Bad credit loans in Edmonton, Alberta: Compare rates & terms

A low credit score can limit your borrowing options, but there are still plenty of lenders that offer bad credit loans in Edmonton. Instead of looking at your credit score, these lenders will consider your income and spending activity. The downside is that high interest rates often apply, though there are a few cash advance apps that charge as low as 0% APR.

Let’s take a closer look at various loans available to you. No single loan is the best choice for everyone, so compare your options to find the right one for your needs.

Jump to:

• Personal loans (harder to get)
• Cash advance apps (easier to get)
• Payday loans (easier to get)

Compare personal loans for bad credit

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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 no credit check cash advance apps

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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 poor 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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Personal loans are available in Edmonton for bad credit

Bad credit can make it difficult to qualify for a personal loan from traditional lenders like banks and credit unions. But online lenders are willing to offer personal loans to people with bad credit.

You can apply from home in less than 10 minutes, and some lenders offer funding within 24 to 48 hours. There’s also no collateral needed (though you may increase your odds of approval if you have it). Just watch out for high interest rates, and make sure the lender is legit before you apply.

Key loan features

• Loan amounts: $500 to $10,000
• Loan terms: 3 to 60 months, but you’ll find shorter or longer terms in some cases
• Interest rates: 18% - 35% APR

Eligibility requirements

The exact eligibility criteria you’ll need to meet vary from one lender to the next. However, you will generally need to:

• Be 18 years or older
• Be a Canadian citizen or permanent resident
• Have a valid Canadian address
• Have a valid bank account
• Receive a regular income (full-time employment preferred)

Alternative: No credit check cash advance apps

Cash advance apps launched in Canada around 2021. They’re designed for small financial emergencies, such as upcoming or late bills, and they serve as alternatives to payday loans and bank overdrafts.

You can download the app or apply on the lender’s website. Approval decisions are made instantly, with standard or instant funding available. Standard takes about three business days.

Eligibility requirements are more flexible compared to personal loans and even payday loans. Lenders accept any recurring income as long as it’s paid directly into your account, and they don’t do credit checks.

Key loan features

• Loan amounts: $20 – $500
• Loan terms: Next pay cycle or flexible
• Interest rates: No interest, but you may pay a monthly fee

Your final option: Payday loans

Payday loans in Edmonton are small, short-term loans named for the fact that they’re designed to be repaid by your next paycheque. They offer convenient, quick access to cash, as lenders focus on lenient requirements and instant e-Transfers. But be warned that these loans are extremely expensive. That’s why you should only ever consider a payday loan as a last resort.

Key loan features

• Loan amounts: Up to $1,500
• Loan terms: 42 - 62 days
• Interest rates: $14 for every $100 borrowed

Before you apply

• Check the APR. The annual percentage rate shows you the true cost of a loan, and it’s commonly in triple figures with a payday loan. With the high cost of borrowing and short repayment terms, payday loans are a very expensive way to borrow money.
• Consider your budget. Will you be able to afford to repay the loan and still pay for all your other regular expenses?
• Make sure the lender is legit. The payday lending space is notorious for predatory lenders and scammers. Check with Service Alberta to make sure the lender has a valid payday lending licence, and make sure they follow the payday lending rules in Alberta.

In-store payday loans in Edmonton

You can easily apply for a payday loan online, but if you prefer face-to-face service, here are a few options in your city.

How to choose the best bad credit loan

Make sure you consider the following factors when comparing bad credit loans in Edmonton:

Interest rate

Bad credit loans often come with higher interest rates than regular personal loans. Review APRs (the total cost of borrowing over a year) when comparing the various types of loans.

Fees

Admin, origination or loan insurance fees can significantly increase the cost of your loan, so make sure to review your offer carefully to get a clear idea of how much you’ll have to pay.

Secured vs unsecured

You can provide collateral for your loan to access a better rate and larger loan amount. However, you can also qualify for an unsecured personal loan that doesn’t require you to put any assets at risk.

Loan amount

The maximum amount you can qualify for will depend on your financial circumstances. As a general guide, most lenders will offer loans of up to $10,000 to bad credit borrowers.

Loan term

A longer loan term means your monthly payment will be more manageable, but you’ll pay more interest over the life of the loan. Terms ranging from 3 - 60 months are available.

Speed

Need money ASAP? Some lenders are faster than others. Check out our list of emergency loans to get your loan in as little as 30 minutes.

Lender reputation

Read customer reviews on independent websites to make sure the lender is a trusted provider. You can also check with the Better Business Bureau for any alerts or warnings about the lender.

Credit bureau reporting

Some lenders report on-time loan payments to the credit bureaus, helping you improve your credit score, but others don’t. The higher your credit score, the better your chances of loan approval in the future.

How to apply

Ready to apply? Here’s what you need to do:

1. Compare lenders and loans. Research lenders that offer loans for bad credit near you, and do your due diligence to make sure any lender you consider is a legit provider. Once you’ve found some suitable options, compare loan APRs, terms, amounts and eligibility criteria to find the loan that’s right for you.
2. Apply online. Most lenders make it easy to apply for a loan online. Provide your personal details and contact information, plus details of your income and employment.
3. Submit supporting documents. Upload any documents the lender requires, such as proof of ID, bank statements or personal references. Many lenders offer online bank account verification to make the approval process easier.
4. Review the contract and sign. Read the loan contract carefully to make sure all the details are correct before you sign.

How to increase your chances of getting approved

If your credit report makes for painful reading, there are several simple things you can do to boost your chances of qualifying for a loan:

• Avoid NSF transactions. If your bank account shows any NSF fees in the past 90 days, it’ll be much harder to qualify for a loan. Focus on making on-time payments in the months leading up to submitting your application.
• Double-check your application. A simple typo could cause your application to be rejected, so make sure you’ve entered all personal details correctly before submitting.
• Improve your credit score first. If you can, wait six months before applying. Use that time to pay down existing debts and pay bills on time.

Can you get an instant loan for bad credit in Edmonton?

Yes, you can get an instant bad credit loan from lenders like KOHO, Nyble and iCash. These lenders offer instant online decisions and e-Transfer funding within minutes. To access instant funding, you’ll need to apply through bank verification, which automates approval and financial review for lenders.

Can you get no credit check loans in Edmonton?

Yes, you can get no credit check loans from cash advance apps like KOHO and Bree as well as payday lenders like iCash and Money Mart. Rather than checking your credit score, they’ll assess your income and cash flow.

Other loans for bad credit

• Car title loans are secured by the title of your car. Lenders require a fully paid-off car that’s in good condition. You can usually borrow between 25% and 50% of the value of your vehicle, and you won’t need to undergo a credit check to qualify. You can keep using your car while you make loan repayments. Rates start at
• When you open a line of credit for bad credit, you get approved to spend up to a limit, and you only pay interest on the funds you use. There’s no fixed repayment schedule, so you can pay back what you borrow at a pace that suits you. That said, minimum monthly payments are required, and the high interest rates on lines of credit for bad credit mean it’s worth paying more than the minimum amount to minimize interest charges.

Frequently asked questions

• Where can you apply for bad credit loans in Edmonton?

  Traditional lenders like banks and credit unions usually require you to have a good to excellent credit score of 660 or higher. So if you're searching for bad credit loans in Edmonton, you'll need to compare alternative lenders.

• Can you get a bad credit loan in Edmonton with no job?

  Yes, you may be able to qualify for a loan in Edmonton if you have bad credit and no job. However, you'll typically need to provide proof of steady income to get approved, so you may need to consider payday lenders that accept government benefits as income. Just be aware that this type of loan is very expensive. Learn more about loans with no job verification.

• Can you get guaranteed approval on bad credit loans in Edmonton?

  No. A legitimate lender will need to assess your income and financial situation before deciding whether to approve your loan. Promising guaranteed approval is a red flag that could indicate a payday loan scam, so avoid any lender offering loans that sound too good to be true. Read our guide on guaranteed approval loans.

• Where can I get a bad credit cash loan in Edmonton?

  Alternative lenders, such as payday lenders, offer cash loans to people with bad credit in Edmonton. While many lenders offer online approvals and funding, some also operate lending branches so you can apply in-store and collect your loan as cash.

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
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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