Unfortunately we couldn't find you a provider with the given filters
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.
Documents Required For Bad Credit Loans In Alberta
In addition to completing the lender’s application form, you’ll also need to submit certain documents to support your application. Some of the common documents required to apply for a bad credit loan in Alberta include:
Personal identification, such as a driver’s license or passport.
Income and employment, such as a letter of employment or pay stubs.
Statement of assets, such as bank or investment statements.
Types Of Bad Credit Loans In Alberta
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:
Online Lenders
While online lenders often look at your credit score when determining your ability to secure a loan, they don’t rely as heavily on it. Instead, they’ll place more emphasis on other factors, such as your income and assets. If your income is adequate, you may still get approved for a loan with bad credit when you apply online.
Payday Lenders
These short-term lenders typically base their approval on your income and employment more 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.
No Credit Check Lenders
Some lenders do not conduct a credit check on applicants. Whether you have bad credit or no credit at all, you can still get approved for a loan with a no credit check lender, as long as your income is sufficient.
Bad Credit Lenders
Some lenders specialize in offering bad credit loans. In other words, their loans are designed specifically for consumers with bad credit. If your credit scores are low, you may have much better luck applying for a loan with a bad credit lender than with a conventional loan provider.
Where Can I Find Bad Credit Loans Near Me?
Residents of Alberta have many lenders to choose from that offer bad credit loans:
Fairstone
For nearly a century, Fairstone has been providing personal loans from $500 to $50,000 to Canadians, including those with bad credit. In Alberta, you’ll find Fairstone branches at the following locations:
9683 Macleod Trail SW, Calgary, Alberta T2J 0P6
12835 140 Ave NW, Edmonton, Alberta T6V 1P1
1424 Southview Dr SE, Medicine Hat, Alberta T1B 4E7
10320, 111 St., Unit 104 Suite Unit 104, Grande Prairie, Alberta T8V 7L3
8706 Franklin Ave, Suite 401 in Fort McMurray, Alberta T9H 2J6
1320 Mayor Magrath Dr S, Lethbridge, Alberta T1K 2R2
Pine Plaza, 6791 50 Ave #16, Red Deer, Alberta T4N 4C9
4910 50th Ave. in Lloydminster, Alberta T9V 0W
Easyfinancial
Easyfinancial provides Alberta residents with personal loans of up to $100,000 as an alternative to payday loans, even for consumers with bad credit. A handful of Easyfinancial branches can be found in Alberta, including the following:
11459 Kingsway Ave, Edmonton, Alberta T5G 3E8
3115 26 Ave N Lethbridge, Alberta T1H 5T6
222 Baseline Rd., Sherwood Park, Alberta T8H 2W7
6102 50th St., Leduc Alberta T9E 7L2
Spring Financial
While Spring Financial does not have any physical locations, it is available online to Alberta residents. No matter where you live in Alberta, you can apply for a bad credit loan for up to $35,000 from Spring Financial from the convenience of your computer or mobile device.
LoanMeNow
LoanMeNow is a loan brokerage that offers short-term loans for up to $1,000. Like Spring Financial, LoanMeNow operates entirely online with no physical branches. Most lenders within LoanMeNow’s network work with bad credit applicants, so you may be able to secure a loan despite a bad credit score.
What’s Considered As Bad Credit In Alberta?
Now that you know there are loan options for those with bad credit in Alberta, how do you know if you have bad credit or not? Well, there is no official or exact credit score that is considered bad in Alberta, as all lenders have their own rules as to which credit scores are acceptable and which are not. However, in general, credit scores lower than 600 are considered bad.
Can I Finance A Car With Bad Credit In Alberta?
Yes, getting a car loan is possible even with bad credit. However, it will be much more difficult to get approved, especially if you’re applying for a big loan. If your credit score is less than perfect, consider applying for a car loan with a bad credit lender.
Generally speaking, personal loans are unsecured, which means there is no collateral backing the loan. In this scenario, the risk for the lender is higher than it would be with a secured loan, making an unsecured loan more difficult to get approved for.
Instead, a bad credit car loan is backed by the vehicle, which reduces the risk for the lender. In turn, securing a collateralized car loan may be easier to get approved for, even with bad credit.
Can You Get Bad Credit Loans In Alberta With No Bank Verification?
Lenders in Alberta typically require loan applicants to have an active bank account as part of the criteria for approval. For starters, it gives the lender the chance to see what your cash reserves are like. The more money you have in the bank, the less of a risk you may be.
Further, the lender may want to automatically withdraw funds to cover the loan payments, which they can’t do if you don’t have a bank account.
However, some lenders may approve loan applications for borrowers who don’t have an active bank account. A “no bank verification” loan means the lender does not require borrowers to have a bank account for loan approval.
As the name suggests, you won’t have to provide the lender with documentation showing that you have a bank account. All you typically need is proof of income, and in some cases, you may need collateral.
However, it’s important to keep in mind that these types of loans are not commonly offered. And when they are, they’re usually more expensive than loans from conventional lenders.
Can You Get Bad Credit Loans In Alberta With No Refusal?
If you have bad credit, a “no refusal” loan may be easier for you to get approved for. As the name suggests, you cannot be refused a loan because of bad credit. No matter what your credit score is, it should not be a deterrent for loan approval, as long as other factors check out.
For instance, lenders who offer “no refusal” loans will want to ensure that your income is strong enough for you to make timely loan payments until the loan is fully repaid. If you have a healthy, steady income, you may be able to secure a no refusal loan in Alberta and get access to the funds shortly after approval, often within 24 hours.
Can You Get Bad Credit Loans In Alberta With Instant Approval?
Traditional lenders usually take days or longer to approve a loan application. But many types of alternative lenders approve loans within minutes following application submission.
The exact amount of time you need to wait will depend on the lender. For instance, some lenders may offer instant pre-approval, while others may offer same-day approval.
Not only can you get near-instant notification of loan approval, but the funds will also be deposited in your account or e-transferred to you shortly after.
Even with bad credit, you can still get an instant approval for certain types of loans, such as the following:
If you’re in desperate need of fast cash to cover an urgent expense, a bad credit loan in Alberta with instant approval can be a huge help. Just keep in mind that these loans can be very expensive and often require the funds to be fully repaid, along with interest, within a short period of time.
How Much Do Bad Credit Loans In Alberta In Cost?
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
40%
$102.47
$229.66
$1,229.66
*$1,000 personal loan with a 1-year term.
How To Increase Your Chances Of Getting Bad Credit Loans In Alberta?
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.
There Are No Reviews – Lenders who have been in business for a while should have a growing list of reviews online. If you do find reviews, go through them to make sure they are left by real customers and not added fraudulently by the lender.
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.
Alternatives To Bad Credit Loans 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. The provincial and federal governments jointly provide financial assistance to this program under the Canada-Alberta Housing Benefit.
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
Albertans experiencing financial troubles and who are falling behind on paying their utility bills are at risk of having these services shut off. To avoid this, several support programs are available to low-income earners under the Utilities Consumer Advocate (UCA). This Alberta government resource educates and advocates for customers to come up with an affordable and workable payment arrangement with utility service providers.
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 I get a bad credit secured loan in Alberta?
While some secured loans may require a credit check, offering up collateral, for example, a vehicle, is another great way for credit-constrained consumers in Alberta to get the loan they need. Collateral often makes a consumer a less risky borrower and therefore a lender may be willing to accept a lower credit score.
Is a personal loan or a payday loan better if I have bad credit?
While a payday loan is a good option for same-day funding for bad credit borrowers, it is an extremely expensive way to borrow money. With interest rates as high as 600% and repayment periods as short as 14 days, most individuals find it hard to repay it on time. Alternative personal loans, on the other hand, cater to individuals with bad credit while having much lower interest rates and repayment periods. Which in turn, makes monthly payments affordable and easier to manage.
Can I get a no credit check loan in Alberta?
Many lenders in Alberta provide no credit check personal loans. These lenders typically use other financial factors to determine your creditworthiness. Rather than your credit, these lenders will evaluate your income level, debt level, job stability, and your overall financial health. However, do remember that while these lenders don’t check credit, they do charge high-interest rates than normal.
How much can I borrow with bad credit?
The amount you can borrow with bad credit depends on a number of factors. For one, the type of loan you apply for has a significant impact on how much you can borrow. For example, most payday lenders lend up to $1,500 while personal lenders lend up to $35,000. Moreover, your income level, employment stability, debt-to-income ratio, and other financial factors will affect the amount of money you can borrow with bad credit.
Can I apply for a car loan with bad credit?
Yes, if you’re applying for an auto loan, the lender will want to look at all the information about the vehicle you’re buying. For instance, you may need to submit a purchase agreement or bill of sale that includes the following information:
Vehicle identification number (VIN)
Year, make, and model
Purchase price
Disclosure of any liens on the title
In general, car loans may be easier to qualify for since the car acts as collateral for the loan, making it less risky for the lender.
As a senior, getting a loan can be more difficult due to lower income and age restrictions. Thankfully, there are many home equity loans for seniors i...
Did you get the CEBA loan? The CEBA loan repayment due date is close. Find out when and what can you do avoid default.
Why choose Loans Canada?
Apply Once & Get Multiple Offers
Save Time And Money
Get Your Free Credit Score
Free Service
Expert Tips And Advice
Exclusive Offers
A Team of Experts
Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.
Build Credit For Just $10/Month
With KOHO's prepaid card you can build a better credit score for just $10/month.
