Filters
- Amount
- Up to $35,000
- Rate
- 9.99% - 46.96%
- Term
- 9 - 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% - 39.99%
- Term
- 6 - 120
- Amount
- $1,500 – $10,000
- Rate
- Varies by province
- Term
- Varies
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.Documents Required For Bad Credit Loans In Newfoundland
- 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 You Find Local Bad Credit Loans In Newfoundland?
If your loan application has been denied by your bank because of your bad credit score, you may find what you need by working with an alternative lender. Many lenders across Newfoundland work specifically with bad credit borrowers in the province and use other criteria instead of your credit score to assess your creditworthiness.
Here are a few bad credit lenders in Newfoundland:
| Fairstone | St. John’s: 15 – 25 Kenmount Road, St. John’s, NL, A1B 1W1 Deer Lake: 12 Church St., Deer Lake, NL, A8A 1E1 Corner Brook: 0135 – 1 Mount Bernard Ave., Corner Brook, NL, A2H 6Y5 Lewisport: 138-B Main St., Lewisport, NL, A0G 3A0 Gander: 75 Elizabeth Dr., Gander, NL, A1V 1W8 Stephenville: 90 Main street, Stephenville, NL, A2N 2Z4 | Learn More |
| easyfinancial | St. John’s: 95 Stavanger Dr., Unit C0003, St. John’s, NL, A1A 5V9 Clarenville: 69 Manitoba Dr., Clarenville, NL, A5A 1K3 Marystown: 25 Columbia Dr., Unit 9, Marystown, NL, A0E 2M0 Gander: 29 Roe Ave., Unit #2, Gander, NL, A1V 1W5 Carbonear: 120 Columbus Dr., Unit 7B, Carbonear, NL, A1Y 1B3 Conception Bay South: 344 Conception Bay Hwy., Conception Bay South, NL, A1X 7A3 | Learn More |
| Spring Financial | You can apply for a loan online in Newfoundland. No Physical branches are available. | Learn More |
| LoanMeNow | You can apply for a loan online in Newfoundland. No Physical branches are available. | Learn More |
Can You Get Bad Credit Loans In Newfoundland From Fairstone?
Fairstone provides residents of Newfoundland with quick personal loans ranging between $500 to $60,000. You can apply online, over the telephone, or in person from one of many branches.
Repayment options are flexible and include weekly, bi-weekly, semi-monthly, or monthly payment schedules. Even if you have bad credit, you can still secure a loan from Fairstone with the help of lending specialists who will personalize your loan to suit your budget.
Fairstone has several locations in Newfoundland including St. John’s, Deer Lake, Corner Brook, Lewisport, Gander and Stephenville.
Can You Get Bad Credit Loans In Newfoundland From easyfinancial?
easyfinancial offers quick loans to all types of Newfoundland borrowers, including those with bad credit. You can apply for a loan via easyfinancial’s website or in person at one of several locations. Multiple loan repayment options are available for you to choose from.
easyfinancial has multiple locations in Newfoundland including St. John’s, Clarenville, Marystown, Gander, Carbonear, and Conception Bay South.
Can You Get Bad Credit Loans In Newfoundland From Spring Financial?
Spring Financial provides loans of up to $35,000 to Newfoundland residents, including bad credit borrowers. The application takes place entirely online and can be done in as little as a few minutes, with funding available as soon as the same day.
Spring Financial is an online-only lender. There are no physical branches in Newfoundland.
Can You Get Bad Credit Loans In Newfoundland From LoanMeNow?
LoanMeNow works specifically with bad credit borrowers and does not include a credit check as part of the vetting process. You can get up to $1,000 delivered to you within 24 hours to be used for a variety of purposes.
While there are no physical LoanMeNow branches, you can apply online from anywhere in Newfoundland.
Can You Cover A Car Purchase With A Bad Credit Loan In Newfoundland?
Yes, you can buy a car with the funds from a bad credit personal loan. However, this type of unsecured loan will be expensive, as interest rates on bad credit loans are quite high. Plus, you may have trouble getting approved for a bigger loan because of your bad credit score.
In this case, you may want to apply specifically for a bad credit car loan. This type of loan is secured by your vehicle, which reduces the lender’s risk. In turn, you may be offered a lower rate compared to an unsecured bad credit personal loan.
Is My Credit Score Bad?
- Excellent (Scores 760+)
- Very Good (Scores 759 – 725)
- Good (Scores 724 – 660)
- Fair (Scored 659 – 560)
- Poor (Scores 559 – 300)
How Do I Check If I Have Bad Credit?
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
Ways To Build Your Credit In Newfoundland and Labrador
If you have bad credit, there are a few things you can do to help you improve your credit, including the following:
- Pay Your Bills – It may be obvious, but paying your bills on-time and in-full can have a significant positive impact on your credit scores.
- Dispute Errors on Your Credit Report – Errors on your credit report can negatively impact your credit. So be sure to check your credit report and dispute the errors you discover.
- Lower Your Debt-To-Credit Ratio – It’s recommended that you keep your credit utilization below 30-35%.
- Use Credit Building Products – If you can’t qualify for regular loan products or simply don’t want to take on more debt, you can use a secured credit card or a savings loan to help you build your credit.
Newfoundland And Labrador Loan Insurance Scams
Even if you’re desperate for fast cash, it’s always important to protect your financial information from those looking to take advantage of your bad credit situation. When you’re looking for a credit product of any kind, especially one for bad credit, always do as much research as you can to confirm that your potential lender is legitimate.
Loan Scam Warning Signs
- Lender asks for “loan insurance” – No legitimate lender will ever request an upfront payment before you receive your loan. If a lender does, they are trying to scam you.
- No solid reputation – Any good lender in Newfoundland and Labrador and Canada in general, should have a reputation that’s backed by customer reviews, an online presence, and a page in the Better Business Bureau database.
- Won’t provide all relevant information – Any real lender will tell you all you need to know about the loan process. This includes the exact terms and conditions, as well as how much your loan will cost by the end of your payment period.
Alternatives Sources For Financial Support
| Employment Insurance (EI) | Learn More |
| Canada Child Benefit (CCB) | Learn More |
| Maternity/Parental Leave | Learn More |
| Federal Disability Tax Credit | Learn More |
| Compassionate Care Benefits | Learn More |
| GST/HST Tax Credit | Learn More |
| Green Tax Credits | Learn More |
Other Financial Assistance Programs In Newfoundland
If you’re struggling financially, a bad credit loan may help alleviate your troubles temporarily. But rather than rely solely on a loan, other programs in Newfoundland can provide you with free food, legal aid, affordable child care, etc.
A quick and easy way to find these local resources is to search on www.211.ca. Simply enter your location and the type of services you’re looking for, and the site will populate a list of available resources. Here are a few to help you get started:
Parental Support And Resources
New Pennywell Road Family Resource Centre runs the Healthy Baby Club, which provides support and resources for pregnant mothers. Items and resources include food vouchers, cooking sessions, lifestyle counselling, prenatal education, transportation, and child care.
Expectant and new mothers are eligible to apply. To find out more, call 709-739-8096 or email karen@brighter-futures.net.
Pregnancy Resources
Expectant mothers from low-income households may be eligible to access free pregnancy resources and support from the Centre for Life. Resources and support include free pregnancy tests, infant clothing and other baby items, counselling, maternal support, and referrals to community networking support services.
The program requires an application to access these resources. To find out more, call 1-877-997-5433 or visit www.CentreForLife.ca.
Legal Aid
If you’re in legal trouble and can’t afford sky-high lawyer fees, you may be eligible for legal aid in Newfoundland. The Newfoundland and Labrador Legal Aid Commission provides free legal support for residents of the province who meet financial eligibility criteria. Legal matters include family law, criminal law, immigration law, administrative law, and traffic violations.
To access legal aid, you must apply online or make an appointment. Call 1-800-563-9911 or email nlac@legalaid.nl.ca to find out more.
Food Banks
Newfoundland residents who are finding it difficult to put food on the table due to rising grocery costs may obtain everything they need from one of several food banks across the province. Each food bank serves local residents.
- Divine Mercy Food Bank, 101 MacDonald Dr., St. John’s, NL, A1A 0E4
- St Peter’s Parish Food Bank, 110 Ashford Dr., Mount Pearl, NL, A1N 3L6
- Food Bank Network of the Bay of Islands, 6 Herald Ave., Corner Brook, NL, A2H 4B4
- Bonavista and Area Food Bank, 28 Church St., Bonavista, NL, A0C 1B0
