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Types Of Bad Credit Loans In Saint John
So just what types of loans are available to people with bad credit in Saint John? As you know, most traditional lenders in Saint John simply won’t work with those who have bad credit, or if they do, the rates will be sky high and the terms will be strict. However, there are indeed some types of borrowing that those with bad credit can do. This includes:
No Credit-Check Lenders – Some lenders in Saint John are willing to work with individuals without even seeing their credit score. These people will often either use factors like employment, income or bank statements or might just have larger fees and more restrictions in place.
Secured Loans – These are loans in which borrowers will put an asset up for collateral so lenders don’t mind if your credit is low. If you miss payments or default on the loan, the lender will get possession of the asset you put up.
What Do You Need To Get Bad Credit Loans In Saint John?
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.
Where Can I Find Bad Credit Loans In Saint John?
If your credit score is too low to get approved for a loan with your bank or other traditional lender, you have other options. Namely, alternative lenders cater to bad credit borrowers in Saint John. These lenders look at other factors when assessing your loan application besides your credit score, which can increase your chances of loan approval.
Here are a few lenders to consider when applying for a loan when you have bad credit:
Fairstone is a popular alternative lender that offers several loan products, including secured and unsecured personal loans. You can apply online or in person and find out how much you can qualify for within minutes. Loan amounts range from $500 to $50,000, depending on your credit profile and type of loan you’re applying for.
If you have bad credit, Fairstone will work with you to support your specific borrowing needs. If approved, you can get access to the funds as soon as the same business day.
easyfinancial is an alternative lender that offers unsecured personal loans, home equity secured loans, and bad credit loans to Canadians. You can apply for a loan online or at one of 3 physical locations in Saint John.
Unsecured personal loans are available for up to $20,000, with rates starting at 29.99% and loan terms ranging from 9 to 84 months. Even if you have bad credit or no credit at all, easyfinancial will work with you to get the loan you need.
If you have bad credit and need fast cash, Spring Financial is worth considering. This online lender offers loans for up to $35,000, with rates ranging from 9.99% to 46.99%, and loan terms from 6 to 60 months. Within minutes, you can complete the application and approval process, and have your funds transferred to you the same day.
Bad credit borrowers in urgent need of money might find LoanMeNow very helpful. LoanMeNow is an online lender that provides short-term loans for up to $1,000. You can apply from anywhere, get approved within the hour, and have access to the funds from any device.
Plus, there’s no credit check required, so having bad credit won’t hinder you from securing a loan from LoanMeNow.
Can I Finance A Car With Bad Credit In Saint John?
Yes, it’s possible to use a bad credit loan to cover the cost of a vehicle purchase. However, this type of financing may be difficult to secure, especially if you need a high loan amount to pay for the car. Not only that, but you’ll likely be charged a high interest rate even if you’re approved.
Instead, you might be better off taking out a bad credit car loan specifically. This is a secured loan that uses the vehicle as collateral. Having a value of asset to back the loan will reduce the lender’s risk, and therefore make it a bit easier for you to obtain financing to buy a car.
Factors that Affect Your Credit Score in Saint John
If you want to improve your credit score, it’s important to understand what affects your credit score. Here are 5 common factors that are used when calculating your credit score:
Payment History – How good you are at making payments and you are frequently late making payments? If you never miss a payment it should help your score a great deal, but if you have a spotty history, it may hurt your score.
Credit Utilization – The credit utilization ratio or your debt-to-credit ratio refers to the amount of credit you use versus how much you have available. In general, a lower ratio is better for your score.
Credit History – The longer that you have had a credit account open and used it responsibly, the more likely it’ll help improve your credit score.
New Inquiries – Hard credit checks can negatively impact your credit. It’s best to limit the number of credit products you apply for, especially within a short period of time.
Public Records – If you have any bankruptcies, consumer proposals or accounts in collections, it can negatively impact your credit.
Watch Out For Bad Credit Loan Scams
If you’re not careful, you could be a target for bad credit loan scams. While all borrowers can be fall victim to these scams, bad credit borrowers are especially vulnerable because they have fewer loan options available to them and have a harder tie getting approved.
Make sure you’re familiar with the following signs of loan scams to avoid becoming a victim:
Upfront Payment Required
Some scammers claim they need an upfront payment to cover the cost of insurance or admin fees. While legitimate lenders might charge an application fee or credit report fee, these charges are usually deducted from your loan and not paid for upfront.
No Physical Or Online Presence
Every legitimate business should have a physical location, a website, or both. Be careful of fake lenders using addresses that are not actually associated with a business, such as vacant lots or even other people’s addresses. Make sure to verify any addresses provided, and if an address doesn’t exist at all, you’re likely dealing with a scammer.
Guaranteed Approval
Trustworthy lenders will want to vet your loan application to some degree, even if a credit check is not required. They’ll at least want to make sure that your income is high enough to support your loan repayments. Any lender that guarantees loan approval without looking at any aspect of your financial profile is likely looking to take advantage of you.
Alternatives To Bad Credit Loans In Saint Johns: Financial Assistance Programs And Resources
Taking out a bad credit loan in Saint John can provide you with a temporary financial fix, but other options are available. If you’re having trouble covering the cost of necessities like food, rent, utility bills, child care, and other expenses, several programs available throughout Saint John to help.
A quick and efficient way to find these programs is by visiting www.211.ca and performing a service-specific and city-based search. Here are a few resources that can be found on this website to help you get started:
Emergency Fuel Benefit
The cost of heating is very expensive, and many low-income families may not be able to afford these high utility bills. To avoid the risk of having these important utilities disconnected, the provincial government offers the Emergency Fuel Benefit to eligible households. This benefit pays out up to $550 per year to cover heating costs, no matter what type of heating is used.
Daycare Assistance Program
Daycare fees cost parents hundreds of dollars a month. Many parents in Saint John struggle to cover these costs. To assist with the cost of daycare, the government of New Brunswick offers a Daycare Assistance Program to provide financial support to families to pay for daycare fees at Early Learning and Childcare Centres.
Applicants must have a child under 12 years in a licensed daycare centre, live in New Brunswick, and earn a net annual household income of no more than $55,000.
Food Banks
Record numbers of Canadians are visiting food banks to ensure their families have enough to eat. Fortunately, families in Saint John have plenty of food banks in the area to use. Here are just a few that you’ll find on www.211.ca:
Calvary Temple Church Food Pantry – 83 Sydney St, Saint John, NB, E2L 2L7
Saint John Community Food Basket – 245 Union St, Saint John, NB, E2L 1B2
Romero House Soup Kitchen – 647-649 Brunswick Dr, Saint John, NB, E2L 3S9
Food banks in Saint John serve residents of the local area. You may be required to show proof of residence to utilize these services.
Clothing And Furniture Depot
The Society of Saint Vincent de Paul runs a warehouse outlet that provides low-cost clothing and furniture items to financially disadvantaged residents in Saint John. The store is operated mainly by volunteers and items are donated by the public. There may be an application process involved to acquire certain items.
The store is located at 146 Waterloo St, Saint John, NB, E2L 3R1. You can visit the centre or call for more information at 506-634-3097.
Can I get a loan from my bank if I have bad credit?
For the most part, no. Banks and other conventional lenders have very strict requirements when it comes to credit scores. You’ll need a score of at least 660 to get approved with a bank. With a score under this level, you’ll have better luck applying for a loan with an alternative lenders.
How much can I borrow with bad credit?
The loan amount you can get approved for depends on the lender, your income, and your overall financial profile. Generally speaking, having bad credit will limit the loan amount you can borrow because lenders will want to minimize the risk they take on with these loans.
Where can I find my credit score?
You can check your credit score with Equifax and TransUnion, the two major credit bureaus in Canada, once a year for free. You can also use a free online resource, like Loans Canada’s CompareHub, to find out your credit score and comparison shop for lenders and loan products.
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