Best bad credit loans in Newfoundland

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.

15 best bad credit loans in Newfoundland

How to get approved for bad credit loans in Newfoundland

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.

Learn more about legitimate lenders of bad credit loans in Newfoundland below.

Learn more: 15 best bad credit personal loans in Newfoundland

1. LoanConnect

Finder Rating: ★★★★★ 4.6 / 5

Go to site

$100 – $50,000
Loan amount

6.99% – 46.96%
APR

3 - 120 months
Term

• Our Take
• Pros + Cons
• Details

LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile. Get bad credit loans in Newfoundland as soon as the same day. Full Review

Why we chose it

• Large lender network. LoanConnect works with a dozens of verified and vetted lenders with proven reputations.
• Easy to compare offers. Fill out one application to compare offers from multiple lenders, and log in regularly to see if new offers are available.
• Secured and unsecured loans. Find a secured loan if you have an eligible asset or get a loan with no collateral.

• Pre-approval in five minutes
• Options for all credit scores, including poor credit
• BBB-accredited with an A+ rating
• Fast funding
• Secured and unsecured options

• Not a direct lender
• High rates for bad credit
• Miss out on offers from lenders not partnered with LoanConnect

Loan amount	$100 – $50,000
APR	6.99% – 46.96%
Term	3 - 120 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	No application, origination or brokerage fees
Turnaround Time	Receive funds within as little as 24 hours.
Serviced Provinces	All provinces

2. Loans Canada

Finder Rating: ★★★★★ 4.5 / 5

Go to site

$300 – $50,000
Loan amount

5.4% – 46.96%
APR

4 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Loans Canada is an online broker partnered with over 60 lenders, and there's no fee to apply. Fill out an application to get matched with bad credit loans in Newfoundland. Full Review

Why we chose it

• Save time. Your application will be cast wide and you'll get your results right after you apply.
• Get approved. Only see lenders that match your profile.
• Established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.

• Apply online in less than 10 minutes
• Get funding in one to three business days
• Your data is secure

• Not a direct lender
• High rates for bad credit
• Miss out on offers from lenders not partnered with Loans Canada

Loan amount	$300 – $50,000
APR	5.4% – 46.96%
Term	4 - 60 months
Interest Rate Type	Fixed
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

3. Spring Financial

Finder Rating: ★★★★★ 4 / 5

Go to site

$500 – $35,000
Loan amount

9.99% – 46.96%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

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. With this loan, you won't access the loan funds until after you've made all your payments on time. Full Review

Why we chose it

• Established lender. Spring Financial has been providing bad credit loans in Canada since 2015 and has over 200 employees.
• Helps improve your credit score. It reports payments to the credit bureaus.
• Same day funding. If you provide the required documents, 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 the credit builder loan

Loan amount	$500 – $35,000
APR	9.99% – 46.96%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	500
Fees	No fees except $30 NSF fee
Turnaround Time	Within 24 hours
Serviced Provinces	All of Canada

4. Loanz

Finder Rating: ★★★★★ 3.5 / 5

Go to site

$1,000 – $15,000
Loan amount

29.9% – 46.9%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Loanz has a fast application process so you can get your money on the same day you apply. You just need to sign up for instant bank verification (you'll wait longer for manual verification). Full Review

Why we chose it

• Fast. Apply and connect with your banking details to get instant approval and receive funds in as little as 15 minutes.
• Reports to credit bureaus. Loanz indicates that it will report every payment to the credit agencies, which is a perk that not all bad credit lenders offer.
• Flexible eligibility requirements. Apply with bad credit and different forms of income, including government assistance.

• Simple online application
• Positive customer reviews
• No prepayment penalties

• High starting rates (29.9% and up)
• Undisclosed fees

Loan amount	$1,000 – $15,000
APR	29.9% – 46.9%
Term	12 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	570
Fees	N/A
Turnaround Time	24 hours or less
Serviced Provinces	All of Canada (excluding Quebec)

5. FlexMoney

Finder Rating: ★★★★★ 4 / 5

$500 – $15,000
Loan amount

18.9% – 46.93%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

FlexMoney offers an easy online application with no need to upload documentation. Funds are usually released in 24 hours and you can prepay your loan with no penalty. Full Review

Why we chose it

• Instant decision. FlexMoney says it will make a decision on bad credit loans in Newfoundland within 15 minutes.
• Same-day or next-day funding. Funds are released within 24 hours, directly to your bank account.
• Helps rebuild credit. FlexMoney will report regular, on-time payments to the credit bureau.

• Make payments weekly, bi-weekly, bi-monthly or monthly
• Easily make extra payments via e-transfer

• Interest rates can reach as high as 46.93%
• Minimum income required ($2,000 per month)
• Must be employed

Loan amount	$500 – $15,000
APR	18.9% – 46.93%
Term	6 - 60 months
Interest Rate Type	Fixed
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 and PEI

6. Fairstone

Finder Rating: ★★★★★ 3.7 / 5

Go to site

$5,000 – $50,000
Loan amount

19.99% – 24.49%
APR

36 - 120 months
Term

• Our Take
• Pros + Cons
• Details

Fairstone offers personal loans to customers with low credit. Apply online or visit a store in person with 13 branch locations across Newfoundland. Full Review

Why we chose it

• Apply without impacting your credit score. Fairstone will only do a soft credit check to pre-approve you for a loan, so it won't affect your credit.
• Fast approvals. Apply for your loan in minutes and get a quick call from a loan agent to finalize your loan details, with funds deposited in 24 hours or less.
• Secured and unsecured options. Apply based on your credit score or use your house to secure your loan to get lower interest rates.

• Quick and easy application
• Many loan types (unsecured, secured, mortgages)
• Company has an established online presence
• No prepayment penalties for unsecured loans

• High rates for bad credit (up to 39.99%)
• Potential for extra fees
• Prepayment penalties for secured loans
• Several negative customer reviews

Loan amount	$5,000 – $50,000
APR	19.99% – 24.49%
Term	36 - 120 months
Interest Rate Type	Fixed
Min. Credit Score	560
Fees	Varies by province
Turnaround Time	2+ days
Serviced Provinces	All across Canada

7. easyfinancial

500 – $100,000
Loan amount

9.99% – 46.96%
APR

9 - 120 months
Term

• Our Take
• Pros + Cons
• Details

easyfinancial helps customers in Newfoundland access financing when banks aren't an option. It offers loans, financial education and the opportunity to rebuild your credit. Full Review

Why we chose it

• Apply without impacting your credit score. Apply without impacting your credit score. Apply in minutes with no commitment and it won't affect your credit score.
• Fast approvals. Get your money through Interac e-Transfer in as little as two hours after getting approved.
• Helps improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.

• Many loan types (unsecured, secured, business)
• Large loan amounts &ndash
• up to $20,000 for unsecured loans and $100,000 for secured loans
• 2% rate reduction with a co-applicant

• High starting rates for unsecured loans (29.99%)
• Many negative customer reviews

Loan amount	500 – $100,000
APR	9.99% – 46.96%
Term	9 - 120 months
Interest Rate Type	Fixed
Min. Credit Score	300
Turnaround Time	Within 30 minutes

8. Money Mart

$500 – $15,000
Loan amount

29.9% – 46.9%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Money Mart offers installment and payday loans across Canada. There's no penalty to pay off your loan. Full Review

Why we chose it

• Fast. Fill out an application with quick approval and get your funds in under five minutes.
• Apply online or at one of its many locations. Apply online, through the Money Mart mobile app or at one of the hundreds of locations across Canada.
• Flexible eligibility requirements. You're likely to qualify as long as you have 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
• NSF and late payment fees

Loan amount	$500 – $15,000
APR	29.9% – 46.9%
Term	12 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	None
Turnaround Time	Less than 1 day
Serviced Provinces	AB, BC, MB, NB, NL, NS, ON, PEI, SK

9. Magical Credit

$1,500 – $20,000
Loan amount

19.99% – 46.8%
APR

12 months - 5 years
Term

• Our Take
• Pros + Cons
• Details

Magical Credit specializes in offering bad credit loans to low-income clients. Loans come with no prepayment penalties so you can pay them off whenever you want. Full Review

Why we chose it

• Instant decision. Apply online and validate your information with instant bank verification to get a fast loan decision (with funds sent in a few hours).
• Helps rebuild credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
• Flexible eligibility requirements. You can apply with bad credit and you don't have to be employed.

• Receive funds within as little as 24 hours
• Accepts child tax credit, EI, CPP, OAS, private pensions and more
• Refer-a-friend program

• Promotes a 3.9% fixed monthly rate but the actual APR is between 19.99% and 46.8%
• May charge a $194 administration fee
• Must show proof that you've been employed for six months (if applicable)

Loan amount	$1,500 – $20,000
APR	19.99% – 46.8%
Term	12 months - 5 years
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	A single administration fee of $194 for $1,500 loans and up
Turnaround Time	Receive funds within as little as 24 hours
Serviced Provinces	Canada-wide (excluding Manitoba, Saskatchewan and Quebec)

10. Progressa

$1,000 – $15,000
Loan amount

19% – 46.95%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Progressa is based in BC but provides bad credit loans in Newfoundland (specifically for debt consolidation). The company pays debts directly when you take out a loan rather than depositing the funds in your account.

Why we chose it

• Helps rebuild credit. Use your loan to pay off your bills and debts, and then build your credit score by making on-time payments on your Progressa loan.
• Fast approvals. You can expect to get approved in as little as 30 minutes, but it could take a few days if you have a complex file.
• Flexible eligibility requirements. Get approved with bad credit. It also accepts EI, disability and other forms of government assistance as long as you have employment income.

• BBB accredited with an A+ rating
• Progressa pays creditors directly
• Good customer reviews

• High rates between 19% and 46.95%
• Loans are exclusively for debt consolidation
• Must be employed for at least six months

Loan amount	$1,000 – $15,000
APR	19% – 46.95%
Term	6 - 60 months
Interest Rate Type	Fixed
Serviced Provinces	All provinces and territories except Quebec

11. Lend for All

$300 – $50,000
Loan amount

Starting at 5.9%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Lend for All is a loan-matching company that uses an automated process to match consumer and business applicants with various lenders and financial institutions. Full Review

Why we chose it

• Partnered with lenders. It works with a network of lenders that offer quick approval for bad credit loans in Newfoundland.
• Fast pre-approvals. Lend for All provides quick approvals within minutes by doing a soft check on your credit report.

• 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
• Most partner rates are above 20% for unsecured loans

Loan amount	$300 – $50,000
APR	Starting at 5.9%
Term	12 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	Varies by lender
Serviced Provinces	All provinces

12. 24Cash

$500 – $850
Loan amount

Starting at 22%
APR

90 - 150 days
Term

• Our Take
• Pros + Cons
• Details

24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans.

Why we chose it

• Approval in one hour. Apply with instant bank verification and get approved quickly.
• Easy application. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 1:30 ET.
• Established online presence. The company is active online and has solid customer reviews on Google and Trustpilot.

• 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
• High interest rates of around 26%
• Low maximum amount (under $1,000)
• May not improve your credit

Loan amount	$500 – $850
APR	Starting at 22%
Term	90 - 150 days
Interest Rate Type	Fixed
Serviced Provinces	All Canadian provinces except Manitoba, Quebec and Saskatchewan.

13. PYLO

$500 – $15,000
Loan amount

Starting at 15.99%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

PYLO is a competitive lender that takes the stress out of borrowing by offering large loans, low rates and no hidden fees.

Why we chose it

• Fast decisions. You'll get pre-approved in a few minutes with final approval in a few hours depending on how quickly you submit the required documentation.
• May help rebuild credit. PYLO may report your payments to the credit bureaus to help improve your credit.
• A+ BBB rating. The company isn't accredited by the BBB, but it has an A+ rating and no negative reviews.

• Low starting rates for bad credit loans in Newfoundland (15.99%)
• Simple application process
• No hidden fees
• $100 referral program
• Accepts CPP and OAS

• Government assistance not accepted as a form of income (unless you have employment income too)
• You won't be eligible if you're in bankruptcy or a consumer proposal

Loan amount	$500 – $15,000
APR	Starting at 15.99%
Term	6 - 60 months
Interest Rate Type	Fixed
Serviced Provinces	BC, MB, ON, NL

14. marble Fast Track Loan

Go to site

$5,000 – $15,000
Loan amount

18.99% – 24.99%
APR

36 - 84 months
Term

• Our Take
• Pros + Cons
• Details

marble provides loans to people dealing with a consumer proposal. It works with your trustee to pay off your entire consumer proposal to help immediately increase your credit score. Full Review

Why we chose it

• Loan to exit consumer proposal. marble offers specialized loans for people struggling to pay off a consumer proposal.
• Improves credit score. Your credit score will increase as soon as you pay off your consumer proposal, and it will go up further as you pay off your marble loan.
• BBB-accredited with an A+ rating. The company has been in business for seven years and has an A+ rating with BBB, with very few customer complaints.

• Rates are 18.99% to 24.99% (lower than most consumer proposal exit loans)
• Affordable monthly payments
• Instantly improves your credit score

• Funds can only be used to pay off a consumer proposal
• Admin and legal fees
• Rates may be higher than what you're currently paying

Loan amount	$5,000 – $15,000
APR	18.99% – 24.99%
Term	36 - 84 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	Marble Fast-Track loans come with legal and administrative fees ranging between $295 and $1,500
Turnaround Time	Within 24 hours (during business days/hours)
Serviced Provinces	British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Newfoundland & Labrador

15. Capital One Guaranteed Mastercard

Capital One Guaranteed Mastercard

Credit recommended (N/A-) Read review

N/A
Min. credit score

$59
Annual fee

n/a
Rewards

n/a
Welcome offer

• Our Take
• Pros + Cons
• Details

Capital One's Guaranteed Mastercard is designed for people who want to establish or repair their credit without taking out bad credit loans in Newfoundland.

Why we chose it

• Improves credit score. This credit card is dedicated to boosting your credit, with payments reported regularly to the credit bureaus.
• Travel benefits. With this card, you're covered under common carrier travel accident insurance, baggage delay and car rental damage.
• High chance of approval. You should qualify as long as you're the age of majority and aren't in bad standing with Capital One. Some other criteria may apply.

• The card comes with extended warranty and purchase protection
• Capital One offers protection against fraud
• May be able to get a $7,000 limit

• Annual fee of $59
• High interest rate of 19.8%
• Security funds may be required

Annual Fee	$59
Purchase APR	19.8% fixed
Cash Advance Rate	21.9%
Balance transfer APR	19.8% fixed
Welcome offer	N/A
Rewards	N/A

Disclaimer

Please note: All information about Capital One Guaranteed Mastercard has been collected independently by Finder and this card is not available through this site.

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%.
• Pay advance apps. Apps like Nyble and Bree let you borrow a very small amount with no credit check.
• 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.
• 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.

1. Cash Money

Go to site Read review

Cash Money Payday Loan

$100 – $1,500
Loan amount

5 – 40 days
Loan Term

15 minutes
Min. Turnaround Time

• Info
• Features
• Details

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
• Very high rates for bad credit

Loan amount	$100 – $1,500
APR	Varies by province
Term	5 - 40 days
Min. Turnaround time	As little as 15 minutes with INTERAC e-Transfer
How to apply	Online In Store
Credit Check	Yes

2. Loan Express

Read review

Loan Express Payday Loan

$100 – $1,500
Loan amount

Up to 62 days
Loan Term

5 minutes
Min. Turnaround Time

• Info
• Features
• Details

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
• High customer ratings on Trustpilot

• Very high fees
• Only payday loans on offer

Loan amount	$100 – $1,500
APR	Varies by province
Term	Up to 62 days
Credit Check	No

3. Speedy Cash

Read review

Speedy Cash Payday Loan

$250 – $1,500
Loan amount

N/A
Loan Term

N/A
Min. Turnaround Time

• Info
• Features
• Details

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

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.

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

• Can you get a no credit check loan in Newfoundland?

  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.

• How much can you borrow in Newfoundland when you have bad credit?

  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 $15,000, though you may be able to get more depending on the lender and other eligibility requirements such as income.

• How do you get a fast bad credit loan in Newfoundland?

  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.