If you’ve got a bad credit score, it can be very difficult to qualify for a loan from a traditional lender. But it’s not all bad news.
There are plenty of other lenders out there that specialize in bad credit loans, provided you’re willing to accept higher interest rates. Keep reading for details on where to find bad credit loans in Calgary and how to choose the right loan for your needs.
A "Best for" pick is a partner that scored high in a category based on Finder Canada's data-focused personal loans ratings and review methodology. Our experts vetted 112 lenders and analyzed over 4,600 data points to find the best lenders across a variety of categories. A "Promoted for" pick is a partner suited for a category, but it is not a recommendation or indication it is the best. Promoted products are based on a commercial advertising arrangement. Keep in mind that our picks may not always be the best for you – it's important to compare for yourself to find a product that works for you.
Methodology: How we found the best bad credit loans in Calgary
To find the best bad credit loans in Calgary, Finder experts collected more than 70 points of data for more than 60 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. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review
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 within 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.
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. Full Review
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 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
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. Full Review
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
10.8% – 46.99%
Term
6 - 60 months
Min. credit score
500
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. Full Review
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.
Loanz is an online-only lender of bad credit personal loans. But if you don't qualify for a loan from them, they may direct you to another lender. Full Review
Why it's one of the best
Get funded fast. Apply to get instant approval and receive funds in as little as 15 minutes.
Improve your credit. Loanz will report every payment to the credit agencies to help boost your credit score.
Skip the documents. You won't need to send any paperwork if you choose instant bank verification.
FlexMoney is an online-only lender offering fast bad credit personal loans in Canada. Full Review
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. Full Review
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. Full Review
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
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. Full Review
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). Full Review
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 applies
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. Full Review
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. Full Review
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). Full Review
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
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
Finder: Personal Loan Consumer Satisfaction Awards
In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada, based on customer satisfaction feedback. Read more about these awards and the methodology used to find the best personal loan providers, based on customer service scores.
Quick summary of bad credit personal loans in Calgary
No collateral required
Borrow $500 to $10,000
Repay with equal payments in 3 - 60 months, sometimes shorter
18% to 47% APR
Pros and cons of bad credit installment loans
Pros
Easy to apply. Apply in less than 10 minutes. Get fast personal loan pre-approval to compare your options and get the lowest rate.
Fast access to funds. While times vary between lenders, you can access your loan funds within 24–48 hours.
Easy to qualify. Bad credit personal loan lenders have less strict eligibility requirements than traditional lenders. They look beyond your credit score and consider your income and employment to determine your ability to repay the loan.
Advantages over payday loans. Bad credit installment loans in Calgary offer higher loan amounts and longer terms than payday loans.
Cons
Expensive. If you have bad credit, lenders will offer you higher rates than borrowers with good credit. Check the annual percentage rate (APR) to find out the true cost of a loan, and check the fine print for any extra fees, such as NSF fees, late payment fees and prepayment penalties.
Watch out for long terms. Longer loan terms will lower your monthly payment, but this means you’ll end up paying more interest overall.
Disreputable lenders. Unfortunately, sketchy providers target borrowers with bad credit, so research a lender carefully before applying. Check out our guide to personal loan scams for more information.
Eligibility requirements
The exact criteria you need to take out a bad credit installment loan vary between lenders. Generally speaking, you’ll need to meet the following criteria:
Be 18 years of age or older
Be a Canadian citizen or permanent resident
Be employed with a steady source of income
Have a valid bank account
Meet the credit score requirement
Questions to ask before you apply
How much will it cost overall? Don’t just look at the monthly payment. Work out the total payments over the life of the loan, and calculate how much of those is interest.
Can I manage the loan repayments? Can you afford having the monthly payment as part of your budget? Remember to leave room in your budget for essential expenses as well as unexpected bills.
Can I pay it off early without any penalties? Many lenders do not charge this fee. If there are no prepayment penalties on your loan and you come into some extra money, you can pay off your debt sooner and save on interest.
Will it improve my credit score? Check whether your lender will report your payments to credit bureaus to help you boost your credit score. Not all lenders do this.
Is the lender legitimate? Make sure you check whether the lender is registered in Alberta and a legitimate loan provider. Avoid lenders with red flags such as promising guaranteed approval, a lack of transparency about the cost of a loan or trying to pressure you into taking out a loan.
How to apply
Apply for bad credit loans in Calgary by completing these steps:
Check your credit score. If you haven’t done it yet, get your credit score to find out just how “bad” it is. This will give you a better idea of which lenders you should consider.
Find lenders. Next, search for lenders that offer bad credit loans in Calgary. Find out what eligibility requirements each lender has, and make sure you’re only dealing with legitimate lenders.
Compare loans. Now it’s time to compare individual loans to decide which one is right for you. Some lenders offer personal loan pre-approval, which lets you know how much the loan will cost before you proceed with the rest of the application. Look at the APR, loan amount, loan term and repayment flexibility when comparing your options.
Submit an application. Once you’ve found the ideal loan, apply online. You’ll need to provide your name and contact information, proof of ID and details of your income and employment.
Review the loan offer. Read the loan agreement carefully before you sign. Double-check the interest rate, fees, loan term and amount carefully. The money will typically be sent to your account within 24–48 hours.
Bad credit installment loans if you prefer to visit a branch
Prefer to visit a branch in person to take out a loan? Here are a few options you might like to consider.
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
Alternatives to bad credit personal loans: Payday loans
Payday loans are easier to get approved for than installment loans, but they’re extremely expensive and should only be a last resort.
Visit location (15+ locations in Calgary) or apply online
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
Features of bad credit payday loans in Calgary
Designed for low credit, financial emergencies and speedy funding
No collateral required
Borrow $100 to $1,500
Repay in at least two installments within 42 - 62 days
$15 for every $100 borrowed
Pros and cons of payday loans
Pros
Easy online application. You can often complete an application in just a few minutes.
Fast access to funds. Get your money in as little as 30 minutes.
Flexible eligibility criteria. Payday lenders will look past your credit score and will focus on your income instead. They can accept non-employment income such as government benefits and private pensions.
Cons
Extremely expensive. With APRs in the triple digits, payday loans should only be a last resort.
Disreputable lenders. Make sure any lender you choose has an Alberta payday loan licence and complies with all payday lending regulations in the province.
Short loan terms.Payday loans in Alberta must have terms ranging from 42 - 62 days, so keep in mind that you only have a very short period to pay back the money you borrow.
Questions to ask before you apply
Is the lender licensed? Use the Service Alberta website to check whether the lender has a valid payday loan licence. If they don’t, walk away.
Does the lender have an established presence? Check whether the lender has a physical address for their head office and whether they can be contacted via phone and email. You can also read reviews from other customers on independent websites.
Will I have enough money left after I repay my loan? Remember: you only have a very short time to repay a payday loan, so it’s essential that you’re certain you can afford it. Check whether you’ll still be able to afford all your other regular expenses after paying back the loan.
Are there alternatives I haven’t considered? From bad credit personal loans to debt consolidation, there are several payday loan alternatives available. Applying for a personal loan with a cosigner can also help you get better loan terms, so consider all other options before applying for a payday loan.
How to apply
You can apply for bad credit payday loans in Calgary either online or by visiting a lender’s branch in person. Complete the following steps:
Provide your details. Provide your name, date of birth, contact details, housing situation and employment information. The lender may also require one or two references, such as friends or family members.
Get approved. The fastest payday lenders can give instant approval with their automated systems.
Read your contract. Double-check all the details of the loan offer and then submit it when you’re ready.
Get your money. Once you’ve submitted your signed contract, you’ll get your money within a few minutes via Interac e-Transfer.
Tips to get the best bad credit loan in Calgary
No matter whether you’re comparing installment loans or payday loans, keep the following tips in mind to help find a bad credit loan that suits your needs:
Understand your financial situation. If you’re deep in debt or struggling to make ends meet, it can be difficult to know where to start to get your finances back on track. That’s where free credit counselling can help you get a handle on your money situation and learn how to better manage your debt. Learn more about debt relief.
Improve your borrowing power. Before you apply for a loan, consider whether there’s anything you can do to increase your chances of approval with multiple lenders so you can pick the best offer. For example, can you pay down existing debt to improve your debt-to-income ratio? Can you apply with a cosigner to get a better rate? Is your bank account free of NSF transactions in the last 90 days (and if not, can you wait to apply)
Don’t borrow more than you can afford. Sit down and work out a monthly budget, including some wiggle room for any unexpected bills that drop into your inbox – how much is left after that to go towards your loan repayments.
Frequently asked questions
Whether you'll need to complete a credit check depends on the lender. Some payday lenders in Calgary conduct credit checks while others don't. Most personal loan lenders conduct credit checks. Those who don't will focus on your income, but watch out for high interest rates.
The loan funds will be sent to your bank account via Interac e-Transfer or direct deposit. Interac e-Transfer is the most common method among payday lenders in Calgary.
No. Any reputable lender will take into account factors such as your income and ability to repay what you borrow before approving your loan application. If a lender promises guaranteed approval, this is a red flag that they are illegitimate.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial 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.
Compare some of the best bad credit loans in Nova Scotia.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
