Written by Bryan Daly

Best Credit Improvement Toronto (Online) January 2021

Lender directory

Compare the best lenders in this region

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	12 - 36	$500 - $50,000
100	1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
100	1598832000	$500 – $15,000	+ 25.99%	9 - 60	$500 – $15,000
100	1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1551830400	Up to $500,000	5.75% – 9.9%	negotiable	Up to $500,000
100	1594684800	up to $2,000	0%	-	up to $2,000
11	1593561600	-	0+	2 - 60	-
12	1589155200	$2,500	15.65% AIR	13 - 26	$2,500
8	1588809600	$49.99 - $99.99	0%	12	$49.99 - $99.99
100	1582243200	-	-	Up to 60	-
100	1581033600	$5,000+	-	Up to 60	$5,000+
100	1580947200	-	-	-	-
7	1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
100	1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
2	1580860800	$1,600 - $25,000	9.47% - 20.07% APR	36 - 60	$1,600 - $25,000
10	1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
100	1579478400	$100 - $1,500	-	-	$100 - $1,500
100	1579478400	Up to $3,200	-	-	Up to $3,200
100	1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
100	1579219200	-	15% - 19%	-	-
100	1576713600	-	Up to 35%	-	-
18	1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
100	1611052665		-	-
100	1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
100	1562198400	$500 - $15,000	15.99 - 39.99%	6 - 60	$500 - $15,000
13	1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
9	1545955200	Up to $20,000	19.44% and 31.90%	36 - 84	Up to $20,000
8	1552262400	$1,000 - $15,000	19.90% - 46.90%	12 - 60	$1,000 - $15,000
100	1551830400	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551830400	$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
100	1551398400	Up to $1,500	15% - 19%	14 days	Up to $1,500
100	1551398400	$100 - $1,500	15% - 17%	14 -31 days	$100 - $1,500
100	1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551398400	-	-	14 days	-
100	1541030400	Up to $35,000	5.15%+	-	Up to $35,000
15	1546128000	Up to $5,000	19.9% - 45.9% APR	6 - 36	Up to $5,000
100	1551139200	$250 -$1,250	29%	3 - 6	$250 -$1,250
100	1551139200	$5,000 - $35,000	9.9%+ APR	36 - 60	$5,000 - $35,000
100	1551139200	Up to $15,000	19.99% APR	Open-end	Up to $15,000
100	1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400	$100 - $1,500	-	14 days	$100 - $1,500
100	1569974400	Up to $1,500	15% - 23%	-	Up to $1,500
100	1550534400	Up to $1,500	Up to 59% APR	14 days	Up to $1,500
19	1550534400	$2,500 +	-	-	$2,500 +
100	1550534400	$500 - $1,000	28% - 32%	3 -5	$500 - $1,000
100	1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1549411200	$1,000 -$15,000	46.93%	12 - 60	$1,000 -$15,000
100	1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
100	1549238400	$100 - $1,500	90% - 390% APR	14 days	$100 - $1,500
100	1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000	$500 - $1,000,000	12%	12	$500 - $1,000,000
100	1548720000	$1,000 - $50,000	4.6% – 49.96%	3 - 60	$1,000 - $50,000
100	1548633600	$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
100	1548633600	$50 - $1,500	-	14 days	$50 - $1,500
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
16	1545264000	$2,000 - $10,000	18.9% - 54.9%	12 - 60	$2,000 - $10,000
100	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545264000	$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
1	1543622400	Up to $35,000	26.99% – 39.99%	6 - 60	Up to $35,000
3	1545177600	$2,000 – $10,000	34.9% – 43%	12 - 60	$2,000 – $10,000
100	1545264000	$500 - $12,500	19.99%+	12 - 60	$500 - $12,500
100	1545350400	Up to $1000	30%	3 - 5	Up to $1000
100	1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
100	1545350400	Up to $3,000	22% - 35%	3 - 4	Up to $3,000
100	1545350400	Up to $7,000	-	6 – 60	Up to $7,000
100	1545350400	$500 - $2,500	29% - 46.95%	6 - 36	$500 - $2,500
100	1545350400	$500-$1000	28%-32%	3	$500-$1000
100	1545350400	$500 – $750	28% – 34.4%	3	$500 – $750
100	1545350400	$500 – $750	23% - 34.4%	3 – 12	$500 – $750
100	1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
6	1545264000	$500 - $35,000	29.99% – 46.96%	9 - 60	$500 - $35,000
4	1545264000	$300 – $35,000	5.9% to 47.72%	24 - 60	$300 – $35,000
100	1568937600	$50 – $10,000	-	Up to 62 days	$50 – $10,000
5	1545177600	$1,000 - $35,000	5.99% to 29.19%	36 - 60	$1,000 - $35,000
14	1545177600	Up to $20,000	19.99% - 46.8%	6 - 60	Up to $20,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	6 - 36	$500 - $50,000
100	1603756800	-	-	-	-
100	1598918400		-	-
100	1592438400	-	-	-	-
100	1585612800	-	0.9% - 12%	6 months - 5 years	-
100	1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
100	1581292800	-	-	-	-
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1580947200	-	-	-	-
100	1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	up to $250,000	-	-	up to $250,000
100	1580860800	-	-	-	-
100	1580688000	Up to $10,000	-	-	Up to $10,000
100	1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
100	1579478400	-	-	-	-
100	1579478400	$10,000- $30,000,000	Min 4.95%	-	$10,000- $30,000,000
100	1579478400	-	-	12 - 120	-
100	1579478400	-	-	24 to 60	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579046400	-	-	-	-
100	1578873600	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
100	1575849600	Up to $250,000	-	-	Up to $250,000
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
1	1545955200	$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
100	1552262400	$500,000 - $10,000,000	-	-	$500,000 - $10,000,000
100	1552262400	-	Competitive	-	-
100	1541030400	Up to $35,000	-	-	Up to $35,000
100	1552262400	-	-	-	-
100	1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
100	1552262400	-	-	-	-
100	1552262400	Up to $1,000,000	-	-	Up to $1,000,000
100	1551830400	Up to $100,000	-	-	Up to $100,000
100	1551830400	$10,000+	-	Up to 15 years	$10,000+
100	1551830400	Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
100	1551830400	Up to $500,000	-	Up to 10 years	Up to $500,000
100	1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
100	1551398400	$3,500+	-	-	$3,500+
100	1551398400	$5,000+	4.9% - 24.99%	18 - 48	$5,000+
100	1551398400	$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
100	1551139200	Up to $75,000	-	Up to 18	Up to $75,000
100	1550534400	$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
100	1550534400	$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
100	1550534400	Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
100	1550534400	$5,000 - $200,000	-	-	$5,000 - $200,000
100	1549411200	$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
100	1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
100	1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
100	1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
100	1548720000	Up to $100,000	6.05% +	60	Up to $100,000
100	1548720000	$10,000+	18% - 22%	-	$10,000+
100	1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
100	1548633600	Up to $5,000,000	5% - 10%	12 - 60	Up to $5,000,000
5	1545177600	$1,000 - $35,000	5.6% – 25.5%	36 – 60	$1,000 - $35,000
100	1545264000	$5,000 - $250,000	-	3-18	$5,000 - $250,000
100	1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
100	1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
100	1545264000	$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
100	1545177600	$5,000-$250,000	8% - 29% APR	6 - 18	$5,000-$250,000
100	1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
100	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1561507200	Up to $300,000	-	-	Up to $300,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1610409600	-	-	-	-
17	1607558400	$500 - $50,000	-	24 - 60	$500 - $50,000
3	1606435200	$500 - $10,000	+ 29.95%	up to 48	$500 - $10,000
100	1594339200	-	-	-	-
100	1582761600	-	-	12 - 96	-
4	1582761600	-	11.9% - 22.9%	Up to 84	-
100	1582761600	-	0% - 29.5%	-	-
100	1581033600	-	+ 4.9%	-	-
100	1581033600	-	-	-	-
100	1580688000	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579219200	-	-	-	-
100	1578873600	-	+8.99%	-	-
100	1578873600	-	-	-	-
100	1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
100	1552262400	Up to $250,000	-	12 - 60	Up to $250,000
100	1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1551830400	Up to $100,000	-	6 - 96	Up to $100,000
100	1551830400	$10,000+	-	12 - 96	$10,000+
100	1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1577059200	-	-	up to 72	-
100	1577059200	-	-	-	-
100	1575849600	-	-	-	-
100	1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600	-	-	-	-
100	1575590400	-	-	-	-
100	1575504000	-	-	-	-
2	1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000	-	Up to 49.9%	-	-
100	1561507200	-	-	-	-
100	1561507200	-	-	Up to 84	-
1	1560124800	$500 - $35,000	$29.99% – 46.96%	9 - 60	$500 - $35,000
100	1551830400	Up to $30,000	-	-	Up to $30,000
100	1551830400	Up to $500,000	5.75% – 9.9%	negotiable	Up to $500,000
100	1550534400	-	-	-	-
100	1548720000	-	-	-	-
100	1548633600	-	4.2%+	-	-
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545177600	Up to $50,000	-	-	Up to $50,000
100	1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600	-	-	Maximum 84	-

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1578873600	$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000	$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
100	1545264000	Up to $25,000	-	12 - 60	Up to $25,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1551830400	Up to $500,000	5.75% – 9.9%	negotiable	Up to $500,000
100	1581033600	-	2.74% - 6.30%	12 - 120	-
100	1580947200	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	2.64% - 4.45%	12 - 120	-
100	1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
100	1580860800	-	-	36 - 60	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580688000	-	2.79% - 6.00%	6 - 60	-
100	1580688000	-	2.74% - 4.45%	12 - 120	-
100	1580688000	-	-	-	-
100	1579478400	-	2.74% - 3.70%	6 - 120	-
100	1579132800	-	2.79% - 4.45%	-	-
100	1578873600	-	-	-	-
100	1578873600	-	2.69% - 3.95%	6 - 120	-
100	1578268800	up to 4,000,000	3.49% - 5.49%	12 - 300	up to 4,000,000
100	1577059200	$25,000 - $800,000	4.59% - 5.64%	6 - 60	$25,000 - $800,000
100	1577059200	-	-	-	-
100	1577059200	-	--	-	-
100	1577059200	-	2.84% - 7.30%	-	-
100	1574985600	$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
100	1574899200	min 25,000	4.99% - 5.59%	6 - 60	min 25,000
100	1574899200	-	2.23% - 4.45%	-	-
100	1560124800	-	2.89% - 3.79%	-	-
100	1548806400	$10,000 - $1,500,000	Varies	12 - 24	$10,000 - $1,500,000
100	1548806400	-	-	-	-
100	1548720000	-	2.41% - 3.84%	-	-
100	1548720000	-	-	-	-
100	1548633600	-	-	-	-

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Intermediary) Debt Consolidation Program, Debt Settlem...
100	1576540800	Credit Counselling, Bankruptcy, Consumer Proposal	Credit Counselling, Bankruptcy, Consumer...
100	1576540800	Bankruptcy, Consumer Proposal	Bankruptcy, Consumer Proposal...
100	1576540800	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
100	1576368000	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring	Debt Restructuring, After Care - Credit ...

Since Toronto is one of the most expensive places to live in Canada, many Toronto residents have trouble keeping up with all their bills. As a result, their credit scores and credit reports get damaged, and a lot of improvement is needed before they can truly get back on track. If that’s the case for you, it’s better to start the credit improvement process sooner rather than later.

The Significance of Your Credit Report and Credit Score

It can be frustrating to learn why your credit health is so important to your financial future in Toronto. However, with a better understanding of the subject, you’ll have a clearer idea of how beneficial credit improvement can be to your life in Toronto. Let’s start by explaining two of the credit components that play a major role when it comes to your credit health.

Want to know the difference between your credit score and credit rating? Find out here.

Your Credit Report

For the sake of argument, let’s say you applied for a credit card, which is one of the simplest credit products for most credit users in Toronto. As soon as you start using the card, your credit card company will report your progress to Canada’s major credit bureaus; Equifax and TransUnion.

Each bureau will compile a slightly different version of your credit report; a detailed profile containing all your credit-related actions over a certain number of years. Within the report, you’ll find your history of payments, credit account types, and credit ratings for those accounts. For an extra fee, you can also get a copy of your credit score. When you apply for new credit, your potential lender in Toronto may request your report to confirm your ability to keep up with the payments to follow, otherwise known as your “creditworthiness”.

Check out this infographic to learn even more about credit scores.

Your Credit Score

When a lender in Toronto checks your credit report, they can also see your credit score, as both will come bundled in one document. Ranging from 300-900, your score also displays how you’ve been performing as a credit user in Toronto and any other city in Canada. If you handle your credit accounts responsibly and make full payments by their scheduled due dates, your score goes up.

The closer your score is to 900, the healthier your overall credit is and the easier it will be to get your applications approved in Toronto. However, the opposite effect can also be seen the more your score drops toward the 300 mark.

Read this to learn why there are two versions of your credit score.

How Your Credit Score Affects Your Creditworthiness

Below, we’ve included some of the main credit score ranges so you’ll have a better idea of how the approval process works:

Good Range (680-900)

If your credit score is hovering in this range, it likely means that you’ve had little to no trouble making payments responsibly. If you’re a seasoned credit user in Toronto, it can also signify that you’ve worked hard to improve your score following a few defaulted payments or delinquency. Either way, a score within this range makes lenders in Toronto confident in your creditworthiness. As a result, you’ll have higher odds of approval but a lower, more affordable interest rate.

Fair Range (620-679)

As your score drops, your approval chances will drop along with it. However, your interest rate will only get higher. If your score is within the fair range, it’s likely due to a few missed, late, or short payments. It could also mean that you’re still in recovery following some type of delinquency. Regardless, your potential lender will become more skeptical of your financial ability. Although, you won’t have too much trouble accessing the products you need.

Made a late payment? Here’s how you can rebuild your credit.

Bad Range (300-619)

Be careful, because when your score dips into the bad range, you’ll only receive the worst approval chances and interest rates available. Not matter what the cause of your bad credit is, lenders in Toronto may consider you unworthy of credit. The further your score falls toward 300, the less likely you’ll be to get approved. Even if you do receive approval, your interest rate may be so high that you can’t afford the product at all, which would, in turn, lead to even worse debt problems.

Routines That Lead to Bad Credit in Toronto

While a missed payment here or there won’t destroy your credit, making that a routine certainly will. In fact, there are plenty of other avoidable habits that a consumer like yourself can fall into, any of which can lead to total credit ruin, such as:

Constantly missing payments
Fraud, identity theft, or a loan scam
Taking more consumer or household debt than your income will support
Getting your hours/income reduced at work or losing your job entirely
A car accident, medical emergency, or another unexpected cost
Legal issues (divorce, lawsuit, etc.)
Financial delinquencies, such as a:
- Debt settlement
- Consumer proposal
- Bankruptcy

Take a look at this infographic to learn how bad credit can affect your daily life.

How to Reverse Bad Credit

The good news is that even if you have bad credit, there are plenty of ways to improve and eventually reverse the situation altogether. Obviously, if you have a terrible credit score (under 500), it’s going to take a lot more work. That said, it can be done, as long as you’re willing to try hard. Here are a few straightforward credit improvement techniques that you can try:

Create a Budget For Your Lifestyle in Toronto

First and foremost, it’s essential to know where your money is going (and where it needs to go), otherwise all your bills can get jumbled, leading to defaulted payments. List all your regular and necessary costs, cut out the ones you don’t need, then compare them to your income. This way, you’ll have a better idea of what you can afford in terms of your payments and interest rate.

Searching for a guide to budgeting? Look here.

Earn More Income

One of the key principles of credit usage is to never take on a credit product that your income can’t support, otherwise unmanageable debt is sure to follow. Nonetheless, if that product really is necessary, then it’s best to increase your income however you can. Ask for a raise, work lots of overtime, take on a second job or a side hustle. Toronto is bustling with all kinds of business activity so finding an odd job for some extra cash shouldn’t be too hard. Do whatever you can to access that product while staying out of bad debt.

Pay Away Outstanding Debts

Like we said, your bad credit might be caused by the amount of debt you already have. The longer your debts go unpaid, the worse it will be for your credit health. So, before you apply for any new credit in Toronto, no matter how small, get rid of your outstanding debts in whatever way you can. Start with the highest interest debts, then work your way down until everything is cleared away. Not only will this help improve your credit, but it also shows future lenders in Toronto that you’re a hard worker and a responsible borrower.

Take a look at some debt management tips.

Routinely Check Your Credit Report

Similar to your budget, checking your credit report on a regular basis is a good way of knowing exactly where your credit health is. You can request your report from either credit bureau (we suggest you check both versions), once per year, free of charge. Although any additional checks would cost a fee, it may be worth the price if you’re constantly dealing with credit problems.

Another reason to check your report is to review for errors. While identity theft, fraud, and scams can also be seriously harmful to your credit (make sure you report any of these issues to the bureaus), even the smallest of errors can do the same. An incorrect address or social insurance number, information that wasn’t reported properly by a lender, any little mistake can have a huge ripple effect.

Read about the 5 most common errors that can be found on your credit report.

Helpful Credit Building Products in Toronto

If the more basic credit improvement techniques above aren’t enough, don’t panic. There are a few products that any Toronto credit user can apply for that are meant specifically to build credit, including but not restricted to:

Secured credit card
Credit rehabilitation savings program
Credit counselling
Debt consolidation loan
Debt consolidation program

Getting Back On Track

Having bad credit is not an easy thing to live with. It can put a lot of strain on your financial situation in Toronto. However, Loans Canada can provide you with a solution that will help you manage and improve your credit health. Contact us today for more information!

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