16 best bad credit loans in BC

Struggling with bad credit in BC? Compare top lenders offering quick approval and flexible loan options to get the cash you need.

If you’re having trouble qualifying for a personal loan from banks, there are alternative lenders in BC offering bad credit loans. 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 these loans.

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

Fast Financing

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  • Accepts bad credit borrowers
  • Same day funding
  • 100% online
  • No prepayment fees

Flexible Terms

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  • Accepts bad credit borrowers
  • Easy online application
  • Quotes from multiple lenders
  • Access cash within 1-3 business days

Competitive Rates

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  • Accepts bad credit borrowers
  • Quotes from multiple lenders
  • Pre-approval in 5 minutes
  • Funds in as little as 24 hours

16 best bad credit loans in BC

1. Spring Financial

$300 – $35,000
Loan amount
9.99% – 34.95%
APR
9 - 90 months
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
9.99% – 35%
APR
3 - 60 months
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
8.99% – 35%
APR
3 - 120 months
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
Up to 34.36%
APR
Open
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
6.99% – 35%
APR
3 - 84 months
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
9.99% – 35%
APR
9 - 240 months
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
Up to 35%
APR
6 - 60 months
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
18.9% – 35%
APR
6 - 60 months
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
19.99% – 35%
APR
12 - 60 months
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. Money Mart

$500 – $18,000
Loan amount
29.9% – 34.28%
APR
6 - 60 months
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

11. AAR Financial

$1,000 – $50,000
Loan amount
14.9% – 35%
APR
24 - 120 months
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

12. Lend for All

$100 – $50,000
Loan amount
Up to 35%
APR
3 - 120 months
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

13. 24Cash

$500 – $850
Loan amount
Starting at 22%
APR
90 - 120 days
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

14. Credito

$500 – $850
Loan amount
Starting at 22%
APR
90 - 120 days
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

15. ThunderLoan

Up to $1,000
Loan amount
Up to 23%
APR
3 to 6 months
Term
ThunderLoan offers small personal loans across Canada, helping borrowers get approved quickly, even with bad credit.

Why it's one of the best

  • Get funding fast. You can get your money as soon as the same day via e-Transfer.
  • No credit check required. ThunderLoan doesn't do credit checks, which is helpful if your financial situation is not strong.
  • Enjoy flexible payments. You can repay your installment loan in 3, 6 or 12 payments.
  • Easy application process
  • Paperless process
  • High rates for bad credit
  • Watch out for extra fees, such as a broker fee.
Loan amount Up to $1,000
APR Up to 23%
Term 3 to 6 months
Min. credit score 550

16. Vancity

$100 – $2,500
Loan amount
Starting at 19%
APR
2 weeks - 24 months
Term
Vancity is one of the largest credit unions in Canada, serving residents of British Columbia. The Vancity Fair and Fast Loan doesn't involve credit checks. To qualify, you must be a Vancity member and show you're earning enough income to take on a new loan.

Why it's one of the best

  • Get a fair rate. Vancity charges 19% APR for this loan, which is a lot lower than other no credit check loans.
  • Get fast approval. Fill out the application online and get your loan funds within 10 minutes.
  • Get financed by a reputable lender. Vancity has been in business for over 75 years with headquarters in Vancouver, BC. It's regulated by the BC Financial Services Authority (BCFSA).
  • 100% online
  • No credit check (approval based on income)
  • No prepayment penalties
  • Flexible payment options
  • Lower maximum amount than other lenders
  • Credit union membership required
Loan amount $100 – $2,500
APR Starting at 19%
Term 2 weeks - 24 months
Fees No prepayment fees
Turnaround time Within 10 minutes
Serviced provinces BC

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

  • If traditional banks or credit unions decline your loan application due to poor credit, you can try alternative lenders. They will consider your monthly income and debts instead of relying heavily on your credit score.
  • While these loans can provide quick access to funds, they often come with steep interest rates, so it’s crucial to compare options and understand the terms before committing.
  • Some of the best bad credit loans in BC include Loans Canada, Spring Financial, LoanConnect and easyfinancial.

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 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 personal financial situation.
  • Short to lengthy loan terms. Loan terms typically range from 3 - 60 months with bad credit personal loans.
  • Expensive. The interest rates of bad credit personal loans could reach as high as 35%.

Do I qualify for bad credit loans in BC?

While requirements will vary from lender to lender, you will 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 employment income to keep up with monthly payments
  • Have a valid bank account

Keep in mind, unsecured loans typically have minimum credit score requirements while secured loans have collateral requirements, such as proof of home equity or a car title.

Can I get guaranteed online loans in BC?

No. Avoid lenders that guarantee approval on their online loans. Legitimate lenders in BC review your finances before approving. If you encounter a lender guaranteeing that you’ll get approved, be cautious because it could be a scam.

Before applying for a bad credit personal loan in BC

  • 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 on 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. You can get personal pre-approval from a few different lenders to find the best offer available to you.
  • Watch out for predatory lenders. People in desperate financial situations are often targeted with personal loan scams. To verify a lender is legit, look for its head office, customer service phone number and email, and check consumer review sites like the Better Business Bureau and Trustpilot.

Compare bad credit personal loans in BC

Alternatives to bad credit personal loans in BC

If you’re unable to get approved for a personal loan with bad credit, 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.

Features of bad credit payday loans in BC

Payday loans are convenient, 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 or 50% of your income. Some lenders also put a cap on how much you can borrow on your first loan.
  • Short repayment term. As the name suggests, you’ll repay the loan on your next payday.
  • 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 $14 for every $100 borrowed, making this type of financing far more expensive than credit cards and other loans.

Do I qualify for bad credit payday loans in BC?

To qualify for a payday loan in BC, you’ll typically need the following:

  • Be at least 19 years old
  • Be a Canadian citizen or resident
  • Have proof of a steady source of income

Before applying for bad credit payday loans in BC

  • Confirm that the lender is legitimate. The lending space is rife with fraudulent lenders, so you’ll need to double check that the lenders on your shortlist are licensed in BC, and are sticking to the province’s payday lending regulations.
  • Understand your rights as a borrower. Make sure you’ve read all the rules and regulations around payday loans in BC.
  • 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. Also check that you’ll have enough income left to pay for other debts and expenses once you repay your loan.

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 or a payday loans with specific lenders.

Bad Credit Score Range in BC

Lenders use credit scores to asses the potential risk of lending someone money. A high score indicates to lenders that you have a long history of successfully managing debt. A low score signals to lenders that you’ve had troubling handling debt in the past, which means there’s a higher risk that you may default on a new loan. Lenders willing to approve bad credit loans in BC will charge higher interest rates to compensate for that risk.

Can I get no credit check loans in BC?

Yes, it is possible to get no credit check loans in BC, but your options will likely be limited to a selection of payday loans. Although some payday lenders in BC may not do credit checks, keep in mind that payday loans are very expensive. Only opt for a no credit check payday loan if you’ve exhausted all other options.

What can I use a bad credit loan in BC 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

Signs of a legitimate lender of bad credit loans in BC

When you’re looking for credibility before proceeding with a lender, there are some telltale green flags you’ll want to find. They include:

  • 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. Avoid lenders that ask you to pay a fee, such as loan insurance, in order to get the loan.

How to apply for bad credit personal loans in BC

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.

Frequently asked questions

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Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and 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. See full bio

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