Bad Credit Loans in Calgary: Compare Rates & Terms

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.

Compare bad credit personal loans in Calgary

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Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Finder score 8.5 Great Spring Financial Installment Loan	Finder score 8.5 Great	9.99% - 34.95%	$300 - $35,000	6 - 84 months	Key features: Same-day funding, fast application	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.8 Great LoanConnect Installment Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $2,500	3 - 6 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Key features: Loan search platform, pre-approval in 5 minutes	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.6 Great Loans Canada Installment Loan	Finder score 8.6 Great	8.99% - 35.00%	$500 - $50,000	4 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform, largest lender network	Go to site More info Compare product selection Compare	loading

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Compare other products

We currently don't have that product, but here are others to consider:

How we picked these

Finder Score for personal loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare cash advance apps for bad credit

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Finder Score	Costs	Loan Amount	Loan Term	Rebate	Key Features
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	Key features: Instant, no credit check or income required	Go to siteMore info Compare product selection Compare	loading
Finder score 8.8 Great Bree Early Pay	Finder score 8.8 Great	0%	$20 - $500	Next pay cycle	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading
Finder score 9.3 Excellent Nyble Credit Line	Finder score 9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading

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Finder Score for cash advance apps

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare payday loans for bad credit

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Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
iCash Payday Loan	$14 per $100 borrowed	$100 - $1,500	7 - 62 days	AB, BC, MB, NB, NS, ON, PEI	Key features: 24/7 instant approval and e-Transfer, accepts bad credit	Go to siteMore info Compare product selection Compare	loading
Cashco Financial Payday Loans	$14 per $100 borrowed	$50 - $1,500	Up to 62 days	AB, BC and SK	Key features: Instant approval, no credit check	More info Compare product selection Compare	loading
Money Mart Payday Loan	$14 per $100 borrowed	$100 - $1,500	1 - 62 days	AB, BC, NS, ON, SK and MB	Key features: In-store and online no credit check loans, accepts many income types	More info Compare product selection Compare	loading

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What are the best bad credit loans in Calgary?

The best loan option for bad credit is often a cash advance app like Nyble or Bree. They let you borrow without interest or mandatory fees, making them the most cost-effective choice. They’re also among the easiest to qualify for since they offer small amounts, don’t require credit checks, and accept many types of income. KOHO, in particular, doesn’t even have job or income requirements.

But if you need to borrow more than a few hundred dollars, a personal loan may be a better fit. Some of the best personal loan providers in Calgary, based on our methodology, include LoanConnect, Loans Canada, easyfinancial and Spring Financial.

Payday loans don’t top the list because they’re extremely expensive and can trap borrowers in a cycle of debt.

Quick summary of bad credit loans in Calgary

• They’re unsecured loans, with no collateral required.
• Borrow $20 to $10,000—cash advance apps with the lowest amounts and personal loans with the highest.
• Repay in two installments within 42 - 62 days (payday loans), repay in installments over months or years (personal loans), or repay any time (cash advance apps).
• APRs from 0% (cash advance apps) to over 100% (payday loans).

Pros and cons of bad credit loans

Eligibility requirements

The exact criteria you need to take out a bad credit 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 that is interest.
• Can I manage the loan repayments? Can you afford having the repayments 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? Most 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 is 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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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 instantly or within 24–72 hours.

Bad credit loans, if you prefer to visit a Calgary branch

Prefer to visit a branch in person to take out a loan? Here are a few options you might like to consider.

Payday loans in Calgary are different from payday loans outside Alberta

In Alberta (including Calgary), payday loans have to be repaid over 42 - 62 days in at least two installments (or three if you get paid more often). This gives borrowers more time and flexibility. In many other provinces, payday loans must be repaid in one payment, often by your next payday, which can strain your budget.

Alberta’s rules make it less likely that you’ll need another payday loan to get by.

How to make sure a payday loan is the right move

• Check for a licence. Use the Service Alberta website to check whether the lender has a valid payday loan licence. If they don’t, walk away.
• Check physical and online 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.
• Make sure you’ll have enough income left. 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.
• Consider alternatives. From bad credit personal loans to cash advance apps, 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.

Tips to get the best bad credit loan in Calgary

No matter whether you’re comparing installment loans, cash advance apps 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 toward your loan repayments?

Frequently asked questions

• Are there no credit check loans in Calgary?

  Yes, you can get no credit check loans in Calgary from payday lenders, cash advance apps and some lenders of short-term installment loans.

• How will I get my money?

  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.

• Are there loans with guaranteed approval 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.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 175 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• International Money Transfers
• Make Money Online

Co-written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

Tim's expertise

Tim has written 502 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Stock Trading
• Cryptocurrency