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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 Saskatchewan?
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)
3 months' worth of bank statements
Bank account details (for direct deposit and withdrawal of payments)
Where Can I Find Bad Credit Loans In Saskatchewan Near Me?
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.
– 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
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: Bad Credit Loans In Saskatchewan
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: Bad Credit Loans In Saskatchewan
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: Bad Credit Loans In Saskatchewan
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.
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.
Watch Out For Bad Credit Loan Scams In Saskatchewan
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.
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.
No Reviews Or Online Presence
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.
Upfront Payment Required
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.
Alternatives To Bad Credit Loans In Saskatchewan: Financial Assistance Programs
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.
Income Assistance In Saskatchewan
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.
Utility Assistance in Saskatchewan
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 Assistance In Saskatchewan
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 Banks In Saskatchewan
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.
FAQs On Bad Credit Loans SK
Can you get a loan with bad credit?
Yes, while it may be difficult to get a loan from a bank, it is still possible to get one from an alternative lender. Alternative lenders provide personal loans, lines of credit, mortgages and other credit products to borrowers in Saskatchewan regardless of bad credit. So long as you have a stable income and a low debt-to-income ratio, you will still be able to get a loan with bad credit.
Would a payday loan be a better option than a personal loan if I have bad credit?
In most cases, it is better to opt for a personal loan rather than a payday loan. Payday loans are known to be very expensive and have a short repayment period. This makes it hard to pay off and often leads borrowers into a cycle of debt. A personal loan, on the other hand, has a longer repayment term and comes with a lower interest rate, making it more affordable. Moreover, with the presence of alternative lenders, you don’t have to worry about your bad credit, they base their approval on your overall financial health rather than focusing on your credit score.
What can I do to increase my chances of being accepted for a loan if I have bad credit?
Many Canadians struggle to get a loan with banks due to bad credit. However, it does not mean you have no other options. Many alternative lenders in Saskatchewan accept individuals with a low credit score. To increase your likelihood of being approved for a loan an alternative lender, you’ll need to have a regular income, a steady job, a reasonable debt-to-income ratio and overall good financial health. You can also increase your approval chances by securing your loan with an asset or by getting someone with good credit to co-sign your loan.