If you’re having trouble qualifying for a personal loan from a bank or credit union, 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.
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
$300 – $50,000
APR
6.99% – 46.96%
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
Finalist — Best Personal Loan Search Platform category
Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.
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
$500 – $35,000
APR
9.99% – 46.96%
Term
9 - 84 months
Min. credit score
550
Fees
No fees except $30 NSF fee
Turnaround time
Within 24 hours
Serviced provinces
All of Canada
Most Recommended + Best-Rated
Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
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% – 46.96%
Term
9 - 120 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
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.
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% – 46.9%
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
Most Recommended + Best-Rated
FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
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% – 46.8%
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)
Most Recommended
Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
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
Progressa issues bad credit personal loans to help customers consolidate debts. This lender has been providing loans since 2013 and has BBB accreditation with an A+ rating.
Why it's one of the best
Rebuild your credit. Use your loan to pay off your bills and debts, and then build your credit score by making on-time payments on your Progressa loan.
Get approval fast. You can expect to get approved in as little as 30 minutes, but it could take a few days if you have a complex file.
Qualify. Progressa will look at your whole financial situation rather than fixating on your credit score. It also accepts EI, disability and other forms of government assistance as long as you also have employment income.
BBB accredited with an A+ rating
Progressa pays creditors directly
Good customer reviews
High interest rates
Loans are exclusively for debt consolidation
Won't be eligible if you're in bankruptcy or a consumer proposal
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
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
Fees
broker fee of up to $225
Turnaround time
Within 24 hours
Serviced provinces
Canada-wide except Manitoba, Quebec and Saskatchewan
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% – 46.7%
Term
24 - 120 months
Fees
Fees may include insurance fees, administration fees and NSF/late payment fees.
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
$100 – $7,000
APR
Up to 48.99%
Term
6 to 60 months
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, SK and ON
Finalist — Alternative Personal Loan Lender category
Cashco Financial was the finalist in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Cashco Financial scored 86.55% in the overall customer satisfaction score and secured a spot in Top 15 Most Recommended and the Top 15 Best-Rated lists.
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 23%
Term
90 - 120 days
Fees
$225 brokerage fee (amount set at broker's discretion)
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).
LoansLoans.ca is a broker that helps people with bad credit find a short-term loan. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. You may be required to pay a broker fee.
Why it's one of the best
Avoid payday loans. LoansLoans.ca's installment loans have longer loan terms than payday loans, which means you can break up your repayments.
Qualify. LoansLoans is open to many types of income as long as they're recurring. And since it doesn't do credit checks, you can qualify with bad credit.
Work with an established broker. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.
No credit check
Apply online in minutes
Funding on the same day or next day
High rates and fees
Not very transparent about broker fees
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 - 12 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
Turnaround time
Receive funds in less than 24 hours
Serviced provinces
All of Canada (except Manitoba)
How we chose the best bad credit loans in BC
We’ve chosen the products on this page based on the providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market.
When choosing our picks for the best online bad credit loans in BC, we considered each lender’s rates, fees, terms, borrowing amounts, application process, funding speed, eligibility requirements, customer support and feedback, associations, accreditations and perks for borrowers. No single personal loan will be the best choice for everyone, so compare your options before applying.
Lenders that specialize in bad credit loans typically offer 18–47% APR for unsecured loans and 10–30% APR for home equity loans. We prioritized lenders that are upfront about their rates on their websites.
Borrowers of personal loans may encounter origination or administration fees, prepayment penalties, NSF fees and late payment fees. We prioritized lenders that charge minimal fees.
We put less weight on loan amounts when comparing the best bad credit loans in BC. This is because applicants with bad credit will generally not be approved for higher amounts due to their low credit scores.
The lenders on this list vary in loan terms depending on their specialties. Those who focus on short term personal loans typically offer terms from 3–12 months, while those who offer regular unsecured personal loans offer terms from 6–60 months. We put less importance on loan terms if the lenders don’t charge any prepayment penalties.
We prioritized lenders that allow you to apply for their personal loan online. We considered the user experience when filling out the application. We also considered whether the lender can offer an instant decision and a quote without affecting your credit score.
We reviewed each lender’s eligibility criteria. We checked whether they had minimum credit score and income requirements. We also checked whether they accepted non-employment income, such as government benefits, self-employment and private pensions.
We considered how long it would take to get your money. Overall, the best bad credit loans in BC come from lenders who are fast at approval and funding. The benchmark we used for turnaround time is one to three business days.
We took into account the different ways you can reach the lender (phone, email, live chat, website form), its operating hours and responsiveness, and how comprehensive its website and help centre are.
We read through reviews left by applicants/borrowers on Trustpilot, Better Business Bureau (BBB) and Google. Some of the lenders above have received negative reviews, but they are on this list because of other features and benefits they offer.
We looked into associations the loan provider may be part of (such as the Canadian Lenders Association), accreditations it may have (such as BBB accreditation) and the number of years it’s been in business. This gave us a sense of how established the loan provider was in Canada and whether it met any external standards for marketplace trust.
We considered other perks a lender may offer a borrower, such as a money-back guarantee, online account management, grace period, skip a payment, payment frequency and educational tools.
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 47%.
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.
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.
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.
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 $15 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.
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 about bad credit loans in BC
No. Avoid lenders that guarantee approval on their online loans. Legitimate lenders in BC will review your finances before approving.
Paying off a payday loan will not improve your credit score. A bad credit personal loan can improve your credit score as long as your lender reports your on-time payments to the credit bureaus.
Yes. In BC, you can repay a payday loan early without penalty. Prepayment penalties are also not common for unsecured bad credit personal loans.
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 potential fees and charges you may face while taking out a loan with it.
Bad credit personal loans in BC usually require a credit check. Some payday loans require a credit check, while others don't. Learn more about no credit check loans.
Leanne Escobal is a publisher for Finder. She has spent over 11 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
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade. See full bio
A credit builder loan can help you improve your credit score if you have a damaged or limited credit history.
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