Filters
- Amount
- Up to $35,000
- Rate
- 9.99% - 46.96%
- Term
- 9 - 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% - 39.99%
- Term
- 6 - 120
Types Of Bad Credit Loans In St. John’s
Regardless of your credit background, there are many loan options available to you in St.John’s, Newfoundland and Labrador.
Secured Loans
Secured loans involve putting up an asset as collateral (such as your car or another valuable possession) to secure the loan. If you default on the loan, your lender in St. John’s will have the option to repossess the asset to sell and recoup payment.
Applying for a secured loan is a good option if you’re looking for flexible requirements, higher loan amounts and lower interest rates.
No Credit Check Loans
Many online lenders in St.John’s don’t require credit checks as part of their application process. This makes it a great option for those with bad credit. Instead, these lenders will use other factors like income and debt level to determine your creditworthiness.
While these no credit check loans are easier to qualify for, they often come with higher fees and interest rates.
Where Can I Find A Bad Credit Loan In St. John’s?
Getting approved for a loan with your bank or other conventional lender can be difficult, if not impossible, when you have bad credit.
The good news is that there are alternative loan options available to bad credit borrowers in St. John’s. Rather than focusing on credit scores, alternative lenders look at other factors to determine whether to approve a loan application, like income, employment, and bank accounts.
The following are some of the best bad credit lenders in St. John’s:
| Fairstone | 60 Hamlyn Rd, St. John’s, NL A1E 5X7 25 Kenmount Rd #15, St. John’s, NL A1B 1W1 464 Torbay Rd, St. John’s, NL A1A 5J3 | Learn More |
| Easyfinancial | 430 Topsail Rd Unit 55, St. John’s, NL A1E 4N1 95 Stavanger Dr Unit C0003, St. John’s, NL A1A 5V9 80 Kenmount Rd, St. John’s, NL A1B 3W8 45 Danny Dr Unit 83, St. John’s, NL A1H 0N4 | Learn More |
| Spring Financial | You can apply for a loan online in St. John’s. No Physical branches are available. | Learn More |
| LoanMeNow | You can apply for a loan online in St. John’s. No Physical branches are available. | Learn More |
Fairstone
Fairstone offers personal loans from $500 to $50,000. You can find out how much you qualify for by getting a free loan quote, which won’t impact your credit score. Even if your credit isn’t perfect, you can still secure a personal loan from Fairstone, depending on other factors like income and employment.
Finalize your loan application either in person or online and get access to your money in as little as 24 hours.
easyfinancial
easyfinancial provides Canadians of all credit types with unsecured personal loans up to $20,000. You can apply in a branch or online to see what you can qualify for without negatively impacting your credit score. Within 10 minutes, you’ll get your approval decision.
Use the borrowed funds to cover a variety of expenses, consolidate your debt, or rebuild your credit.
Spring Financial
Spring Financial works with borrowers of all types, including those with bad credit. They provide online loans from $500 to $35,000. Applying takes only a few minutes, and funds can be made available within 24 hours. Pay back your loan whenever you can with no fees.
LoanMeNow
If your bad credit score is getting in the way of securing a loan, then LoanMeNow can help. With LoanMeNow, you can get a short-term loan for up to $1,000 with no credit check required. Apply online in minutes, get approved within the hour, and get access to your money in less than 24 hours.
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 | - |
How To Improve Credit In St. John’s?
While there is no shortage of loans available to those with poor credit, it can be expensive. If you don’t need a loan urgently, it may be worth improving your credit before applying for one.
But how do you do that? Thankfully, there are a few things you can do that may help build your credit:
- Pay your debt and bills on time and in full.
- Use your credit card responsibly and pay it off in full
- Leave old credit accounts open (especially ones that have no fees)
- Don’t frequently apply for new credit
While your credit won’t improve overnight, responsible credit use over some time can help your credit score improve.
Can You Finance A Car With Bad Credit?
Yes, getting a personal loan with bad credit to buy a car is possible, though it will be much more challenging to get approved, especially if you’re looking to take out a big loan. In this case, you may want to consider applying specifically for a car loan with a bad credit lender.
Personal loans are often unsecured, which means there is no valuable asset backing the loan. This increases the risk for the lender, which makes these types of loans harder to get.
Instead, a bad credit car loan is collateralized by the car you’re buying, which lowers the lender’s risk. In turn, a secured car loan is easier to get approved for, even with bad credit. Plus, you may be able to get a lower interest rate and higher loan amount thanks to the inclusion of collateral.
Watch Out For Bad Credit Loan Scams
Anyone can fall victim to a loan scam if they’re not careful. However, bad credit borrowers tend to be more heavily targeted because of their limited options.
To make sure you don’t get scammed when applying for a bad credit loan, keep an eye out for these red flags:
Guaranteed Loan Approval
Every lender should have some sort of vetting process to make sure loan applicants are able to manage loan repayments. If a lender promises loan approval before you even apply, keep looking.
No Physical Or Web Address
Fraudulent lenders will want to be untraceable and will therefore not have a storefront or website. If you can’t find a physical or website address for a lender, there’s a good chance you may be dealing with a scammer.
Upfront Payment Demanded
Illegitimate lenders may require an upfront payment for costs like loan insurance or other fees. This is a way for them to scam you out of your hard-earned money. While reputable lenders may charge interest or fees, that will only happen after you’ve signed a loan contract and obtained your borrowed funds.
Other Financial Assistance Programs In St. John’s
Bad credit loans in St. John’s provide a temporary solution to your financial difficulties, but there are other options to consider. If you’re having trouble covering basic expenses, such as food, utility bills, housing, or child care, there are programs available in St. John’s that can help you.
The quickest way to find these programs is by visiting www.211.ca and performing a city-based and program-based search. Here are some resources available in St. John’s that you can find on www.211.ca:
Income Support
As a resident of Newfoundland, you may be eligible for income support. The government of Newfoundland offers an Income Support program that provides a monthly financial benefit to supplement low-income households. You can receive up to $779, though the exact amount you’re eligible for depends on several factors. For example, your household income, the number of people in your home, your living arrangements, and your employment-related expenses
Food Banks
St. John’s has several food banks serving local residents in need. Most have residency requirements, so you may need to show proof that you live in the area in order to receive free food items. You can find food banks in St. John’s on 211.ca, including the following:
- St. Teresa’s Conference Food Banks — 120 Mundy Pond Rd, St. John’s, NL, A1E 1V1
- NL Eats — 716 Water St., St. John’s, NL, A1E 1C1
- Ches Penney Centre of Hope, St. John’s — 18 Springdale St., St. John’s, NL, A1E 2R1
- Bridges to Hope Food Bank — 37-39 Cookstown Rd., St. John’s, NL, A1C 4G7
Emergency Shelters
Housing costs have caused many Canadians to face homelessness. Fortunately, there are several homeless shelters scattered across St. John’s that offer safe housing solutions temporarily as residents transition to affordable homes. Here are a few emergency shelters that you’ll find on 211.ca:
- Safe Haven Men’s Emergency Shelter — 10 St. Clare Ave., St. John’s, NL, A1C 5B8
- Connections for Seniors Housing and Shelter — 157 Pennywell Rd., St. John’s, NL, A1C 2L5
- Salvation Army Emergency Shelter — St John’s Wiseman Centre 714 Water St., St. John’s, NL, A1E 1C1
Rental Housing Assistance
The Newfoundland and Labrador Housing Corporation operates a Rental Housing program that provides access to low-income rental housing to residents in need. There is an application and eligibility process involved. Applicants must meet financial eligibility guidelines to get approved.
