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If you have a less-than-perfect credit score, there are plenty of lenders offering loans for bad credit in Ontario. Rather than focusing on your credit score, these loan providers will look at your overall financial situation, including your monthly income, existing debts and ability to repay a new loan.
Here’s a look at some of the best bad credit loans in Ontario. No single loan is the best for everyone, so compare providers to find the top choice for your personal situation.
If you’re unable to get approved for a personal loan with bad credit, you can apply for a payday loan. Payday loans are easier to qualify for than personal loans, but they’re also extremely expensive and are only suitable as a last resort. Another option worth considering if you’re struggling financially is debt relief.
⚠️ 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. 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.
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province
Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island
$15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia
$17 per $100 borrowed
Newfoundland and Labrador
$14 per $100 borrowed
Quebec
Limit of 35% annual interest rate (AIR)
How we chose the best bad credit loans in Ontario
We’ve chosen the products on this page based on the providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market.
When choosing our picks for the best online bad credit loans in Ontario, we considered each lender’s rates, fees, terms, borrowing amounts, application process, funding speed, eligibility requirements, customer support and feedback, associations, accreditations and perks for borrowers. No single personal loan will be the best choice for everyone, so compare your options before applying.
Lenders that specialize in bad credit loans typically offer 18–47% APR for unsecured loans and 10–30% APR for home equity loans. We prioritized lenders that are upfront about their rates on their websites.
Borrowers of personal loans may encounter origination or administration fees, prepayment penalties, NSF fees and late payment fees. We prioritized lenders that charge minimal fees.
We put less weight on loan amounts when comparing the best bad credit loans in Ontario. This is because applicants with bad credit will generally not be approved for higher amounts due to their low credit scores.
The lenders on this list vary in loan terms depending on their specialties. Those who focus on short term personal loans typically offer terms from 3–12 months, while those who offer regular unsecured personal loans offer terms from 6–60 months. We put less importance on loan terms if the lenders don’t charge any prepayment penalties.
We prioritized lenders that allow you to apply for their personal loan online. We considered the user experience when filling out the application. We also considered whether the lender can offer an instant decision and a quote without affecting your credit score.
We reviewed each lender’s eligibility criteria. We checked whether they had minimum credit score and income requirements. We also checked whether they accepted non-employment income, such as government benefits, self-employment and private pensions.
We considered how long it would take to get your money. Overall, the best bad credit loans in Ontario come from lenders who are fast at approval and funding. The benchmark we used for turnaround time is one to three business days.
We took into account the different ways you can reach the lender (phone, email, live chat, website form), its operating hours and responsiveness, and how comprehensive its website and help centre are.
We read through reviews left by applicants/borrowers on Trustpilot, Better Business Bureau (BBB) and Google. Some of the lenders above have received negative reviews, but they are on this list because of other features and benefits they offer.
We looked into associations the loan provider may be part of (such as the Canadian Lenders Association), accreditations it may have (such as BBB accreditation) and the number of years it’s been in business. This gave us a sense of how established the loan provider was in Canada and whether it met any external standards for marketplace trust.
We considered other perks a lender may offer a borrower, such as a money-back guarantee, online account management, grace period, skip a payment, payment frequency and educational tools.
The 4 main types of online bad credit loans in Ontario
Loan
How it works
Chances of approval with bad credit
Unsecured personal loan
Borrow money without collateral and repay in installments
Lower chances than a secured loan because the lender is taking on more risk
Eligibility requirements of bad credit personal loans in Ontario
While requirements for bad credit personal loans in Ontario will vary from lender to lender, you will usually need to meet the following:
Be at least 18 years old.
Be a Canadian citizen or a permanent resident with a valid Ontario address.
Have a valid bank account.
Have proof of regular income to keep up with monthly payments.
Meet the minimum credit score.
Plans to get a personal/installment loan in Ontario
According to data released in the latest Finder: Consumer Sentiment Survey, more Ontario residents are planning to take out a personal loan in the next three months. In Q1 2023, only 5% of respondents planned to get a personal or installment loan. That number jumped to 20% of respondents who plan to take out a personal or installment loan in the next three months.
Tips to get approved for unsecured personal loans with bad credit
Unsecured personal loans don’t involve any collateral. To increase your chances of approval for this bad credit loan, aim to have the following:
Little to no NSF transactions. If you have NSF transactions in your bank account in the last 60 days, try to wait until you no longer have these.
No payday loan debt. It’s also best to not have any active payday loans or other short-term loans.
Features of secured personal loans for bad credit
Securing your loan with collateral increases your chances of approval and lowers your interest rate. However, you could lose your asset if you default on payments.
Vehicle title loans in Ontario (your car as collateral)
Vehicle title loans are loans secured to the title of your vehicle. Your car must be paid off, but you can still drive your car while you’re repaying the loan.
Loan amounts. Borrow up to 25% to 50% of the value of the car. Once you’ve applied, you may have to take your vehicle to a physical location to get it appraised, so your lender has a clear idea of its market value. These loans usually cap out at $50,000.
Loan terms. Repay in 3 - 60 months.
Interest rates. Pay 9%–49% APR.
How fast you can get it. Get a bad credit auto title loan within 24 to 48 hours.
No credit check. Lenders of this loan accept borrowers with bad credit and some might not even check your credit when you apply.
Home equity loans in Ontario (your home as collateral)
If you own your home and have built up some equity in it, you can use that equity as a guarantee on your next loan.
Loan amounts. Borrow based on your home equity, which is your house’s value minus your mortgage balance.
Loan terms. Home equity loans for bad credit can have longer loan terms, up to 240 months.
How fast you can get it: You can get a home equity loan with bad credit in Ontario in as little as two business days. Getting a home equity loan takes longer because your home will need to be appraised.
Loan amounts. In Ontario, you can borrow up to $1,500 per payday loan or up to 50% of your take-home pay, whichever is lower.
Loan terms. Repay by your next payday, up to 62 days.
Interest rates. Pay $15 for every $100 borrowed. This often works out to between 390% and 780% APR.
Eligibility requirements. Requirements are lenient. You can get a bad credit payday loan in Ontario if you have a stable source of income.
How fast you can get it. The fastest payday loans take one hour or less to complete online, from application to e-transfer funding. Learn more about e-transfer payday loans.
Before you apply for payday loans with bad credit in Ontario
Check your budget. Make sure you can repay the loan on time and you’ll have enough money left for other expenses.
Make sure the lender is legitimate. Check that the lender is licensed to operate in Ontario and follows Ontario payday loan regulations.
Features of lines of credit for bad credit in Ontario
Key features for lines of credit for poor credit include the following:
Loan amounts. Get a limit up to $10,000.
Loan terms. Loan terms are open, so you can pay off your balance any time. However, try to repay it fast because line of credit rates for bad credit are high.
Interest rates. If you have a poor credit score, you’ll be charged up to 47.42%.
Where can you apply for bad credit loans in Ontario?
You can get bad credit loans in Ontario from alternative lenders. Banks and credit unions usually require good to excellent credit over 660. Most alternative lenders in Ontario allow you to apply online for bad credit loans, though there are some big lenders that have in-person branches you can visit, such as easyfinancial, Fairstone, Cash Money and Money Mart.
How to apply for fast online loans bad credit in Ontario
If you’re ready to apply online for a bad credit loan in Ontario, follow these steps for a quick and easy process:
Compare lenders. Zero in on Ontario lenders that accept poor credit or use a loan broker to help you find a provider. Decide on which features are most important to you, including speed, loan amounts, loan terms and interest rates.
Apply.Get pre-approved for a personal loan by filling out a quick online form. Getting pre-approved for a bad credit personal loan gives you an estimate of the interest rate, loan amounts and terms you might be eligible for. Compare offers.
Get verified. Proceed with your top lender. You’ll need to complete the application by going through instant bank verification or by providing documentation like government-issued ID, recent pay stubs and bank statements.
Review the contract and sign. Read over your loan agreement, taking factors such as your loan amount, interest rate and fees into account.
How to get the best bad credit personal loan in Ontario
Keep an eye out for the following features to get the best personal loan for your situation:
Interest rate
Be ready to encounter steep interest rates of up to 47%, because lenders view applicants with bad credit as higher risk of defaulting.
Secured or unsecured
In Ontario, you can get approved for a personal loan with or without collateral. An unsecured personal loan requires no collateral, but it has higher rates than a secured loan.
Loan amounts
How much you’ll be offered will depend on your personal financial situation. Lenders typically offer up to $10,000 to people with bad credit.
Loan terms
Longer loan terms mean lower monthly payments, but you’ll pay more interest overall. Aim to get the shortest loan term with monthly payments that you can still manage.
Fees
Watch out for early repayment fees, NSF fees, late payment fees and origination fees (fee to process your loan). Fees to pay off your loan early are not common for bad credit loans in Ontario so try to avoid them, especially if there’s a chance you’ll pay off your loan early or make extra payments. NSF fees are common and are usually $40 – $50. Late payment fees are also common, and your lender will charge a percentage of the outstanding payment or a fixed dollar amount. Origination fees are included in the interest rate (specifically the APR), so check with the lender if it’s charging this.
Speed
If speed is important to you, some lenders offer approval and funding on the same day. Many of these lenders specialize in online loans in Ontario for bad credit. You’ll find out whether you’re pre-approved within minutes of applying, and you can get your money on the same day or the next day.
Reputation and customer service
Not all lenders are the same, so read customer reviews and check for any pattern of complaints. Avoid lenders that pressure you to sign or are not clear about how much they’re charging you for the loan.
Rebuilds credit
Not all lenders report on-time payments to the credit bureaus. If improving your credit score is important to you, check whether the lender offers this benefit.
What is the fastest way to get loans for bad credit in Ontario?
If you’re facing an emergency and need money urgently, here are the quickest ways to borrow money in Ontario, but watch out for high interest rates.
Payday loan. Get a fast payday loan online in an hour or less, or visit a store in person. If it’s outside business hours, apply to Ontario payday lenders that offer 24/7 approval and funding.
Credit card cash advance. Use your credit card at an ATM to withdraw cash quickly. Interest will accrue daily.
Pawn shop loan. Visit a pawn shop near you and provide an asset as collateral to get a fast cash loan. Assets include electronics, musical instruments and jewellery. Learn more about pawn shop loans.
Yes, it’s possible to get no credit check loans in Ontario, although your options will be primarily limited to payday loans. Instead of looking at your credit score, these payday lenders will focus on your income and ability to make repayments. Just make sure you apply to a legitimate lender.
If you’re worried about your credit score impacting your loan options, it’s still worth looking into other bad credit loan options before settling for a no credit check payday loan in Ontario. Payday loans are very expensive. Other types of bad credit loans, like bad credit personal loans or lines of credit, typically come with lower interest rates.
Can you get a bad credit loan with low income in Ontario?
It depends. The most important thing for a lender that accepts bad credit is that you can afford your monthly loan payments. If your current monthly debt payments already take up too much of your monthly income (typically over 50%), lenders of bad credit loans may not approve you.
Can you get guaranteed approval on bad credit loans in Ontario?
No. Legitimate bad credit lenders in Ontario do not guarantee approval. They’ll need to review your finances first by looking at your pay stubs, bank statements and credit report. Steer clear of lenders that guarantee approval, because it could be a scam.
If you’re experiencing legitimate financial hardship and having trouble getting approved for a bad credit loan, you may want to look into debt relief options.
Questions to ask yourself before signing on the dotted line
Before signing a contract with a lender, ask yourself these questions to make sure you’ve chosen the right bad credit loan:
What is the APR?
The APR shows how much the loan would cost in a year. It is the annual interest rate plus other fees to finance the loan. If a loan doesn’t have financing fees, the APR is the same as the annual interest rate. Looking at the APR is key because it shows you the true cost of a loan and helps you compare different types of loans. Here’s a quick summary of APR ranges for different types of bad credit loans in Ontario:
Unsecured personal loans: 18%–47%
Vehicle title loans: 9%–49%
Home equity loans: 10%–29%
Payday loans: Over 390%
Your interest rate will depend on the type of bad credit loan and your personal situation.
What is the payment schedule?
Be aware of when you’ll need to make your payments. If you’re getting a personal loan, find out how much of your payments is going towards paying the principal vs interest.
Do I need loan insurance?
There’s a good chance your lender will offer this to you. Loan insurance is completely optional and adds to the cost of your loan. You’re not required to get it. If a lender is requiring it in order for you to get your loan, apply somewhere else because it could be a scam.
Can I afford a bad credit loan?
Know how much your bad credit loan will cost you overall. This includes the interest and any fees you may be charged. You can use our payment calculator below to find out how much your monthly payments might be if you get a personal loan.
What is the cost of a loan for bad credit in Ontario?
The total cost of a bad credit loan you take out in Ontario will vary, depending on the loan type, loan amount, loan term, interest rate and any other fees. Below is an example of how much a $1,000 loan might cost a borrower.
Loan amount
Interest rate
Loan term
Total loan cost
Interest charged
Unsecured personal loan
$1,000
46.93%
6 months
$1,141.25
$141.25
Payday loan
$1,000
$15 for every $100
14 days
$1,150
$150
Vehicle title loan
$1,000
35%
12 months
$1,199.56
199.56
Personal loan calculator
Find out your potential monthly payments on personal loans for bad credit in Ontario with this calculator.
Personal loan monthly payment calculator
Calculate how much you could expect to pay each month on a personal loan for bad credit in Ontario
Enter the amount you plan to borrow under Loan amount.
Write the loan term in years (not months) under Loan terms.
Enter the loan’s interest rate if there are no fees under Interest rate. Otherwise, write the annual percentage rate (APR), which includes interest and fees.
Hit Calculate.
Review your results.
Tips for taking out bad credit loans in Ontario
While these tips won’t guarantee you’ll be approved for a loan for bad credit, they can help increase your chances:
Get a cosigner. A friend or family member with a good credit score can cosign your loan. If you default, they’ll be responsible for making the payments, so make sure they know what they’re committing to.
No recent NSF fees in your bank account. NSF transactions in the last 60 to 90 days will lower your chances of approval, so try to wait and make on-time payments first if you have these.
Get a secured loan. This will increase your chances of approval, but only sign up if you can manage the repayments.
Prepare your references. Some lenders ask for one or two references, like a friend, family member or employer, to approve you for a loan.
Review your application. Errors on your application could result in an automatic denial, so check for any errors before you submit.
What is considered bad credit?
In Canada, credit scores range from 300 to 900. While credit reporting bureaus such as Equifax Canada tend to categorize bad credit as anywhere between 300 to 560, many lenders consider any scores that are below 600 to be bad. It’s at this threshold that you may have difficulty qualifying for conventional loans or credit cards.
When you do qualify for a bad credit loan in Ontario, you could get stuck with higher interest rates and fees. That’s why it’s important to carefully compare your options before agreeing to any loan.
How does bad credit affect your loan options in Ontario?
Your credit score is one of the primary ways lenders assess your credit worthiness. Having a lower credit score means you might have:
A harder time qualifying for a loan. A bad credit score indicates to lenders that you may have trouble managing your debt, which indicates there is a greater chance you may default on your loan. That means lenders will have to be more careful when deciding whether or not to approve a loan for a bad credit borrower.
Fewer loan options. Common lenders like banks and credit unions typically require good to excellent credit to qualify for their loans. That means you’ll likely need to turn to alternative, online lenders – like the ones listed above – if you need a loan for bad credit in Ontario. You may also be limited to loans specifically designed for bad credit borrowers and lower maximum borrowing amounts.
Higher interest rates. Lenders will charge you higher interest rates when you are approved for a bad credit loan, in order to offset the risk of you potentially defaulting on the loan.
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 fee of up to $300 that will be added to your payments. Full Review
Best benefits
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
Doesn't give enough information about its brokerage fee
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 months
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee up to $300
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
Best benefits
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
Loanz is an online-only lender of bad credit personal loans. But if you don't qualify for a loan from them, they may direct you to another lender. Full Review
Best benefits
Get funded fast. Apply to get instant approval and receive funds in as little as 15 minutes.
Improve your credit. Loanz will report every payment to the credit agencies to help boost your credit score.
Skip the documents. You won't need to send any paperwork if you choose instant bank verification.
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
Best benefits
Get a fast loan. Apply online and validate your information with instant bank verification to get a fast loan decision (with funds sent in a few 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
Promotes a 3.9% fixed monthly rate but the actual APR is between and
May charge a 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 - 60 months
Interest Rate Type
Fixed
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)
Cash 4 You offers payday loans and installment loans to people with bad credit. It's been in business since 2001 and has 100+ stores across Ontario. Full Review
Best benefits
Work with a well-known lender. Cash 4 You is one of the biggest lenders of payday loans and installment loans for bad credit.
Get some leniency. Cash 4 You has more flexible requirements than banks, credit unions and some other alternative lenders.
Get fast financing. Get a bad credit loan as soon as the same day.
No prepayment penalties
High Trustpilot score
Bad credit loans have high rates
F BBB rating
Loan amount
$1,000 – $15,000
APR
N/A
Term
12 - 60 months
Interest Rate Type
Fixed
Fees
No origination fees, closing costs or prepayment penalties
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
Best benefits
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
2% rate reduction with a co-applicant
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 - 84 months
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
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
Best benefits
Get your loan fast. You can get a payday loan almost instantly and an installment loan in as little as 2 hours.
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
Availability in provinces varies in-store and online
Prudent Financial offers loans for bad credit when you put up collateral such as your home or vehicle. It operates exclusively in the Greater Toronto Area. Full Review
Best benefits
Get an answer fast. Get approved in as little as 30 minutes when you provide proof of 50% equity in your asset and meet eligibility requirements.
Defer payment. If you have an emergency and can't make the next payment, call the company two to three business days before the due date to defer to up two weeks with no penalty.
Rebuild credit. Prudent reports all your loan payments to the credit bureau so when you pay on time, you get a better rating.
Progressa issues bad credit personal loans to help customers consolidate debts. This lender has been providing loans since 2013 and has BBB accreditation with an A+ rating.
Best benefits
Rebuild your 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.
Get approval fast. 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.
Qualify. Progressa will look at your whole financial situation rather than fixating on your credit score. It also accepts EI, disability and other forms of government assistance as long as you also have employment income.
BBB accredited with an A+ rating
Progressa pays creditors directly
Good customer reviews
High rates between and
Loans are exclusively for debt consolidation
Must be employed for at least six months
Won't be eligible if you're in bankruptcy or a consumer proposal
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
Best benefits
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. Full Review
Best benefits
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 1:30 ET.
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
Low maximum amount (under $1,000)
May not improve your credit score
Loan amount
$500 – $850
APR
Starting at 22%
Term
90 - 150 days
Interest Rate Type
Fixed
Fees
Broker fee applies
Turnaround Time
Within 24 hours
Serviced Provinces
Canada-wide except Manitoba, Quebec and Saskatchewan
Credito is a broker that helps people with bad credit find a short term installment loan. You won't need to go through a credit check to get approved, but expect to be charged interest plus a $225 broker fee. Full Review
Best benefits
Qualify. Since Credito doesn't do credit checks and offers smaller loans, it may be easier to get a loan from them vs other alternative lenders.
Avoid payday loans. Credito's bad credit loans are an alternative to payday loans, allowing you multiple repayments and longer terms.
Get funded fast. You can get your money within 24 business hours.
100% online
No credit check
High Trustpilot score
High rates
high broker fee
Loan amount
$500 – $850
APR
15% – 26%
Term
90 - 120 days
Interest Rate Type
Fixed
Fees
$225 brokerage fee
Turnaround Time
Within 24 hours
Serviced Provinces
All
Survey methodology
The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 and April 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their past use and current plans to use Payday loans and other forms of short-term credit. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.
Frequently asked questions about loans for bad credit in Ontario
Alternative lenders have more flexible requirements than banks and credit unions. They are more likely to approve an applicant with bad credit. You can apply directly to an online lender or use a loan broker to get your matches.
That depends on a variety of factors, such as the type of bad credit loan (payday loans in Ontario cap out at $1,500, for example), income and existing debts. Typically, bad credit loans are for smaller amounts under $10,000.
It shouldn't, unless you make late payments or skip payments altogether. Not sticking to your loan's repayment terms will drive down your credit score, making it harder to qualify for any type of financing in the future.
There typically aren't any restrictions on how borrowers can use their funding from a bad credit loan. You can use the cash to pay off bills, make major purchases, pay for car repairs or other financial emergencies.
Leanne Escobal is a publisher for Finder. She has over eight years of experience working in financial services as a marketer. 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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