- 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
If your credit score isn’t strong enough to get approved for a loan with a conventional lender, you may have better luck with an alternative lender.
Fairstone | – 2176 Victoria Ave E, Regina, Saskatchewan S4N 7B9 – 3130 8th St. E, Unit 6, Saskatoon, Saskatchewan S7H 0W2 – 48 Hochelaga St. W, Moose Jaw, Saskatchewan S6H 2G1 – 135 15th St. E, Prince Albert, Saskatchewan S6V 1G1 – 249 Hamilton Rd., Unit B, Yorkton, Saskatchewan S3N 4C6 | Learn More |
Easyfinancial | – 2921 8th St. E, Saskatoon, Saskatchewan S7H 3E6 – 622 Circle Dr. E, Saskatoon, Saskatchewan S7K 0T9 – 2410 22nd St. W, Saskatoon, Saskatchewan S7M 5S6 | Learn More |
Spring Financial | You can apply for a loan online in Saskatchewan. No Physical branches are available. | Learn More |
LoanMeNow | You can apply for a loan online in Saskatchewan. No Physical branches are available. | Learn More |
Fairstone offers a variety of loan types, including quick personal loans. Even if you’ve missed a few bill payments or had late payments in the past that have negatively affected your credit score, you may still be able to qualify. In addition to getting a loan quote online, you can also visit a physical Fairstone branch.
Easyfinancial offers personal loans for up to $100,000 to bad credit borrowers as an alternative to payday loans. You can apply online, or you can visit a physical branch to get the loan process started.
Spring Financial is an online-only lender that offers personal loans to borrowers in all provinces and territories, including bad credit borrowers. Loan amounts range from $500 to $35,000, and terms range between 9 months and 5 years. You must apply for a loan with Spring Financial online, as there are no physical branches.
LoanMeNow is an online-only loan brokerage that offers short-term loans for up to $1,000 with funding in less than 24 hours. No credit checks are performed, so bad credit borrowers are encouraged to apply.
Cost | Credit Score | Credit Report | ||
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | Visit Site | |
Free | Yes | Yes | - |
Yes, you can get a car loan with bad credit. A car loan is a type of secured loan, which means a valuable asset backs the loan. This reduces the risk for the lender.
However, traditional lenders, like banks and credit unions, typically require good credit for a car loan. If you have poor credit, you may find it nearly impossible to get approved for car financing with these types of lenders.
Instead, you will have better luck with an alternative lender. These lenders look at other factors besides a person’s credit score when assessing a loan application.
It should be noted that car financing with bad credit will be more expensive since the lender’s risk is higher. To balance out this added risk, lenders will charge bad credit borrowers a higher interest rate. Make sure you can comfortably handle expensive car loan payments before adding car financing to your debt.
Most lenders are honest, but some are not. Unfortunately, some scammers lurk in the lending field looking for unsuspecting borrowers, especially those with bad credit who are more desperate for extra cash.
Make sure you’re familiar with some of the tell-tale signs of a loan scam in Saskatchewan to protect yourself:
Legitimate lenders have a list of requirements that borrowers must check off before a loan is offered. If a lender tells you that you’ll be guaranteed a loan even before looking at your profile, this is a sign that they’re a potential scammer.
Ideally, you should scope out a lender’s reviews online before applying for a loan. But if you can’t find any reviews, this may be a sign that the lender isn’t actually in business.
Similarly, it should be easy to find a physical address or website of a lender. If the lender doesn’t have an online or physical presence, it’s highly possible that they’re not legitimately in business.
A lender that requires upfront payment should be avoided. No legitimate lender will make such demands. Instead, payments should only begin once a loan agreement has been signed.
If money is tight for you, a loan might be helpful, especially if you’re at risk of falling behind on other bill payments. But if you don’t want to add more debt to the pile, there may be other options to consider as an alternative to a bad credit loan.
The Saskatchewan Income Support (SIS) program helps support residents of the province who are having difficulty covering the cost of basic necessities. The program pays out a monthly benefit based on the recipient’s circumstances. If you’re having trouble covering your day-to-day expenses, you may qualify for SIS.
The Energy Assistance Program is available to low-income Saskatchewan residents who are having trouble accessing other energy efficiency programs. The program involves upgrading homes with free energy-efficient items that can help cut down on energy use and save renters and homeowners up to $230 per year in energy bills.
Rent is one of the biggest expenses to cover and can often take 30% to 50% of your income. This can leave you with little leftover to save, pay bills and purchase groceries. The Saskatchewan Housing Benefit is available to renters who are struggling to pay their rent. The program pays out a monthly benefit of anywhere from $175 to $325 per month, depending on household size and the share of income spent on housing costs.
If you’ve been evicted due to late rent payments, you can find refuge in one of the many emergency shelters across the province, including the Saskatoon Interval House, Isabel Johnson Shelter and Moose Jaw Transition House.
Food is another major cost for most Canadians. If you’re struggling to keep up with the rising cost of groceries, you may find the resources from a food bank extremely helpful. If you qualify, you can get a few days to a few weeks worth of food. Food banks are located all over Saskatchewan. Each food bank services residents of each community.
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