- 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
There are a wide range of bad credit lending options in British Columbia for those with less-than-perfect credit score and history.
As opposed to a regular unsecured personal loan, a secured loan is one where you put up an asset (for example a vehicle) as collateral. They’re generally easier to qualify for as the collateral offsets the risk taken on by the lender.
These loans also have fairly decent interest rates, so if you are confident you can make the payments and not default, choosing a secure loan in British Columbia is a great option for many consumers.
Another popular option is to go with a lender who doesn’t check credit. Many lenders in British Columbia are willing to work with borrowers with varying credit profiles. These lenders based their approval on your overall financial health instead of your credit score.
However, due to the added risk they take, the interest rates are often higher and the terms are a bit more strict.
Cost | Credit Score | Credit Report | ||
![]() | Free | Yes | Yes | Visit Site |
![]() | Free | Yes | Yes | Visit Site |
![]() | Free | Yes | Yes | - |
Bad credit lenders are available throughout BC. If you’re having trouble getting a loan because of a low credit score, one of the following bad credit lenders can help:
Fairstone offers personal loans for up to $50,000 and are available both online and in person. You can find physical Fairstone locations all over BC, including in these major cities:
Easyfinancial services borrowers with all types of credit, including bad credit. You can get a personal loan for up to $100,000 with terms of up to 10 years. BC residents can visit physical branches throughout the province, including the following:
Spring Financial does not have physical locations in BC. Instead, the lender offers bad credit loans online, via telephone, or through text to borrowers all over BC and Canada. You can borrow anywhere from $500 to $35,000, with loan terms between 9 to 60 months.
LoanMeNow is an online-only brokerage that finds short-term loans for Canadians, including those with bad credit. The loan application, approval, and funding process takes place entirely online. Bad credit borrowers will have an easier time securing a loan with LoanMeNow, since no credit checks are needed.
LoanMeNow is available to borrowers across all provinces and territories.
Yes, you can still get approved for a car loan despite having bad credit. Many alternative lenders cater to bad credit borrowers to help them obtain the funds needed to purchase a vehicle.
That said, it’s important to understand that bad credit car loans are more expensive than traditional loans. Since you have poor credit, you’ll be considered a higher-risk borrower. To offset this risk, the lender will charge a higher interest rate. Plus, you may not be able to secure a large loan amount if you have bad credit.
Now that you know the basics of bad credit, how do you go about fixing bad credit in British Columbia? Thankfully, you are never stuck with bad credit and there are many different ways to improve your credit quickly.
If you often make late payments or miss them altogether, you need to start making them on time. This is definitely one of the best things you can do for your credit score and after several months of on-time payments, you should start to see an improvement.
Once you work hard to pay down your debt, it’s in your best interest to not accrue too much more and to keep your credit utilization ratio low. Your credit utilization ratio compares the amount of debt you carry each month to your total available credit. it’s best to keep this ratio under 30%.
You could also enlist the help of a credit improvement product such as a secured credit card or a credit rehab savings program. These products have very few requirements and are specifically designed to help Canadians build their credit.
You should also be patient when improving your credit as it will not happen overnight. Depending on how bad your credit is when you start the credit improvement process, it could take months before you start to see any change or improvement in your credit.
While there are many great loan options for those with bad credit in British Columbia, there are also a lot of loan scammers who prey on these types of consumers.
Here are some tell-tale red flags to watch out for:
While loans are a great option to help you cover an expense, it’s only financially sensible if you can comfortably afford it. Otherwise, it may be better to look for other ways to cover it or make room in your income to cover it. Here are a few financial programs in BC that can help you cover certain costs so there’s more room in your budget.
If your rent is making it hard to afford other necessities, you could apply for the Rental Assistance Program (RAP). It is available to low-income.
e BC families and provides monthly payments to help cover rent payments.
Similarly, low-income families in BC who are struggling to pay rent may qualify for subsidized housing. This is a long-term housing solution that bridges the gap between what families can afford to pay in rent and their monthly rent obligations.
Income assistance is available to BC residents in need and have exhausted all other options. The program is designed to help low-income individuals cover their bills as they actively search for employment. Income assistance payments are made on a monthly basis.
Food prices have inflated all over the country causing many to rebalance their budgets. If food costs are a major source of financial stress for you, you may be able to get free food through food banks.
To combat food insecurity, multiple food banks are available to BC residents in need. Each food bank caters to members of its specific community. Some examples of food banks in BC include the Mustard Seed Street Church & Food Bank in Victoria, the Archway Abbotsford Food Bank in Abbotsford and Ryan’s Rainbow Emergency Food Outreach in Burnaby.
Low-income families in BC are at risk of having their heat or water shut off if they are unable to keep up with their utility bills. To mitigate this risk, a Utility Security Deposit supplement is available to eligible households to cover the cost of securing service for natural gas or electricity.
To better protect vulnerable borrowers, provinces have enacted legislation that sets boundaries on what alternative lenders can and can’t do.
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