Unfortunately we couldn't find you a provider with the given filters
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.
What Do You Need To Get Bad Credit Loans In Halifax?
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)
Where Can I Find A Bad Credit Loan In Halifax?
If your credit score isn’t strong enough to get a loan from a bank, you have other options. Alternative lenders are available in Halifax and offer specialized loan products to bad credit borrowers.
Here are a few bad credit lenders in Halifax:
Fairstone
– 7071 Bayers Rd., Suite 282, Halifax, NS B3L 2C23 – 201 Chain Lake Dr., Halifax, NS B3S 1C8
Fairstone is an alternative lender that has been offering personal loans to Canadians since 1923. Unsecured loan amounts are available for up to $25,000, and secured loans are made for up to $50,000. You can choose from several payment frequencies to suit your comfort level.
You can apply for a loan with Fairstone either in person or online, and repay your loan early without any penalties. Fairstone also accepts bad credit, so your credit score alone shouldn’t affect your ability to get approved.
easyfinancial has been helping Canadians get financial relief since 2006. Unsecured personal loans are available from $500 to $20,000, with rates starting at 29.99%. You can pay off your loan at any time without penalty. Plus, no credit history is required to obtain a loan.
easyfinancial has a couple of physical locations in Halifax, though you can also skip the visit and apply for a loan online directly on the lender’s website.
Spring Financial is an online consumer lending firm that has been offering smart money solutions to Canadians since 2016, particularly to those with bad credit. As an alternative to payday loans, Spring Financial’s specialized loan products help subprime borrowers avoid the payday loan cycle.
If you have bad credit and need extra money to cover an urgent expense or consolidate debt, Spring Financial can help. You can apply for a loan up to $35,000 online in a few minutes, get approved shortly after, and access the funds the same day.
LoanMeNow offers consumers quick access to cash when money is tight. Borrowers can take out up to $1,000, and funds are available within 24 hours. There’s no credit check required, so you don’t have to worry if you have bad credit.
LoanMeNow is an online lender, so the entire loan application and approval process takes place remotely.
While there is no guarantee that any one action will improve your credit, there are common factors used to calculate your credit score. You can use these factors to help you build or improve your credit.
Payment History – One of the most important elements for your credit score is your record of payments. Making on-time payments is considered one of the most effective ways to build credit.
Debt-to-credit ratio– WHen it comes to credit cards and other revolving products, it’s important to keep your credit utilization low (around 30%).
Credit History – The age of your credit accounts can also impact your credit score. Generally, the older they are, the better. As such, it’s best to keep old credit accounts open (if there’s no fees) and limit the number of new accounts you open.
Credit Inquiries – Whenever you apply for new credit, your lender can perform a “hard inquiry” into your credit report. While “soft” inquiries (done by yourself or those not considering you for credit) do not affect your score, each hard inquiry can negatively affect your credit.
Public Records – Bankruptcies, consumer proposals and accounts in collections can all affect your credit score.
Can I Finance A Car In Halifax With Bad Credit?
Yes, it’s possible for you to finance a vehicle purchase with bad credit. That said, it may be difficult to get approved for this type of financing, particularly if you need a big loan amount to cover the cost of the car. Further, you’ll be paying a higher rate even if you do get approved.
Instead, consider applying for a bad credit car loan specifically. Many alternative lenders cater to subprime borrowers by offering bad credit car loans. These types of loans are among the easiest to get approved for if you have bad credit, since they’re secured by the car you’re buying.
Other Financial Assistance Programs And Resources in Halifax
Bad credit loans in Halifax may help you temporarily resolve your financial issues, but there are other options to consider. Both government-backed and private organizations offer programs to Canadians who are struggling financially. You’ll find programs specifically designed to help cover the cost of things like food, housing, child care, clothing, and other expenses.
The fastest and easiest way to find these programs is to conduct a location-based search on www.211.ca, a website that connects people with local services. Here are a few resources in Halifax that you can find on www.211.ca to help you get started:
Free Meals
Many organizations serve free hot meals on various days of the week to those who are struggling to pay for food. The following are some examples of free meal services provided in the Halifax area:
David’s Place – 1544 Grafton Street, Halifax NS B3J 2G1
St Matthew’s United Church Breakfast Program – 1479 Barrington Street, Halifax NS B3J 1Z2
Citizen Rebates – Heating Assistance Rebate Program
The government of Nova Scotia offers rebates through the Heating Assistance Rebate Program to help offset the cost of heating bills. Low-income residents of Halifax and the rest of the province can apply by mail or online for a rebate of up to $600 to be put toward the cost of home heating. There are income requirements to meet depending on the number of people living in a household.
Free Laundry Machine Use
The Brunswick Street Mission offers free use of laundry machines to homeless individuals in the Halifax Regional Municipality. All necessary laundry supplies are provided. The facilities are located at 2107 Brunswick Street, Halifax NS, B3K 2Y4.
Canada-Nova Scotia Targeted Housing Benefit
If housing costs are proving to be too much for you to pay for, you may be eligible for the Canada-Nova Scotia Targeted Housing Benefit. This program is run by Housing Nova Scotia and provides a monthly housing allowance to eligible households to be put toward housing costs. The goal of the program is to help homeowners stay in their homes and provide renters with the flexibility to stay in their current home or take the benefit with them if they move.
If you have bad credit, you may not want your lender to perform a credit check and see what your score is. Luckily, there are some lenders that offer ‘no credit check loans’, which do not involve a credit inquiry. These lenders use other factors to determine your ability to secure a loan besides your credit score, such as your income, job stability, and bank account.
Is my credit score considered ‘bad’?
In Canada, credit scores that are below 560 are considered ‘bad’. ‘Good’ credit is considered anything over 660 and is typically the minimum score required to get a loan from a conventional lender. If your credit score falls short, you can apply with an alternative lender to get the loan you need. However, bad credit loans are usually more expensive, and loan amounts may not be as high.
How do I find out what my credit score is?
You can access your credit report from one of the major credit bureaus in Canada – Equifax or TransUnion – once a year for free. You can also use one of several free online resources to find out what your credit score is, like Loans Canada’s CompareHub.
As a senior, getting a loan can be more difficult due to lower income and age restrictions. Thankfully, there are many home equity loans for seniors i...
Did you get the CEBA loan? The CEBA loan repayment due date is close. Find out when and what can you do avoid default.
Why choose Loans Canada?
Apply Once & Get Multiple Offers
Save Time And Money
Get Your Free Credit Score
Free Service
Expert Tips And Advice
Exclusive Offers
A Team of Experts
Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.
Build Credit For Just $10/Month
With KOHO's prepaid card you can build a better credit score for just $10/month.
