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
Having bad credit can stand in the way of accessing loans and credit products in New Brunswick. However, while loans from traditional lenders may be tough to access, other bad credit loan options are available.
Here’s everything you need to know about getting a bad credit loan in New Brunswick.
What Kind Of Features Can You Expect When Getting A Bad Credit Loan?
There are many types of loans you can get with bad credit. Depending on the type of loan you apply for, the features will vary. For example, if you apply for a personal loan with bad credit, you can expect the following features
| Interest Rates | Because of the increased risk for the lender, bad credit loans typically come with higher rates, typically ranging from 9.99% to 35%, depending on the lender and specific loan type. |
| Loan Terms | Loan terms may be shorter if you have bad credit to reduce the lender’s risk. That said, terms can range from 6 months to 5 years, depending on your financial profile. |
| Loan Amounts | Lenders typically offer bad credit loans up to $35,000, depending on your financial profile. |
| Funding | Funding times are rather quick, with access to funds available as soon as the same day you apply, typically through direct deposit or Interac e-Transfer. |
| Approval Criteria | These loans are relatively easy to qualify for with private lenders than banks, as they place more emphasis on your income and employment stability rather than your credit score. |
Learn more: Bad Credit Loans
What Do You Need To Be Eligible For A Loan With Bad Credit?
Loan criteria vary by lender. That said, the following requirements are standard when applying for a loan:
- Be a Canadian resident
- Be the age of majority in New Brunswick (19 years)
- Earn a minimum income based on the lender’s requirements
- Have a debt-to-income ratio under 44%
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 Online
| 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.Learn more: How To Apply For A Loan
Documents You May Need To Apply
- 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)
Can I Apply for a Bad Credit Loan Online?
Yes, if you’re in New Brunswick, whether in a big city like Fredericton or a smaller town like Sussex, you can easily apply for a bad credit loan online. Many lenders that help work with bad credit borrowers operate solely on the internet, with no physical branches to visit.
Why Consider Applying For A Loan Online Instead Of In-Person?
There are some perks to applying for a bad credit loan online:
- Convenience: You can fill out your application from wherever you are, whenever it suits you. Many online lenders are available 24/7.
- Fast Processing: A lot of online lenders use instant bank verification (IBV) to quickly check your income and identity. This can lead to faster approvals and funding, often on the same day you apply.
- Simplicity: Applying online is straightforward. You can submit your application, upload documents, sign contracts, and receive your funds all online.
Learn more: Best Online Loans In Canada
Where Can I Find Bad Credit Loans In New Brunswick Near Me?
If you have bad credit, you’ll have more luck applying for a loan with an alternative lender than your bank. Fortunately, there are many bad credit lenders in New Brunswick, some of which have physical locations and others that offer online loans.
Bad Credit Loans In Fredericton
| Fairstone | – 102 Main St. Unit 6, Fredericton, NB E3A 9N6 – 1055 Prospect St., Unit 4, Fredericton, NB E3B 3B9 Find a location near you with Fairstone’s branch locator. |
| easyfinancial | – 102 Main Street, Fredericton, NB E3A 9N6 – 10 Trinity Ave, Fredericton, NB E3C 0B8 Find a location near you with easyfinancial’s branch locator. |
| Money Mart | – 1229 Prospect St, Fredericton, NB E3B 3Z2 Find a location near you with Money Mart’s branch locator. |
How To Increase Your Odds Of Getting A Loan With Bad Credit
Here are a few helpful ways to boost your chances of getting approved for a bad credit loan:
- Prove A Stable Income: Lenders want to know that you’re able to repay the loan. Showing steady employment or consistent income can help offset a bad credit score.
- Apply With A Specialized Lender: Some lenders look past credit issues and look at other factors, like your income and job history.
- Offer Collateral: Secured loans backed by assets are less risky for lenders, who may be more willing to approve your loan application as a result.
- Add A Co-Signer: Including a co-signer with good credit and strong finances can significantly boost your odds of approval.
Should You Apply Now Or Build Credit First?
If your need for a loan is not an emergency, consider waiting to apply and taking some time to boost your credit score. Good credit can help you qualify for loans, particularly low-interest loans, so it’s best to try and build your credit when you can. Here are a few things that may help you build credit:
- Make Payments On Time. Payment history is one of the factors that affect the calculation of your credit score. So, make it a point to pay your credit accounts on time every month.
- Keep Your Credit Utilization Ratio Low. Your revolving credit products have a credit limit that you must stick to. But it’s also important not to use your full monthly limit. Even if you pay it off in full each month. It’s recommended that you keep your ratio at 30% or lower for the best results.
- Keep A Lengthy History Of Diverse Credit Usage. The longer your history of responsible credit use through a wide variety of credit products, the better it is for your creditworthiness. Closing your oldest credit account will reduce the overall length of your credit history, which may have a negative impact on your credit.
Learn more: How To Improve Your Credit Scores
What Other Loans Can You Get With Bad Credit?
If you have bad credit, you may be wondering what kind of loans you can get. While it may be difficult to qualify for a loan with a bank, you can still access most credit products through alternative and private lenders.
Here are some loans that are great options for borrowers with bad credit:
No Credit Check Loans
While almost all conventional lenders use your credit health in some way during their approval procedure, many alternative lenders do not. Instead, no credit check loans consider items like your income, banking information, etc.
Secured Loans
If you have assets, such as your home, car or other valuable property to offer up as collateral, this can increase your chances of approval and a lower interest rate. Examples of secured loans include auto title loans, car loans, and home equity loans.
Payday Loans
A payday loan is a short-term, high-interest loan typically due for full repayment by your next payday, though terms do not exceed 62 days. These loans, often used for quick cash emergencies, are very expensive and can be difficult to repay within a short timeframe. As such, payday loans should only be considered as a last resort.
Learn more: Payday Loans
Car Loans
Car loans are often easier to for bad credit borrowers to get because the vehicle serves as collateral. This reduces the lender’s risk if you default on your payments, because the lender can repossess and resell your car to recoup the funds.
Cash Advances
If all you need is a few hundred dollars but don’t want to deal with credit checks or lengthy applications, consider a cash advance:
| Credit Card Cash Advance | If you already have a credit card, then you can access funds from your credit account through a credit card cash advance. Interest rates typically range around 30%. | Learn More |
| Bree | Access up to $500 with a no-interest Bree cash advance. | Learn More |
| Nyble | Access $30 to $250 with a no-interest credit line from Nyble. | Learn More |
| KOHO Cover | Access up to $250 with no interest through KOHO Cover. | Learn More |
Risks Of Applying For Bad Credit Loans In New Brunswick
Before applying for a bad credit loan in New Brunswick, consider the following potential drawbacks:
- Higher Risk Of Rejection: Since your credit status is bad, many traditional lenders will deny your application. While you may qualify with an alternative lender, you’ll usually get a higher interest rate than a borrower with a good score.
- Too Many Credit Checks: When you apply for a loan, most lenders will conduct a hard credit check. If you have multiple credit checks within a short period, lenders may see this as a warning sign and deny you a loan. Moreover,
- Higher Cost: If you’re approved for a high-interest loan, it can help you cover your emergency cost, but it will also cost you a lot of money in the long run.
Watch Out For Bad Credit Loan Scams In New Brunswick
In the world of online activity and bad credit, many scam artists prey on unsuspecting victims in need of extra cash. Be sure to do proper research when you’re searching for an alternative/bad credit lender online to avoid possible scams.
Here are some warning signs you can look out for:
- They ask for an advanced deposit. One of the easiest ways to spot a scammer is when they ask for “loan insurance”. It is illegal in New Brunswick and the rest of Canada for a lender to demand payment before your loan is approved.
- They’re not transparent about the loan cost. While some lenders don’t check your credit, all legitimate lenders should tell you exactly how much your loan will cost you by the end of your payment term. That should include all interest rates and fees. If the contract is unclear about that or the salesperson is avoiding your questions, it’s best not to trust the source.
- Their company doesn’t have a solid reputation. During your research, make sure to check customer reviews and look up any potential lenders in the Better Business Bureau Database.
- They don’t have a physical or online presence. If you can’t find a physical address or website for the lender, they’re likely not legitimately in business.
Having Trouble Getting A Loan? Find Financial Assistance Programs In New Brunswick
If you can’t get a bad credit loan in New Brunswick, other options may be available. Fortunately, there are many non-profit organizations and local programs in New Brunswick that are designed to help those struggling financially.
Depending on your specific needs, you can find programs to assist with rent, shelter, groceries, and other needs. Here are a few programs available in New Brunswick:
Rent Supplement Assistance In New Brunswick
The Rent Supplement Assistance Program helps eligible tenants cover the cost of rent. Qualifying renters will have their rents lowered to 30% of their household income.
Fuel Benefit In New Brunswick
The Emergency Fuel Benefit provides financial assistance to eligible low-income residents of New Brunswick who are struggling with the high cost of living. Application for the benefit is not required. Instead, eligible residents will automatically receive the benefit of up to $550.
Social Assistance In New Brunswick
Social Assistance provides financial assistance to those who are unable to afford basic necessities, such as shelter, food, and clothing. The program is also available to help New Brunswick residents find employment. The benefit amount depends on all income sources and the number of members in a household.
Food Banks In New Brunswick
New Brunswick residents struggling to pay for groceries can access many food banks across the province:
- Moncton: Second Mile Food Bank
- Fredericton: Greener Village
- Woodstock: Valley Food Bank
- Saint John: Community Food Basket
Emergency Shelters In New Brunswick
Many emergency shelters are available across New Brunswick, with each serving its local residents:
- Saint John: Outflow Men’s Shelter
- Fredericton: Grace House for Women
- Moncton: Harvest House Atlantic
- Sussex: Sussex Vale Transition House
Financial Support For Seniors In New Brunswick
Low-income seniors may qualify for an annual $616 benefit from the Government of New Brunswick via the Low-income Seniors’ Benefit program. Residents aged 60 years or older can use this benefit to supplement their income or cover household expenses or other basic needs. Applications are available every April 1st.
Bad Credit Loan FAQs
How can I qualify for a loan with bad credit in New Brunswick?
How can I improve my bad credit?
Can I get a loan in New Brunswick without a credit check?
What is bad credit?
Why do I have bad credit?
®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.
