15 best bad credit loans in Alberta in 2025
Compare rates, terms and lenders to find your best option today.
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, be prepared 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.
- Accepts bad credit borrowers
- Easy online application
- Quotes from multiple lenders
- Access cash within 1-3 business days
- Accepts bad credit borrowers
- Quotes from multiple lenders
- Pre-approval in 5 minutes
- Funds in as little as 24 hours
Best bad credit loans in Alberta
1. Spring Financial
$300 – $35,000
Loan amount
Loan amount
9.99% – 34.95%
APR
APR
9 - 90 months
Term
Term
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.
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 | $300 – $35,000 |
|---|---|
| APR | 9.99% – 34.95% |
| Term | 9 - 90 months |
| Min. credit score | 550 |
| Fees | No fees except $30 NSF fee |
| Turnaround time | Within 24 hours |
| Serviced provinces | All of Canada |
2. Loans Canada
$250 – $50,000
Loan amount
Loan amount
9.99% – 35%
APR
APR
3 - 60 months
Term
Term
Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free.
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 | $250 – $50,000 |
|---|---|
| APR | 9.99% – 35% |
| Term | 3 - 60 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds in as little as 24 hours. |
| Serviced provinces | All of Canada |
3. LoanConnect
$500 – $60,000
Loan amount
Loan amount
8.99% – 35%
APR
APR
3 - 120 months
Term
Term
LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile.
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 – $60,000 |
|---|---|
| APR | 8.99% – 35% |
| Term | 3 - 120 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds in as little as 24 hours. |
| Serviced provinces | All provinces |
4. Mogo
$300 – $5,000
Loan amount
Loan amount
Up to 34.36%
APR
APR
Open
Term
Term
Mogo is a Canadian fintech company that offers various financial products, including lines of credit for bad credit.
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
| Loan amount | $300 – $5,000 |
|---|---|
| APR | Up to 34.36% |
| Term | Open |
| Min. credit score | 600 |
| Fees | None |
| Serviced provinces | BC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT |
5. Fat Cat Loans
$300 – $50,000
Loan amount
Loan amount
6.99% – 35%
APR
APR
3 - 84 months
Term
Term
Fat Cat Loans is an online loan-matching service that connects borrowers with lenders offering personal and bad credit loans, with quick online applications and same-day funding options.
Why it's one of the best
- Save time and effort. Apply just once to get matched with multiple lenders.
- Get funding on the same day. Fat Cat Loans is partnered with lenders who prioritize quick approval and funding.
- Bad credit is okay. Many of Fat Cat Loans's lenders specialize in non-prime loans. Just be aware you may be charged high interest rates.
- Easy application process
- Flexible loan amounts
- High rates for bad credit
- You're limited to its network of lenders
| Loan amount | $300 – $50,000 |
|---|---|
| APR | 6.99% – 35% |
| Term | 3 - 84 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Within 24 hours |
| Serviced provinces | Canada-wide |
6. easyfinancial
$500 – $100,000
Loan amount
Loan amount
9.99% – 35%
APR
APR
9 - 240 months
Term
Term
easyfinancial helps Canadians access financing when banks aren't an option. It offers bad credit loans across Canada online and in hundreds of locations.
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% – 35% |
| Term | 9 - 240 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 |
7. Cashco
$500 – $7,000
Loan amount
Loan amount
Up to 35%
APR
APR
6 - 60 months
Term
Term
Cashco offers unsecured bad credit loans called Flex Loans. Apply for a loan online or in-store.
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 | $500 – $7,000 |
|---|---|
| APR | Up to 35% |
| Term | 6 - 60 months |
| Min. credit score | 300 |
| 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, NB, SK and ON |
8. FlexMoney
$500 – $15,000
Loan amount
Loan amount
18.9% – 35%
APR
APR
6 - 60 months
Term
Term
FlexMoney is an online-only lender offering fast bad credit personal loans in Canada.
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% – 35% |
| 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 |
9. Magical Credit
$1,500 – $20,000
Loan amount
Loan amount
19.99% – 35%
APR
APR
12 - 60 months
Term
Term
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.
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% – 35% |
| 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) |
10. Lend for All
$100 – $50,000
Loan amount
Loan amount
Up to 35%
APR
APR
3 - 120 months
Term
Term
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.
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 | Up to 35% |
| Term | 3 - 120 months |
| Min. credit score | 300 |
| Fees | Varies by lender |
| Turnaround time | Varies |
| Serviced provinces | All provinces |
11. Blue Copper Capital
$1,000 – $100,000
Loan amount
Loan amount
16% – 35%
APR
APR
6 - 84 months
Term
Term
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
- Administration fee may apply
- Company only works in BC and Alberta
| Loan amount | $1,000 – $100,000 |
|---|---|
| APR | 16% – 35% |
| Term | 6 - 84 months |
| Fees | Unknown |
| Turnaround time | Varies |
| Serviced provinces | BC and Alberta |
12. Money Mart
$500 – $18,000
Loan amount
Loan amount
29.9% – 34.28%
APR
APR
6 - 60 months
Term
Term
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.
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
| Loan amount | $500 – $18,000 |
|---|---|
| APR | 29.9% – 34.28% |
| Term | 6 - 60 months |
| Min. credit score | 300 |
| Fees | None |
| Turnaround time | Less than 1 day |
| Serviced provinces | AB, BC, MB, NS, NT, ON, PEI, SK, YT |
13. AAR Financial
$1,000 – $50,000
Loan amount
Loan amount
14.9% – 35%
APR
APR
24 - 120 months
Term
Term
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.
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% – 35% |
| Term | 24 - 120 months |
| Min. credit score | 550 |
| Fees | Fees may include insurance fees, administration fees and NSF/late payment fees. |
| Turnaround time | Within 24 hours |
| Serviced provinces | Manitoba, Saskatchewan, Alberta, Ontario and British Columbia |
14. 24Cash
$500 – $850
Loan amount
Loan amount
Starting at 22%
APR
APR
90 - 120 days
Term
Term
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).
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 |
| Min. credit score | 300 |
| Fees | broker fee of up to $225 |
| Turnaround time | Within 24 hours |
| Serviced provinces | Canada-wide except Manitoba, Quebec and Saskatchewan |
15. Credito
$500 – $850
Loan amount
Loan amount
Starting at 22%
APR
APR
90 - 120 days
Term
Term
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).
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 |
| Min. credit score | 300 |
| 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 |
How we found the best loans
Finder experts collected 17 points of data for more than 40 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. The providers shown on the best list are those who scored highest based on this data-driven methodology. They are providers that are available and not available through Finder, with partners listed first. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
Key takeaways
- Alternative lenders: If traditional banks decline your application due to poor credit, alternative lenders in Alberta offer bad credit loans, providing quicker access to funds.
- High interest rates and fees: Be cautious of steep interest rates and fees associated with bad credit loans. Lenders charge high rates to offset the increased risk of lending to individuals with poor credit histories.
- Comparing your options: It’s essential to compare various lenders to identify the most suitable loan terms and conditions for your financial situation, as no single loan fits everyone’s needs.
What are the interest rates of bad credit personal loans in Alberta?
As of January 1, 2025, lenders in Alberta and everywhere else in Canada can’t charge you more than 35% APR. This is a big reduction from the previous maximum of 47% APR.
If you have poor credit, lenders in Alberta may charge you the maximum rate they’re legally allowed to.
Features of 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 35%, 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 35%) 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 Finder: Consumer Sentiment Survey Q2 2023, more Albertans were 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 planned to take out a personal or installment loan in the next three months.
Source:
Finder Consumer Sentiment Survey Q1 and Q2 2023
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
- Consolidate debt
Dive deeper: Best debt consolidation loans in Canada
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 $14 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.
Alberta debt at a glance
Between credit cards, lines of credit and other loans (excluding mortgages), Albertans have the highest rate of debt among all provinces in Canada.
According to Equifax Canada, the average non-mortgage debt for Alberta residents in the fourth quarter of 2024 was $24,537. The average for all of Canada was $21,931.
Delinquency rate increased by 17.11% compared to the fourth quarter of 2023.
If you need help with debt management, learn about credit counselling services available to you.
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.
Dive deeper: Have time? Compare 40+ personal loans
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