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Types Of Bad Credit Loans In Calgary
Many lenders in Calgary offer loans to those with bad credit, but what kind of loans do those include? Here are some loans you can expect to get:
Personal Loans – Many lenders in Calgary offer bad credit personal loans up to $35,000 or higher. These loans can come in secured or unsecured forms. Unsecured loans will generally have higher interest rates as the lender takes more risk. If you put up some sort of collateral such as a car or other asset, you can likely get a much better interest rate, even if your credit is subpar.
Guarantor Loans – Many bad credit loans in Calgary are approved when you get someone to co-sign the loan. These are called guarantor loans. The cosigner guarantees you’ll pay your debts and agrees to take responsibility if you don’t.
No Credit Check Loans – Many lenders that offer no credit check loans include payday lenders and personal loan lenders. Payday loan lenders don’t require credit checks and offer up to $1,500 in loans. Other personal loan lenders may offer higher loan amounts, but you’ll be charged a high-interest rate.
Can You Get Bad Credit Car Loans In Calgary?
Yes, you can get approved for a car loan in Calgary with bad credit. Rather than applying with a traditional lender, you would have better luck with an alternative lender, of which many in Calgary help bad credit borrowers.
These lenders look at other criteria aside from credit scores, such as income and assets. Credit checks are often not part of the application process, which makes it easier for bad credit borrowers to get approved for a car loan.
That said, bad credit car loans in Calgary are typically more expensive because they come with much higher interest rates and additional fees. Lenders charge higher rates because bad credit loans are riskier. Further, you may not be able to get a larger loan because of this additional risk.
What Do You Need To Get Bad Credit Loans In Calgary?
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)
How To Get A Bad Credit Loan
Here are some steps you can take to get a bad credit loan:
Step 1. Compare Lenders And Get Pre-Approved
Online loan aggregator sites can help you quickly find and compare lenders and their loan products. Simply input a few pieces of information about yourself and the loan you need, and the lending platform will populate a list of lenders and products, along with their rates based on your profile. This will start the process of pre-approval, which will give you an idea of how much you can qualify for and the rate you will be charged. You can then compare offers side-by-side and choose the one that best suits your needs. It's very helpful to start the loan process by getting pre-approved first, especially if you have bad credit, as your credit score can affect the interest rates and loan amount you can qualify for.
Step 2. Apply For A Loan
Depending on the lender you choose to 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, which may include a government ID, pay stubs and bank account statements. In some cases, you won’t require any physical documents as the whole verification process can be done via instant bank verification services like Flinx, Plaid and Yodlee. During your application process, you’ll be asked to sign into your bank account through a secure portal. This process allows lenders to receive a read-only bank statement and have your bank account verified instantly.
Step 3. Get Funded
Traditional loans can take a few days for funding to come through. But with alternative lenders, you can receive the funds from your bad credit loan in a matter of hours, as long as the approval is made by a certain time. Otherwise, you can expect your funds the next business day.
Find Bad Credit Loans Near You In Calgary
If you live in Calgary and need a bad credit loan, many alternative lenders are available near you. Here are a few lenders that offer bad credit loans in Calgary:
Fairstone
– 3430 Sunridge Way NE, Calgary, AB, T1Y 7K5 – 8060 Silver Springs Blvd. NW, Unit 162, Calgary, AB, T3B 5K1 – 9683 Macleod Trail SW, Calgary, AB, T2J 0P6 – Southview Centre, 2943 17 Ave. SE, Calgary, AB, T2A 0P7 – 240 Midpark Way SE #34, Calgary, AB, T2X 1N4 – 5010 4 St. NE #24, Calgary, AB, T2K 5X8
Canadians can apply for personal loans up to $50,000 from Fairstone, including those with bad credit. The application and approval process can be done either online or in person, and funds are often available on the same day.
Fairstone has several locations in Calgary. Check the table above.
easyfinancial offers personal loans up to $20,000, with loan terms ranging from 9 months to 7 years, and interest rates starting at 29.99%. Those with bad credit can also apply.
Loans from easyfinancial are available both online and in person. There are multiple easyfinancial locations in Calgary. Check the table above.
Spring Financial is an online lender that offers personal loans of up to $35,000 to all Canadians, including those in Calgary. The approval and funding process is quick, and can often be completed the same day. Borrowers of all credit types are served, including those with bad credit.
Spring Financial operates solely online, as there are no physical branches.
LoanMeNow offers small short-term online loans up to $1,000, with funding available in as little as 24 hours. Bad credit borrowers are encouraged to apply, as credit checks are not required.
Like Spring Financial, LoanMeNow operates entirely online. There are no physical branches.
There are many different causes for bad credit. However, it’s important to note that there are many different ways your credit score is calculated. So your credit score may be bad to one lender but fair to another.
That being said, here are a few common factors that can impact your credit scores negatively:
When you are looking for bad credit loans in Calgary, you need to watch out for potential scams. Loan scams will often target those with bad credit as these consumers don’t often have many other options. If a lender or creditor asks for upfront fees or payments, you should also be wary. It is always a better option to be safe, and if you are uneasy about anything, you should steer clear of it.
No Physical or Web Address – Every legitimate business should have some sort of identifiable address, whether a physical address or website. If you can’t find either one, likely the lender is not actually in business.
Fee Required Upfront – An upfront fee is not typically part of the loan approval criteria. Any lender that demands that a fee be paid before the funds are distributed should be steered clear.
No Reviews – You should be able to find some reviews of the lender you’re considering working with, even if there are only a handful. If you can’t find any reviews after a quick online search, odds are the lender is operating fraudulently.
Can A Lender Guarantee Approval?
Every lender should vet loan applicants to some degree, even if no credit check is required. If the lender is advertising guaranteed loan approval without looking at any aspect of your financial profile, look elsewhere. These “lenders” are likely scammers who are acting as fake lenders.
Loan Alternatives: Provincial Government Programs
Financial Resource
Link
Alberta Family Support For Children With Disabilities (FSCD) Program
Looking For An Alternative To A Loan? Check Out These Financial Resources And Programs In Calgary
While bad credit loans may be an option for you, there are other options available if you’re struggling financially. You’ll find many services for Calgary residents in need on www.211.ca by typing in the city name.
In addition to government programs, many non-profit community organizations and charities are also listed. Here are a few examples of the types of programs that you can find on 211.ca:
Free Tax Preparation Services
Canadians are required to file their income taxes every year. However, paying a tax specialist to prepare your taxes can be expensive, and doing them on your own can be complicated.
If you’re a low-income earner in Calgary and your tax situation is not complex, you may be eligible to have your income taxes prepared for free from HMH Tax Clinic. You can contact them at 587-888-1279 or via mail at hmh.taxclinic@gmail.com.
Down Payment Assistance Loan
The cost of homes continues to increase, making it increasingly difficult for Calgary residents to buy a home. Moreover, coming up with a sizable down payment is also a challenge.
If you live in Calgary and are a low- to moderate-income earner, you may qualify for the Down Payment Assistance Loan from Attainable Homes Calgary (AHC). This program allows Calgary homebuyers to buy a townhouse with just $2,000 instead of the minimum 5% down payment. AHC will loan the remaining amount to reach the required 5% down payment needed to buy a home.
You can reach AHC at 403-265-9935, by email at questions@attainyourhome.com, or by visiting www.attainyourhome.com.
Food Banks In Calgary
The cost of food is one of the biggest issues for Calgary residents today, leaving many unable to cover their grocery bills. If you’re struggling to put food on the table, you may qualify for free or low-cost food items at one of many food banks across the city of Calgary. You can find a list of various food programs across the city by clicking here.
Reduced Fares For Public Transit
Owning a car is a big expense that many Calgary residents can’t afford. Luckily, The City of Calgary provides low-cost public transportation, as well as programs to reduce financial barriers to accessing transit, such as Calgary Transit Access, Low Income Monthly Transit Pass, and Low Income Seniors Annual Transit Pass. Visit www.calgarytransit.com to find out more about eligibility criteria.
One-Time Financial Assistance For Basic Needs
Many Calgary residents suffer financial distress that prevents them from covering the cost of necessities, like housing. The Distress Centre in Calgary provides a one-time payment to low-income families and individuals to put toward costs such as rent, mortgage payments, damage deposits, or utility bills. The program is available to residents of Calgary, Airdrie, Chestermere, Cochrane, High River, Okotoks, and Strathmore.
If you have bad credit, you probably don’t want your lender to know about it. Luckily, there are lenders available in Calgary that offer no credit check loans. That means your credit score will not affect your ability to secure a loan with these lenders. Instead of focusing on your credit score, these lenders put more weight on factors such as income, employment, and assets.
Can I get approved for a personal loan with bad credit?
Yes, you can secure a personal loan with a bad credit score. However, you will have to apply with an alternative lender that accepts low credit scores, as traditional lenders typically require a score of at least 620 to 680. As long as you have a decent income, you may be able to qualify for a personal loan with an alternative lender despite having bad credit.
How do I find out what my credit score is?
It’s always good practice to find out what your credit score currently is before applying for a loan in Calgary, You can do this for free once a year with Equifax or TransUnion. Alternatively, you can also use a free online service, like Loans Canada’s CompareHub, which lets you quickly check your credit score from your computer or mobile device.
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