- Any credit accepted
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- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
Your credit score might just be a number, but it represents a crucial part of your overall financial health. Your credit score will dictate how likely you’ll be to get approved for a loan. Generally speaking, a high credit score will improve your odds of securing a loan, but a low score will do the opposite.
Read this to see why all Canadians should be monitoring their credit scores.
Is your credit score suffering? If so, you may have some recourse with bad credit loans in Ottawa. You may be eligible for these types of loans in Ottawa even though your credit score could use some improvement.
Read on to find out what a bad credit loan is and whether it’s a viable option for you.
If your credit score is low, then you’ve got bad credit. Any number of things could have put you in this position, including missing payments. Regardless, having bad credit while living in Ottawa can make things more difficult for you financially.
Credit scores range from anywhere between 300 to 900. The closer you get to 900, the better your score is considered to be. Generally speaking, the average score needed to secure a loan or a credit account is around 650 to 680, depending on the lender in Ottawa. Anything less than this threshold is considered low and will make securing a loan more difficult.
Want to know the minimum credit score for mortgage approval in 2019? Find out here.
Not only that, but bad credit may also negatively affect other aspects of your life in Ottawa, including getting a cell phone contract, securing an apartment rental, and even getting a job. As such, it would be in your best interest to do what’s needed to improve your credit score.
Certain situations and habits can negatively impact your credit score, including the following:
Having a bad credit score will make it a major challenge to get approved for a traditional loan from a conventional lender in Ottawa. Having a low credit score paints you as a risky borrower in Ottawa. That’s because a low score is usually indicative of a history of missing loan payments, which is something that lenders prefer to avoid having to deal with.
That said, there are bad credit loans in Ottawa that are available to those who may not meet the requirements needed to get approved for a conventional loan. Bad credit lenders in Ottawa focus more on other factors, including your income, assets, and your recent financial behavior rather than placing too much weight on your credit score.
It should be noted that the interest rate that these lenders charge will be much higher than the rates conventional lenders charge good credit borrowers in Ottawa.
Looking to conquer your high-interest debt? Be sure to check this out.
No-credit check loans. Ottawa lenders in this sphere don’t check credit scores, but instead, place more weight on income and more recent financial activity. This is a great option if your score falls under the “bad credit” category.
Secured loans. Getting approved for an unsecured loan may be more difficult with a bad credit score, as we’ve already mentioned. That’s because there’s no collateral backing the loan and therefore nothing of value for the lender to repossess if you default on your loan payments. But secured loans require collateral, which means your lender in Ottawa will have something to recoup if you fall short on your payments.
Wondering if you can get a car loan if your credit is bad? Click here to know.
Although there are several reliable and trustworthy bad credit lenders in Ottawa, predatory lenders also exist. Be wary of these lenders. Red flags usually include:
Bad credit loans in Ottawa may be an option for you if you have a low score, but you might be better off taking some time to boost your score in order to make things easier for you when it comes time to apply for a conventional loan. Things you can do to increase your credit score include the following:
Click this link to learn how you can buy a house with bad credit in Canada.
If your credit score is suffering but you still need a loan to cover big expenses, bad credit loans in Ottawa may be something to consider. To find a trustworthy lender in Ottawa, consider working with Loans Canada. We’ll help put you in touch with the right lender who will provide you with the much-needed funds required.
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