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
Getting a loan with bad credit from a bank can be difficult, as most banks require good credit. If you have a bad credit score (below 560), then you may want to apply for a loan with a private lender. These lenders accept borrowers with bad credit as they generally put more emphasis on the borrower’s overall financial profile than their credit score.
Here’s everything you need to know about getting a loan with bad credit in Alberta.
What Features Can You Expect When Applying For A Bad Credit Loan?
When applying for a personal loan with bad credit, you can generally find the following terms:
| Loan Amount | Up to $35,000. If you provide collateral, you may qualify for a higher amount. |
| Loan Term | Terms range from 6 to 60 months. |
| Interest Rate | APRs range between 9.99% and 35%. |
| Funding Method | Funds are directly deposited into your bank account or sent via e-transfer. |
Are You Eligible For A Loan With Bad Credit?
If you have bad credit, qualifying for a personal loan with a bank will be difficult. However, you may qualify for a loan with a private lender. In general, you’ll need the following to be eligible:
- You must be a Canadian resident who is of the age of majority in Alberta (18 years old).
- You must meet the lender’s minimum income requirements. The exact amount will vary by lender, though some may accept income amounts as low as $1,200 per month. Lenders may also accept non-traditional sources of income, such as pension income or disability income.
- Your debt-to-income ratio (DTI) will also play a big role in your eligibility for a loan. Many lenders require your DTI to be low enough to handle another loan payment, which is usually under 45%.
Learn more: Personal Loan Requirements: How To Qualify For A Personal Loan
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 | - |
Steps On How To Apply For Bad Credit Loans In Alberta
To apply for a bad credit loan in Alberta, follow these steps:
Step 1. Compare Lenders And Choose One To Apply With
Shop around to see what different lenders offer and where you can get the lowest rate. You can do a quick comparison by using an online loan aggregator, which will populate a list of lenders and their loan products offered.
To get the most accurate offers based on your specific financial profile, get pre-qualified first. There’s no credit check involved, so you don’t have to worry about your score taking a hit. Pre-qualification simply involves providing the lender with specific information about your financial health to help the lender come up with an offer tailored to you.
Based on the offers listed on the online loan aggregator’s site, choose one that offers the best deal.
Step 2. Fill Out the Application And Provide The Requested Documents
Complete the lender’s online application form, ensuring that you fill out all sections and that all information is accurate. You’ll also need to provide specific documents, as outlined earlier, along with the application form according to the lender’s requirements.
Step 3. Submit And Wait For A Loan Offer
Once you’ve completed the application form, submit it to the lender and wait for notification of approval. Online lenders typically approve loan applications very quickly, usually within a day or two. In some cases, you may get approved the same day. Conventional lenders usually take much longer to provide a response.
Along with loan approval, the lender will provide you with a formal offer that will include details of the loan, such as the interest rate and fees.
Step 4. Accept Loan Offer And Receive Your Funds
If you’re pleased with the offer, accept it by signing the loan agreement. You should receive the funds shortly after. Online lenders typically send loaned funds direct deposit to your bank account or e-transfer.
Learn more: How To Apply For A Loan
What Are Your Rights When Applying For A Loan With Bad Credit In Alberta?
| Max Interest Rate | While Alberta doesn’t have any regulations on the interest a lender can charge, there are federal regulations. All lenders must respect the federal Criminal Code interest rate limit of 35% (APR). |
| Fee Caps | While there are no provincial caps on fee charges, there are federal rules. The total fees, cost and interest of a high-cost personal loan cannot be more than the criminal interest rate of 35% APR. |
| Licensing Requirements | All high-cost credit lenders in Alberta must be licensed. |
| Debt Collection Rules | High-cost lenders in Alberta cannot do the following when trying to collect outstanding debts: - Threaten or harass borrowers - Call third parties regarding borrowers - Call borrowers between 10 pm and 7 am |
Can You Get A Loan Online?
Yes, you can apply for a bad credit loan online from anywhere in Alberta, including big cities like Calgary or Edmonton and smaller cities like Red Deer or Canmore. Depending on the lender you work with, some may only be available online, while others may offer both online and in-person applications.
Why Choose an Online Loan Over an In-Person Application?
There are several advantages to applying for a bad credit loan online instead of in person:
- Convenience: You can apply from the comfort of your home, anytime, including weekends.
- Faster Processing: Many online lenders use instant bank verification (IBV) to confirm your income and identity within minutes, allowing for quicker approvals. In some cases, funds are sent out the same day you apply.
- Fast Funding: From submitting your application and uploading documents to signing your contract and receiving your funds via e-transfer, the entire loan process can be completed online—no physical paperwork required.
Where Can I Find Bad Credit Loans Near Me?
Many lenders that accept borrowers with bad credit only offer online loans. However, if you’re looking to apply for a loan in person, you can check out these lenders:
Bad Credit Loans In Calgary And Edmonton
| Fairstone | – 9683 Macleod Trail SW, Calgary, Alberta T2J 0P6 – 12835 140 Ave NW, Edmonton, Alberta T6V 1P1 – 13823 42 St. NW, Edmonton, Alberta T5Y 3E1 Find a location near you with this Fairstone branch locator. |
| easyfinancial | – 11459 Kingsway Ave, Edmonton, Alberta T5G 3E8 – 240 Mayfield Common NW, Edmonton, Alberta T5P 4B3 – 213 16 Ave NE, Calgary, Alberta T2E 1J9 Find a location near you with this easyfinancial branch locator. |
| Money Mart | – 10756 Jasper Avenue, Edmonton, Alberta T5J 2A7 – 7432 101 Avenue NW, null, Edmonton, Alberta T6A 0J3 – 250 7th Avenue SW, Unit 238, Calgary, Alberta T2P 0W6 Find a location near you with this Money Mart branch locator. |
| CashMoney | – 905 37th St SW, Calgary, Alberta T3C 1S5 – 9945 50 Street Northwest Suite 403, Edmonton, Alberta T6A 0L4 – 10216 124 Street Suite 604, Edmonton, Alberta T5N 0M1 Find a location near you with this CashMoney branch locator. |
How To Calculate The Cost Of A Loan?
| APR | Monthly Payment | Total Interest | Total Cost |
| 10% | $87.92 | $54.99 | $1,054.99 |
| 20% | $92.63 | $111.61 | $1,111.61 |
| 30% | $97.49 | $169.85 | $1,169.85 |
How To Increase Your Chances Of Getting A Loan With Bad Credit
So, while going with a bad credit loan is okay and often the only choice for many consumers,
- Improve Your Credit – Depending on the urgency of your financing needs, you should consider improving your credit before applying. The higher your credit score, the higher your chances of qualifying for a loan and securing lower interest rates.
- Get A Co-signer – Asking someone you trust, who has good credit, to cosign a loan for you can open up so many more financial doors. A cosigner with good credit can provide you with the financial stability and creditworthiness you need to get approved.
- Pay Down Debt – Paying down debt will help improve your debt-to-income ratio, which is a common factor used by lenders to determine creditworthiness. The lower the ratio, the more income you’ll have to put toward the new loan, thus increasing your chances of approval.
Watch Out For Bad Credit Loan Scams
The majority of lenders in Alberta are legitimate, but there are predatory lenders out there who prey on vulnerable borrowers. Make sure you’re familiar with tell-tale red flags of a predatory lender to avoid getting scammed:
- The Offer Sounds Too Good To Be True – You’ve heard the saying before “If it sounds too good to be true, it probably is”. While bad credit loans may be easier to get than traditional loans, there should still be some sort of criteria to meet to make sure you can afford the loan. If the lender guarantees loan approval, steer clear.
- An Upfront Payment is Required – No legitimate lender will demand payment upfront for a loan. Instead, loans should only come with interest and some fees, which should all be detailed in a loan agreement. If you make an upfront payment, a predatory lender will take your money and leave you without a loan.
| Did You Know? Alberta’s average non-mortgage debt per consumer reached $24,537 in Q4 2024 (Equifax). Younger and lower-income Canadians are experiencing financial strain, in particular, as they’re missing payments on various credit products, including credit cards. If you’re struggling with debt, consider consolidating your debt or speaking to a credit counsellor for debt relief options. |
Other Types Of Loans You Can Get With Bad Credit
Banks and credit unions may not be the best options for borrowers with bad credit. Luckily, there are several other alternatives to consider if you’re applying for a loan with bad credit in Alberta:
Payday Lenders
These short-term lenders typically base their approval on your income than your credit score. In fact, many payday lenders don’t conduct credit checks at all. As long as your income can support the loan repayment, you shouldn’t have to worry about your credit score when applying.
Learn more: Payday Loans
Cash Advances
If you need a small amount of cash quickly, you can also opt for the following:
| Credit Card Cash Advance | Get up to your cash advance limit. Interest rates generally range around 30%. | Learn More |
| Bree | Get up to $500 with Bree with zero interest. | Learn More |
| Nyble | Get $30 to $250 with Nyble without interest. | Learn More |
| Koho Cover | Get up to $250 without interest. | Learn More |
Car Loans
While you can use a personal loan to buy a car, they’re generally more expensive than a car loan. Car loans are secured against the car, so it provides the lender with security. This makes getting a car loan easier and more affordable, even with bad credit.
Can’t Get A Loan? Check Out These Financial Assistance Programs In Alberta
If money is tight, you may be at a greater risk of missing a rent or mortgage payment, falling behind on your utility bills, and being unable to buy groceries. If you find yourself in this dire financial predicament, you may find relief from some programs in Alberta:
| Rent Assistance In Alberta | The Rent Supplement Program provides a subsidy to Albertans who are struggling to cover their rent payments. The program is designed to make housing more affordable for lower-income individuals and families. |
| Income Assistance In Alberta | Families in Alberta who are in financial distress may be eligible for Alberta’s Income Support program to cover the cost of basic expenses, including groceries, housing, and clothing. |
| Emergency Shelters In Alberta | Alberta residents facing homelessness or domestic violence can access emergency shelters. Many shelters are available throughout Alberta, including Calgary, Edmonton, Red Deer, Fort McMurray and Lethbridge. |
| Food Banks In Alberta | Depending on where you live in Alberta, you can find a food bank near you. Keep in mind that each food bank services those within the local community, so you may need to show proof of residence to use these services. |
| Utility Assistance in Alberta | Several support programs are available to low-income earners under the Utilities Consumer Advocate (UCA). It provides Albertans who are falling behind on paying their utility bills and are at risk of having these services shut off come up with an affordable and workable payment arrangement with utility service providers. |
Bottom Line
If you are struggling with bad credit and are worried about qualifying for a loan, you can breathe a sigh of relief. There are several different borrowing options for those with bad credit in Alberta.
Keep in mind that you should always treat bad credit lending products as a way to work on improving your credit score. So make sure your lender reports to one of Canada’s two credit bureaus.
Bad Credit Loans Alberta FAQs
Can you get bad credit loans in Alberta with no refusal?
Can you get bad credit loans in Alberta with instant approval?
Can I get a bad credit secured loan in Alberta?
Can I get a no credit check loan in Alberta?
How much can I borrow with bad credit?
®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.
