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.
| Lender | Cost | Loan amount | Loan term | |
|---|---|---|---|---|
Cash Advance |
0% + monthly fee from $2 | $20 – $500 | Flexible | |
|
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Personal Loan |
9.99% - 34.95% | $500 - $35,000 | 6 - 84 months | Go to site |
Personal Loan |
8.99% - 35.00% | $500 – $50,000 | 3 - 120 months | Go to site |
Personal Loan |
9.99% - 35.00% | $500 – $50,000 | 3 - 60 months | Go to site |
Credit Line |
0% | $30 – $250 | 31 days, extendable | Go to site |
|
Early Pay |
0% | $20 - $750 | Next pay cycle (90 days max) | Go to site |
| Licensed payday lender | Interest rate | Loan amount | Loan term | |
|---|---|---|---|---|
Payday Loan |
$14 per $100 borrowed | $100 - $1,500 | Up to 62 days | Go to site |
Payday Loan |
$14 per $100 borrowed | $100 – $1,500 | 7 – 62 days | Go to site |
If you have extremely bad credit, your options are limited. A realistic choice is lenders that offer only small amounts, such as cash advance providers like KOHO’s Cover, Nyble and Bree. Lenders face less risk with smaller loan amounts.
You could also apply to a loan search platform like Loans Canada or LoanConnect. They’ll match you with lenders who are open to financing you.
Yes, it’s possible to get no credit check loans in BC from cash advance providers like KOHO, Nyble and Bree, payday lenders like Loan Express and Money Mart, and lenders of short-term personal loans like Credito, 24Cash and Vancity’s Fair and Fast Loan.
Payday loans cost $14 for every $100 borrowed in BC. Short-term personal loans can also be very expensive because the lender can blend a fee into the payments, costing you hundreds of dollars. Vancity doesn’t do this though and charges a flat 19.00%. The downside? They have stricter expectations for your income, debts and expenses than alternative lenders.
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.
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.
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:
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:
If you can’t get approved for a personal loan with bad credit, here are two alternatives to consider.
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:
Cash advances can be a quick way to access money before your next pay cheque, but they’re typically capped at $750. Each cash advance lender is different, but here are some general features they share:
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:
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:
If you’re ready to apply for a bad credit loan in BC, simply follow these steps:
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.
We searched the BC marketplace for a wide range of lenders that accept bad credit and organized them in the tables below. We update these whenever we find a new relevant lender. Payday loans are included to give a broad view of what’s available, but make sure to consider other options first.
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.
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance providers are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
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It’s possible to qualify for a loan with a credit score of 500 using these financing options.
Apply online in less than 10 minutes and get rapid approval from one of these lenders offering bad credit loans in Toronto.
Get fast approval from one of these lenders offering bad credit loans in Alberta.
From personal loans and cash advances to payday loans, compare bad credit loans in Ontario.
Compare the best bad credit loans in Canada. Apply online and get your loan within 24 to 48 hours.
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Compare no IBV payday loans and installment loans in Canada.
