20+ Loans for Bad Credit in BC

If you have bad credit and don’t qualify for a loan from a bank or credit union, there are plenty of alternative lenders in BC you can consider. When reviewing your application, they’ll shift the focus from your credit score to your monthly income and debts. Just watch out for steep interest rates with some of these loans.

Here’s a look at the available bad credit loans in BC. No single loan is best for everyone, so compare options to find the right fit for your situation.

Jump to:

• Personal loans
• Cash advance apps
• Payday loans

Compare personal loans in BC for bad credit

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Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Finder score 8.5 Great Spring Financial Installment Loan	Finder score 8.5 Great	9.99% - 34.95%	$300 - $35,000	6 - 84 months	Key features: Same-day funding, fast application	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.8 Great LoanConnect Installment Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $2,500	3 - 6 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Key features: Loan search platform, pre-approval in 5 minutes	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.6 Great Loans Canada Installment Loan	Finder score 8.6 Great	8.99% - 35.00%	$500 - $50,000	4 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform, largest lender network	Go to site More info Compare product selection Compare	loading

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Compare other products

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How we picked these

Finder Score for personal loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare cash advance apps for bad credit in BC

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Finder Score	Costs	Loan Amount	Loan Term	Rebate	Key Features
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	Key features: Instant, no credit check or income required	Go to siteMore info Compare product selection Compare	loading
Finder score 8.8 Great Bree Early Pay	Finder score 8.8 Great	0%	$20 - $500	Next pay cycle	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading
Finder score 9.3 Excellent Nyble Credit Line	Finder score 9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading

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Finder Score for cash advance apps

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare payday loans in BC

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3 of 19 results

Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
Wagepay Wage Advance Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	BC, ON	Key features: 24/7 approval and e-Transfer, no credit check	Go to siteMore info Compare product selection Compare	loading
iCash Payday Loan	$14 per $100 borrowed	$100 - $1,500	7 - 62 days	AB, BC, MB, NB, NS, ON, PEI	Key features: 24/7 instant approval and e-Transfer, accepts bad credit	Go to siteMore info Compare product selection Compare	loading
Venue Financial Payday Loans	$14 per $100 borrowed	$50 - $1,500	Up to 62 days	BC	Key features: Instant loans, no credit check	More info Compare product selection Compare	loading

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Which loans can I get if I have extremely bad credit?

If you have extremely bad credit, your options are limited. A realistic choice is lenders that offer only small amounts, such as cash advance apps like KOHO, Nyble and Bree. Lenders face less risk with smaller loan amounts.

Can I get no credit check loans in BC?

Yes, it’s possible to get no credit check loans in BC from cash advance apps like KOHO, Nyble and Bree, payday lenders like Loan Express and Money Mart, and lenders of short-term personal loans like Credito and 24Cash.

Keep in mind that payday loans are very expensive, so you should only opt for a no credit check payday loan if you’ve exhausted all other options.

What are the best no credit check loans in BC?

If we’re focusing on cost, the best no credit check loans are Nyble and Bree. This is because you can borrow from them with no interest or mandatory fees, which is a strong benefit that other no credit check lenders don’t offer.

Can I get guaranteed online loans in BC?

No. Generally, it’s best to avoid lenders that guarantee approval for their online loans. Legitimate lenders in BC review your finances before approving. If you encounter a lender guaranteeing approval, be cautious because it may be a scam.

How do I know if a lender in BC is legit?

It pays to be cautious if you’re searching for loans with bad credit, as scammers and predatory lenders often target people in desperate financial situations. When you’re looking for credibility before proceeding with a lender, here are some green flags you’ll want to find:

• The lender is registered as a business in BC. Contact Consumer Protection BC at 1-888-564-9963 to check if a lender is licensed in the province. If it’s a payday lender, it should also display its licence number online and at all physical locations.
• The lender has a physical address for a head office, a phone number and an email address for customer service. If a lender is missing these key details, this may be a red flag.
• The lender doesn’t advertise “guaranteed approval.” Avoid lenders promising you’ll get approved, especially for bad credit loans. Legitimate lenders must evaluate a borrower’s financial situation before approving.
• The lender doesn’t ask for any upfront fees. Steer clear of lenders that ask you to pay a fee, such as loan insurance or an application fee, to get the loan.

Features of bad credit personal loans

Personal loans are often better options than payday loans. However, approval can be harder, especially with a low credit score. Here are the key features of bad credit personal loans:

• Secured vs unsecured. Many bad credit loans don’t require collateral. However, lenders may be more willing to approve you or offer lower interest rates if you back it with collateral, such as your house or car. Just be careful: Defaulting on a secured loan means losing your asset.
• Loan amounts ranging from $500 to $10,000. How much you’ll get approved for will depend on your salary, credit score and debt-to-income ratio.
• Short to lengthy loan terms. Loan terms typically range from 3 - 60 months with bad credit personal loans.
• High interest rates. The interest rates of bad credit personal loans could reach as high as 35%.

Alternatives to bad credit personal loans

If you’re unable to get approved for a personal loan with bad credit, here are two alternatives to consider.

Payday loans

Payday loans are convenient and readily available in BC, with online and in-store options, but they should be used as a last resort because they’re one of the most expensive ways to borrow money. Here are their features:

• Borrow up to $1,500. In BC, lenders can’t lend more than 50% of your net pay and can only provide up to $1,500.
• Short repayment term. As the name suggests, you’ll repay the loan in one lump sum on your next payday. Unlike Alberta and Ontario, there are no requirements for lenders to let you repay in installments.
• Quick. Speed is on your side with payday loans compared to other lending options. You can get a payday loan in one hour or even less if there are no issues with your application.
• Extremely expensive. In BC, payday lenders charge up to $14 for every $100 borrowed, making this type of financing far more expensive than credit cards and other loans.

Cash advance apps

Cash advance apps can be a quick way to access money before your next pay cheque, but they’re typically capped at $500. Each cash advance app is different, but here are some general features they share:

• Small loan amounts. Cash advance apps typically offer between $20 and $500, and you can only take out one cash advance at a time.
• Repayment on payday. Most cash advance apps require you to repay your loan by your next payday. However, some offer renewals or extensions that allow you to roll over the balance.
• Fast funding. Some cash advance apps offer instant transfers for a small fee, while standard transfers may take up to three business days.
• Lower cost than payday loans. Many apps don’t charge traditional interest, but they may request tips, charge subscription fees or add express transfer costs.
• No credit check. Cash advance apps don’t require a credit check.

Do I qualify for loans with bad credit?

While requirements will vary from lender to lender, you’ll usually need to meet the following to apply for a bad credit loan in BC:

• Be at least 19 years old
• Be a Canadian resident or citizen
• Have proof of regular income to keep up with monthly payments
• Have an active bank account in your name

Before applying for a bad credit loan

• Check your credit score. Before you get started with a bad credit loan application in BC, check your credit score so you have an idea of how you’ll appear to lenders. If you can wait at least six months, take steps to rebuild your credit first.
• Compare your options. Compare your options using factors like loan amounts, terms, restrictions on the use of loan funds, interest rates and fees. If you’re applying for a personal loan, you can get pre-approval from a few different lenders to find the best offer available to you.
• Understand your rights as a borrower. Before accepting any loan, ensure you read the loan terms carefully. This includes interest rate limits, repayment terms and any fees or penalties you may face.
• Check you’ll have enough income to repay the loan. You’ll be charged NSF and late fees if you don’t pay on the due date, which can also impact your credit score. Also, check that you’ll have enough income left to pay for other debts and expenses once you repay your loan.

What can I use a bad credit loan for?

You can use a bad credit loan in BC for virtually any of your financial needs, as long as the funds are used for a legitimate purpose. There typically aren’t any restrictions on how borrowers can use their funding from a bad credit loan. The most common reasons include:

• Paying off bills and other debts
• Consolidating multiple debts
• Home repairs or other financial emergencies
• Making major purchases
• Paying for living expenses until your next payday

How to apply

If you’re ready to apply for a bad credit loan in BC, simply follow these steps:

1. Fill out an application. Provide your personal details, including your name, address, email, phone number, employment and housing situation.
2. Wait for a decision. Expect to get a decision within minutes after you submit your application.
3. Get verified. You may be asked to submit documents to verify your income and identity.
4. Receive your contract. Once the lender has officially approved your application, review your contract and sign.
5. Get your money. E-Transfer and direct deposit are the most common funding methods for bad credit loans in BC.

What is considered bad credit?

A credit score below 560 is generally considered bad credit in BC and across Canada. That said, some lenders will consider any score below 600 to be bad. At that threshold, it gets more difficult to qualify for traditional loans at the best rates. However, it’s even possible for borrowers with no credit history to qualify for bad credit personal loans, cash advances or payday loans with specific lenders.

Frequently asked questions

• Do bad credit loans in BC improve my credit score?

  Paying off a payday loan will not improve your credit score. Some cash advance apps, like Nyble, report your payments to credit bureaus to help you build credit. And a bad credit personal loan can improve your credit score as long as your lender reports your on-time payments to the credit bureaus.

• Can I pay off a BC bad credit loan early?

  Yes. In BC, you can typically repay a payday loan, personal loan or cash advance early without penalty. However, some lenders may charge a small fee, so be sure to check your loan terms.

• What fees should I watch out for?

  Fees that borrowers may come across include administrative fees, loan origination fees, broker fees, non-sufficient funds fees and late or missed payment fees. Double-check with your lender so you're aware of all the charges you may face.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 175 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• International Money Transfers
• Make Money Online

Co-written by

Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio