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
If you’ve got bad credit, you may have bad luck applying for a loan with your bank. For borrowers like you, bad credit loans are available in Nova Scotia. These loans usually have an easier approval process, making it possible for borrowers to access credit.
In this guide, we’ll go over details about getting a loan with bad credit, how to apply, and what you need to get approved.
Understanding The Terms Of A Bad Credit Loan
Bad credit personal loans in Nova Scotia come with the following features:
| Loan Amount | Most bad credit personal loans are made for up to $35,000, though higher loan amounts may be available if your loan is secured. |
| Loan Term | Terms range from 6 to 60 months on average. |
| Interest Rate | APRs for bad credit personal loans generally range from 9.99% to 35%. |
| Funding Method | Funds are deposited directly into your bank account or sent via e-Transfer. |
What Are The Requirements For A Loan With Bad Credit?
Requirements for a bad credit loan can differ between lenders, but there are some basic things you’ll typically need to have:
- Be a Canadian citizen or permanent resident.
- Be at least 19 years old (the age of majority in Nova Scotia).
- Meet the lender’s minimum income criteria. Some lenders may consider income that isn’t from a job, like pension or disability payments.
- Have a low debt-to-income ratio, typically no higher than 44% of your income.
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.Documents You 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 You Apply For A Loan Online With A Bad Credit Lender?
You can easily apply for a bad credit loan online from anywhere in Nova Scotia, whether you’re in a big city like Halifax, or in a smaller town like Peggy’s Cove. In fact, many lenders that work with bad credit borrowers are only available online.
Benefits Of Applying For A Loan Online vs. In-Person
Here are some reasons why applying for a loan online can be better than visiting in person:
- Convenience: Applying online lets you apply and get approved from the comfort of your home. Plus, many online lenders are available around the clock, including weekends, so you can apply whenever you want.
- Quick Income Verification: Many online lenders use instant bank verification (IBV) to check your income in seconds. This means you could get your loan approved and funded quickly, even on the same day you apply.
- Simplicity: Applying for a loan online is straightforward. Just fill out the application, upload your documents, e-sign the loan contract, and get your funds through e-Transfer. This makes the entire process quick and easy from start to finish.
Learn more: Is It Better To Apply Online Or In Person For A Loan?
Where Can I Find Bad Credit Loans In Nova Scotia Near Me?
You’ll find several bad credit lenders throughout Nova Scotia. Some lenders have physical branches, while others work strictly online. Here are a few bad credit lenders available in the province.
Bad Credit Loans In Halifax
| Fairstone | – 7071 Bayers Rd. #282, Halifax, NS B3L 2C2 – 3 – 201 Chain Lake Dr., Halifax, NS B3S 1C8 | Learn More |
| easyfinancial | – 201 Chain Lake Dr. #22A, Halifax, NS B3S 1C8 – 6140 Young St. #120, Halifax, NS B3K 0G2 | Learn More |
| Cash Money | – 3095 Robie St, Halifax, NS B3K 4P7 | Learn More |
| Money Mart | – 3045 Robie St Unit 1, Halifax, NS B3K 4P6 – 278 Lacewood Dr Unit 112, Halifax, NS B3M 3N8 | Learn More |
Ways To Increase Loan Approval With Bad Credit
Here are some steps you can take to get a bad credit loan:
- 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.
- Add A Cosigner: A cosigner is someone with good credit and high income who is added to a loan contract to reduce the lender’s risk. In the event that you default on the loan payments, the cosigner promises to take over, thus increasing your chances of loan approval despite having bad credit.
- Apply For A Smaller Loan: The higher the loan amount, the more difficult it may be to secure a loan. Consider what you need the money for and see if you can reduce your requested loan amount to improve your chances of loan approval.
| What Causes Bad Credit and How Do I Fix It? Bad credit can be caused by many factors, such as missed payments, high debt-to-credit ratio (Total revolving debt ÷ Total credit limit), low credit history, hard credit inquiries, accounts in collections, bankruptcy and more. To help improve your credit, ensure you pay your bills on time and in full. Be sure to avoid opening and closing too many credit accounts. With consistent, responsible usage of your credit products, your credit score can improve. |
Types Of Loans You Can Get In Nova Scotia With Bad Credit
Even with bad credit, you can still access loan products, though you’ll likely need to apply with an alternative lender, as banks typically require good credit to qualify.
No Credit Check Personal Loans
As the name suggests, a no credit check loan means your credit will not be looked at. So, if you have bad credit, this type of loan may be ideal. However, no credit check loans are typically only available from alternative lenders and may come with small loan amounts and higher interest rates.
Secured Personal Loans
A secured loan is one that’s backed by collateral, like a car or house. This added security reduces the lender’s risk, which can help you get approved for funding despite having bad credit. You’ll still need to meet minimum income requirements.
Payday Loans
Payday loans are perhaps the easiest loan types to get approved for because of their easy loan requirements. Generally, no credit check is required, so you can get approved despite having bad credit. Just keep in mind that the cost of these loans is very high, and loan repayment terms are very short.
Cash Advances
If you need a small amount of cash quickly, you can also opt for the following:
- Credit Card Cash Advance: Access funds from your credit card account, up to your cash advance limit.
- Bree: Access up to $500 with Bree’s zero interest cash advance.
- Nyble: Access up to $250 with a small cash advance from Nyble.
Car Loans
You can apply and get approved for a car loan with bad credit. Many alternative lenders skip the credit check, which allows bad credit borrowers to successfully secure auto financing. These lenders place more emphasis on other factors when vetting loan applicants, such as income and vehicle value.
Keep in mind that bad credit car loans are more expensive. Your bad credit score makes you a riskier borrower.
To offset this added risk, lenders will charge a higher interest rate, which will increase the overall cost of your car loan. Plus, it may be more difficult to get approved for a high loan amount.
Bad Credit Loan Scams To Watch Out For
While there are legitimate lenders in Nova Scotia who cater to bad credit borrowers, there are some predatory, even fake organizations out there trying to take advantage of people who don’t know any better. Desperate to resolve their bad credit situation, borrowers in Nova Scotia sometimes give out their personal and banking information.
To protect yourself, make sure you educate yourself on the signs of bad credit loan scams, such as the following:
They Demand An Advanced Deposit
As we said, no lender should ask for a deposit or payment of any kind before your loan is approved and received. Demanding an advanced payment (which scam artists will call “loan insurance” to fool you) is illegal in Canada.
They Guarantee Approval
Even though bad credit loans are much easier to get approved for, they still require some type of criteria to be met for approval. Lenders who guarantee loan approval without vetting loan applicants to some degree are just setting borrowers up for loan default.
If you come across a lender that guarantees approval of your loan application without looking at any credentials, look elsewhere.
They Provide Vague Details
Always read your contracts properly and be wary of any advertisements or how a salesperson acts. Legitimate lenders in Nova Scotia should tell you precisely how much your loan will cost overall, with interest and fees, by the end of your loan term.
If your contract doesn’t contain such details or your sales representative is dodging your questions, they may be trying to scam you.
They Have No Online Presence
Established lenders should have accumulated some reviews online from previous clients. You’re taking a risk by working with a lender with zero online reviews.
Legitimate lenders should have established a business presence, whether physically or online. If you can’t find a website address or brick-and-mortar address, keep looking.
| Pro Tip: Lenders must have a Lender’s Permit to legally operate in Nova Scotia. Use the government’s online resource to verify your lender. You can also look up the company name in the Better Business Bureau database for further confirmation. |
Can’t Get A Loan? Find Local Financial Resources To Help Cover Costs In Nova Scotia
Rent, food, childcare, and home repairs are major expenses that can affect your financial stability. Thankfully, there are many non-profit organizations and city programs in Nova Scotia dedicated to helping those experiencing financial hardship.
Depending on your needs, you can find programs to help with childcare, food expenses, rent, home repair and much more. Here are some of the major programs you may find in Nova Scotia:
Income Assistance In Nova Scotia
The Income Assistance program is available to lower-income Nova Scotia residents who are unable to support themselves financially. Funds from Income Assistance are provided via mailed cheques or direct deposit and are paid regularly. Further, those on Income Assistance are eligible to take advantage of Employment Support Services, which helps Nova Scotians find new employment opportunities.
Expense-Specific Programs
Depending on the city you live in, you may find specific programs that help with certain expenses. For example:
| H20 Water Fund | The H20 Water Fund helps residents in the area with low income with their water and waste water bills. |
| Basic Needs | If eligible, you can get certain basic items for free, like small household items, clothing for adults and children, diapers, toys, and other baby items. |
| Home Repairs | If your home needs repairs because it currently does not meet the health and safety standards, you can get some financial assistance through this Housing Repair Program. |
Rent Assistance In Nova Scotia
The Canada-Nova Scotia Targeted Housing Benefit is a monthly rent supplement that helps Nova Scotia tenants cover the cost of rent. To be eligible, applicants must currently be using over 50% of their gross household income to pay their rent. The supplement amount is based on household size and income, and the average market rent.
Emergency Shelters In Nova Scotia
Several homeless shelters are available across Nova Scotia. Each one serves local residents, including the following:
- Halifax: Metro Turning Point Centre
- Truro: Haven House
- Dartmouth: Out Of The Cold Community Association
- Yarmouth: SHYFT
Food Banks In Nova Scotia
If you’re struggling to cover the cost of groceries, there are several food banks across the province to help supplement your needs:
- Lake Echo: Lake Echo Community Food Bank
- Kentville: Fundy Food Bank
- Halifax: Halifax West Ecumenical Food Bank
- Dartmouth: Feed Nova Scotia
Final Thoughts
Bad credit can stand in the way of getting a loan by traditional means, though it’s not impossible. Several loan options are available for bad credit borrowers in Nova Scotia, including secured personal loans, payday loans, and small cash advances. That said, you may need to look to alternative lenders for bad credit financing, and Loans Canada can help you find the right lender for you.
Bad Credit Loans In Nova Scotia FAQs
How can I improve my bad credit?
Are there alternatives to payday loans in Nova Scotia if I have bad credit?
How much can I borrow if 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.
