While you may have a harder time finding bad credit loans in Newfoundland, you still have options. The most common bad credit loans include installment loans and payday loans. Just be aware that these loans tend to come with very high interest rates, and you’ll want to research your options to find the best deal.
Below we highlight some of the best bad credit personal loans in Newfoundland. There’s no single best loan for everyone, so consider your personal circumstances before applying.
A "Best for" pick is a partner that scored high in a category based on Finder Canada's data-focused personal loans ratings and review methodology. Our experts vetted 112 lenders and analyzed over 4,600 data points to find the best lenders across a variety of categories. A "Promoted for" pick is a partner suited for a category, but it is not a recommendation or indication it is the best. Promoted products are based on a commercial advertising arrangement. Keep in mind that our picks may not always be the best for you – it's important to compare for yourself to find a product that works for you.
How we found the best bad credit loans in Newfoundland
To find the best bad credit loans in Newfoundland, Finder experts collected more than 70 points of data for more than 60 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review
Why it's one of the best
Search a large lender network. Loans Canada works with over 60 verified lenders.
Get approved. Only see lenders that match your profile.
Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
Easy online application
Quick deposits
High loan amounts
No collateral required to secure your bad credit loan
High rates for bad credit
No online quotes provided
Limited to its network
Loan amount
$300 – $50,000
APR
6.99% – 46.96%
Term
3 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds within as little as 24 hours.
Serviced provinces
All of Canada
Finalist — Best Personal Loan Search Platform category
Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.
Spring Financial offers fast approval and funding. If you don't qualify for a bad credit personal loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time. Full Review
Why it's one of the best
Get a loan from an established lender. Spring Financial has been providing bad credit loans in Canada since 2015 and has over 200 employees with headquarters in Vancouver, BC.
Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
Get quick funding. If you provide the required documents on time, you can get your bad credit loan the same day you apply.
100% online
Fast funding via e-Transfer
No prepayment penalties
High rates for bad credit
C- BBB rating, received complaints about the credit builder loan
Loan amount
$500 – $35,000
APR
10.8% – 46.99%
Term
6 - 60 months
Min. credit score
500
Fees
No fees except $30 NSF fee
Turnaround time
Within 24 hours
Serviced provinces
All of Canada
Most Recommended + Best-Rated
Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
easyfinancial helps Canadians access financing when banks aren't an option. It offers bad credit loans across Canada online and in hundreds of locations. Full Review
Why it's one of the best
Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
Work with a well-known lender. easyfinancial is one of the biggest lenders of bad credit personal loans in Canada.
Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
Secured and unsecured bad credit loans
High approval rate
BBB-accredited with an A+ rating
Steep rates for bad credit
Many negative customer reviews
Loan amount
$500 – $100,000
APR
9.99% – 46.96%
Term
9 - 120 months
Min. credit score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time
Approval within 30 minutes
Serviced provinces
all provinces
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.
Get Loan Approved offers personal loans with your car as collateral, also known as a car title loan. You can continue to use your car as you pay off your loan. To qualify, your car must be less than 10 years old, in good condition and fully paid off. Full Review
Why it's one of the best
Lenient. Get Loan Approved specializes in personal loans for people with damaged credit. It doesn't do any credit checks, and you don't need to be employed.
Apply easily. Apply online and then either drive to a Get Loan Approved agent near you or have an agent come to you for a car appraisal. The whole process can be completed within 24 to 48 hours.
Increase your chances of approval. Since you'll be reducing the risk for the lender with collateral, you'll have a higher chance of getting approved.
LoansLoans.ca is a broker that helps people with bad credit find a short-term loan. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. You may be required to pay a broker fee. Full Review
Why it's one of the best
Avoid payday loans. LoansLoans.ca's installment loans have longer loan terms than payday loans, which means you can break up your repayments.
Qualify. LoansLoans is open to many types of income as long as they're recurring. And since it doesn't do credit checks, you can qualify with bad credit.
Work with an established broker. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.
No credit check
Apply online in minutes
Funding on the same day or next day
High rates and fees
Not very transparent about broker fees
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
FlexMoney is an online-only lender offering fast bad credit personal loans in Canada. Full Review
Why it's one of the best
Get an instant decision. FlexMoney's automated system enables it to give you a no-obligation quote within minutes.
Get your funds fast. Funds should reach your account on the same day or the next day.
Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
Make payments weekly, bi-weekly, semi-monthly or monthly
Easily make extra payments via e-transfer
High interest rates
Minimum income required ($2,000 per month)
Only employment & pension income accepted
Loan amount
$500 – $15,000
APR
18.9% – 46.9%
Term
6 - 60 months
Min. credit score
500
Fees
No application, origination or prepayment fees
Turnaround time
Receive funds within as little as 24 hours
Serviced provinces
Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon
Most Recommended + Best-Rated
FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Magical Credit specializes in online personal loans for people with bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario. Full Review
Why it's one of the best
Get a fast loan. Apply online and validate your information with instant bank verification to get a fast loan decision (with funds sent within 24 hours).
Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.
Receive funds within as little as 24 hours
Accepts child tax credit, EI, CPP, OAS, private pensions and more
Refer-a-friend program
High interest rates
May charge an administration fee
You must show income history for six months (if you receive employment income)
Loan amount
$1,500 – $20,000
APR
19.99% – 46.8%
Term
12 - 60 months
Min. credit score
300
Fees
A single administration fee of $194
Turnaround time
Receive funds within as little as 24 hours
Serviced provinces
Canada-wide (excluding Manitoba, Saskatchewan and Quebec)
Most Recommended
Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Money Mart offers installment loans and payday loans to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada. Full Review
Why it's one of the best
Get your loan fast. Same-day funding is available, depending on the transfer method.
Apply online or in-store. Get your loan online or at one of Money Mart's 500+ store locations.
Get some leniency. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.
Established lender
Convenient mobile app
Accepts non-employment income such as government benefits and private pension
High interest rates
In-store and online availability varies across provinces
Lend for All is a loan-matching company that uses an automated process to match people with various lenders and financial institutions. It is based in Toronto, Ontario, and has an A+ BBB rating. Full Review
Why it's one of the best
Save time. It works with a network of lenders that offer quick approval for customers with bad credit.
Get fast pre-approvals. Lend for All provides quick pre-approvals within minutes by doing a soft check on your credit report.
Find a loan for various purposes. Lend for All will match you with offers based on your needs.
A+ BBB rating
AI technology gives you viable loan matches
Potential for multiple offers
Many loan types
Online broker (not a direct lender)
Small network of lenders compared to other brokers
24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans. Expect a $225 broker fee to be added to your payments (the exact amount is set at the broker's discretion). Full Review
Why it's one of the best
Get approval in one hour. Apply with instant bank verification and get approved quickly.
Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 2:30 PM EST.
Established online broker. The company is active online and has solid customer reviews on Google and Trustpilot.
No credit check
Lower APRs than payday loans
No paperwork required via instant bank verification
Manual review available
Three months to repay
Government assistance not accepted as a form of income
Very expensive
Small maximum amount
May not improve your credit score
Loan amount
$500 – $850
APR
Starting at 22%
Term
90 - 120 days
Fees
Broker fee applies
Turnaround time
Within 24 hours
Serviced provinces
Canada-wide except Manitoba, Quebec and Saskatchewan
How to get approved for bad credit loans
To qualify for the best bad credit personal loans in Newfoundland, you’ll need to meet the following requirements:
Be at least 19 years old
Have a steady income (employment preferred)
Have an active bank account
Have little to no NSF transactions in the past three to six months
Have no payday loan debt
Can you get loan with no credit in Newfoundland?
Yes, you can. First, try your current bank. If you already have a relationship with them, they may be able to help you get a loan even if you have no credit. Some alternative lenders and credit unions can also provide small loans to people with no credit. To get favourable rates, you’ll need to show the lender that you have ample income to take on a new loan.
How to find the best bad credit loans in Newfoundland for you
To get the best bad credit loan for you, ask yourself these questions:
What is the APR?
The annual percentage rate (APR) is the interest rate plus fees you have to pay to get the loan. Focusing on the APR instead of the interest rate is important because fees can significantly drive up the cost of your loan. Examples of fees you may encounter with bad credit loans include brokerage fees, surety fees and admin fees.
When do I need the bad credit loan?
Lenders take up to 48 hours to fund bad credit loans. If your need is urgent, you may wish to consider fast emergency loans.
How much can I afford to borrow?
Lenders will differ in how much they can lend to you. Securing your loan with collateral may get you higher loan amounts, but you’ll lose your asset if you stop making your loan payments. Longer loan terms will lower your monthly payments, but you’ll pay more interest overall.
Is the lender offering guaranteed approval?
Avoid lenders offering guaranteed approval loans for poor credit because they could be a scam or predatory. Legitimate lenders do not guarantee approval. They check first whether you have the income to make your loan payments.
Other ways to borrow when you have poor credit
The following types of loans are also available to people with bad credit:
Line of credit. Some online lenders offer lines of credit to people with low credit scores. APRs are as high as 47.42%.
Credit card cash advance. You can withdraw cash using your credit card. You’ll pay around 23% plus a percentage of the borrowed amount. Interest will start to accrue the day you withdraw.
Secured credit card. Get approved for a credit card when you provide a security deposit.
Payday loan. These are small loans that you repay in full by your next payday.
Alternative: Payday loans for bad credit in Newfoundland
If you’ve considered all your alternatives, below are payday loans in Newfoundland from licensed lenders. Payday loans are easier and faster to get than personal loans, but they are also more expensive, with APRs in the triple digits. They are only suitable as a last resort.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. 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). You may also want to consider payday loan alternatives.
Cash Money is a reputable lender that offers payday loans, installment loans and lines of credit to people who don't qualify for a loan from a bank or credit union. You can apply for loans in person and online in several cities in Newfoundland.
Apply online, 24 hours a day and 7 days a week
Get funding on the same day in most cases
No prepayment penalty
You'll need a credit score of at least 560 for an installment loan or line of credit
Loan Express has been offering payday loans since 2005. It offers loans completely online and you can apply on the website at any time of day or night.
Borrow up to $1,500 with same-day approval
Speed up your application with instant bank verification
Speedy Cash offers payday loans, cheque cashing and installment loans in Newfoundland. The company has been operational since 1998 and offers loans completely online. It doesn't have any store locations in Newfoundland.
Convenient, fully online process
Borrow up to $1,500, with same-day approval
Accepts EI, CPP or private pension and Child Tax Benefit
Very high fees
No in-person locations in Newfoundland
Soft credit check is required to verify your identity
Loan amount
$250 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
24-hour application process with funding on the spot for in-person payday loan approvals, and up to 1 business day to e-Transfer for online applications
Credit Check
Yes
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
How much are bad credit payday loans in Newfoundland?
The table below compares what you’ll pay for a $300 payday loan over 14 days versus a $300 installment loan over 6 months, which is the typical minimum for installment loans.
Payday loan
Installment loan
Loan amount
$300
$300
Fees
$14 per $100
$0
Interest rate
0%
46.96%
Added cost
$42
$42.40
Total loan cost
$342
$342.40
Real APR
365%
46.96%
Keep in mind that this is just an example. With most installment loans, you’ll typically borrow larger amounts (over $500, sometimes even $1,000). Payday loans come with much higher APRs than installment loans and are usually for small amounts (under $1,500) that you pay back by your next payday.
What are the risks of payday loans?
Watch out for the following risks if you’re considering taking out payday loans:
High rates and fees. Payday loans have astronomically high interest rates and fees compared to bank and personal loans.
Short term loans. You’ll usually have to pay the loan back by your next payday, as opposed to personal loans, which often come with a loan term of 6 to 60 months.
Large single repayment. Unlike installment loans, which let you pay back funds over time, you’ll have to pay back a payday loan in one lump-sum installment (plus interest).
Can negatively impact credit score. If you default on a payday loan, it can bring down your credit score.
Debt trap. When you repay your payday loan on the due date, you’ll have less money left in your bank account to pay for other debts and expenses. This could force you to get another payday loan.
Frequently asked questions
Most payday loans are no credit check loans, though some lenders will do a soft pull on your credit to verify your identity. The majority of lenders that offer amounts higher than a few thousand dollars require credit checks. They will want to see your score before they lend to you since this tells them how likely you are to pay the money back.
That depends on what type of loan you take out. With payday loans, you can borrow up to $1,500 (lenders aren't allowed to give you any more than that). With personal installment loans, you can typically borrow up to $10,000, though you may be able to get more depending on the lender and other eligibility requirements such as income.
Most payday loans and installment loans have a turnaround time of one day or less. You can speed up your application by applying online, signing up for instant bank verification and having all of your documents ready to upload in advance.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
Compare some of the best bad credit loans in Nova Scotia.
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