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While Saskatchewan has the highest percentage of debt-free families in Canada, this is not the case for all citizens, as Saskatchewan also has the worst delinquency rate in the country on non-mortgage debt. So while lots of people don’t have debt, those that do, have a lot of it.
Unfortunately, with lots of debt often comes bad credit. But the good news is, bad credit isn’t permanent and it doesn’t need to hold you back from achieving your financial goals. Whether that’s saving for your future or getting approved for a loan. Keep reading for everything you need to know about bad credit loans in Saskatchewan.
Do You Have Bad Credit?
The only real way you can figure out if you have bad credit is to pull your credit score and request a copy of your credit report. Once you’ve done that, you can then determine whether or not you have bad credit, what is causing it, and if a bad credit loan in Saskatchewan is the right option for you.
Click here to learn how you can get yearly free copy of your credit report.
Not Keep up With Payments
The inability to keep up with debt payments can be a huge reason for bad credit, your credit score will suffer and any future lenders or creditors will see that you are an unreliable borrower.
Carrying Too Much Debt
Having too much debt, whether it’s credit card debt, personal loan debt or even tax debt is a difficult situation to be in. This is why it’s so important, not only for the overall health of your finances but for your credit score as well, to pay down your debt as much as possible.
Can you increase your credit score without increasing your credit card debt? Find out.
Job Loss or Injury
Unfortunately, bad credit is not only caused by irresponsible financial decisions. Those who have suffered an injury and are unable to work or who have been laid off may also suffer from bad credit. Often unfortunate life events can cause consumers to rely on higher interest loans and credit, this can lead to serious debt and a low credit score.
There are loans that don’t require employment verification, learn about them here.
Can You Get a Bad Credit Loan in Saskatchewan?
Once you check your credit report or score and realize it is not looking good, it is normal to get a little stressed, especially if you have to borrow some money. While the rates and terms might not always be as good, there are several options for getting a loan with bad credit in Saskatchewan. While your local bank may be out of the question, here are just a few of your other options:
- Credit unions
- Local lenders
- Online lenders
- No credit check lenders
These types of lenders will be able to provide you with special and customized loans that will work for your unique situation.
What is Classified as Bad Credit in Canada?
This is a very common question we get and it is one that isn’t always straightforward to answer. There is no universal credit score that is considered bad. Some lenders might have more strict rules and guidelines for what they accept, while others will be flexible and consider other factors to be more important than the credit of an individual.
Want to know what your credit score range really means? Look at this.
In general, however, anything over 700 or 750 should be good enough to get you the best possible rates (the max credit score in Canada is 900), and anything over 600 is considered fair. Most people consider anything under 600 to be bad credit, but with the credit score floor being 300, there is quite a range when it comes to “bad” credit.
Bad Credit Is More Common Than You Might Think
While dealing with bad credit can feel incredibly difficult, you should always remember that you are not alone. Thousands of people from all walks of life and different income levels deal with bad credit. Truthfully, the majority of people do indeed have good credit scores and solid credit reports. If you’re not in that situation, don’t worry, it’s possible for almost anyone to fix their finances. If they can get there, so can you.
Whether you speak to friends and family or people online in a forum or community, there is a good chance someone (if not many) has struggled with bad debt and will be able to offer you not only comfort that you will get through this, but they could also provide some very good and unique advice.
For any additional financial help, you can find credit counselling in Saskatchewan.
Can you get a loan with bad credit?
Would a payday loan be a better option than a personal loan if I have bad credit?
What can I do to increase my chances of being accepted for a loan if I have bad credit?
Don’t Let Your Bad Credit Hold You Back
We sincerely hope that this guide has helped clear the air surrounding the topic of bad credit loans in Saskatchewan. It can be a confusing topic and if you need more assistance or want to secure a loan, Loans Canada can help.