23 best bad credit loans in Canada

Having bad credit shouldn’t prevent you from getting financing, and you can often use a new loan to rebuild your credit. Just be prepared to pay more in interest because bad credit loans often have higher rates. If you’re looking for financing, this guide covers 23 of the best bad credit personal loans in Canada.

How can I get a loan with bad credit in Canada?

To borrow money with bad credit, you can apply to alternative lenders. Many alternative lenders in Canada offer loans to people with less-than-perfect credit scores. These loans vary in loan amounts, loan terms, rates, fees and eligibility requirements. No single loan will be the best choice for everyone, so consider your personal situation and compare options before applying.

23 best bad credit loans in Canada

Loan provider	Interest rate	Loan amount	Loan term	Key features
	8.00% - 46.96%	$500–$50,000	3 - 120 months	Loan broker, pre-approval in 5 minutes	Go to siteLearn more
	6.99% - 46.96%	$300–$50,000	3 - 60 months	Loan broker, largest lender network	Go to siteLearn more
	28.00% - 32.00% + broker fee up to $300	$500–$1,000	3 months	No credit check, funding in 24 hours	Go to siteLearn more
	46.00%	$1,000–$5,000	9 - 24 months	Easy application, Fast funding	Go to site Learn more
	9.99% - 46.96%	$500–$35,000	6 - 60 months	Fast application, same-day funding	Go to siteLearn more
	9.90% - 46.96%	$200–$35,000	6 - 60 months	Quotes in 3 minutes, flexible eligibility requirements	Go to siteLearn more
	29.90% - 46.90%	$1,000–$15,000	12 - 60 months	Instant decisions, funding in 15 minutes	Learn more
	18.90% - 46.90%	$500–$15,000	6 - 60 months	Instant decisions, same-day funding	Learn more
	19.99% - 46.80%	$1,500–$20,000	12 - 60 months	Approval in 1 day, low income or non-employment income are okay	Learn more
	46.93%	$1,000–$15,000	12 - 60 months	Fast, hassle-free process	Learn more
	9.99% - 46.96%	$500–$100,000	9 - 120 months	Approval in 30 minutes, flexible eligibility requirements	Learn more
	14.00% - 33.00%	$1,000–$100,000	6 - 36 months	Good customer service, offers personal and payday loans	Learn more
	29.90% - 46.90%	$500–$15,000	6 - 60 months	Instant decisions, offers personal and payday loans	Learn more
	5.75% - 9.9% + fees	Up to $500,000	Not disclosed	Approval in as little as 30 minutes, collateral required	Learn more
	19.00% - 46.95%	$1,000–$15,000	6 - 60 months	Approval in as little as 30 minutes, debt consolidation loans	Learn more
	From 9.9%	$100–$50,000	6 - 120 months	Search platform for loans, secured and unsecured loans	Learn more
	22.00% + broker fee	$500–$850	90 - 150 days	Broker, short term loan, no credit check	Learn more
	19.99% - 46.70%	$500–$50,000	12 - 96 months	Secured and unsecured loans, high approval rate	Learn more
	15.75% - 58.99%	$1,000–$5,000	12 - 36 months	Approval in 24 hours, secured and unsecured loans	Learn more
	Up to 48.99%	$100–$7,000	6 to 60 months	Flexible repayment terms, unsecured loans	Learn more
	15.00% - 26.00% + broker fee	$500–$850	90 - 120 days	No credit check, funding in 24 hours, short-term installment loans	Learn more
	17.99%	$200–$3,000	2 - 24 months	Small loan, payday loan alternative	Learn more
	19.00%	$200–$3,000	2 weeks - 24 months	Small no credit check loan, fast funding	Learn more

Bad credit personal loans: What makes these the best?

1. LoanConnect

Customer Survey: ★★★★★ 3.5 / 5

Go to site

$500 – $50,000
Loan amount

8% – 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. Full Review

Why it's one of the best

• Save time. Your application will be cast wide and you'll get your results right after you apply.
• Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
• Choose between secured and unsecured loans. Find a secured bad credit loan if you have an eligible asset or get a loan with no collateral.

• Pre-approval in five minutes
• Many bad credit loan options
• BBB-accredited with an A+ rating
• Fast funding

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

Loan amount	$500 – $50,000
APR	8% – 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

Customer Survey: ★★★★★ 4 / 5

Go to site

$300 – $50,000
Loan amount

6.99% – 46.96%
APR

3 - 60 months
Term

• Our Take
• Pros + Cons
• Details

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
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. LoansLoans.ca

Go to site

$500 – $1,000
Loan amount

28% – 32%
APR

3 months
Term

• Our Take
• Pros + Cons
• Details

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

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
• 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
Turnaround Time	Receive funds in less than 24 hours
Serviced Provinces	All of Canada (except Manitoba)

4. AimFinance

Go to site

$1,000 – $5,000
Loan amount

Starting at 46%
APR

9 - 24 months
Term

• Our Take
• Pros + Cons
• Details

AimFinance is an alternative lender of personal loans for bad credit. It is based and registered in Quebec but offers loans to Ontario residents only.

Why it's one of the best

• Get approved fast. AimFinance has automated systems that allow it to give instant approvals 24/7.
• Avoid payday loans. AimFinance offers longer loan terms than payday loans so you can break up payments into smaller, more manageable amounts.
• Repay your loan any time. Pay off your loan any time without penalty to save on interest.

• Easy online application
• Minimal to no documents required
• Fast approval and funding

• High interest rate
• Employment income only
• No manual verification option available

Loan amount	$1,000 – $5,000
APR	Starting at 46%
Term	9 - 24 months
Interest Rate Type	Fixed
Min. Credit Score	580
Turnaround Time	24-48 hours
Serviced Provinces	Ontario

5. Spring Financial

Customer Survey: ★★★★★ 4.5 / 5

Go to site

$500 – $35,000
Loan amount

9.99% – 46.99%
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 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	9.99% – 46.99%
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

6. Mogo

Customer Survey: ★★★★★ 4 / 5

Go to site

$200 – $35,000
Loan amount

9.9% – 46.96%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Mogo is a Canadian fintech company that offers various financial products, including personal loans and lines of credit for bad credit. Full Review

Why it's one of the best

• Get an instant decision. Get your free quote in three minutes without lowering your credit score.
• Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
• Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.

• Convenient mobile app
• No prepayment penalties
• Bank-level security

• High rates for bad credit
• Some negative Mogo reviews online
• Loans are powered by Lendful and easyfinancial

Loan amount	$200 – $35,000
APR	9.9% – 46.96%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	500
Fees	Non-sufficient funds fee of $20 to $50
Turnaround Time	Within 24 hours
Serviced Provinces	British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island

7. Loanz

Customer Survey: ★★★★★ 4 / 5

$1,000 – $15,000
Loan amount

29.9% – 46.9%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

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

Why it's one of the best

• 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.

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

• Rates from 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)

8. FlexMoney

Customer Survey: ★★★★★ 4 / 5

$500 – $15,000
Loan amount

18.9% – 46.9%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

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

• Interest rates can reach as high as
• Minimum income required ( per month)
• Must be employed

Loan amount	$500 – $15,000
APR	18.9% – 46.9%
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, PEI, Saskatchewan and Yukon

9. Magical Credit

Customer Survey: ★★★★★ 4 / 5

$1,500 – $20,000
Loan amount

19.99% – 46.8%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

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 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)

10. Cash 4 You

$1,000 – $15,000
Loan amount

N/A
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

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

Why it's one of the best

• 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
Turnaround Time	Within 24 hours
Serviced Provinces	Ontario

11. easyfinancial

Customer Survey: ★★★★★ 4 / 5

$500 – $100,000
Loan amount

9.99% – 46.96%
APR

9 - 120 months
Term

• Our Take
• Pros + Cons
• Details

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
• 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 - 120 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
Turnaround Time	Within 30 minutes
Serviced Provinces	All of Canada

12. Blue Copper Capital

$1,000 – $100,000
Loan amount

14% – 33%
APR

6 - 36 months
Term

• Our Take
• Pros + Cons
• Details

Blue Copper Capital offers personal loans and payday loans to people with bad credit and is upfront about its rates and fees.

Why it's one of the best

• Improve your credit score. Blue Copper Capital reports your personal loan payments to the credit bureau.
• Good customer service. The company has solid customer reviews and is professional and helpful when contacted.
• Easily apply. Fill out an application online, call to apply or apply in person.

• Loan approval in as little as 20 minutes
• Join the customer club to get better rates and terms

• High interest rates (ranging from )
• Admin fee of 10% of the loan amount, up to
• Company only works in

Loan amount	$1,000 – $100,000
APR	14% – 33%
Term	6 - 36 months
Interest Rate Type	Fixed
Fees	Unknown
Turnaround Time	Varies
Serviced Provinces	BC and Alberta

13. Money Mart

Customer Survey: ★★★★★ 3.5 / 5

$500 – $15,000
Loan amount

29.9% – 46.9%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

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. 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

Loan amount	$500 – $15,000
APR	29.9% – 46.9%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	None
Turnaround Time	Less than 1 day
Serviced Provinces	AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT

14. Prudent Financial

Finder Award

Customer Survey: ★★★★★ 4.5 / 5

$5,000 – $500,000
Loan amount

6.99% – 56.5%
APR

1 – 5 years
Term

• Our Take
• Pros + Cons
• Details

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

Why it's one of the best

• 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.

• A+ BBB rating
• Easy application
• Your car or house as collateral

• Only advertises interest rates and not APRs
• Potentially high APRs
• Only available in the Toronto area
• Several negative customer reviews

Loan amount	$5,000 – $500,000
APR	6.99% – 56.5%
Term	1 – 5 years
Interest Rate Type	Fixed
Fees	Unknown
Turnaround Time	As little as 30 minutes
Serviced Provinces	Ontario

15. Progressa

$1,000 – $15,000
Loan amount

19% – 46.95%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

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.

Why it's one of the best

• 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

Loan amount	$1,000 – $15,000
APR	19% – 46.95%
Term	6 - 60 months
Interest Rate Type	Fixed
Fees	NSF fees may apply
Turnaround Time	30 minutes to a few days
Serviced Provinces	Canada-wide except Quebec

16. Lend for All

Customer Survey: ★★★★★ 3.5 / 5

$100 – $50,000
Loan amount

9.9% – 46.93%
APR

6 - 120 months
Term

• Our Take
• Pros + Cons
• Details

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
• High rates for bad credit

Loan amount	$100 – $50,000
APR	9.9% – 46.93%
Term	6 - 120 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	Varies by lender
Turnaround Time	Varies
Serviced Provinces	All provinces

17. 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. Expect a $225 broker fee to be added to your payments. 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 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

18. AAR Financial

$500 – $50,000
Loan amount

19.99% – 46.7%
APR

12 - 96 months
Term

• Our Take
• Pros + Cons
• Details

AAR Financial offers personal loans with large loan amounts and long loan terms. It has BBB accreditation with a B+ rating. Full Review

Why it's one of the best

• Increase your odds of approval. AAR Financial claims to approve 99% of applications.
• Get a secured or unsecured bad credit loan. Use your home to secure your loan and get a more competitive rate, or get an unsecured personal loan.
• Work with an established lender. AAR Financial has been in business for over 15 years with headquarters in Winnipeg, Manitoba.

• Flexible loan amounts
• No prepayment penalties for unsecured loans

• High rates starting at
• Several negative reviews

Loan amount	$500 – $50,000
APR	19.99% – 46.7%
Term	12 - 96 months
Interest Rate Type	Fixed
Fees	Fees may include insurance fees, administration fees and NSF/late payment fees.
Turnaround Time	Within 24 hours
Serviced Provinces	MB, AB

19. Fast Access Financial

$1,000 – $5,000
Loan amount

15.75% – 58.99%
APR

12 - 36 months
Term

• Our Take
• Pros + Cons
• Details

Based in Pickering, Ontario, Fast Access Financial offers unsecured personal loans and car title loans for bad credit. Full Review

Why it's one of the best

• Get fast approval. Get an answer within 24 hours and receive your funds within 2 business days.
• Rebuild your credit. This lender reports payments to the credit bureaus to help boost your score.
• Work with an established lender. Fast Access Financial has been in business for over 14 years and has an A+ BBB rating.

• Flexible repayment options (weekly, bi-weekly or monthly)
• Positive customer reviews

• High interest rates, with APRs between
• Must show proof you've been employed full-time for at least six months to qualify
• The company charges a NSF fee (most bad credit lenders charge $40-$50)

Loan amount	$1,000 – $5,000
APR	15.75% – 58.99%
Term	12 - 36 months
Interest Rate Type	Fixed
Turnaround Time	2 business days
Serviced Provinces	Alberta, New Brunswick, Nova Scotia, Ontario

20. Cashco

Customer Survey: ★★★★★ 4.5 / 5

$100 – $7,000
Loan amount

Up to 48.99%
APR

6 to 60 months
Term

• Our Take
• Pros + Cons
• Details

Cashco offers unsecured bad credit loans called Flex Loans. Apply for a loan online or in-store. Full Review

Why it's one of the best

• Get some flexibility. You can choose a payment schedule, loan amount and loan term that works best for you.
• Rebuild credit. Cashco reports payments to the credit bureau, which will help improve your rating.
• Get a quick loan. You can get approval within minutes and your money within 24 hours.

• Fast bad credit loans
• Flexible terms
• No prepayment penalties

• High rates

Loan amount	$100 – $7,000
APR	Up to 48.99%
Term	6 to 60 months
Interest Rate Type	Fixed
Fees	Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25.
Turnaround Time	Within 24 hours
Serviced Provinces	BC, AB, SK and ON

21. Credito

$500 – $850
Loan amount

15% – 26%
APR

90 - 120 days
Term

• Our Take
• Pros + Cons
• Details

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

Why it's one of the best

• 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

22. Affinity

$200 – $3,000
Loan amount

Starting at 17.99%
APR

2 - 24 months
Term

• Our Take
• Pros + Cons
• Details

Affinity is a credit union serving residents of Saskatchewan. Its Restart Loan is designed for Affinity members who can't access traditional loans from financial institutions.

Why it's one of the best

• Get a loan from a reputable lender. Affinity is one of the largest credit unions in Saskatchewan and has been around since 2005.
• Get a fair rate. The Restart Loan has an APR of 17.99%, which is significantly lower than other no credit check loans.
• Borrow $200-$3,000. This is a very reasonable range for a no credit check loan.

• Easy application
• Fair rates
• Lender you can trust

• Harder to qualify for
• Available in Saskatchewan only

Loan amount	$200 – $3,000
APR	Starting at 17.99%
Term	2 - 24 months
Interest Rate Type	Fixed
Fees	No fees
Turnaround Time	Varies
Serviced Provinces	SK

23. Vancity

Finder Award

Customer Survey: ★★★★★ 4.5 / 5

$100 – $2,500
Loan amount

Starting at 19%
APR

2 weeks - 24 months
Term

• Our Take
• Pros + Cons
• Details

Vancity is one of the largest credit unions in Canada, serving residents of British Columbia. The Vancity Fair and Fast Loan doesn't involve credit checks. To qualify, you must be a Vancity member and show you're earning enough income to take on a new loan. Full Review

Why it's one of the best

• Get a fair rate. Vancity charges 19% APR for this loan, which is a lot lower than other no credit check loans.
• Get fast approval. Fill out the application online and get your loan funds within 10 minutes.
• Get financed by a reputable lender. Vancity has been in business for over 75 years with headquarters in Vancouver, BC. It's regulated by the BC Financial Services Authority (BCFSA).

• 100% online
• No prepayment penalties
• Flexible payment options

• Lower maximum amount than other lenders
• Harder to qualify for

Loan amount	$100 – $2,500
APR	Starting at 19%
Term	2 weeks - 24 months
Interest Rate Type	Fixed
Fees	No prepayment fees
Turnaround Time	Within 10 minutes
Serviced Provinces	BC

How we found the best bad credit loans

The products on this page are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. When researching the best in Canada, we evaluated each lender’s rates, fees, terms, loan amounts, application process, funding speed, customer support, reputation and extra perks.

464+

hours invested

112

lenders vetted

101

data points analyzed

How to get the best online bad credit loan

1. Compare lenders. Look at features such as annual percentage rates (APRs), fees, loan amounts, loan terms and eligibility requirements.
2. Apply to top choices. Pick the best bad credit loans for you and apply online. Provide personal details such as name, contact information, housing information and employment details.
3. Get pre-approved. Many lenders give a decision within minutes. Getting personal loan pre-approval allows you to compare multiple offers.
4. Choose the best offer. Pick the best bad credit loan and proceed. Your lender may ask you to provide extra information or documents.
5. Get approved. Your lender will verify your income and identity and give approval if everything checks out.
6. Submit the contract. Review your contract carefully and sign when you’re ready. Get your money on the same day or the next day.

Am I eligible for the best bad credit loans in Canada?

Before you proceed with any application, check the lender’s eligibility criteria to save time and effort. Here are the basic eligibility requirements you may come across for personal loans:

• Be at least 18 years old or the age of majority in your province.
• Be a Canadian citizen or resident.
• Meet the minimum income or employment requirements.
• Meet minimum credit score requirements, if applicable.
• Have an active bank account.

Other loans for bad credit

If you can’t find a bad credit personal loan for your needs, there are other online options to consider.

Loan	How it works	How it compares to bad credit personal loans
Payday loan	Borrow up to $1,500 and repay by your next day	Faster, easier to qualify, much more expensive	Learn more
Early payroll app	Borrow up to $200 and repay by your next payday	Smaller loan amounts, often no credit check required, pay a fee for express service	Learn more
Line of credit	Borrow up to a limit, pay the interest and repay the balance any time	Similar eligibility requirements, open term requires discipline in repayments and spending	Learn more
Credit builder loan	Make on-time payments before you get the loan funds	Lower rates, but you won’t access the money until you’ve made all your payments	Learn more
Cash-secured credit card	Works like a standard credit card, but you’ll pay a cash deposit for collateral	Lower rates, cash collateral required	Learn more

How to compare the best bad credit personal loans in Canada

Not all bad credit lenders are the same. Consider the following as you compare the best bad credit loans in Canada.

• APR

  This is the annual interest rate plus fees you must pay to get your loan. Focusing on the APR rather than the interest rate will give you a clearer idea of the cost.

• Extra fees

  Look at what else the lender may charge you, such as surety or broker fees, late payment fees and NSF fees. Surety or broker fees in particular can really drive up the cost of your bad credit loan.

• Loan amounts

  Lenders may differ in how much they’re willing to lend to you. Some might cap it at $500, while others may be open to $5,000 or more.

• Loan terms

  Get the shortest loan term possible with payments that you can still manage. The longer the loan term, the more you’ll pay in interest.

• Eligibility requirements

  Lenders differ in what they can approve. For example, some are open to non-employment income such as government benefits, while others require full-time employment.

• Reputation

  Check consumer review sites like Trustpilot and Better Business Bureau for reviews about the lender. If you see a long pattern of complaints, you may want to proceed with caution or consider another lender.

• Improves credit score

  Check whether the lender you’re interested in will report your on-time payments to the credit bureaus.

Can I get a loan with bad credit and no guarantor?

Yes. If you have poor credit and no guarantor, you can still get a loan. Many alternative lenders specialize in secured or unsecured bad credit loans in Canada with no guarantor needed, and it’s possible to get them as soon as the same day. But be prepared to pay more in interest and to get approved for lower loan amounts.

The lenders in the table above do not require a guarantor for their bad credit loans.

Compare bad credit loans in Canada

Can you get bad credit loans in Canada with no credit check?

Yes, you can, but make sure to apply to a legitimate lender of no credit check loans. Scammers use the “no credit check” tagline to get people to apply and share their personal and financial information.

When you apply to a legit lender, know exactly how much you’ll pay in interest rate and fees. No credit check loans are expensive because these loans attract borrowers with a riskier profile.

Can you get guaranteed approval loans for poor credit in Canada?

No, you can’t get guaranteed approval loans for poor credit in Canada. Legitimate lenders will first review your finances before approving. Be wary of websites in Canada offering guaranteed approval loans for low credit scores because this could be a scam.

Other things to watch out for with personal loans for bad credit

• Annual interest rate plus a surety or broker fee. You may encounter this fee among installment loans with loan terms less than six months. Find out how much it is because it can make your bad credit loan much more expensive.
• Pushy customer service. Be wary if the lender is pressuring you to sign. Carefully read your contract and know exactly what loan you’ll be getting and how much you’ll be paying.
• Loan insurance requirement. Lenders in Canada cannot require or insist you to get insurance in order for you to get the bad credit loan. Insurance is 100% optional and will add to the cost of your loan.
• Upfront fee. Steer clear of lenders asking you to pay some sort of fee before you get the loan. This is a common scam.

5 tips to get approved for the best bad credit loans in Canada

• No short-term loan debt. Having active payday loan or short-term loan debts will lower your chances, so try to pay these off first before applying.
• No NSF transactions. It’s also best to wait until you have little to no NSF transactions in the last 60 to 90 days.
• Compare offers. Take the time to prequalify with a few lenders to find the best loan offer available to you.
• Opt for a secured loan. Offering collateral such as your house or car reduces the risk for the lender and increases your chances of getting approved. You could lose your asset if you default, so make sure you can manage the payments.
• Rebuild your credit first. If you can wait at least six months, improve your credit score first by making on-time payments for your other bills and debts.

Can I get bad credit loans if I have extremely bad credit?

If you have extremely bad credit, lenders of bad credit personal loans may not approve you. An alternative is to apply for payday loans, which have smaller loan amounts and easier eligibility requirements. But they are also very expensive.

If you’re facing financial hardship and struggling to keep up with your debts, you may want to look into debt relief options, such as credit counselling or a debt management program.

Where can I get a fast bad credit loan?

Lenders of bad credit loans are generally fast at giving approval and funding. You can get a personal loan within 24 to 48 hours. If you can wait 24 hours, head over to our emergency loans guide. But if this is still too long of a wait for you and you need a loan right now with bad credit, check out our best instant loans guide.

How much will my bad credit personal loan cost me?

The cost of your bad credit personal loan will depend on the loan amount, interest rate and loan term. As an example, if you get a $5,000 loan at 29.99% APR over 3 years, here’s the cost breakdown:

• Loan amount: $5,000
• APR: 29.99%
• Loan term: 3 years
• Monthly payment: $212
• Total cost: $7,640 ($2,640 interest)

How high or low your interest rate will be will depend on personal factors, such as your credit score. By law, lenders of personal loans in Canada cannot charge you more than 60%.

How to improve your credit score to get the best bad credit loans in Canada

Got some time? Consider taking steps to improve your credit score first to qualify for lower rates, higher amounts and an all-around better deal:

• Stay on top of your bills. The most important factor in your credit score is your history of on-time repayments. Reach out to your lender if you think you might be late to see if they can adjust your term.
• Pay off debts. Having a high debt load can decrease your credit score and also makes it harder to qualify for a loan when you apply. Focus on higher-interest debts to save the most on interest.
• Keep your credit cards open. After you pay off your credit card debt, keep those cards open. The more access to unused credit you have, the lower your credit utilization ratio — which also plays into your credit score.

Plans to borrow in Canada

Recent data from the Finder: Consumer Sentiment Survey Q2, shows that 20% of respondents plan to take out a personal loan in the next three months.

The vast majority of respondents plan to borrow less than $15,000, with only 11% of respondents looking to borrow between $15,000 and $20,000 and 8% planning to borrow more than $20,000, in the next three months.

Bottom line

If you have bad credit, you can still apply and get approved for the best bad credit loans in Canada. But watch out for steep interest rates, and only apply to lenders you trust. If you’d like to learn more about how personal loans work, read our guide to personal loans.

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 personal loans and other forms of credit. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.

Frequently asked questions

• Can I get a loan in Canada with bad credit?

  Yes. There are plenty of alternative lenders in Canada that offer loans to people with bad credit. To get approved, you'll need to show them you have enough income to take on a new loan.

• How do I get an online bad credit loan?

  Many lenders of online bad credit loans will give you fast approval via instant bank verification. With this method, you log in to your bank account through a secure encrypted portal to give the lender a copy of your bank statements. It will use this to verify your income and identity and give quick approval. Once you sign your contract, you'll get your money via direct deposit or e-Transfer.

• What do I do if my personal loan application was denied?

  You can apply with another lender or wait to reapply with the lender that rejected you. We have a guide on how to handle a personal loan denial to help you make your next step.

• What's the best reason to give when applying for a bad credit personal loan?

  The best reason to give is the truth. Lenders often tailor your rates and terms to your funding needs, and using it for another purpose might violate your contract.

• Can I get a personal loan with no credit?

  Yes, you can. There are several ways to get a loan with no credit history.

• Are there lenders that approve everyone for a loan?

  No. There are lenders whose lenient eligibility requirements enable them to give easy approval on a loan, but they still have criteria that must be met. Avoid lenders that say they can approve everyone for a loan because this could be a scam.