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Compare bad credit loans in BC

Find out where you can apply and get fast approval for bad credit loans in BC.

If you’re having trouble qualifying for a personal loan from a bank or credit union, there are alternative lenders in BC offering bad credit loans. When reviewing your application, they’ll shift the focus from your credit score to your income. But watch out for steep interest rates with these loans.

Here’s a look at bad credit loans in BC, how they work, and where to apply.

Compare bad credit loans in BC

LoanLoan amountLoan termInterest rate
Personal loan (secured and unsecured)$500 to $75,0006 to 60 months10% to 47%
Payday loan$100 to $1,500Up to 62 days$15 for every $100 borrowed

Top 3 bad credit loans in BC

LoanConnect logo

LoanConnect

This online broker connects borrowers with partnered lenders. Fill out a single application to get matched with lenders that are willing to finance you based on details like your credit score and income. LoanConnect works with all types of borrowers.

  • Loan amount: $500 – $50,000
  • Loan term: 3 - 120 months
  • APR: Secured from 4.70%, Unsecured 6.99%-46.96%
  • Eligibility requirements: Be the age of majority in your province of residence, be a Canadian Citizen or a Permanent Resident and any currents debts must total less than 60% of your income.

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FlexMoney

FlexMoney

Borrowers with a credit score of at least 500 can qualify for a FlexMoney loan. FlexMoney’s fast automated systems can provide you with an instant decision and funds within 24 hours.

  • Loan amount: $500 – $15,000
  • Loan term: 6 - 60 months
  • APR: 18.90% - 46.93%
  • Eligibility requirements: Min. income of $2,000 /month and 3+ months employed


Mogo logo

Mogo

You can create a free Mogo account online to see what rate you qualify for with bad credit. Getting pre-approved will not affect your credit score.

  • Loan amount: $200 – $35,000
  • Loan term: 6 - 60 months
  • APR: 9.90% - 46.96%
  • Eligibility requirements: Min. income of $13,000 /year

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Compare more bad credit personal loans in BC

1 - 8 of 8
Name Product Interest Rate Loan Amount Loan Term Requirements Link
Loans Canada Personal Loan
Secured from 4.70%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
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More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
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More Info
If you're not eligible for an unsecured loan, you may be offered a credit builder loan to help improve your credit score.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $1,600/month, stable employment, min. credit score 550, no bankruptcy
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Apply in less than 5 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours.
Loanz Personal Loan
29.90% - 46.90%
$1,000 - $15,000
12 - 60 months
Requirements: min. credit score 570, min. income $1,200/month, 3+ months employed
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More Info
Apply online and get approved in less than 3 minutes. Receive funds in as little as 15 minutes. Borrowers with bad credit or no credit can apply.
LoanConnect Personal Loan
Secured from 4.70%, Unsecured 6.99%-46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
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More Info
Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
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More Info
Get a free quote without affecting your credit score and get an unsecured loan the same day. 100-day money-back guarantee: If you're not happy with your loan, pay back the principal and get the 100 days of paid interest and fees back.
Loan Away Installment Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
Requirements: min. credit score 300
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More Info
A lender that approves loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Magical Credit Installment Loan
19.99% - 46.80%
$1,500 - $20,000
12 months - 5 years
Requirements: min. income $1,200/month, min. credit score 300
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More Info
Loans are not available in Manitoba, Quebec or Saskatchewan.
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Features of bad credit personal loans in BC

Bad credit loans in BC come with key features, including:

  • Secured vs unsecured. For the most part, bad credit loans don’t require collateral. But lenders may be more willing to offer you a loan, with lower rates, if you back it with collateral, such as your house or car. Just be careful: Defaulting on a secured loan means losing whatever asset you put on the line.
  • Loan amounts ranging from $500 to $15,000. Typically, bad credit loans range from as little as $500 up to $15,000. If you’re willing to secure your loan, you can apply for more funding, but only borrow what you need.
  • Short to lengthy loan terms. Loan terms typically range from 6 to 60 months with bad credit personal loans. Extending your loan may make monthly loan repayments smaller, but it’ll keep you in debt much longer. If you apply for a secured personal loan with your house as collateral, you could ask for longer terms beyond 60 months.
  • Expensive. The interest rates of bad credit personal loans could reach as high as 47%.

Do I qualify for bad credit loans in BC?

While requirements will vary from lender to lender, you will usually need to meet the following to apply for a bad credit personal loan in BC:

  • Be at least 19 years old.
  • Be a Canadian resident or citizen.
  • Have proof of regular employment income to keep up with monthly payments.
  • Have a valid bank account.

Keep in mind, unsecured loans typically have minimum credit score requirements while secured loans have collateral requirements, such as proof of home equity or a car title.

Before you apply for a bad credit personal loan in BC

  • Check your credit score. Before you get started with an application, check your credit score so you have a good idea on how you’ll appear to lenders. If you can wait at least 6 months, take steps to rebuild your credit first.
  • Compare your options and check eligibility requirements. Compare your options using factors like loan amounts, terms, restrictions on the use of loan funds, interest rates and fees. You can get personal pre-approval from a few different lenders to find the best offer available to you.
  • Consider finding a cosigner or opting for a secured loan. Having a relative willing to cosign a loan can increase your chances of approval. But they’ll be on the hook for repayments should you find yourself unable to pay. If you prefer to go at it solo, you can also increase your chances of getting approved by securing a loan with an asset.
  • Watch out for predatory lenders. Borrowers with bad credit tend to be targeted more with personal loan scams, so do your research before applying. Read the lender’s website, look for its head office, customer service phone number and email, and check consumer review sites like the Better Business Bureau and Trustpilot to verify the lender is legitimate.

Compare bad credit personal loans in BC

Top 3 bad credit payday loans in BC

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider alternatives instead of a payday loan:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.

GoDay logo

GoDay

This online-only payday lender lets you apply online anytime and receive a decision within seconds. GoDay accepts bad credit and many types of income, including Canada Child Benefit, private and government disability income, OAS, CPP and private pensions.

  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements: Steady source of income


Money Mart logo

Money Mart

Money Mart is an established payday lender with flexible eligibility requirements. You can get approved with bad credit if you can show proof of a stable source of income.

  • Loan amount: $120 – $1,500
  • Loan term: Up to 62 days
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements: Steady source of income


iCASH

iCASH

If you need a payday loan outside of business hours, you may wish to consider iCASH. This online payday lender operates 24/7, 365 days a year, relying on software to review your application and provide instant approval. Once you’ve electronically signed off on your loan, iCASH will transfer your funds within minutes via INTERAC e-Transfer.

  • Loan amount: $100 – $1,500
  • Loan term: 7 - 62 days
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements: $800 minimum income

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Compare bad credit payday loans in BC

1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, NL, NS, ON, SK
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).
Have your banking details ready to get a loan in 2 hours. You'll need to be 18 years of age or older and have a net income of at least $1,000/month. Residents of MB and NB must apply in-store for a loan.
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
AB, BC, MB, NB, NS, ON, PEI
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.
To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
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Features of bad credit payday loans in BC

Payday loans are convenient, but they should be used as a last resort because they’re one of the most expensive ways to borrow money. Here are their features:

  • Borrow up to $1,500 or 50% of your income. Some lenders also put a cap on how much you can borrow on your first loan.
  • Repay your loan by your next payday. With such quick repayment terms, you must have a solid plan on how you’ll repay this loan without staying in debt.
  • Get quick access to cash. Speed is on your side with payday loans compared to other lending options. You can get a payday loan in 1 hour if there are no issues with your application.
  • Extremely expensive. In BC, payday lenders can charge up to $15 for every $100 borrowed, making this type of financing far more expensive than credit cards and other loans. With APRs in the triple digits, payday loans may not be worth the expense.

Do I qualify for bad credit payday loans in BC?

While eligibility requirements differ depending on the lender you’re working with, to qualify for a payday loan in BC, you’ll typically need the following:

  • Be at least 19 years old.
  • Be a Canadian citizen or resident.
  • Have proof of a steady source of income.
  • Have an active bank account to set up withdrawals.

Before you apply for bad credit payday loans in BC

  • Confirm that the lender is legitimate. The lending space is rife with fraudulent lenders, so you’ll need to double check that the lenders on your shortlist are licensed in BC, and are sticking to the province’s payday lending regulations.
  • Understand your rights as a borrower. Make sure you’ve read all the rules and regulations around payday loans in BC.
  • Check you’ll have enough income to repay the loan. You’ll be charged NSF and late fees if you don’t pay on the due date. Also check that you’ll have enough income left to pay for other debts and expenses once you repay your loan.

Compare bad credit payday loans in BC

What is considered bad credit?

According to Equifax Canada, credit scores below 560 are considered “poor,” but overall, bad credit loans in BC are typically meant for borrowers who have a credit score below 600. In some instances, borrowers have no credit history at all, and can still qualify for a bad credit personal loan or a payday loan.

What can I use a bad credit loan for?

You can use a bad credit loan for virtually any of your financial needs, as long as the funds are used for a legitimate purpose. There typically aren’t any restrictions on how borrowers can use their funding from a bad credit loan. The most common reasons include:

  • Paying off bills and other debts
  • Consolidating multiple debts
  • Home repairs or other financial emergencies
  • Making major purchases
  • Paying for living expenses until your next payday

Signs of a legitimate lender of bad credit loans in BC

When you’re looking for credibility before proceeding with a lender, there are some telltale green flags you’ll want to find. They include:

  • The lender is registered as a business in BC. Contact Consumer Protection BC at 1-888-564-9963 to check if a lender is licensed in the province. If it’s a payday lender, it should also display its licence number online and at all physical locations.
  • The lender has a physical address for a head office, a phone number and an email address for customer service. If a lender is missing these key details, this may be a red flag.
  • The lender doesn’t advertise “guaranteed approval”. Avoid lenders promising you’ll get approved, especially for bad credit loans. Legitimate lenders must evaluate a borrower’s financial situation before approving.
  • The lender is well-reviewed, with an active social media presence. Online clout helps to prove a lender’s legitimacy. Does the lender have a lengthy history of reviews from customers? Is it accredited with the Better Business Bureau? Is it active on Facebook, Twitter, Instagram or LinkedIn?
  • The lender is transparent about rates. Only apply to lenders that are upfront about their interest rate and fees. Payday loan lenders must display posters showing the rates they charge.

Steps to apply for bad credit loans in BC

If you’re ready to apply for a bad credit loan, simply follow these steps:

  1. Fill out an application. Provide your personal details, including your name, address, email, phone number, employment and housing situation.
  2. Wait for a decision. Expect to get a decision within minutes after you submit your application.
  3. Get verified. You may be asked to submit documents to verify your income and identity.
  4. Receive your contract. Once the lender has officially approved your application, review your contract and sign.
  5. Get your money. Etransfer and direct deposit are the most common funding methods.

Frequently asked questions

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