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.

- 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
16 best bad credit loans in BC
1. Spring Financial
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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
Loan amount
APR
Term
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.
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:
- Fill out an application. Provide your personal details, including your name, address, email, phone number, employment and housing situation.
- Wait for a decision. Expect to get a decision within minutes after you submit your application.
- Get verified. You may be asked to submit documents to verify your income and identity.
- Receive your contract. Once the lender has officially approved your application, review your contract and sign.
- 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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