- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
Living with bad credit in Halifax is not easy, especially when it’s preventing you from getting approval for credit products that you would otherwise use to improve the situation. If your savings and income aren’t enough to deal with your expenses in Halifax, bad credit can leave you stuck in debt for a long time.
Want to learn more about loans in Halifax? Take a look at this.
Unfortunately, there are many financial habits and circumstances that can lead to bad credit, including but not limited to:
Need to rebuild your credit after a late payment? Read this article.
As we said, one of the major drawbacks to bad credit is that it can prevent you from getting approved, no matter what kind of product you try to apply for in Halifax. This is because your lender in Halifax can view your credit report and credit score when you apply. Often, they will see your bad credit, assume that you’re too risky when it comes to your borrowing ability, then deny your applications.
Is your credit report scaring away lenders? Find out here.
What’s worse, even if you were to get approved for a credit product, your lender is likely to give you a higher interest rate and less reasonable payment terms than if your credit were healthier. As such, another chain reaction will ensue. Those high rates may put you in more debt, which causes you to default on your payments again. Needless to say, the situation will only continue downhill from there.
Remember, one of the main elements that your lender can check when you apply for new credit is your credit score. A three-digit number ranging from 300-900, your score represents your health as a credit user.
When your score is at 660-900, it signals that you have good credit. As a result, your lender will have no problem letting you borrow, as good credit shows them that you have been, and will likely continue to be responsible with your payments. In addition, they’ll offer you the most favourable interest rates, which will save you money.
On the other hand, if your score is at 300-560, signalling bad credit, the complete opposite will occur. Since your credit health may have been depleted by a string of defaulted payments, maybe even a bankruptcy or other financial delinquency, your lender in Halifax will become skeptical of your ability to pay them back.
Check out this infographic to see how bad credit can affect your daily life.
To better understand why your credit score is so significant to the bad credit loan process, it helps to paint a picture of how your score is calculated in the first place. Actually, you have two versions of your credit score, one with Equifax and one with TransUnion, which are Canada’s main credit reporting agencies. However, both agencies use a similar formula to compile your credit score.
Essentially, there are 5 elements that both agencies use:
While all this information about bad credit might make you nervous about applying, rest assured that there are plenty of credit products available to you in Halifax. In fact, many of these products, if managed responsibly, can actually help you fix and improve your bad credit situation. The key is to continually make all your payments in the fullest amounts possible and never, ever miss a due date.
As long as you can demonstrate responsibility, you can still get approved for:
Read this to find out what bad lenders will assess when considering your eligibility.
When it comes to bad credit products, it’s very important to do proper research before applying, especially online. That’s because, with the ease of internet access, scam artists may set up convincing but fake lending portals with the intent of committing fraud and identity theft against unsuspecting borrowers. While the same type of scam can be seen with any type of “loan”, it’s a particular concern for those with bad credit, who are generally in more desperate financial situations.
If you’d prefer to avoid the higher rates and stricter terms that come with some bad credit loans, there are other products you can apply for in Halifax that will help fix and improve your credit score to the point when that will no longer be a concern.
If you’re a Halifax borrower but your bad credit is getting in the way of you getting approved at your bank, there’s no need to worry. Loans Canada can connect you with bad credit lenders and loan products in Halifax that will help you get back on track.
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