- 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 several different types of bad credit loans in Fredericton that you can be approved for. Depending on the type of loan you’re interested in and the status of both your credit and financial health, you may want to consider one of the following options.
No Credit Check Lenders – While their interest rates can be high for these loans, you’ll generally have no trouble being approved for one as long as you have an income and a bank account.
Secured Loans – A secured loan involves putting something of value up as collateral to protect the lender in the case of a default. This can be a vehicle, your home, or another valuable asset. This can often gain you access to relatively good rates and terms, and higher loan amounts.
If you have bad credit, you’ll likely have a difficult time getting approved for a loan from conventional lenders, like banks and credit unions. Fortunately, several alternative lenders are available in Fredericton that cater to bad credit borrowers, including the following:
Fairstone | 102 Main St. Unit 6, Fredericton, NB, E3A 9N6 1055 Prospect St., Unit 4, Fredericton, NB, E3B 3B9 | Learn More |
Easyfinancial | 10 Trinity Ave Unit G206, Fredericton, NB, E3C 0B8 102 Main St Unit #16A, Fredericton, NB, E3A 9N6 | Learn More |
Spring Financial | You can apply for a loan online in Fredericton. No Physical branches are available. | Learn More |
LoanMeNow | You can apply for a loan online in Fredericton. No Physical branches are available. | Learn More |
Fairstone has been a long-standing loan provider in Canada for nearly 100 years. The lender offers personal loan solutions to both prime and sub-prime borrowers across the country, including in Fredericton. Loans are made for up to $50,000, with rates starting at 26.99% for unsecured loans.
easyfinancial offers secured personal loans up to $100,000 and unsecured loans up to $20,000. If you have trouble getting approved for a loan from traditional lenders, then easyfinancial is a great option. You can apply online with bad credit or no credit within minutes, and loan pre-approval won’t have any impact on your credit score.
Spring Financial is an online lender that makes it easy and convenient to apply for a personal loan. The lender offers quick approval and funding in as little as 24 hours. You can take out a loan up to $35,000, depending on your credit profile. Even if you have bad credit, Spring Financial will work with your situation to get you the loan you need with payments you can afford.
LoanMeNow is another great option for bad credit borrowers when traditional loan options are not available. With LoanMeNow, you can get a quick loan for up to $1,000 with no credit check required. The entire application and approval process takes place online, so you can skip the in-person visit to the lender.
Yes, you can secure a loan even with bad credit. While conventional lenders, like banks and credit unions, might turn you down because of your bad credit score, you may still get approved for financing with an alternative lender.
Keep in mind, however, that you will likely be charged a much higher interest rate because of your bad credit. Further, you may have a tough time qualifying for a high loan amount. As such, you may not be able to secure enough funds to cover the cost of buying a car.
Instead, you may want to apply specifically for a bad credit car loan. In this case, the car you’re financing will collateralize the loan and reduce the risk for the lender. Because of this lower risk, the lender may offer you a higher loan amount and a more affordable interest rate.
Cost | Credit Score | Credit Report | ||
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | - |
While there are many decent options for those with bad credit, you should always keep an eye out for potential loan scammers.
How do you tell if you’re dealing with a scammer? Thankfully, there are a few telltale signs:
Bad credit loans in Fredericton are always an option when money is tight, but there are also many programs available that you can use to help offset costs like rent, food, utilities, and others.
The fastest and easiest way to find support programs in your area is to use www.211.ca. Not only are government programs available on this site, but so are several privately-run programs and charities. Check out some of the following assistance programs to get you started:
The cost of rent in Fredericton can be too much for low-income individuals and families to financially handle. The Rent Supplement Assistance Program in New Brunswick can help those who are struggling to make their rent payments by providing subsidized rents to ensure residents of Fredericton access affordable and suitable housing.
Your income, household size, and specific location will be considered for eligibility purposes.
If your heating bills are in arrears, you may be at risk of having your utilities disconnected. To avoid this scenario, New Brunswick’s Emergency Fuel Benefit is available. It provides up to $550 per year to help cover the costs of winter heating. Your monthly income and expenses will be reviewed to ensure you qualify for this benefit.
With the cost of food as high as it is these days, an increasing number of Canadians are finding it difficult to cover their grocery bills and are visiting food banks as a result. To ensure Fredericton residents can continue to put food on the table despite financial hardships, several food banks are available across the city. Here are a few that you can find on www.211.ca:
Keep in mind that these food banks are typically reserved for locals only. Many may ask for proof of residence.
A handful of emergency shelters are available in Fredericton to help reduce the risk of homelessness among residents. You can find a list of available shelters in Fredericton on www.211.ca, many of which require a referral, including the following:
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