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Loans You Can Get With Bad Credit
There are several different types of bad credit loans in Fredericton that you can be approved for. Depending on the type of loan you’re interested in and the status of both your credit and financial health, you may want to consider one of the following options.
No Credit Check Lenders – While their interest rates can be high for these loans, you’ll generally have no trouble being approved for one as long as you have an income and a bank account.
Secured Loans – A secured loan involves putting something of value up as collateral to protect the lender in the case of a default. This can be a vehicle, your home, or another valuable asset. This can often gain you access to relatively good rates and terms, and higher loan amounts.
How To Get A Bad Credit Loan
Here are some steps you can take to get a bad credit loan:
Step 1. Compare Lenders And Get Pre-Approved
Online loan aggregator sites can help you quickly find and compare lenders and their loan products. Simply input a few pieces of information about yourself and the loan you need, and the lending platform will populate a list of lenders and products, along with their rates based on your profile. This will start the process of pre-approval, which will give you an idea of how much you can qualify for and the rate you will be charged. You can then compare offers side-by-side and choose the one that best suits your needs. It's very helpful to start the loan process by getting pre-approved first, especially if you have bad credit, as your credit score can affect the interest rates and loan amount you can qualify for.
Step 2. Apply For A Loan
Depending on the lender you choose to 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, which may include a government ID, pay stubs and bank account statements. In some cases, you won’t require any physical documents as the whole verification process can be done via instant bank verification services like Flinx, Plaid and Yodlee. During your application process, you’ll be asked to sign into your bank account through a secure portal. This process allows lenders to receive a read-only bank statement and have your bank account verified instantly.
Step 3. Get Funded
Traditional loans can take a few days for funding to come through. But with alternative lenders, you can receive the funds from your bad credit loan in a matter of hours, as long as the approval is made by a certain time. Otherwise, you can expect your funds the next business day.
What Do You Need To Get Bad Credit Loans In Fredericton?
Name, date of birth, contact information
1 or 2 government-issued IDs (1 photo)
Social Insurance Number (SIN)
Proof of employment (income, employers name, job title)
Loan purpose
3 months' worth of bank statements
Bank account details (for direct deposit and withdrawal of payments)
Where Can I Find A Bad Credit Loan In Fredericton?
If you have bad credit, you’ll likely have a difficult time getting approved for a loan from conventional lenders, like banks and credit unions. Fortunately, several alternative lenders are available in Fredericton that cater to bad credit borrowers, including the following:
Fairstone
102 Main St. Unit 6, Fredericton, NB, E3A 9N6 1055 Prospect St., Unit 4, Fredericton, NB, E3B 3B9
Fairstone has been a long-standing loan provider in Canada for nearly 100 years. The lender offers personal loan solutions to both prime and sub-prime borrowers across the country, including in Fredericton. Loans are made for up to $50,000, with rates starting at 26.99% for unsecured loans.
easyfinancial offers secured personal loans up to $100,000 and unsecured loans up to $20,000. If you have trouble getting approved for a loan from traditional lenders, then easyfinancial is a great option. You can apply online with bad credit or no credit within minutes, and loan pre-approval won’t have any impact on your credit score.
Spring Financial is an online lender that makes it easy and convenient to apply for a personal loan. The lender offers quick approval and funding in as little as 24 hours. You can take out a loan up to $35,000, depending on your credit profile. Even if you have bad credit, Spring Financial will work with your situation to get you the loan you need with payments you can afford.
LoanMeNow is another great option for bad credit borrowers when traditional loan options are not available. With LoanMeNow, you can get a quick loan for up to $1,000 with no credit check required. The entire application and approval process takes place online, so you can skip the in-person visit to the lender.
Yes, you can secure a loan even with bad credit. While conventional lenders, like banks and credit unions, might turn you down because of your bad credit score, you may still get approved for financing with an alternative lender.
Keep in mind, however, that you will likely be charged a much higher interest rate because of your bad credit. Further, you may have a tough time qualifying for a high loan amount. As such, you may not be able to secure enough funds to cover the cost of buying a car.
Instead, you may want to apply specifically for a bad credit car loan. In this case, the car you’re financing will collateralize the loan and reduce the risk for the lender. Because of this lower risk, the lender may offer you a higher loan amount and a more affordable interest rate.
While there are many decent options for those with bad credit, you should always keep an eye out for potential loan scammers.
How do you tell if you’re dealing with a scammer? Thankfully, there are a few telltale signs:
Your lender wants you to pay an upfront fee – In Canada, it’s illegal for the lender to request an upfront fee.
The lender is rushing you – If the lender tries to rush you through the process before you can read the contract through, they’re likely a scammer.
The loan offer sounds too good to be true – more often than not, offers that sound too good to be true, are not real. If something feels wrong about the loan offer, lender, be safe and avoid them.
Other Financial Assistance Programs In Fredericton
Bad credit loans in Fredericton are always an option when money is tight, but there are also many programs available that you can use to help offset costs like rent, food, utilities, and others.
The fastest and easiest way to find support programs in your area is to use www.211.ca. Not only are government programs available on this site, but so are several privately-run programs and charities. Check out some of the following assistance programs to get you started:
Rent Assistance
The cost of rent in Fredericton can be too much for low-income individuals and families to financially handle. The Rent Supplement Assistance Program in New Brunswick can help those who are struggling to make their rent payments by providing subsidized rents to ensure residents of Fredericton access affordable and suitable housing.
Your income, household size, and specific location will be considered for eligibility purposes.
Utility Assistance
If your heating bills are in arrears, you may be at risk of having your utilities disconnected. To avoid this scenario, New Brunswick’s Emergency Fuel Benefit is available. It provides up to $550 per year to help cover the costs of winter heating. Your monthly income and expenses will be reviewed to ensure you qualify for this benefit.
Food Banks
With the cost of food as high as it is these days, an increasing number of Canadians are finding it difficult to cover their grocery bills and are visiting food banks as a result. To ensure Fredericton residents can continue to put food on the table despite financial hardships, several food banks are available across the city. Here are a few that you can find on www.211.ca:
Greener Village — 686 Riverside Dr, Fredericton, NB, E3A 8C2
Keep in mind that these food banks are typically reserved for locals only. Many may ask for proof of residence.
Emergency Shelters
A handful of emergency shelters are available in Fredericton to help reduce the risk of homelessness among residents. You can find a list of available shelters in Fredericton on www.211.ca, many of which require a referral, including the following:
The Oak Centre Emergency Shelter – 1216 Regent St, Fredericton, NB, E3B 3Z4
Brunswick Home Transitional House – 273 Brunswick St, Fredericton, NB, E3B 1G8 – referral needed
Mim’s House – 65 Brunswick St, Fredericton, NB, E3B 1G5
What is considered a ‘bad’ credit score in Fredericton?
Credit scores in Canada range from 300 to 900. A ‘bad’ credit score is less than 560.
Can I get a loan if my credit score is less than 560?
Yes, online lenders may approve you for a loan even if you have bad credit below 560. That said, the minimum credit score threshold will vary among different lenders in Fredericton.
How can I find out what my credit score is?
You can get a free copy of your credit report from Equifax and TransUnion once a year, which will include your credit score. You can also use free online resources, like Loans Canada’s CompareHub, to check your credit score, as well as compare different lenders and their loan products.
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