Columbia?
What kind of loan can I get in British Columbia if I have bad credit?
How do I qualify for a bad credit loan?
Can you get a no credit check loan?
®Fairstone Financial Inc. is a wholly owned subsidiary of Fairstone Bank of Canada.
*Interest rates are subject to change. Actual Annual Percentage Rate (APR) varies based on the province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC.
†On approved credit. Terms and conditions apply. Interest rates vary by province/territory and from customer to customer based on factors like credit score and borrowing history. See Fairstone’s website for details.
Fairstone Financial Inc. holds high-cost credit licenses in AB, MB (License #85047, expiring 20-02-2026) and QC; it has applied for a high-cost credit grantor license in NL. For license information by province, visit Fairstone.ca/HCCG
In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821.
In Nova Scotia, Fairstone Financial Inc. is licensed as mortgage lender #2021-3000028.
easyfinancial Disclaimer:
Unsecured Personal Loans: Personal loan amounts range from $500-$20,000, with rates set between 29.99%-35.00% and determined based on the amount and term of the loan and our assessment of your personal loan profile credit. Amortization between 9-84 months. Different lending rules apply in Quebec and can be viewed at www.easyfinanciere.com . Different lending rules for high-cost credit products may apply in Manitoba, British Columbia, Newfoundland and Labrador. Brokerage #12935 (ON) X300681 (BC) #3000289 (NS). BC HCC #83689 Expiry Date - 10/31/25, MB HCC #62897 Expiry Date - 11/10 /25, AB HCC # 349265 Expiry Date - 01/31/2025, NL HCC # Expiry Date.
Secured Loans: Home equity loan amounts range from $15,000-$150,000, with rates set between 9.99% and 23.99%. Amortization between 72-240 months. The term of your loan will depend on the amount of your loan and our assessment of your credit profile. Additional fees, which vary by loan amount, apply and are subject to a 6 month loan interest penalty when paid within the first 36 months of the loan. Brokerage #12935 (ON) X300681 (BC) #3000289 (NS). BC HCC #83689 Expiry Date - 10/31/25, MB HCC #62897 Expiry Date - 11/10 /25, AB HCC # 349265 Expiry Date - 01/31/2025, NL HCC # Expiry Date.
