If you’re having trouble getting approved for a personal loan from a traditional lender, there are other options available. Alternative lenders offer bad credit loans in Alberta, making it possible to gain fast access to the funds you need. However, watch out for high interest rates and fees.
This guide covers some of the top lenders operating in Alberta. No single loan is best for everyone, so compare your options to find the right fit for your situation.
Methodology: How we found the best bad credit loans in Alberta
To find the best bad credit loans in Alberta, Finder experts collected more than 70 points of data for more than 60 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review
Why it's one of the best
Search a large lender network. Loans Canada works with over 60 verified lenders.
Get approved. Only see lenders that match your profile.
Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
Easy online application
Quick deposits
High loan amounts
No collateral required to secure your bad credit loan
High rates for bad credit
No online quotes provided
Limited to its network
Loan amount
$300 – $50,000
APR
6.99% – 46.96%
Term
3 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds within as little as 24 hours.
Serviced provinces
All of Canada
Finalist — Best Personal Loan Search Platform category
Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.
LoansLoans.ca is a broker that helps people with bad credit find a short-term loan. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. You may be required to pay a broker fee. Full Review
Why it's one of the best
Avoid payday loans. LoansLoans.ca's installment loans have longer loan terms than payday loans, which means you can break up your repayments.
Qualify. LoansLoans is open to many types of income as long as they're recurring. And since it doesn't do credit checks, you can qualify with bad credit.
Work with an established broker. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.
No credit check
Apply online in minutes
Funding on the same day or next day
High rates and fees
Not very transparent about broker fees
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
Spring Financial offers fast approval and funding. If you don't qualify for a bad credit personal loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time. Full Review
Why it's one of the best
Get a loan from an established lender. Spring Financial has been providing bad credit loans in Canada since 2015 and has over 200 employees with headquarters in Vancouver, BC.
Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
Get quick funding. If you provide the required documents on time, you can get your bad credit loan the same day you apply.
100% online
Fast funding via e-Transfer
No prepayment penalties
High rates for bad credit
C- BBB rating, received complaints about the credit builder loan
Loan amount
$500 – $35,000
APR
10.8% – 46.99%
Term
6 - 60 months
Min. credit score
500
Fees
No fees except $30 NSF fee
Turnaround time
Within 24 hours
Serviced provinces
All of Canada
Most Recommended + Best-Rated
Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
easyfinancial helps Canadians access financing when banks aren't an option. It offers bad credit loans across Canada online and in hundreds of locations. Full Review
Why it's one of the best
Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
Work with a well-known lender. easyfinancial is one of the biggest lenders of bad credit personal loans in Canada.
Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
Secured and unsecured bad credit loans
High approval rate
BBB-accredited with an A+ rating
Steep rates for bad credit
Many negative customer reviews
Loan amount
$500 – $100,000
APR
9.99% – 46.96%
Term
9 - 120 months
Min. credit score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time
Approval within 30 minutes
Serviced provinces
all provinces
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.
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.
FlexMoney is an online-only lender offering fast bad credit personal loans in Canada. Full Review
Why it's one of the best
Get an instant decision. FlexMoney's automated system enables it to give you a no-obligation quote within minutes.
Get your funds fast. Funds should reach your account on the same day or the next day.
Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
Make payments weekly, bi-weekly, semi-monthly or monthly
Easily make extra payments via e-transfer
High interest rates
Minimum income required ($2,000 per month)
Only employment & pension income accepted
Loan amount
$500 – $15,000
APR
18.9% – 46.9%
Term
6 - 60 months
Min. credit score
500
Fees
No application, origination or prepayment fees
Turnaround time
Receive funds within as little as 24 hours
Serviced provinces
Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon
Most Recommended + Best-Rated
FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Magical Credit specializes in online personal loans for people with bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario. Full Review
Why it's one of the best
Get a fast loan. Apply online and validate your information with instant bank verification to get a fast loan decision (with funds sent within 24 hours).
Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.
Receive funds within as little as 24 hours
Accepts child tax credit, EI, CPP, OAS, private pensions and more
Refer-a-friend program
High interest rates
May charge an administration fee
You must show income history for six months (if you receive employment income)
Loan amount
$1,500 – $20,000
APR
19.99% – 46.8%
Term
12 - 60 months
Min. credit score
300
Fees
A single administration fee of $194
Turnaround time
Receive funds within as little as 24 hours
Serviced provinces
Canada-wide (excluding Manitoba, Saskatchewan and Quebec)
Most Recommended
Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Money Mart offers installment loans and payday loans to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada. Full Review
Why it's one of the best
Get your loan fast. Same-day funding is available, depending on the transfer method.
Apply online or in-store. Get your loan online or at one of Money Mart's 500+ store locations.
Get some leniency. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.
Established lender
Convenient mobile app
Accepts non-employment income such as government benefits and private pension
High interest rates
In-store and online availability varies across provinces
Lend for All is a loan-matching company that uses an automated process to match people with various lenders and financial institutions. It is based in Toronto, Ontario, and has an A+ BBB rating. Full Review
Why it's one of the best
Save time. It works with a network of lenders that offer quick approval for customers with bad credit.
Get fast pre-approvals. Lend for All provides quick pre-approvals within minutes by doing a soft check on your credit report.
Find a loan for various purposes. Lend for All will match you with offers based on your needs.
A+ BBB rating
AI technology gives you viable loan matches
Potential for multiple offers
Many loan types
Online broker (not a direct lender)
Small network of lenders compared to other brokers
24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans. Expect a $225 broker fee to be added to your payments (the exact amount is set at the broker's discretion). Full Review
Why it's one of the best
Get approval in one hour. Apply with instant bank verification and get approved quickly.
Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 2:30 PM EST.
Established online broker. The company is active online and has solid customer reviews on Google and Trustpilot.
No credit check
Lower APRs than payday loans
No paperwork required via instant bank verification
Manual review available
Three months to repay
Government assistance not accepted as a form of income
Very expensive
Small maximum amount
May not improve your credit score
Loan amount
$500 – $850
APR
Starting at 22%
Term
90 - 120 days
Fees
Broker fee applies
Turnaround time
Within 24 hours
Serviced provinces
Canada-wide except Manitoba, Quebec and Saskatchewan
AAR Financial offers personal loans with large loan amounts and long loan terms. The company serves customers in Manitoba, Saskatchewan, Alberta, Ontario and British Columbia. 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
Fees not clearly disclosed online
Loan amount
$1,000 – $50,000
APR
14.9% – 46.7%
Term
24 - 120 months
Fees
Fees may include insurance fees, administration fees and NSF/late payment fees.
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 receive 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
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
Finalist — Alternative Personal Loan Lender category
Cashco Financial was the finalist in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Cashco Financial scored 86.55% in the overall customer satisfaction score and secured a spot in Top 15 Most Recommended and the Top 15 Best-Rated lists.
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 (the exact amount is at the broker's discretion). 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 versus 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
Starting at 22%
Term
90 - 120 days
Fees
$225 brokerage fee (amount set at broker's discretion)
Turnaround time
Within 24 hours
Serviced provinces
ON, PE, BC, AB, NB, NS, NL, NU, NT, YU
Alternatives to bad credit personal loans in Alberta
If you’re unable to get approved for bad credit personal loans in Alberta, you can apply for a payday loan. It’s easier to qualify for this loan, but it’s also extremely expensive and only suitable as a last resort. If you’re experiencing legitimate financial hardship, consider debt relief options, such as credit counselling.
Payday loans and debt relief options in Alberta
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
What are bad credit personal loans in Alberta?
The key features of bad credit loans in Alberta include the following:
Secured and unsecured loans available. Most bad credit personal loans are unsecured. But if you’re willing to secure your loan with collateral, for example your house or car, you’ll increase your chances of getting approved for a loan and may also get a lower rate. However, you could lose the asset if you default.
Loan amounts. As a general guide, you can borrow amounts ranging from $500 to $10,000 on a bad credit personal loan. It may be possible to borrow larger amounts with a secured loan.
Loan terms. You’ll typically be able to repay your loan over periods ranging from 3 - 60 months. Choosing a longer loan term will mean lower monthly repayments, but you’ll end up paying more interest in the long run.
High interest rates. Bad credit loans in Alberta come with interest rates as high as 47%, so it’s important to compare a range of loans and consider your financial situation carefully before you apply.
Do I qualify for bad credit personal loans in Alberta?
Eligibility requirements vary between lenders, but you will generally need to meet the following criteria to qualify for a bad credit loan in Alberta:
Be at least 18 years old (you can prove your ID by providing your driver’s licence or passport).
Be a Canadian citizen or resident.
Provide proof of employment and regular income.
Have an active bank account.
Meet the minimum credit score.
There may also be other eligibility requirements, but these vary depending on the type of Alberta bad credit loan you’re applying for. You may need to meet minimum credit score requirements if you’re applying for an unsecured loan, while you’ll need to provide proof of collateral (such as your car or your home) when applying for a secured loan.
What to watch out for with bad credit personal loans
There are a few risks and traps you should be aware of before you take out a bad credit loan in Alberta:
Expensive. Lenders view borrowers with bad credit as being at a higher risk of defaulting on their loan. As a result, bad credit personal loans in Alberta come with higher interest rates (up to 47%) than traditional personal loans and will cost more to repay.
Fees and charges. Make sure you’re aware of any fees that apply to your loan. These may include origination fees, late payment penalties and fees for repaying the loan early. Remember to check any loan’s annual percentage rate (APR) to get a clear picture of how much it will cost.
Predatory lenders. Unfortunately, you’ll need to be wary of personal loan scams when searching for a bad credit loan, so it’s important to research your lender carefully. Make sure the lender is registered in Alberta, and review all loan documents carefully before you sign on the dotted line.
How to get a personal loan with bad credit in Alberta
You can apply for bad credit loans in Alberta by completing the following steps:
Compare lenders. Explore lenders that offer bad credit loans to Albertans. Research each lender to make sure they’re reputable, then check the eligibility criteria you’ll need to satisfy to qualify for a loan.
Compare loans. Now it’s time to compare the features of bad credit personal loans. Be sure to look at the APR, how much you can borrow, how long you have to repay the money and how often you’ll have to make repayments.
Get pre-approved. Once you submit a loan application, the lender might do a surface-level check of your finances and give you personal loan pre-approval. This gives you an idea of the interest rate and loan terms you may qualify for, but be aware that nothing is locked in yet. Fairstone and Mogo are two lenders that allow you to get a loan quote without it affecting your credit score; however, please note that some lenders will perform a hard credit check straight away, which can impact your credit score.
Complete your application. If you’d like to proceed, submit any documentation required to support your application. This may include proof of ID, bank statements and proof of employment.
Review the loan offer. When you get your official loan offer, read over it carefully. Check the interest rate, fees, loan amount, term and payment schedule before you sign. The money will typically be deposited into your account within one business day.
Plans to get a personal/installment loan in Alberta
According to data released in the latest Finder: Consumer Sentiment Survey, more Albertans are planning to take out a personal loan in the next three months. In Q1 2023, only 7% of respondents planned to get a personal or installment loan. That number jumped to 22% of respondents who plan to take out a personal or installment loan in the next three months.
What are bad credit payday loans in Alberta?
Bad credit payday loans offer the following features to borrowers:
Very expensive. Payday loans are notorious for their high interest rates, so it’s important to remember that you’ll end up repaying significantly more than you borrow. In Alberta, the maximum fee a lender can charge for a payday loan is $15 for every $100 borrowed.
Short repayment terms. According to regulations of payday loans in Alberta, the loan term must be between 42 and 62 days.
Small loan amounts. You can typically borrow amounts ranging from $100 to $1,500 with a bad credit payday loan.
Fast access to cash. Payday lenders make it possible to gain quick access to the funds you need – in some cases, you can access your loan amount within an hour.
Do I qualify for bad credit payday loans in Alberta?
Though eligibility requirements vary between lenders, you’ll typically need to meet the following criteria to take out a bad credit payday loan in Alberta:
Be at least 18 years of age.
Be a Canadian citizen or resident.
Provide proof of regular income.
Have a valid bank account.
What to watch out for with payday loans
While taking out a payday loan in Alberta offers fast funds to help you deal with short-term financial difficulties, it’s also a very high-risk type of borrowing. Here’s what you need to watch out for:
Borrowing more than you can afford. Before getting a payday loan, make sure you can repay your loan and you’ll have enough money left to pay for other expenses. Otherwise, you may find yourself needing to get another payday loan.
Loan scams. The payday loans sector is notorious for attracting unscrupulous and disreputable lenders. Protect yourself against payday loan scams by researching the lender. Are they properly licensed? Are they upfront and transparent about how much your loan will cost? Do they follow the payday loan regulations in Alberta.
What can I use a bad credit loan for in Alberta?
You can use an Alberta bad credit loan for just about anything, provided it’s nothing illegal. Most lenders don’t impose any restrictions on how you use the funds, so you might want to use your loan to do the following:
Pay unexpected bills
Cover essential expenses until your next payday
Pay for car repairs
Make a major purchase such as a new fridge or washing machine
Signs of a legitimate lender of bad credit loans in Alberta
How do you know whether a payday lender is legitimate? Look for the following signs:
The lender is licensed. All payday lenders in Alberta must have a payday loan licence. Check if a provider is licensed by searching online through Service Alberta. You can also phone Service Alberta at 780-427-4088 (Edmonton and area) or 1-877-427-4088 (other areas in Alberta).
The lender abides by payday loan regulations. Payday loans are regulated in each Canadian province. In Alberta, loans must be $1,500 or less, have a term of 42 - 62 days, and have a maximum fee of $15 for every $100 borrowed.
The lender is easy to find and contact. Look for a lender with a physical address for their head office and that is contactable via email and phone.
The lender is transparent about loan costs. Make sure the lender you choose is upfront and honest about how much the loan will cost you. If the rates are unclear or there are hidden fees, walk away.
The lender doesn’t offer guaranteed approval. Reputable lenders will assess your financial situation before approving a loan, so promising guaranteed approval is a major red flag.
The lender has positive reviews. Look for a lender with positive reviews on reputable sites like Trustpilot and the Better Business Bureau.
Bottom line
It’s still possible to get loans in Alberta even if you’re worried about your credit history. But these types of personal and payday loans are expensive, so make sure you understand the total cost of borrowing before you apply. It’s also important to compare a range of lenders and loans to find the right loan from a reputable lender.
Yes, you can get no credit check loans in Alberta, but watch out for high interest rates and extra fees, such as brokerage fees, appraisal fees and title search fees. No credit check loans you can get in Alberta include payday loans, short-term installment loans, early pay advances and car title loans.
The easiest loan to get with bad credit is a payday loan. Payday loan lenders tend to have very lenient eligibility requirements. That said, payday loans are one of the most expensive types of personal financing available, so it's worth first consider other types of loans that accept bad credit borrowers in Alberta, like installment loans.
Yes, there are several alternative lenders that offer bad credit loans in Alberta. But check that a lender is properly licensed and abides by Alberta's payday loan regulations before you apply.
Avoid lenders advertising guaranteed loans in Alberta. Legitimate lenders review an applicant's financial situation, such as their credit score, income and existing debts, before giving approval.
Online lenders specialize in bad credit loans and tend to offer less strict eligibility requirements than traditional lenders. They offer easy online applications and fast access to funds, but you'll need to be willing to accept higher interest rates.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
Compare some of the best bad credit loans in Nova Scotia.
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