- 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
If you have bad credit, you may be wondering what kind of loans you can get. While it may be hard to qualify for a loan with a bank, you can still access most credit products through alternative and private lenders. Here are some loans that are great options for borrowers with bad credit:
Yes, you can get approved for a car loan with a bad credit score. You will have to apply with an alternative lender for this type of financing, as traditional lenders typically turn down applications from bad credit borrowers. Bad credit lenders will look at other factors aside from your credit profile, such as your income and assets.
Do note, however, that bad credit car loans are more expensive. That’s because there’s a greater risk for the lender when working with a bad credit borrower. To offset this risk, the lender will charge a higher interest rate, which means the overall loan will cost much more.
In addition, you may not be able to secure a larger loan amount with bad credit.
If you have bad credit, you’ll have more luck applying for a loan with an alternative lender than your bank. Fortunately, there are many bad credit lenders in New Brunswick, some of which have physical locations and others that offer online loans.
Fairstone | – Fredericton: 1055 Prospect St., Unit 4, Suite Unit #4, Fredericton, NB E3B 3B9 – Saint John: 30 Plaza Ave., Unit 68, Saint John, NB E2M 0C3 – Sussex: 625 Main St, Sussex, NB E4E 7H5 – Edmundston: 10 Rue Emmerson, Edmundston, NB E3V 1R7 – Bathurst: 1173 St Peter Ave #4, Bathurst, NB E2A 3A1 – Woodstock: 307 Connell St Unit 8, Woodstock, NB E7M 1L3 | Learn More |
Easyfinancial | – Fredericton: 102 Main St Unit #16A, Fredericton, NB E3A 9N6 – Moncton: 165 Main St Unit 116, Moncton, NB E1C 1B8 – Saint John: 87 Lansdowne Ave, Saint John, NB E2K 3A1 – Grand Falls: 462 Chem. Madawaska #4, Grand Falls, NB E3Y 1A3 – Miramichi: 2441 King George Hwy Unit 48A, Miramichi, NB E1V 6W2 – Sussex: 140 Main Street, Unit 8 Sussex NB E4E 3E6 | Learn More |
Spring Financial | You can apply for a loan online in New Brunswick. No Physical branches are available. | Learn More |
LoanMeNow | You can apply for a loan online in New Brunswick. No Physical branches are available. | Learn More |
For nearly a century, Fairstone has been providing personal loans to Canadians, including those with bad credit. You can apply for a quick personal loan for up to $50,000 online or in person, and receive your funds the same day you’re approved.
easyfinancial provides unsecured personal loans up to $20,000. You can get approved in as little as a few minutes, and use the loan to boost your credit score with affordable payments and a flexible repayment schedule.
Spring Financial is an online lender. There are no physical locations. You can quickly and conveniently apply for an online loan from $500 to $35,000 within minutes. Spring Financial works with a variety of borrowers, including those with bad credit.
LoanMeNow offers short-term online loans. No physical branches are available. You’ll receive instant notification of loan approval and can get the funds within 24 hours. LoanMeNow does not conduct credit checks, so you can get approved with bad credit.
In the world of online activity and bad credit, it’s unfortunate that many scam artists are beginning to use both of those ideas to their advantage. This is why it’s essential to do proper research when you’re searching for an alternative/bad credit lender online.
Here are some warning signs you can look out for:
Cost | Credit Score | Credit Report | ||
![]() | Free | Yes | Yes | Visit Site |
![]() | Free | Yes | Yes | Visit Site |
![]() | Free | Yes | Yes | - |
For the average New Brunswick consumer, bad credit scores can be caused by:
Good credit can help you qualify for loans, particularly low-interest loans, so it’s best to try and build your credit when you can. Here are a few things that may help you build credit:
Pay your credit accounts responsibly. This means on time every single month, and if possible paying off your full balance. Payment history is one of the factors that affect the calculation of your credit score. Making payments on time should contribute to building a healthy credit history, which in turn may help improve your credit score.
Your revolving credit products have a credit limit that you must stick to. But it’s also important to not use up your full limit every month. Even if you pay it off in full each month. It’s recommended that you keep your ratio at 35% or lower for the best results. To calculate your ratio, take your current balance, divide it by your credit limit, and then multiply it by 100
Ex: $1,000/$5,000 x 100 = 20%
You can request a free copy of your report once per year, check it for errors, then dispute them through Canada’s two main credit reporting agencies (Equifax and TransUnion). If the error is justifiable, your credit score may improve after it’s been corrected.
The longer your history of responsible credit use through a wide variety of credit products, the better it is for your creditworthiness. Closing your oldest credit account will reduce the overall length of your credit history which may have a negative impact on your credit.
Typically reserved for borrowers who don’t qualify for regular unsecured cards, secured credit cards are a great credit improvement tool. The goal is to use the secured credit card responsibly while it helps build a healthy payment history. Ultimately, having a positive effect on your credit score. Keep in mind that secured credit cards require an upfront deposit.
The soaring cost of living is forcing Canadians to pinch their pennies more than ever, but the situation is particularly dire for low-income individuals and families. Fortunately, there are many non-profit organizations and local programs in New Brunswick that are designed to help those struggling financially.
Depending on your specific needs, you can find programs to assist with rent, shelter, groceries, and other needs. Here are a few programs available in New Brunswick:
The Rent Supplement Assistance Program helps eligible tenants cover the cost of rent. Qualifying renters will have their rents lowered to 30% of their household income.
The Emergency Fuel and Food Benefit provides financial assistance to eligible low-income residents of New Brunswick who are struggling with the high cost of living. Application for the benefit is not required. Instead, eligible residents will automatically receive the benefit, which is a one-time payment of $225 to individuals, or $450 to families.
Social Assistance provides financial assistance to those who are unable to afford basic necessities, such as shelter, food, and clothing. The program is also available to help New Brunswick residents find employment. The benefit amount depends on all income sources and the number of members in a household.
New Brunswick residents struggling to pay for groceries can access many food banks across the province:
Many emergency shelters are available across New Brunswick, with each serving its local residents:
Low-income seniors may qualify for an annual $400 benefit from the Government of New Brunswick via the Low-income Seniors’ Benefit program. Residents aged 60 years or older can use this benefit to supplement their income or cover household expenses or other basic needs. Applications are available every April 1st.
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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