- 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
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 has been in the lending business for nearly a century, offering Canadians personal loans for anywhere from $500 to $50,000. There are several physical Fairstone branches within the City of Toronto, including the following:
easyfinancial offers loans for up to $100,000. You can apply online or visit one of the dozens of physical branches in Toronto. Here are a few locations within Toronto proper:
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 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 is an online loan provider that offers personal lines of credit from $1,000 to $10,000. 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.
While you may have bad credit, there are many loan types you can still be approved for, including but not limited to:
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.
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.
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 provides lines of credit for up to $150 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 provides cash advances for up to $200 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.
To prevent overdraft fees when your bank account is a little short, KOHO offers its COVER overdraft protection product. For $5 a month, you’ll have immediate access to $50 to avoid going into the red on your account. 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.
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.
Cost | Credit Score | Credit Report | ||
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | - |
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.
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:
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:
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.
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.
The City of Toronto is home to several emergency shelters, including the following:
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:
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.
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