Explore Loans With Almost Guaranteed Approval

If you have bad credit, getting approved for a loan from a traditional lender like a bank can be challenging. The good news is that many alternative lenders are willing to work with borrowers in your situation. However, be cautious of any lender that promises “guaranteed approval,” as responsible lenders will always review your finances first to ensure you can repay the loan.

The lenders below have more flexible requirements, making approval much more likely.

Compare loans for poor credit with lenient requirements

These personal loan providers have lenient eligibility requirements and accept poor credit borrowers.

Compare cash advance apps with almost guaranteed approval

Another option for guaranteed approval loans is a cash advance. You pay no interest on these loans, but you may pay a monthly fee.

Dive deeper: Cash advance apps in Canada

Compare payday loans (easy approvals but high risk)

Payday loans typically have very lenient eligibility criteria, so you can still apply with poor credit.

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Where can you get high-risk loans with guaranteed approval in Canada?

Loans you can get online that are higher risk because of their easy criteria and steep interest rates include payday loans, cash advance apps, car title loans, installment loans and secured credit cards. Most of these are expensive loans, so be sure to compare your options.

To lower your cost, you can consider cash advance apps like Bree and Nyble, which offer 0% interest and zero to low subscription fees.

Option 1: Payday loan

• How it works: Payday loans offer fast access to small loans with short repayment terms. You can apply online or in-store, and many lenders offer same-day loan approval and funding. You’ll then usually repay the whole amount in full by your next payday.
• How much you can borrow: Up to $1,500.
• How much it costs: $14 for every $100 borrowed.
• Why it’s almost guaranteed: Bad credit borrowers are accepted. Instead of focusing on your credit score, payday lenders will focus on your income and whether you can afford to repay a loan. Many payday lenders accept various types of non-employment income, such as CCB, social assistance and CPP.
• Risks: Payday loans are expensive to repay and come with very short loan terms, which can make it easy to get trapped in a cycle of debt. You’ll also need to watch out for illegitimate lenders and payday loan scams.

Are there guaranteed payday loans?

No. Payday loans are one of the easiest loans to get, which make them almost guaranteed, but lenders still need to review your finances before approving. Some use software to automate the process and give instant approval 24/7.

How to guarantee approval on a payday loan with poor credit

To increase your chances, you’ll need the following:

• Have a recurring income, employment preferred
• Show there’s room in your income to take on more debt
• Limit the number of NSF transactions in your bank account

Option 2: Cash advance apps

• How it works: Borrow a small amount to pay for unexpected bills or avoid overdrafts. Repay by your next payday or roll over to the following months depending on the lender.
• How much you can borrow: Up to $500.
• How much it costs: No interest, but you may be a monthly subscription fee.
• Why it’s almost guaranteed: Lenders of cash advance apps won’t do credit checks, and you can get approved with non-employment income, including social assistance, Canada child benefit, disability benefits and more.
• Risks: If you keep rolling over your loan and holding off on paying it off, it may end up costing more than a payday loan.

Are there guaranteed cash advance apps?

This is a fairly new product in Canada, so there are only a few providers available, such as Nyble and Bree. These lenders have easy requirements and can approve bad credit as long as you have a recurring income and, in many cases, pay a subscription fee. KOHO even advertises guaranteed approval at the time of writing through its KOHO Cover.

How to guarantee approval on a cash advance

To increase your chances, you’ll need the following:

• Have a regular income
• Show there’s room in your income for more debt

Related: Cash advance apps in Canada

Option 3: Vehicle title loans

• How it works: A car title loan is a personal loan with your car as collateral. Your car must be paid off, not leased and not older by a certain number of years (usually 10).
• How much you can borrow: Up to 50% of your vehicle’s value.
• How much it costs: APRs typically range between 9% and 35%.
• Why it’s almost guaranteed: By offering your car title as security, you decrease the lender’s level of risk. This increases your chances of approval and can also help you access a better rate.
• Risks: Make sure you read up about all the fees that apply to a vehicle title loan, such as vehicle evaluation and title search fees. If you default on the loan, the lender could repossess and sell your vehicle to cover its losses.

Are there guaranteed car title loans?

There are some car title loan lenders that guarantee approval on their loans as long as your car meets their requirements. Usually, the lender will ask you to drive to one of their agents near you for an appraisal, or one of their agents will come to you. Approval is based on your car, so it’s possible to get approved even if you have a poor credit score and low income.

How to guarantee approval on a car title loan with poor credit

To increase your chances, you’ll need the following:

• Have an income
• Own a car that’s fully paid off, in good condition, not leased and not older than 10 years

Dive deeper: Car title loans in Canada

Option 4: Installment loans for poor credit

• How it works: Many online lenders offer personal or installment loans with more lenient eligibility criteria than traditional lenders such as banks. Bad credit won’t stop you from getting a loan.
• How much you can borrow: Up to $10,000 (maximum loan amount varies depending on the lender and your personal financial situation).
• How much it costs: Interest rates of up to 35%. However, if you get a short-term installment loan (less than six months), you may pay an extra fee.
• Why it’s almost guaranteed: Many alternative lenders have lenient eligibility requirements and specialize in loans for borrowers with bad credit.
• Risks: Installment loans for bad credit borrowers come with high interest rates. You’ll also need to be wary of long loan terms that could result in you paying more than the loan amount in interest charges. Finally, do your due diligence to make sure you only ever deal with legitimate lenders.

Are there guaranteed installment loans?

Loan providers that offer nearly guaranteed installment loans are those that offer installment loans with loan terms shorter than six months.

These short-term loans have lower loan amounts, usually up to $1,000. They are payday loan alternatives and are easier to get approved for than installment loans with longer loan terms and higher loan amounts. However, watch out for an extra fee that lenders bake into your loan payments—they may call this a “surety fee,” “administration fee” or “brokerage fee.” This fee can be up to $300, and it’s the cost that comes with easy short-term loans with no credit check.

How to guarantee approval on a short-term installment loan with poor credit

To increase your chances, you’ll need the following:

• Have a regular income, employment preferred
• Have less than 2 NSF transactions in your bank account in the last 90 days
• Have no payday loan debt

Related: Short-term loans in Canada

Option 5: Secured credit cards

• How it works: Secured credit cards are designed to help you improve your credit score. You’re typically required to put down a security deposit for your card, which not only serves as collateral for the card but also becomes your credit limit. By paying for purchases with the card and then making on-time payments towards your card balance, you can improve your credit score.
• How much you can borrow: From $75.
• How much it costs: Aside from the upfront deposit, expect APRs of around 18–20%. Some cards also have an annual fee.
• Why it’s almost guaranteed: Your credit score doesn’t affect your ability to qualify for a secured credit card. The lender can collect your security deposit if you fail to make on-time payments.
• Risks: You risk losing your deposit if you can’t pay off your card. Be aware that annual fees and foreign transaction fees may also apply.

Are there guaranteed approval secured credit cards?

There are legitimate providers of this type of card that advertise guaranteed approval, such as Capital One and Neo Financial. You can get approved as long as you pay a security deposit and present a source of income. If you use your card but don’t make on-time payments, your provider can take your deposit.

How to guarantee approval on your loan

To increase your chances, you’ll need the following:

• List all your incomes
• Show there’s room in your income for more debt
• Pay a deposit (up to $200)

Dive deeper: Secured credit cards in Canada

Video: The 3 main bad credit loans in Canada with easy approval

Are there no credit check personal loans with guaranteed approval?

No credit check personal loans with guaranteed approval don’t exist. As mentioned above, lenders must assess your ability to repay before approving your application. Any company that promises guaranteed approval is likely running a scam, so it’s best to steer clear.

That said, KOHO—a legitimate lender—is currently advertising “guaranteed approval” and “no credit check” on its cash advance product. Learn more about KOHO’s cash advance.

How to make sure you apply to a legitimate lender

Remember the following tips to help you find a reputable lender:

• Check the lender’s bona fides. Make sure the lender is registered and properly licensed. For example, payday lenders require a payday loan licence in the provinces in which they operate. You can also check whether the lender has a legitimate physical address and is accredited with organizations like the Better Business Bureau.
• Know the regulations where you live. Avoid lenders that don’t abide by lending regulations in your province or that seem sketchy in any way. For example, if they promise guaranteed approval, if they ask you to pay a fee upfront or if they’re not transparent about the total cost of a loan, walk away.
• Read reviews. Check out reviews from previous customers on independent sites like Trustpilot. Would they recommend borrowing from the lender?

Alternatives to high-risk loans that don’t involve taking on more debt

It’s worth considering all your alternatives before taking out a new expensive loan. Options include the following:

• Credit counselling. A credit counsellor can assess your financial situation and help tailor a plan to get you out of debt. Visit 211.ca to find a counsellor in your area.
• Debt management program. When you sign up for a debt management program, a credit counselling agency negotiates with your creditors on your behalf. The aim is to convince them to combine your debts into a single monthly payment with a reduced interest rate. This will negatively affect your credit score.
• Side hustle. There are many offline and online side hustles to explore to boost your income.

Related: Debt relief companies in Canada

Bottom line

Loans with 100% approval for poor credit sound too good to be true, and they usually are. Steer clear of any lender that promises guaranteed loan approval, and consider the almost guaranteed approval alternatives listed above. Make sure to compare a range of loan options, and make sure you can afford to repay what you borrow before you apply.

Frequently asked questions

• Can you get instant loans with guaranteed approval?

  No. While some payday lenders offer loan approval and funding within minutes, there's no such thing as guaranteed approval. A responsible lender will always determine your ability to repay a loan before approving your application, so avoid any lender that promises guaranteed loan approval.

• Are there guaranteed payday loans 24/7?

  While there are online and storefront lenders that offer 24/7 payday loans, a legitimate lender will not offer guaranteed approval. Instead, lenders will examine factors such as your employment and income to work out whether you can afford a payday loan.

• What can I do to guarantee my chances of getting a loan?

  You can increase the likelihood that you'll be approved for a loan by providing documentation that shows you have the ability to repay the amount you want to borrow. Being in steady long-term employment, earning a regular income and having no NSF transactions on your account will help.

• Are there second chance loans with guaranteed approval in Canada?

  Loans in Canada with the easiest requirements for near-guaranteed approval include payday loans, cash advance apps, car title loans and secured credit cards.

• Are there loans where everyone is approved?

  No. Every legitimate loan has a set of requirements that an applicant needs to meet. Avoid lenders that say everyone is approved because this could be a scam.