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Best bad credit loans in Calgary

Find out where you can get approved for bad credit loans in Calgary, Alberta.

If youโ€™ve got a bad credit score, it can be very difficult to qualify for a loan from a traditional lender. But itโ€™s not all bad news.

There are plenty of other lenders out there that specialize in bad credit loans, provided youโ€™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.

Best bad credit personal loans in Calgary

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.

464+

hours invested

112

lenders vetted

4,608

data points analyzed

1. LoanConnect

LoanConnect Personal Loan
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Customer Survey:
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Go to site
$500 โ€“ $50,000
Loan amount
8.99% โ€“ 46.96%
APR
3 - 120 months
Term
LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile. Full Review

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 โ€“ $50,000
APR 8.99% โ€“ 46.96%
Term 3 - 120 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 provinces

Most Recommended

LoanConnect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

2. Loans Canada

Loans Canada Personal Loan
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Customer Survey:
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Go to site
$300 โ€“ $50,000
Loan amount
6.99% โ€“ 46.96%
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. 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 โ€“ $50,000
APR 6.99% โ€“ 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 โ€” 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.

3. LoansLoans.ca

LoansLoans.ca Installment Loan
Finder Score:
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Go to site
$500 โ€“ $1,000
Loan amount
28% โ€“ 32%
APR
3 months
Term
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 โ€“ $1,000
APR 28% โ€“ 32%
Term 3 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)

4. Spring Financial

Spring Financial Personal Loan
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Customer Survey:
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$500 โ€“ $35,000
Loan amount
10.8% โ€“ 46.99%
APR
6 - 60 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. 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 โ€“ $35,000
APR 10.8% โ€“ 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.

5. easyfinancial

easyfinancial Personal Loan
Finder Award
Finder Score:
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Customer Survey:
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Go to site
$500 โ€“ $100,000
Loan amount
9.99% โ€“ 46.96%
APR
9 - 120 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. 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 โ€“ $100,000
APR 9.99% โ€“ 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.

6. Mogo

Mogo Personal Loan
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Customer Survey:
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Go to site
$500 โ€“ $35,000
Loan amount
9.9% โ€“ 46.96%
APR
6 - 60 months
Term
Mogo is a Canadian fintech company that offers various financial products, including personal loans and lines of credit for bad credit. Full Review

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
  • Loans are powered by Lendful and easyfinancial
Loan amount $500 โ€“ $35,000
APR 9.9% โ€“ 46.96%
Term 6 - 60 months
Min. credit score 600
Fees Non-sufficient funds fee of $20 to $50
Turnaround time Within 24 hours
Serviced provinces BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU

Best-Rated

Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

7. Loanz

Loanz Personal Loan
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Customer Survey:
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$1,000 โ€“ $15,000
Loan amount
29.9% โ€“ 46.9%
APR
12 - 60 months
Term
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.
  • Simple online application
  • Positive customer reviews
  • No prepayment penalties
  • High rates
  • High minimum loan amount
Loan amount $1,000 โ€“ $15,000
APR 29.9% โ€“ 46.9%
Term 12 - 60 months
Min. credit score 570
Fees N/A
Turnaround time 24 hours or less
Serviced provinces All of Canada (excluding Quebec)

8. Fairstone

Fairstone Personal Loans
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Customer Survey:
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$500 โ€“ $50,000
Loan amount
19.99% โ€“ 39.99%
APR
6 - 120 months
Term
Fairstone offers personal loans for bad credit. Apply online or visit one of over 230 locations across Canada. Full Review

Why it's one of the best

  • Get a quote with no impact to credit score. Fairstone will only do a soft credit check to pre-approve you for a loan.
  • Choose between secured and unsecured loans. Use your home equity as collateral to increase your odds of approval, or get an unsecured loan.
  • Work with an established lender. Fairstone has been providing loans to Canadians for almost 100 years.
  • Quick and easy application
  • Multiple bad credit loan types (unsecured, secured, mortgages)
  • Company has an established online presence
  • No prepayment penalties for unsecured loans
  • High rates for bad credit (up to )
  • Potential for extra fees
  • Prepayment penalties for secured loans
  • Several negative customer reviews
Loan amount $500 โ€“ $50,000
APR 19.99% โ€“ 39.99%
Term 6 - 120 months

9. FlexMoney

FlexMoney Personal Loan
Finder Score:
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Customer Survey:
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$500 โ€“ $15,000
Loan amount
18.9% โ€“ 46.9%
APR
6 - 60 months
Term
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 โ€“ $15,000
APR 18.9% โ€“ 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.

10. Magical Credit

Magical Credit Installment Loan
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Customer Survey:
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$1,500 โ€“ $20,000
Loan amount
19.99% โ€“ 46.8%
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. 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 โ€“ $20,000
APR 19.99% โ€“ 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.

11. Blue Copper Capital

Blue Copper Capital Personal Loan
Finder Score:
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$1,000 โ€“ $100,000
Loan amount
16% โ€“ 48%
APR
6 - 84 months
Term
Blue Copper Capital offers personal loans and payday loans to people with bad credit and is upfront about its rates and fees.

Why it's one of the best

  • Improve your credit score. Blue Copper Capital reports your personal loan payments to the credit bureau.
  • Good customer service. The company has solid customer reviews and is professional and helpful when contacted.
  • Easily apply. Fill out an application online, call to apply or apply in person.
  • Loan approval in as little as 20 minutes
  • Join the customer club to get better rates and terms
  • High interest rates
  • Administration fee may apply
  • Company only works in BC and Alberta
Loan amount $1,000 โ€“ $100,000
APR 16% โ€“ 48%
Term 6 - 84 months
Fees Unknown
Turnaround time Varies
Serviced provinces BC and Alberta

12. Money Mart

Money Mart Installment Loan
Finder Score:
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Customer Survey:
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$500 โ€“ $15,000
Loan amount
29.9% โ€“ 46.9%
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. 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
Loan amount $500 โ€“ $15,000
APR 29.9% โ€“ 46.9%
Term 6 - 60 months
Min. credit score 300
Fees None
Turnaround time Less than 1 day
Serviced provinces AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT

13. Lend for All

Lendforall Personal Loan
Finder Score:
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Customer Survey:
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$100 โ€“ $50,000
Loan amount
2.99% โ€“ 46.96%
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. 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
  • High rates for bad credit
Loan amount $100 โ€“ $50,000
APR 2.99% โ€“ 46.96%
Term 3 - 120 months
Min. credit score 300
Fees Varies by lender
Turnaround time Varies
Serviced provinces All provinces

14. 24Cash

24Cash Installment Loan
Finder Score:
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$500 โ€“ $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). 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 โ€“ $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

15. AAR Financial

AAR Financial Personal Loan
Finder Score:
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$1,000 โ€“ $50,000
Loan amount
14.9% โ€“ 46.7%
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. 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 โ€“ $50,000
APR 14.9% โ€“ 46.7%
Term 24 - 120 months
Fees Fees may include insurance fees, administration fees and NSF/late payment fees.
Turnaround time Within 24 hours
Serviced provinces MB, SK, AB, ON, BC

16. Cashco

Cashco Flex Loans
Finder Score:
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Customer Survey:
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$100 โ€“ $7,000
Loan amount
Up to 48.99%
APR
6 to 60 months
Term
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 โ€“ $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 โ€” 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.

17. Credito

Credito Installment Loan
Finder Score:
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$500 โ€“ $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). 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 โ€“ $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 โ€” 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 24โ€“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 youโ€™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, youโ€™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? Donโ€™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:

  1. Check your credit score. If you havenโ€™t done it yet, get your credit score to find out just how โ€œbadโ€ 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 youโ€™re only dealing with legitimate lenders.
  3. Compare loans. Now itโ€™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 youโ€™ve found the ideal loan, apply online. Youโ€™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 within 24โ€“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.

LenderLoan amountLoan termAPRLocation in Calgary
Blue Copper Capital$1,000 โ€“ $100,0006 - 84 months16.00% - 48.00%1 location (5809 Macleod Trail SW #104)
easyfinancial$$500 โ€“ $100,0009 - 120 months9.99% - 46.96%8+ locations
Money Mart$500 โ€“ $15,0006 - 60 months29.90% - 46.90%15+ locations
โš ๏ธ Warning: Be cautious with payday loans
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 theyโ€™re extremely expensive and should only be a last resort.

LenderLoan amountLoan termInterest rateHow to apply
iCash$100 โ€“ $1,5007 - 62 days$15 for every $100 borrowed
Blue Copper CapitalUp to $1,50042 - 62 days$15 for every $100 borrowedVisit location (5809 Macleod Trail SW #104) or apply online
Money Mart$120 โ€“ $1,50042 - 62 days$15 for every $100 borrowedVisit 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 donโ€™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 itโ€™s essential that youโ€™re certain you can afford it. Check whether youโ€™ll still be able to afford all your other regular expenses after paying back the loan.
  • Are there alternatives I havenโ€™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 lenderโ€™s branch in person. Complete the following steps:

  1. 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.
  2. Get approved. The fastest payday lenders can give instant approval with their automated systems.
  3. Read your contract. Double-check all the details of the loan offer and then submit it when youโ€™re ready.
  4. Get your money. Once youโ€™ve submitted your signed contract, youโ€™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 youโ€™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 youโ€™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. Thatโ€™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 thereโ€™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)
  • Donโ€™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 โ€“ how much is left after that to go towards your loan repayments.

Frequently asked questions

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