Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- Up to $10,000
- Rate
- Varies by product
- Term
- Varies by product
Bad credit can stand in the way of getting the financing you need to cover various expenses. And even if you can get approved, bad credit can lead to higher rates, lower loan amounts, and less favourable terms.
Luckily, there are other options available for bad credit borrowers in Saskatchewan that are worth exploring.
Here’s everything you need to know about getting a bad credit loan in Saskatchewan.
Can You Get A Loan With Bad Credit In Saskatchewan?
Getting a loan from a traditional lender can be tough if you have bad credit, but you can still secure one from a private lender. These lenders are not required to follow the same level of regulations as banks, so they have more flexibility when it comes to the loan requirements that borrowers must meet.
Specifically, less emphasis is placed on credit scores and more weight is given to other factors, like income and your overall financial situation. Depending on the lender, you can qualify for various types of loans, including personal loans, payday loans, cash advances, car loans, and more.
| What Interest Rates Will You Be Charged? | Bad credit loans pose a greater risk for lenders. As such, they tend to charge higher interest rates — usually ranging from 9.99% to 35% — to offset this risk. |
| How Much Can You Borrow? | Bad credit lenders can offer loans up to $35,000 or more, depending on your income and debt-to-income (DTI) ratio. |
| What Loans Terms Will You Get? | Again, risk plays a role in your loan term on a bad credit loan. Generally, loan terms are shorter, usually around 6 months to 5 years, depending on the lender. |
| How Quickly Will You Be Funded? | Bad credit lenders in Saskatchewan typically provide borrowed funds very quickly, often as soon as the same day you submit your application. |
Learn more: Bad Credit Loans
What Kind Of Loans Can I Get With Bad Credit?
Several loan types are available in Saskatchewan that you may be able to qualify for despite having bad credit:
Bad Credit Personal Loans
Personal loans are widely available to bad credit borrowers in Saskatchewan. That said, they’re typically offered by alternative lenders, and not traditional lenders like banks. Alternative lenders often place more emphasis on your income, debt level, and collateral rather than your credit score.
However, bad credit personal loans are typically more expensive because of the higher interest rates alternative lenders charge due to the higher perceived risk. That said, you may be able to lower your rate by adding collateral.
Payday Loans
Payday loans are small, short-term loans that are specially designed for bad credit borrowers. They typically don’t involve a credit check, so there’s no need to have good credit to apply. Instead, your approval is based on your income.
Payday loans are available for up to $1,500 with funds often available within hours following application. However, because these loans are so expensive and difficult to repay within such a short time frame, they should only be considered as a last resort.
Learn more: Payday Loans
Cash Advances
Small, interest-free cash advances are available to bad credit borrowers with no credit checks required. For instance, Bree offers cash advances of up to $500 with no credit check, no interest, and no late fees.
KOHO Cover is another option that provides consumers with interest-free advances of up to $250.
Alternatively, you may withdraw funds from your credit card through a credit card cash advance. This option may be convenient as there’s no need to apply for a loan. Simply draw from your credit account, up to your credit limit, whenever the need for extra money arises. However, keep in mind that interest rates on cash advances are higher, and there’s no grace period, meaning interest starts accruing right away.
Credit Lines
Nyble offers a small line of credit of up to $250 interest-free with no credit check involved. You can even use your credit line to build good credit while avoiding overdraft charges when your bank account is low.
Car Loans
Car loans are a secured form of financing. Because of this added security, they may be easier to get with bad credit, as the asset minimizes the lender’s risk. In turn, car loans may be easier for bad credit borrowers to get approved for compared to other loan types.
What Are The Requirements For A Bad Credit Loan?
Bad credit loan requirements vary by lender. That said, the following criteria are typically required by most lenders:
| Residency | You must be a Canadian resident and show proof of residency in Saskatchewan. |
| Age | You must be of the age of majority in the province (18 years) |
| Income | You must earn a certain income, which may be from employment, pension, or government benefits, depending on the lender. |
| Debt-To-Income (DTI) Ratio | Your DTI ratio should not exceed 44% to show the lender that you have enough money after paying your current bills to cover your new loan payments. |
Is My Credit Score Bad? Follow This Simple Table As Your Guide
- Excellent (Scores 760+)
- Very Good (Scores 759 – 725)
- Good (Scores 724 – 660)
- Fair (Scored 659 – 560)
- Poor (Scores 559 – 300)
How To Check Your Credit Score Online
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
How To Apply for a Loan If You Have Bad Credit
Here are some steps you can take to get a bad credit loan:Step 1. Compare Lenders And Get Pre-Approved
To get the best loan terms, compare loan offers from multiple lenders. You can do so by getting pre-approved with a particular lender or by using an online loan aggregator site like Loans Canada. You can then compare offers side-by-side and choose the one that best suits your needs.Step 2. Apply For A Loan
Depending on the lender you 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, including a government ID, pay stubs, and bank account statements. Sometimes, you won’t require any physical documents as the whole verification process can be done via instant bank verification (IBV) services like Flinx, Plaid and Yodlee. You’ll be asked to sign into your bank account through a secure portal during your application process. This allows lenders to receive a read-only bank statement and have your bank account verified instantly.Step 3. Get Funded
If you’re approved, you may receive your funds within a few minutes to 24 hours via e-transfer or electronic bank transfer.Learn more: How To Apply For A Loan
Documents You Need To Apply
- 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)
Are Bad Credit Loans Available Online?
While many bad credit lenders are available in person in Saskatchewan, many also serve consumers online. Some may offer both in-person and online services, while others may work exclusively online. This allows borrowers to tackle the entire loan process digitally, from application to funding.
Benefits Of Applying Online
Here are some perks to applying for a bad credit loan online:
- Fast Approval And Funding: Many online lenders offer same-day or next-day funding, with quick applications that only take a few minutes to fill out.
- Flexible Eligibility Criteria: Online lenders often work with borrowers with a wide range of credit profiles, including those with bad credit. Some may even work with consumers with a past of bankruptcy or consumer proposal.
- Convenience: You can apply 24/7 from the comfort of home without the pressure of speaking with anyone in person.
Learn more: Is It Better To Apply Online Or In Person For A Loan?
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. Fortunately, several bad credit lenders are available throughout Saskatchewan.
Bad Credit Loans In Regina
| Fairstone | – 3130 8th St. E, Unit 6, Saskatoon, SK S7H 0W2 – 606 22nd St. W, Unit 1, Saskatoon, SK S7M 5W1 Find a location near you with Fairstone’s branch locator. |
| easyfinancial | – 2921 8th St E, Saskatoon, SK S7H 0V4 – 622 Circle Dr. E, Saskatoon, SK S7K 0T9 – 2410 22nd Street W, Saskatoon, SK S7M 5S6 Find a location near you with easyfinancial’s branch locator. |
| Money Mart | – 510 Circle Drive E., Unit 1, Saskatoon, SK S7K7C7 – 403 22nd Street W, Saskatoon, SK S7M5T3 – 3337 8th Street E, #101B, Saskatoon, SK S7H4K1 Find a location near you with Money Mart’s branch locator. |
| Cash Money | – 2115 22nd St W, Saskatoon, SK S7M 0V2 Find a location near you with Money Mart’s branch locator. |
How Can I Boost My Odds Of Getting A Loan With Bad Credit?
Not only will you want to do what you can to increase your chances of bad credit loan approval, but you’ll also want to try to keep your loan rate as low as possible, despite rates often being higher with bad credit loans:
- Apply With A Cosigner: Adding a cosigner — which is someone with strong credit and income — to your loan contract can reduce the lender’s risk and increase your chances of loan approval.
- Secure The Loan With An Asset: Secured loans backed by collateral — like a car — will reduce the lender’s risk and improve your approval chances.
- Reduce Existing Debt: Paying down your debt lowers your debt-to-income ratio, which shows lenders that you have enough money left over after all bills have been paid to cover your loan payments.
- Shop Around: Compare offers from bad credit lenders in Saskatchewan before applying, which you can quickly and easily do by using an online comparison platform like Loans Canada’s CompareHub.
Watch Out For Bad Credit Loan Scams
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:
Guaranteed Loan Approval
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.
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.
Having Trouble Getting A Loan? Check Out These Financial Assistance Programs In Saskatchewan
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 left over 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.
Emergency Shelters
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:
- Saskatoon Interval House
- Isabel Johnson Shelter
- 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 and service residents of each community:
- Moose Jaw & District Food Bank Inc
- Saskatoon Food Bank & Learning Centre
- Regina Food Bank
Bad Credit Loans Saskatchewan FAQs
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?
®Fairstone Financial Inc. is a wholly owned subsidiary of Fairstone Bank of Canada.
*Interest rates are subject to change. Actual Annual Percentage Rate (APR) varies based on the province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC.
†On approved credit. Terms and conditions apply. Interest rates vary by province/territory and from customer to customer based on factors like credit score and borrowing history. See Fairstone’s website for details.
Fairstone Financial Inc. holds high-cost credit licenses in AB, MB (License #85047, expiring 20-02-2026) and QC; it has applied for a high-cost credit grantor license in NL. For license information by province, visit Fairstone.ca/HCCG
In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821.
In Nova Scotia, Fairstone Financial Inc. is licensed as mortgage lender #2021-3000028.
easyfinancial Disclaimer:
Unsecured Personal Loans: Personal loan amounts range from $500-$20,000, with rates set between 29.99%-35.00% and determined based on the amount and term of the loan and our assessment of your personal loan profile credit. Amortization between 9-84 months. Different lending rules apply in Quebec and can be viewed at www.easyfinanciere.com . Different lending rules for high-cost credit products may apply in Manitoba, British Columbia, Newfoundland and Labrador. Brokerage #12935 (ON) X300681 (BC) #3000289 (NS). BC HCC #83689 Expiry Date - 10/31/25, MB HCC #62897 Expiry Date - 11/10 /25, AB HCC # 349265 Expiry Date - 01/31/2025, NL HCC # Expiry Date.
Secured Loans: Home equity loan amounts range from $15,000-$150,000, with rates set between 9.99% and 23.99%. Amortization between 72-240 months. The term of your loan will depend on the amount of your loan and our assessment of your credit profile. Additional fees, which vary by loan amount, apply and are subject to a 6 month loan interest penalty when paid within the first 36 months of the loan. Brokerage #12935 (ON) X300681 (BC) #3000289 (NS). BC HCC #83689 Expiry Date - 10/31/25, MB HCC #62897 Expiry Date - 11/10 /25, AB HCC # 349265 Expiry Date - 01/31/2025, NL HCC # Expiry Date.
