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Can You Get Approved For A Loan With Bad Credit in Edmonton?
While your options for a loan may be limited with big banks and other traditional lenders, you can generally still qualify for a variety of loans with an alternative lender. Here are some types of loans you can get with bad credit:
No Credit Check Loans
Payday loans and
Lenders that offer loans without performing a credit check are a great option for those with bad credit. Lenders that offer these types of loans are generally payday lenders, personal loan lenders and auto title loan lenders.
While these might be easier to get, they often come with decently steep interest rates and can be expensive. But if your options are limited, they are a good choice.
Secured Personal Loans
These are loans that are secured by some sort of asset, such as your car or home. You will put up these things as collateral for the loan, and if you default, the lender can legally take possession of the collateral. Because there is less risk involved, lenders are often willing to work with those who have bad credit as the loan amount is secured.
These loans may also come with a lower interest rate and higher loan amounts.
Local Locations For Bad Credit Loans In Edmonton
If you’ve been turned down for a loan from traditional lenders because of your bad credit, there are other options available to you. Many alternative lenders in Edmonton offer bad credit loans, including the following:
Can I Get A Bad Credit Loan In Edmonton From Fairstone?
Fairstone provides Edmonton residents with quick personal loans from $500 to $50,000. You can apply online, over the phone, or in person, and choose from weekly, bi-weekly, semi-monthly, or monthly payment options.
Fairstone’s lending specialists will work with your situation to personalize your loan to suit your needs and budget, even if you have bad credit.
Can I Get A Bad Credit Loan In Edmonton From easyfinancial?
easyfinancial caters to borrowers in Edmonton who can’t get a loan through conventional means due to poor credit. You can apply for a loan in person or online, and get approved within minutes. You can choose a loan repayment schedule that’s suitable for you, and use the loan to rebuild your credit while using the funds to cover a pressing expense.:
Can I Get A Bad Credit Loan In Edmonton From Spring Financial?
Spring Financial is an online lender that provides loans up to $35,000 to residents of Edmonton, including those with bad credit. The application process takes just a few minutes to complete, and the funds can be made available as soon as the same day through e-Transfer directly to your bank account.
Spring Financial does not have any physical branches in Edmonton. Applications are only accepted online.
Can I Get A Bad Credit Loan In Edmonton From LoanMeNow?
A bad credit score won’t hold you back from getting a loan with LoanMeNow. This lender offers short-term personal loans up to $1,000 with no credit check required. Just fill out the online application, and you can get approved within the hour and have your funds deposited in less than 24 hours.
LoanMeNow is an online-only lender. There are no physical branches.
Can You Get A Bad Credit Personal Loan To Finance A Car In Edmonton?
Yes, you can finance a car with bad credit, though you will have to work with an alternative lender rather than a bank. As mentioned, there are bad credit personal loans available to those with less-than-perfect credit. However, these loans tend to come with very high-interest rates, and high loan amounts may not be available to bad credit borrowers.
If you’re looking to finance a car, you may want to apply specifically for a bad credit car loan rather than an unsecured personal loan. A car loan is secured by the vehicle, which could help you get a lower rate and a larger loan amount.
What Documents Are Required For Bad Credit Loans In Edmonton?
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.
Are There Any Credit-Building Products in Edmonton?
If your credit needs are not urgent, it’s a good idea to try and improve your credit score as much as possible before you next need it.
However, building credit can take a lot of time and effort. To help you rebuild bad credit, we’ve listed several credit-building products you can use:
Secured Credit Card. A secured credit requires a deposit in exchange for credit. Once you provide the credit card company with a deposit, you’ll receive a card with a specific limit. You should use your card regularly and responsibly and your creditor will report your payments to the credit bureaus, thus improving your credit score over time.
Savings Loan – If you don’t want to use this option, you can opt to utilize a credit rehab savings program. This program is a creative way for you to build up your credit, while also being a way to save money. There are no up-front fees and you simply pay a manageable weekly payment that will be reported to the credit bureaus.
Most loan scammers target those with bad credit as they often have fewer loan options available to them. To protect yourself against these fraudsters, watch out for the following red flags:
Upfront Payment Required
Scammers may require an upfront payment to supposedly cover things like administrative fees or insurance. But legitimate lenders will not make such a demand. Steer clear of lenders who require a payment upfront before they extend a loan.
No Address
A lender that’s truly in business will have an address of some sort, whether a physical address or website address. If you can’t find either, then you may be dealing with a scammer.
Guaranteed Loan Approval
Even if a lender doesn’t conduct a credit check, they should still have other loan criteria, such as income and employment requirements. If a lender guarantees loan approval without checking any aspect of your credit or financial profile, look elsewhere.
No Reviews
Some lenders may be brand new and may not have had enough time to accumulate online reviews. But others don’t have reviews because they’re not legitimate lenders. A lack of online reviews should be considered a potential red flag, especially when combined with other signs from this list.
Alternatives To Bad Credit Loans In Edmonton: Provincial Government Financial Programs
Financial Resource
Link
Alberta Family Support For Children With Disabilities (FSCD) Program
Bad credit loans may provide some financial relief, but there are other programs available that you may find helpful. Both governments and private non-profit organizations offer various forms of assistance to low-income earners in Edmonton that can help with the cost of housing, clothing, food, child care, school supplies, utility bills, and others.
An easy way to find these programs is by conducting a quick online search on www.211.ca. Here you’ll find a plethora of programs in Edmonton, such as the following:
Food Hampers
Needy families and individuals in Edmonton can access free food items from the Edmonton Food Bank, which runs a hamper and food service program in the city. Hampers are filled with both perishable and non-perishable food items that should last a few days. Distribution takes place through food depots, churches, and agencies.
Rent Assistance
Low-income individuals and families in Edmonton may qualify for the Rent Assistance Benefit provided by Civida. This rental subsidy is paid directly to the tenant via e-Transfer for 12 months up to a maximum of $800, depending on the unit size. The subsidy is calculated using the difference between the tenant’s rent amount and 30% of their income.
To be eligible, your household assets must be worth less than $25,000, and your household income cannot exceed the program’s maximum amount. You must apply to the program to access this subsidy.
Utility Payment Assistance
If you’re at risk of having your electricity or water shut off due to arrears in bill payments, you may be eligible for utility support through the Bissell Centre in Edmonton. This program is designed to stop utility disconnection or eviction by offering access to no-interest loans to cover late rent or utility bills, financial coaching, affordable repayment plans, and support to negotiate with utility companies and landlords.
To be eligible, you must be a low-income earner, live in Edmonton, and be currently facing eviction. An application is required. Visit www.BissellCentre.org to learn more.
Free Baby Clothing and Supplies
Basically Babies provides a layette program to partnering agencies that work with low-income parents of newborn babies. Layette gift baskets include one year’s worth of items, such as infant baby clothing other necessities. These baskets are not given directly to parents but are distributed to agencies who then provide these gift baskets to clients.
Visit www.BasicallyBabies.org to find a partnering agency and get more information on how to obtain a layette.
Banks and other traditional lenders will likely turn down your loan application if you have a credit score that falls under the 620 to 680 threshold. If you have bad credit, you should apply with an online alternative lender, such as Fairstone, easyfinancial, or Spring Financial, among others.
How can I find out my credit score?
It’s important to know your credit score before you apply for a loan, including a bad credit loan. You can pull a copy of your credit report from Canada’s credit bureaus once a year for free. Otherwise, there are several online resources you can use at no charge, such as Loans Canada’s CompareHub.
How much will I pay in interest on a loan if I have bad credit?
Bad credit loan rates will likely start at roughly 20%, though it’s likely that you’ll pay much more, as much as 60%. The interest rate your lender will charge you depends on your exact credit score and loan amount. That said, there are laws in place in Edmonton that forbid lenders from charging any more than 60%.
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