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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 Mississauga?
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 Bad Credit Loans In Mississauga?
If your bad credit profile is standing in the way of getting approved for a loan, you have some options. Alternative lenders use other criteria to vet your creditworthiness.
The following alternative lenders are available to Mississauga residents with bad credit:
Fairstone
– 1170 Burnhamthorpe Rd. W, Unit 29, Mississauga, ON, L5C 4E6 – 801 Matheson Blvd. W, Unit 11 & 12, Mississauga, ON, L5V 2N6
– 33 City Centre Dr., Mississauga, ON, L5B 2N5 – 2500 Hurontario St., Mississauga, ON, L5B 1N4 – 3100 Dixie Rd., Mississauga, ON, L4Y 2A6 – 6975 Meadowvale Town Centre Circle, Mississauga, ON, L5N 2W7 – 950 Southdown Rd., Mississauga, ON, L5J 2Y4
Fairstone offers quick personal loans to borrowers with subprime credit in Mississauga. Loan amounts range from $500 to $50,000, and repayment options include weekly, bi-weekly, semi-monthly, and monthly schedules. You can apply for a personal loan online, over the telephone, or in person at one of two locations in the city.
easyfinancial
easyfinancial is an alternative lender in Mississauga that provides payday loan alternatives to borrowers, including those with bad credit. Loans are available up to $100,000 with flexible repayment schedules and terms ranging from 9 to 78 months.
Spring Financial
Spring Financial is an online lender that provides loans of up to $35,000 to Mississauga residents. The application process is done entirely online, and funds are available the same business day. Those with bad credit are encouraged to apply.
Spring Financial works strictly online. There are no physical branches in Mississauga.
LoanMeNow
LoanMeNow is an online-only lender that offers quick, short-term loans for up to $1,000. No credit check is required, so bad credit borrowers can get approved. Funds are available in as little as 24 hours and can be used to cover just about any expense.
There are no physical LoanMeNow branches. Loans are available online only.
Yes, you can finance a car with a bad credit personal loan. However, you’ll likely need to apply for funding from an alternative lender. These loans generally come with higher interest rates to offset the additional risk the lender will assume.
As such, it may be worthwhile to consider a bad credit car loan, which uses the vehicle to collateralize the loan. This reduces the lender’s risk, which usually leads to lower interest rates and higher loan amounts.
Bad Credit And Loan Scams In Mississauga
Unfortunately, there are many people out there who are looking to take advantage of those with bad credit. Loan scams are common in Mississauga and need to be watched out for on your journey to finding an appropriate loan. While not all loan scams are obvious, some things to look out for are:
Generally, just do your best to trust your gut. If something seems off or questionable, it is best to look elsewhere.
Alternatives To Bad Credit Loans In Mississauga: Government Financial Assistance Programs
In addition to borrowing money from a lender, there may be other programs available in Mississauga that can help, such as food banks, income support, rent support, and others.
A simple and convenient way to find resources like these near you is to use 211.ca. All you need to do is enter your location and the services you’re looking for, and a list of available resources will automatically populate. Here are a few to get you started:
Food Banks In Mississauga
The cost of food has soared over the recent past, leaving many Mississauga residents unable to pay their grocery bills. In these cases, struggling Mississauga residents can get the food products they need by visiting one of the many food banks in the city, such as the Good Measure Food Bank, which is open to anyone in need of food, though an application is required.
The Good Measure Food Bank is located at Christ for Life Ministries, 3607 Wolfedale Rd., Mississauga, ON, L5C 1V8
Health and Wellness Support Services for Newcomers
Language Instruction for Newcomers to Canada (LINC)
Settlement Workers in Schools (SWIS)
Newcomer Youth Community Engagement (NYCE)
Disability and Settlement Services
EarlyON Child and Family Centres –
Growing Together in Peel (CAPC)
Community Health Program
The Dixie-Bloor Neighbourhood Centre is located at Burnhamthorpe Library, 3650 Dixie Rd., Suite 103, Mississauga, ON, L4Y 3V9. The telephone number for the centre is 905-629-1873.
Additional Government Benefits Available In Ontario
What income do I need to get a bad credit loan in Mississauga?
Income requirements for bad credit loans in Mississauga vary by lender. Some may have minimum requirements, while others may accept non-employed income sources, like EI, CCB, or CPP. For the most part, you may need to provide the lender with certain documents to validate your income level and source.
Can I get a loan in Mississauga without a credit check?
Many alternative lenders in Mississauga accept bad credit and do not involve a credit check as part of the approval process. Instead, these lenders may use alternative financial indicators to determine your ability to carry the loan, such as your employment, income, assets, and debt level. Keep in mind that lenders who don’t conduct a credit check may be assuming more risk, which means they may charge a higher interest rate in return.
Can I get a low interest rate with bad credit?
Having bad credit almost certainly means you’ll be charged a higher interest rate on a loan. However, you can use your bad credit loan to improve your credit score over time. With a better score, you will be able to secure a lower interest rate on loan products in the future. In the meantime, you can collateralize your loan with a valuable asset, such as your car or home, to get a lower rate.
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