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📅 Last Updated: November 30, 2023 ✏️ Written By Lisa Rennie 🕵️ Fact-Checked by Caitlin Wood
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What Kind Of Bad Credit Loans Can You Get In New Brunswick?
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:
- Loans with no credit check involved. While almost all conventional lenders use your credit health in some way during their approval procedure, many alternative lenders do not. Instead, they’ll consider elements such as your income, banking information, etc.
- Secured loans. If you have assets, such as your home, car or other valuable property to offer up as collateral. This will earn you a higher chance of approval and a slightly lower interest rate.
- Installment loans. These loans are meant to be paid back over time through installment-based payments with interest. Conventional, alternative and bad credit lenders offer some form of personal loan, the approval and interest rates for which usually depend on your financial and credit health. If you’d like to improve your chances of approval and a lower rate, finding a trustworthy co-signer can help.
Can You Get A Car Loan With Bad Credit In New Brunswick?
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.
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Where Can I Find Bad Credit Loans In New Brunswick Near Me?
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 |
Fairstone Locations For Bad Credit Loans In New Brunswick
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 Locations For Bad Credit Loans In New Brunswick
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 Locations For Bad Credit Loans In New Brunswick
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 Locations For Bad Credit Loans In New Brunswick
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.
What Documents Do You Need To Get Bad Credit Loans In New Brunswick?
- 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.Risks Of Applying For Bad Credit Loans In New Brunswick
- Higher Risk Of Rejection – Since your credit status is bad, many traditional lenders will deny your application. While you may qualify with an alternative lender, you’ll usually get a higher interest rate than a borrower with a good score.
- Too Many Credit Checks – When you apply for a loan, most lenders will conduct a hard credit check. If you have multiple credit checks within a short period, lenders may see this as a warning sign and deny you a loan. Moreover,
- More Expensive Loan. If you’re approved for a high-interest loan, it can help you cover your emergency cost, but it will also cost you a lot of money in the long run.
Watching Out For Scammers In New Brunswick
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:
- They ask for an advanced deposit. One of the easiest ways to spot a scammer is when they ask for “loan insurance”. It is illegal in New Brunswick and the rest of Canada for a lender to demand payment before your loan is approved.
- They won’t tell you exactly how much your loan will cost. While some lenders don’t check your credit, all legitimate lenders should tell you exactly how much your loan will cost you by the end of your payment term. That should include all interest rates and fees. If the contract is unclear about that or the salesperson is avoiding your questions, it’s best not to trust the source.
- Their company doesn’t have a solid reputation. During your research, make sure to check customer reviews and look up any potential lenders in the Better Business Bureau Database.
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 Do I Check If I Have Bad Credit?
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
Why Do You Have Bad Credit? Here Are 3 Common Causes
For the average New Brunswick consumer, bad credit scores can be caused by:
- Missed Payments. Otherwise known as “defaulting”, not honouring your loan agreement in any way can lead to damaged credit. Your payment history is a common factor used when calculating credit scores, so missed payments can lead to bad credit.
- Mistakes On Your Credit Report. Every credit user in New Brunswick has a credit report containing all their credit-related information over a specific number of years. It also contains parts of your personal and financial information. Unfortunately, if any of the information in your report is incorrect, it can harm your credit, especially if it goes unnoticed for a long time.
- Financial Delinquencies. Serious debt problems can lead to New Brunswick consumers having to apply for debt management programs, consumer proposals, bankruptcies, etc. A record of these (and other credit activities) remains on your credit report for a predetermined number of years. During that time, your credit score may be affected negatively.
How Can You Build Good Credit In New Brunswick?
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:
Make Payments On Time
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.
Keeping Your Credit Utilization Ratio Low
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%
Correct Errors On Your Credit Report
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.
Keeping A Lengthy History Of Diverse Credit Usage
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.
Use A Secured Credit Card To Build A Healthy Payment History
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.
Other Financial Assistance Programs In New Brunswick
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:
Rent Supplement Assistance 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.
Food and Fuel Benefit In New Brunswick
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 In New Brunswick
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.
Food Banks In New Brunswick
New Brunswick residents struggling to pay for groceries can access many food banks across the province:
- Moncton: Second Mile Food Bank
- Fredericton: Greener Village
- Woodstock: Valley Food Bank
- Saint John: Food Basket
Emergency Shelters In New Brunswick
Many emergency shelters are available across New Brunswick, with each serving its local residents:
- Saint John: Outflow Men’s Shelter
- Fredericton: Grace House for Women
- Moncton: Harvest House Atlantic
- Sussex: Sussex Vale Transition House
Financial Support For Seniors In New Brunswick
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.
Bad Credit Loan FAQs
How can I qualify for a loan with bad credit in New Brunswick?
Having bad credit means most banks and major institutions won’t approve you for a loan because you are a higher-risk borrower. You’ll need to apply with subprime or alternative lenders willing to qualify those with bad credit. Due to the higher risk, their interest rates may be higher. But in the long term, you’ll improve your credit by paying back the loan and you can use your newly improved credit score to qualify for better loans in the future. Other ways of qualifying for loans with bad credit include getting a co-signer or providing collateral (such as a vehicle you own).
How can I improve my bad credit?
Everyone’s credit score is unique and reacts differently. But some general credit improvement tips are as follows.
- Always make your payments on time.
- Pay off your credit cards twice a month to help with your credit utilization.
- If you don’t have a regular credit card, get a secured credit card.
- Pay down any debt you have.
Can I get a loan in New Brunswick without a credit check?
If you have bad credit you can still qualify for a loan in New Brunswick by applying for a loan with no credit check. Some lenders in Canada offer loans without checking your credit. Instead, they may ask you to provide bank documents, pay stubs, and other ways to validate your income, job security, and existing debts. What they will primarily look for is your ability to make the payments towards the loan.
What is bad credit?
In New Brunswick and the rest of Canada, credit scores range from 300-900. If your credit is within the range of 300 to 560, most creditors will consider your credit score to be bad. You may have a harder time getting approved at your bank or other conventional lenders in New Brunswick. However, there are still other lenders (alternative and online) who specialize in bad credit cases.
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