- 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
With the rise of technology, the way lenders, particularly online lenders, evaluate a borrower have changed. Instead of using your credit score, these lenders will emphasize your overall financial health by checking your income level, employment stability, debt level and more.
Depending on the lender you work with, you can apply for:
Some lenders offer loans without a credit check. These lenders place more weight on other factors associated with loan approval, including assets, income, and current financial behaviour.
If these factors are healthy, you may qualify for a no credit check loan. However, do note that these loans often come with higher interest rates.
If you want to qualify for a lower interest rate or high loan amount, you could apply for a secured loan. With secured loans, you’ll have to provide collateral, which is used to back up the loan.
That means if the borrower defaults on the loan payments, the lender can repossess the valuable asset that collateralized the loan to recoup their losses.
A guarantor loan involves finding a borrower with stronger credit and finances to co-sign your application. If approved, you may receive a loan with a more reasonable interest rate without your credit being a factor (instead, your guarantor’s credit will be examined).
If you can’t get approved for a loan with a conventional lender because of your bad credit score, there are alternative lenders available in Montreal that can help. Here are a few lenders in the city that offer bad credit loans:
Fairstone | 915 rue Mont-Royal Est, Montreal, QC, H2J 1X3 3461 rue Robert Chevalier, Montreal, QC, H1A 3R7 630 René-Lévesque Blvd W #1400, Montreal, QC, H3B 1S6 2027 Metcalfe St, Montreal, QC, H3B 4G7 | Learn More |
Easyfinancial | 3493 Notre-Dame West, Montreal, QC H4C 1P3 807-809 Ave Mont-Royal East, Montreal, QC, H2J 1W9 | Learn More |
Spring Financial | You can apply for a loan online in Montreal. No Physical branches are available. | Learn More |
LoanMeNow | You can apply for a loan online in Montreal. No Physical branches are available. | Learn More |
Fairstone has been providing personal loans to Canadians for nearly a century. Loan amounts range from $500 to $50,000. Within minutes, you can get a free loan quote to find out what you can qualify for without hurting your credit score.
easyfinancial offers personal loans of up to $100,000 to Montreal residents as an alternative to payday loans. You can get approved in as little as 10 minutes, and easyfinancial will come up with an affordable payment plan that suits your budget.
Spring Financial is an online lender that offers personal loans to all Canadians, including those in Montreal. Loan amounts go up to $35,000, depending on your financial and credit profile. Loans for bad credit individuals are also available. You can apply online, over the phone, or through text.
LoanMeNow is an online loan broker offering quick, short-term loans of up to $1,000. No credit checks are performed as part of the loan application process, so bad credit borrowers can still get approved.
Cost | Credit Score | Credit Report | ||
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | - |
Several important factors impact your credit score, including the following:
Yes, you can still get approved for a car loan even if your credit score falls under the minimum threshold for conventional lenders. Instead, alternative lenders work with bad credit borrowers when the banks say no.
However, bad credit loans are expensive and may come with much higher interest rates. Plus, you may not be able to qualify for a high loan amount.
You may want to consider applying for a bad credit car loan specifically, which uses the car to collateralize the loan. Since the loan is secured by an asset (the vehicle you’re financing), the lender may be more willing to offer a higher loan amount or keep the interest rate within an affordable range.
As helpful as bad credit loans in Montreal may be, it’s extremely important to be watchful for any bad credit lenders who may be out there to scam unsuspecting borrowers. To spot a predatory lender, look out for the following red flags:
A loan that requires an upfront payment is a scam. The lender may tell you the payment is needed to cover things like administrative fees, insurance, or processing fees. But such fees should never be necessary for a loan.
Realistically, loan approval is never really guaranteed. Even payday lenders will want to make sure that you have some form of income to cover your payments. Only predatory lenders will assure you of loan approval, even without looking into any aspect of your financial or credit health.
Every lender should have either a physical location or an active website. Don’t initiate any loan applications with a lender that doesn’t have one. These fraudsters attempt to avoid legal issues by being untraceable, and as such, won’t have a physical or web address.
A tell-tale sign of a loan scam is being rushed to sign a contract within a certain amount of time to take advantage of the “deal”. Businesses that use these tactics might simply be trying to reel you in before you have a chance to do your homework and discover the scam they’re trying to pull. With a legitimate lender, you should have at least a few days or even weeks to accept an offer.
Bad credit loans are always an option if money is tight. But they’re not the only option out there. Plenty of resources are available throughout Montreal to help residents in need, whether it’s to cover the cost of food, rent, utility bills, and other expenses.
A quick and easy way to find these services is to use www.211.ca. Simply type in your location and the service you’re looking for, and a list of relevant search results will pop up for you to skim through. Here are a few options to help you get started:
There are several food banks and meal programs available throughout the Greater Montreal Area for residents. Some serve the general population in need, while others serve specific groups, such as seniors, women, and Indigenous peoples. Here are a few places that offer food assistance in Montreal:
The Quebec government offers a Rent Supplement Program that helps low-income individuals and families cover the cost of rent. Recipients of the supplement must live in Quebec and meet income criteria. The amount provided in rent is equal to 25% of the total household income for the year before signing the lease and includes heating costs.
The cost of legal services can be too expensive for low-income individuals to cover. To alleviate this financial burden, the Community Legal Centre of Montreal assists individuals and businesses in Montréal and Laval with legal matters. Depending on the situation, applicants may qualify for free legal aid or contributory legal aid for anywhere from $100 to $800.
Housing assistance programs are offered through the Société D’Habitation Du Québec to low-income Quebec residents and those with special needs. The program is designed to provide eligible participants with references to non-profit housing organizations, housing co-ops, and housing offices to assist with various housing needs.
Filing your taxes can be complicated, especially if you’re a newly arrived immigrant. If you’re an immigrant in Canada with a low income, you can have your taxes handled by a professional through the Support Centre For the Immigrant Community of Bordeaux-Cartierville
Similarly, Canadians can opt for these tax software providers to file their taxes for free.
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