Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- Up to $10,000
- Rate
- Varies by product
- Term
- Varies by product
Having bad credit can make it tough to get loans and credit products in Quebec. Luckily, there are other options available for bad credit borrowers that are worth exploring.
Here’s what you need to know about getting a bad credit loan in Quebec:
Can You Get A Loan With Bad Credit In Quebec?
While getting a loan from a bank can be difficult if you have bad credit, you may still be able to get one from a private lender. These lenders generally have more lax requirements and place more emphasis on your income and overall financial situation than on your credit score.
Depending on the lender, you can qualify for various types of loans, including personal loans, payday loans, cash advances and more.
- What Kind Of Interest Rates Can You Expect? Since there’s a higher risk for lenders, bad credit loans usually have higher interest rates, which can range from 9.99% to 35%, depending on the lender and the type of loan.
- How Much Money Can You Borrow? Lenders can offer bad credit loans up to $35,000 or more, depending on your income and debt-to-income (DTI) ratio.
- What Kind Of Terms Can You Expect? Bad credit loan terms are typically shorter, which helps reduce the lender’s risk. Generally, terms can last anywhere from 6 months to 5 years, depending on the lender.
- How Fast Will You Get The Money? Funds are typically available quickly, often as soon as the same day you apply.
Learn more: Bad Credit Loans
Types Of Loans You Can Get With Bad Credit
Consumers in Quebec who have bad credit can still get approved for a loan, including the following:
Bad Credit Personal Loans
Many alternative lenders in Quebec provide personal loans to those with bad credit. These lenders, as mentioned above, place more emphasis on your overall financial profile, including income, debt level, and collateral.
Due to their flexible lending standards, qualifying for a personal loan is easier. However, keep in mind that these loans tend to come with higher interest rates compared to loans from banks. However, you may be able to reduce your rate by offering collateral to secure the loan and reduce the lender’s risk.
Payday Loans
Payday loans are specially designed with bad credit borrowers in mind. They generally don’t require any credit checks and base their approval on your income level and consistency. Some payday lenders also accept income from non-traditional sources, such as government benefits and pensions.
With a payday loan, you can get up to $1,500 as quickly as the same day you apply. That said, these loans are known to be expensive and should only be used as a last resort.
Learn more: Payday Loans
Cash Advances
Companies like Bree offer small, interest-free cash advances of up to $500 to help consumers bridge the gap between paydays. Unlike traditional payday loans, Bree’s cash advances don’t come with interest or late fees. KOHO Cover is another cash advance option that provides Canadians with an interest-free advance of up to $250.
If you have a credit card in your wallet, you may also consider a credit card cash advance. This option allows you to withdraw cash from your credit limit. However, while this offers fast cash, it’s also very costly, as you’ll be charged a higher interest rate with no grace period.
Credit Lines
Small credit lines for bad credit borrowers are available from companies like Nyble. The Nyble line of credit provides up to $250 interest-free with no credit check required. This credit line can also be used to build credit and avoid overdraft fees.
Car Loans
Car loans are often easier to get with bad credit than unsecured personal loans. That’s because a car loan is a type of secured loan, which means it is backed by an asset of value. This reduces the lender’s risk and therefore makes it easier for bad credit borrowers to get approved.
What Do You Need to Get a Bad Credit Loan?
While different lenders have different loan criteria, here are some common requirements when applying for a bad credit loan in Quebec:
- Be a Canadian resident
- Be at least 18 years old (age of majority in Quebec)
- Earn a minimum income based on the lender’s criteria
- Have a debt-to-income ratio less than 44%
Is My Credit Score Bad? Follow This Simple Table As Your Guide
- Excellent (Scores 760+)
- Very Good (Scores 759 – 725)
- Good (Scores 724 – 660)
- Fair (Scored 659 – 560)
- Poor (Scores 559 – 300)
How To Check Your Credit Score Online
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
How To Apply for a Loan If You Have Bad Credit
Here are some steps you can take to get a bad credit loan:Step 1. Compare Lenders And Get Pre-Approved
To get the best loan terms, compare loan offers from multiple lenders. You can do so by getting pre-approved with a particular lender or by using an online loan aggregator site like Loans Canada. You can then compare offers side-by-side and choose the one that best suits your needs.Step 2. Apply For A Loan
Depending on the lender you 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, including a government ID, pay stubs, and bank account statements. Sometimes, you won’t require any physical documents as the whole verification process can be done via instant bank verification (IBV) services like Flinx, Plaid and Yodlee. You’ll be asked to sign into your bank account through a secure portal during your application process. This allows lenders to receive a read-only bank statement and have your bank account verified instantly.Step 3. Get Funded
If you’re approved, you may receive your funds within a few minutes to 24 hours via e-transfer or electronic bank transfer.Learn more: How To Apply For A Loan
Documents You Need To Apply
- 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)
Can I Apply For A Bad Credit Loan Online?
Yes, online loans are available for bad credit borrowers, no matter where you live in the province. In fact, many lenders in Quebec operate exclusively online, allowing borrowers to apply, get approved, and receive their funds via the internet.
Why Apply For A Loan Online Instead Of In-Person?
Here are some benefits of applying for a bad credit loan online:
- Convenience: Fill out your application, upload documents, and e-sign contracts all from the comfort of home.
- Quick Processing: Online lenders often use instant bank verification (IBV) to verify your income and identity. This can lead to quick approvals, often within minutes of the application.
- Fast Funding: Online lenders often provide same-day funding, which is ideal for urgent financial needs.
Learn more: Is It Better To Apply Online Or In Person For A Loan?
Where Can I Get A Bad Credit Loan Near Me In Quebec?
Many bad credit lenders are available in Quebec. If you’re struggling to get a loan due to poor credit, consider one of the following bad credit lenders in Quebec:
Bad Credit Loans In Montreal:
| Fairstone | – 2027 Rue Metcalfe, Montreal, QC H3A 1X7 – 915 rue Mont-Royal Est, Montréal, QC H2J 1X3 Find a location near you with Fairstone’s branch locator. |
| easyfinancial | – 3493 Notre-Dame West, Montreal, QC H4C 1P3 – 807-809 Ave Mont-Royal East, Montreal, QC H2J 1W9 Find a location near you with easyfinancial’s branch locator. |
| Money Mart | – 6375 Rue Sherbrooke Est, Montreal, QC H1N1C4 – 4052 Rue Jean Talon Est, Montreal, QC H2A1Z1 – 1 Rue Sainte-Catherine Ouest, Montreal, QC H2X1Z5 – 8060 Boulevard Sainte-Michel, Montreal, QC H1Z3E1 Find a location near you with Money Mart’s branch locator. |
What Are Your Rights When Applying For A Loan With Bad Credit In Quebec?
Quebec is one of the few provinces that has high-cost credit legislation:
In Quebec, a credit product is considered “high-cost” if its interest rate is higher than the Bank of Canada’s rate plus 22%. This rule applies to all types of credit products.
- Maximum Interest Rate: Quebec doesn’t have specific rules for maximum interest rates that lenders can set, but there are federal laws to follow. All lenders must follow the federal Criminal Code, which limits the APR to 35%.
- Fee Limits: Though Quebec doesn’t impose limits on fees, there are federal guidelines in place. For a high-cost personal loan, the total fees, costs, and interest cannot exceed the 35% annual rate set by the Criminal Code.
- Licensing Requirements: Any lender offering high-cost credit loans must have a license from the Office de la protection du consommateur. They must also have a money lender’s permit if they’re giving you money directly.
How To Increase Your Chances Of Getting A Loan With Bad Credit
Getting a loan with bad credit can be tough, but it’s not impossible. Here are a few useful ways to boost your approval odds:
- Check your credit report: Pull your credit file and look for errors. If you spot any, report them to the credit bureau and have them corrected.
- Apply with a co-signer: A creditworthy co-signer can strengthen your application and reduce your interest rate.
- Offer collateral: Secured loans backed by a valuable asset, like a car, are easier to qualify for with bad credit.
- Show stable income: Even with bad credit, a substantial income and steady employment can show lenders that you’re able to handle repayments.
- Lower your debt-to-income ratio: Pay down your debt to free up more money for a loan.
Watch Out For Scams Involving Bad Credit Loans In Quebec
Most lenders are honest, but some are simply looking to scam unsuspecting borrowers. For this reason, it’s important to get familiar with the signs of predatory lending to protect yourself from getting scammed.
This is especially important if you have bad credit. That’s because loan scammers typically set their sights on those with bad credit since they have fewer options.
Here are a few red flags to watch out for:
It’s Too Good To Be True
Alternative lenders that loan to bad credit borrowers have relaxed approval criteria compared to the big banks. But even then, they should make no guarantees of loan approval and still vet borrowers to ensure they’re able to repay the loan.
If the lender guarantees loan approval, this is a red flag. In this case, avoid this lender and look for one that uses some form of qualification assessment.
Upfront Payment Required
The only time you should start paying for a loan is after you’ve entered a legitimate loan agreement. Then, you’ll start making loan repayments, along with interest and other fees as detailed in the contract. Lenders that ask for an upfront payment in advance of any loan should be avoided.
Having Trouble Getting A Loan? Consider These Financial Assistance Programs In Quebec
If money is tight, you could be at risk of all sorts of issues, including missing a mortgage or rent payment, falling behind on utility bills, or even being unable to buy groceries. If your financial troubles have reached this point, there are many assistance programs in Quebec that you may want to consider, either in addition to a bad credit loan or as an alternative:
| Rent Assistance in Quebec | The Rent Supplement Program helps low-income households cover rent. More specifically, the program covers the difference between the agreed-upon rent amount and the portion payable by the renter, the latter of which is equal to 25% of the total household income for the calendar year before signing a lease. |
| Housing Assistance in Quebec | The Shelter Allowance Program provides financial assistance to Quebecers 50 years of age and up. Eligible individuals and families can receive $100, $150, or $170 every month to go toward rent payments. |
| Income Assistance in Quebec | The Social Assistance Program and Social Solidarity Program provide eligible residents of Quebec with a benefit to be used to cover the cost of food, shelter, and other necessities. |
| Utility Assistance in Quebec | If your financial troubles are making it difficult to cover your utility bills, you may be at risk of having these services cut. However, low-income residents may be eligible for assistance through an agreement with Hydro-Québec for a lesser payment to keep these services in operation. |
| Food Banks in Quebec | Many food banks are available to residents across Quebec, such as Moisson Québec in Quebec City and Youville Sharing House in Montreal. |
Bottom Line
Getting approved for a traditional loan in Quebec can be tough if you have bad credit. But that doesn’t mean it’s impossible. Numerous lenders in Quebec cater specifically to those with bad credit. With these lenders, you can get the funds you need to cover whatever pressing expense you might have, despite where your credit score stands. Just be sure to compare options as these lenders are often expensive.
Bad Credit Loans Quebec FAQs
How do I get a lower interest rate on my loan with bad credit?
Is a payday loan better than a personal loan if I have bad credit?
Can I get a loan with no credit check?
®Fairstone Financial Inc. is a wholly owned subsidiary of Fairstone Bank of Canada.
*Interest rates are subject to change. Actual Annual Percentage Rate (APR) varies based on the province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC.
†On approved credit. Terms and conditions apply. Interest rates vary by province/territory and from customer to customer based on factors like credit score and borrowing history. See Fairstone’s website for details.
Fairstone Financial Inc. holds high-cost credit licenses in AB, MB (License #85047, expiring 20-02-2026) and QC; it has applied for a high-cost credit grantor license in NL. For license information by province, visit Fairstone.ca/HCCG
In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821.
In Nova Scotia, Fairstone Financial Inc. is licensed as mortgage lender #2021-3000028.
easyfinancial Disclaimer:
Unsecured Personal Loans: Personal loan amounts range from $500-$20,000, with rates set between 29.99%-35.00% and determined based on the amount and term of the loan and our assessment of your personal loan profile credit. Amortization between 9-84 months. Different lending rules apply in Quebec and can be viewed at www.easyfinanciere.com . Different lending rules for high-cost credit products may apply in Manitoba, British Columbia, Newfoundland and Labrador. Brokerage #12935 (ON) X300681 (BC) #3000289 (NS). BC HCC #83689 Expiry Date - 10/31/25, MB HCC #62897 Expiry Date - 11/10 /25, AB HCC # 349265 Expiry Date - 01/31/2025, NL HCC # Expiry Date.
Secured Loans: Home equity loan amounts range from $15,000-$150,000, with rates set between 9.99% and 23.99%. Amortization between 72-240 months. The term of your loan will depend on the amount of your loan and our assessment of your credit profile. Additional fees, which vary by loan amount, apply and are subject to a 6 month loan interest penalty when paid within the first 36 months of the loan. Brokerage #12935 (ON) X300681 (BC) #3000289 (NS). BC HCC #83689 Expiry Date - 10/31/25, MB HCC #62897 Expiry Date - 11/10 /25, AB HCC # 349265 Expiry Date - 01/31/2025, NL HCC # Expiry Date.
