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- Any credit accepted
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- Best Bad Credit Loans in Canada 2023
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📅 Last Updated: November 20, 2023 ✏️ Written By Lisa Rennie 🕵️ Fact-Checked by Caitlin Wood
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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.Types Of Bad Credit Loans In BC
There are a wide range of bad credit lending options in British Columbia for those with less-than-perfect credit score and history.
Secured Bad Credit Loans In BC
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.
No Credit Check Lenders in British Columbia
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.
Is My Credit Score Bad?
- Excellent (Scores 760+)
- Very Good (Scores 759 – 725)
- Good (Scores 724 – 660)
- Fair (Scored 659 – 560)
- Poor (Scores 559 – 300)
How To Get Your Credit Score For Free In Canada
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
Where Can I Find A Bad Credit Loans In BC Near Me?
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
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:
- 5540 Cambie St., Vancouver, BC V5Z 3A2
- 2950 Douglas St, Suite 150, Victoria, BC V8T 4N4
- 32915 South Fraser Way A, Abbotsford, BC V2S 2A6
- 2121 Springfield Rd, Kelowna, BC V1Y 7X1
- 3355 North Rd, Burnaby, BC V3J 7T9
- 286 St Paul St, Kamloops, BC V2C 6G4
- 1100 Princess Royal Ave, Nanaimo, BC V9S 5R5
Easyfinancial
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:
- 402 E Broadway, Vancouver, BC V5T 4T3
- 4429 Kingsway, Burnaby, BC V5H 2A1
- 1225 Blanshard St, Victoria, BC V8W 3J4
- 1835 Gordon Dr, Kelowna, BC V1Y 3A4
- 1395 Hillside Dr, Kamloops, BC V2E 2R7
- 4575 Uplands Dr, Nanaimo, BC V9T 6M8
- 4575 Uplands Dr, Nanaimo, BC V9T 6M8
Spring Financial
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
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.
Can I Finance A Car With Bad Credit?
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.
Already have a car but it's too expensive? SafeLend can help you with its auto refinancing program. Consumers can save an average of $35 to $75 per month on their auto loan payments. To learn more, click here.
How Do You Build Better Credit In BC?
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.
Make Your Payments on Time
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.
Keeping Credit Utilization Low
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%.
Seek Credit Building Services
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.
Bad Credit Loans In BC: Watch Out For Scams
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:
- Loans are “guaranteed”. No legitimate lender will guarantee loan approval. Even though bad credit loans are easier to secure, they should still involve some sort of vetting process to ensure you can make your loan payments. If a lender guarantees loan approval, avoid them.
- No online or physical presence. Lenders who have been in business should be easily found online or in person. If you can’t find a website or a physical address, this is a red flag.
- Upfront payment is required. You should not have to pay your lender any upfront fees before you’re given a loan. Generally, fees are taken out directly from the loan amount you qualify for. Payments should only begin once a loan agreement has been signed and you received the agreed-upon loan amount. Steer clear of lenders that demand upfront payments.
- BC Disability Assistance
- Social Assistance In British Columbia
- Benefits for Indigenous Peoples
- WorkBC Employment Services
- BC Family Benefit
Other Financial Assistance Programs in BC
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.
Rent And Housing Assistance In BC
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 In BC
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 Banks In BC
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.
Utility Assistance In BC
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.
Bad Credit Loans BC FAQs
What kind of income can I use to get a bad credit loan in British Columbia?
Depending on the lender you choose, non-traditional sources of income like the CCB, CPP, EI and other government financial programs may be acceptable. However, most lenders will only consider these sources if they are directly deposited into your account every month.
What kind of loan can I get in British Columbia if I have bad credit?
When you have a low credit score, getting a loan from a bank can be very difficult. Thankfully, many alternative lenders in British Columbia are willing to work with you. You can a variety of different loans, however, they will typically come with a much higher interest rate. The easiest loan you can get with bad credit is a car title loan or a secured loan. Both these loans use an asset to provide your lender with security in case you default on your loan.
How do I qualify for a bad credit loan?
To qualify for a bad credit loan, you’ll need a steady source of income and be employed for at least 3 months. You’ll also need to be a Canadian resident who has reached the age of majority in their province. Other factors like your debt-to-income ratio, and bankruptcies you may have, will also be evaluated and considered during your application.
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