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.Where Can I Find Bad Credit Loans In Toronto Near Me?
Many bad credit lenders are available to residents of Toronto. Here are just a few places where you can get a bad credit loan:
Fairstone
Fairstone has been in the lending business for nearly a century, offering Canadians personal loans for anywhere from $500 to $60,000. There are several physical Fairstone branches within the City of Toronto, including the following:
- 2471 St. Clair Ave. W Unit 2, Toronto, ON M6N 4Z5 (Branch # 640027)
- 1100 -151 Yonge St., Toronto, ON M5C 2W7 (Branch # 640030)
- 1920 Yonge St., Suite 200, Toronto, ON M4S 3E2 (Branch # 640031)
- 3250 Bloor St. W, East Tower, Suite 600, Toronto, ON M8X 2X9 (Branch # 640737)
- 734 Sheppard Ave E, Unit 1, North York, ON M2K 1C4 (Branch # 640075)
- 1110 Finch Ave. W, Unit 45, North York, ON M3J 2T2 (Branch # 640634)
- 10 Milner Business Court, Scarborough, ON M1B 3C8 (Branch # 640073)
- 2564 Lawrence Ave. E, Scarborough, ON M1P 2R7 (Branch # 640707)
easyfinancial
easyfinancial offers loans for up to $20,000. You can apply online or visit one of the dozens of physical branches in Toronto. Here are a few locations within Toronto proper:
- 221 Yonge St, Toronto, ON M5B 1M4
- 652 Yonge St, Toronto, ON M4Y 2A6
- 601 Queen Street West, Toronto, ON M5V 2B7
- 523 Bloor Street West, Toronto, ON M5S 1Y4
- 831 College St., Toronto, ON M6G1C9
- 974 Queen Street East, Toronto, ON M4M 1K1
- 479 Danforth Ave, Toronto, ON M4K 1P1
- 2111 Yonge St, Toronto, ON M4S 2A4
- 3080 Yonge, Toronto, ON M4N 3N1
Spring Financial
Spring Financial is an online lender that provides personal loans up to $35,000. There are no physical branches. Instead, the loan application and approval process is entirely digital.
Spring Financial provides bad credit loans to residents across Canada, including Toronto. However, its Foundation Loan is not offered in Saskatchewan, Quebec, or New Brunswick.
LoanMeNow
LoanMeNow is an online lending platform that offers short-term loans for up to $1,000. The company services bad credit borrowers in Toronto and the rest of Canada.
Most lenders they work with don’t conduct credit checks, so you can apply if you have bad credit. You can be located anywhere in the country to apply for a bad credit loan from LoanMeNow.
Fora
Fora is an online loan provider that offers personal lines of credit from $1,000 to $15,000. The loan application and approval process takes place completely online, so borrowers from Toronto and the rest of Canada can apply from wherever they are.
What Types Of Loans Can You Get With Bad Credit In Toronto?
While you may have bad credit, there are many loan types you can still be approved for, including but not limited to:
Secured And Unsecured Personal Loans
Depending on your overall financial health, you may be able to qualify for an unsecured personal loan with a bad credit lender. You can generally borrow up to $35,000 with terms as long as 5 years or more.
If you have valuable assets to offer up as collateral, you may also qualify for a secured personal loan. These loans may have lower interest rates and higher borrowing limits. This is because when you offer up assets, such as your home or car, as collateral, you provide your lender with security, which they can sell in the event that you default.
Guarantor Loans
This type of loan in Toronto is offered to those who can provide a cosigner (guarantor). They must be financially stable and be willing to take over your loan payments if you can’t afford them. Be warned, this can cause your guarantor significant debt and credit issues if they also stop making payments.
Alternatives To Bad Credit Loans In Toronto
If you need a little extra cash when money is tight, but don’t have the credit score to get approved for a traditional loan or the time to wait out a lengthy approval process, the following products can help:
Nyble
Nyble provides lines of credit for up to $250 interest-free. You can use the funds for any purpose and can withdraw as much or as little as you need, up to your credit limit.
With Nyble, you can get approved quickly without a credit check, so you can apply with bad credit. Plus, you can use your Nyble credit line to improve your credit. Nyble reports your credit line to the credit bureaus, so every time you pay off your credit line, it can help you build healthy credit. Users interested in additional perks and quicker approval can opt to pay an $11.99/monthly membership fee.
Bree
Bree provides cash advances for up to $350 with no interest or fees. You can pay back what you’ve borrowed whenever you get paid or have enough money to cover your repayment. Bad credit is accepted, as there are no credit checks required to apply and get approved.
KOHO
To prevent overdraft fees when your bank account is a little short, KOHO offers its COVER overdraft protection product. Starting at $2, you’ll have access to up to $250. Plus there’s no interest or extra fees to pay, and bad credit is accepted. Do note, you’ll need a KOHO account to access this product.
Can I Finance A Car With Bad Credit Loans In Toronto?
Yes, you can take out a bad credit personal loan to finance a car purchase. However, it’s difficult to qualify for, especially if you need a high loan amount.
In this case, you may be better off taking out a bad credit car loan instead. That’s because personal loans are usually unsecured, which means there is no collateral to back the loan. This increases the risk for the lender and can make it more difficult for you to get approved.
A bad credit car loan, on the other hand, is collateralized by the vehicle. As such, it’s secured with a valuable asset, which reduces the lender’s risk and increases your chances of loan approval.
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 To Get Your Credit Score For Free In Canada
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
Ways Of Improving Your Credit In Toronto
If you’re looking to save money, improving your credit might be the best tactic. Here are some helpful tools and products that may help you build your credit.
- Make full, on-schedule payments for all your credit products
- Check your credit report for errors or signs of fraud/identity theft. If you find any, you can dispute those errors or report the fraud/theft incident to both of Canada’s major credit reporting agencies (Equifax and TransUnion).
- Lower your credit utilization ratio by paying down your outstanding debts.
- Use secured credit cards if you can’t qualify for a regular credit card.
Bad Credit Loans In Toronto Scams
Scamming is often seen when it comes to bad credit products, because some borrowers, eager for credit, don’t research their supposed lender properly. However, this is an unfortunate possibility with almost any loan type. Scam artists and predatory lenders can be extremely convincing and manipulative, establishing fake companies, often online, with the purpose of stealing your personal and financial information. That’s why it’s essential to do research prior to applying for any credit product in Toronto. Remember, if the offer sounds too good to be true, it probably is.
Here are a few common warning signs:
- The “lender” asks for “loan insurance” before they can approve your loan. No real lender will ever ask for a deposit in advance because it is illegal in Canada.
- They don’t have any real customer reviews or a page in the Better Business Bureau database.
- They try to charge more than the maximum interest rate that’s permitted in Ontario.
- Their loan contracts don’t provide information detailing all the costs involved, or other important information.
- They avoid your questions or use aggressive behaviours to get you to commit.
Financial Assistance Programs In Toronto
Being in a financial bind can lead to all sorts of predicaments. Maybe you’re coming up short on your utility bill payments, or just can’t seem to cover rent. Whatever the case may be, there are some financial assistance programs in Toronto that can help:
Rent Assistance In Toronto
The Toronto Rent Bank Program offers grants to low-income residents at risk of being evicted due to financial constraints. The program is made possible through the partnership between the City of Toronto, Neighbourhood Information Post (NIP), and Local Access Centres.
Income Assistance In Toronto
Toronto residents who don’t have enough money for basic necessities can apply for Ontario Works assistance. The program provides financial assistance for food, housing, and other expenses to those who meet the eligibility criteria.
Emergency Shelters
The City of Toronto is home to several emergency shelters, including the following:
- Elisa House, Society of Saint Vincent de Paul
- Junction Place Shelter for Men
- Evangeline Residence, Salvation Army
Food Banks
Toronto residents who are having trouble covering the cost of groceries can get access to food at one of the many food banks across the city, including the following:
- North York Harvest Food Bank
- Daily Bread Food Bank
- Churches On The Hill Food Bank
Utility Assistance
The Emergency Energy Fund is available to eligible Toronto residents who are falling behind on their utility bills and at risk of having their electricity or gas shut off.
