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Best bad credit loans in Edmonton, Alberta

Check out some of the best lenders offering bad credit loans in Edmonton.

A poor 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 your ability to repay what you borrow. The downside is that high interest rates often apply.

Let’s take a closer look at some of the best loans for bad credit in Edmonton. No single loan is the best choice for everyone, so compare your options to find the right one for your needs.

Best bad credit loans in Edmonton

Loan providerInterest rateLoan amountLoan termKey features
LoanConnect8.99% - 46.96%$500–$60,0003 - 120 monthsLoan search platform, instant pre-approvalGo to siteLearn more
Loans Canada6.99% - 46.96%$300–$50,0003 - 60 monthsLoan search platform, large lender network, instant matchesGo to siteLearn more
LoansLoans.ca28.00% - 32.00% + broker fee up to $300$500–$1,0003 monthsNo credit check loan, funding in 24 hoursGo to siteLearn more
Spring Financial9.99% - 46.96%$500–$35,0009 - 84 monthsFast application, same-day fundingGo to siteLearn more
easyfinancial9.99% - 46.96%$500–$100,0009 - 120 monthsApproval in as little as 10 minutes, flexible eligibility requirementsLearn more
Mogo9.90% - 46.96%$500–$35,0006 - 60 monthsQuotes in 3 minutes, flexible eligibility requirementsGo to siteLearn more
Picture not described19.99% - 39.99%$500–$60,0006 - 120 monthsUnsecured & secured loans, funding in 24 hoursLearn more
Loanz29.90% - 46.90%$1,000–$15,00012 - 60 monthsInstant decisions, funding in 15 minutesLearn more
FlexMoney18.90% - 46.90%$500–$15,0006 - 60 monthsInstant decisions, same-day fundingLearn more
Magical Credit19.99% - 46.80%$1,500–$20,00012 - 60 monthsApproval in 1 day, low income or non-employment income are OKLearn more
Blue Copper Capital16.00% - 48.00%$1,000–$100,0006 - 84 monthsGood customer service, offers unsecured personal loansLearn more
Money Mart29.90% - 46.90%$500–$15,0006 - 84 monthsInstant decisions, offers fast personal loans online and in personLearn more
Lend for AllFrom 2.99%$100–$50,0003 - 120 monthsSearch platform for secured and unsecured loansLearn more
24Cash22.00% + broker fee$500–$85090 - 120 daysBroker, short-term loan, no credit checkLearn more
AAR Financial14.90% - 46.70%$1,000–$50,00024 - 120 monthsSecured and unsecured loans, high approval rateLearn more
CashcoUp to 48.99% $100–$7,0006 to 60 monthsFlexible repayment terms, unsecured loansLearn more
Credito23% + broker fee$500–$85090 - 120 daysNo credit check, funding in 24 hours, short-term installment loansLearn more

Methodology: How we found the best bad credit loans in Edmonton

To find the best bad credit loans in Edmonton, Alberta, 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. The providers shown on the best list are those who scored highest based on this data-driven methodology. They are providers that are available and not available through Finder, with partners listed first. 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
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review
$500 – $60,000
Loan amount
8.99% – 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.

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 – $60,000
APR 8.99% – 46.96%
Term 3 - 120 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 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
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review
$300 – $50,000
Loan amount
6.99% – 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.

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.

3. LoansLoans.ca

LoansLoans.ca Installment Loan
Finder Score:
★★★★★
Go to site Read review
$500 – $1,000
Loan amount
28% – 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.

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
Turnaround time Receive funds in less than 24 hours
Serviced provinces All of Canada (except Manitoba)

4. Spring Financial

Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review
$500 – $35,000
Loan amount
9.99% – 46.96%
APR
9 - 84 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.

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.

5. easyfinancial

easyfinancial Personal Loan
Finder Award
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$500 – $100,000
Loan amount
9.99% – 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.

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.

6. Mogo

Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review
$500 – $35,000
Loan amount
9.9% – 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.

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 – $35,000
APR 9.9% – 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. Fairstone

Fairstone Personal Loans
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$500 – $60,000
Loan amount
19.99% – 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.

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
  • Potential for extra fees
  • Prepayment penalties for secured loans
  • Several negative customer reviews
Loan amount $500 – $60,000
APR 19.99% – 39.99%
Term 6 - 120 months

8. Loanz

Loanz Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$1,000 – $15,000
Loan amount
29.9% – 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.

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 – $15,000
APR 29.9% – 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)

9. FlexMoney

FlexMoney Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$500 – $15,000
Loan amount
18.9% – 46.9%
APR
6 - 60 months
Term
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.

10. Magical Credit

Magical Credit Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$1,500 – $20,000
Loan amount
19.99% – 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.

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.

11. Blue Copper Capital

Blue Copper Capital Personal Loan
Finder Score:
★★★★★
$1,000 – $100,000
Loan amount
16% – 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 – $100,000
APR 16% – 48%
Term 6 - 84 months
Fees Unknown
Turnaround time Varies
Serviced provinces BC and Alberta

12. Money Mart

Money Mart Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$500 – $15,000
Loan amount
29.9% – 46.9%
APR
6 - 84 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.

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 – $15,000
APR 29.9% – 46.9%
Term 6 - 84 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:
★★★★★
Customer Survey:
★★★★★
Read review
$100 – $50,000
Loan amount
2.99% – 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.

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 – $50,000
APR 2.99% – 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:
★★★★★
Read review
$500 – $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).

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

15. AAR Financial

AAR Financial Personal Loan
Finder Score:
★★★★★
Read review
$1,000 – $50,000
Loan amount
14.9% – 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.

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.
Turnaround time Within 24 hours
Serviced provinces MB, SK, AB, ON and BC

16. Cashco

Cashco Flex Loans
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review
$100 – $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.

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.

17. Credito

Credito Installment Loan
Finder Score:
★★★★★
Read review
$500 – $850
Loan amount
Starting at 23%
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).

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)
Turnaround time within 24 hours
Serviced provinces ON, PE, BC, AB, NB, NS, NL, NU, NT, YU

Option 1: Bad credit personal loans in Edmonton

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

You can apply online within minutes, there’s no need to leave your home, there’s no collateral needed, and some lenders offer same-day funding. Just watch out for high interest rates and make sure the lender is legit before you apply.

Features of personal loans for bad credit

These are the key features you’ll find when comparing bad credit personal loans in Edmonton:

  • Loan amounts. You can typically borrow amounts ranging from $500 to $10,000.
  • Loan terms. Most lenders offer terms of between 3 and 60 months, but you’ll find shorter or longer terms in some cases.
  • Interest rates. Pay 18% - 47% APR.
  • Turnaround time. Most lenders can deposit funds into your account within 24-48 hours.

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.

Bad credit personal loans if you prefer to visit an Edmonton branch

If you prefer not to apply online, some lenders have branches in Edmonton that you can visit.

LenderLoan amountLoan termAPRNumber of locations in Edmonton
Fairstone$500 – $60,0006 – 120 months19.99% – 39.99%6+ locations
easyfinancial$500 – $100,0009 - 120 months9.99% - 46.96%8+ locations
Money Mart$500 – $15,0006 - 84 months29.90% - 46.90%13+ locations
Cashco Financial$100 – $7,0006 to 60 monthsUp to 48.99% 10+ locations
Blue Copper Capital$1,000 – $100,0006 - 84 months16.00% - 48.00%1 location

Option 2: Payday loans for bad credit in Edmonton

Payday loans are small, short-term loans named for the fact that they’re designed to be repaid by your next paycheque. They offer quick and easy access to cash, but be warned that they’re extremely expensive. That’s why you should only ever consider a payday loan as a last resort.

Features of payday loans in Edmonton

These are the features you can expect when you compare payday loans in Edmonton:

  • Loan amounts. In Alberta, provincial regulations limit payday loans to $1,500.
  • Loan terms. The term of the loan must be between 42 - 62 days.
  • Interest rates. The maximum amount a payday lender can charge you in Alberta is $15 for every $100 borrowed. This often works out to an APR of 100% or more.
  • Eligibility requirements. Eligibility criteria for payday loans are quite lenient. You’ll need to prove that you have a steady source of income, and some lenders accept non-employment income such as government benefits.
  • Turnaround time. The fastest payday loans allow you to apply, get approved and get funded within an hour, with the funds available as cash or sent to your bank account via e-Transfer. Some lenders also approve and fund loans 24/7.

Before you apply for payday loans in Edmonton

  • 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.

Bad credit payday loans if you prefer to visit an Edmonton branch

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

LenderLoan amountLoan termAPRLocation in Edmonton
Money Mart$120 – $1,500Up to 62 daysVaries by province13+ locations
Blue Copper Capital$1,50042-62 daysVaries1 location

Option 3: Secured personal loans for bad credit in Edmonton

When you take out a secured personal loan, you can use an asset you own (such as your car or your home) as collateral for the loan. Not only will this boost your chances of getting approved, but it can also help you access a higher loan amount and lower interest rate than you could get on an unsecured loan. The risk is that your asset could be repossessed if you default on the loan.

Features of secured personal loans for bad credit in Edmonton

Secured personal loan features can vary depending on the type of asset you provide as collateral:

Car title loans in Edmonton (using your car as collateral)

Car title loans are secured to the title of your car. You’ll need to have fully paid off your car to qualify for this type of loan, and it’ll need to be in good to excellent condition. You can also keep using your car while you make loan repayments, and you typically won’t need to undergo a credit check to qualify. Features to look for include:

  • Loan amounts. You can usually borrow between 25% and 50% of the value of your vehicle, but most lenders have maximum loan limits ranging from $25,000 to $50,000. You may need to have your car physically inspected to have it appraised, but some online lenders simply require you to submit photos of your vehicle.
  • Loan terms. You’ll commonly have between 3 – 60 months to pay off your loan.
  • Interest rates. Pay APR.
  • Turnaround time. Get your funds within 24-48 hours.
Home equity loans in Edmonton (using your home as collateral)

If you’ve built up equity in your home, you could use that to secure your loan with a home equity line of credit (HELOC). Of course, this means putting your home at risk if you default on payments. Features to look for include:

  • Loan amounts. The amount you can borrow is calculated based on the equity you have built up in your home. Work this out by subtracting your outstanding mortgage balance from the value of your home.
  • Loan terms. Terms of up to 240 months are available.
  • Interest rates. Pay 10%–29% APR.
  • Turnaround time. You can get a home equity loan with bad credit in Edmonton in as little as two business days. You’ll need to allow time for your home to be appraised before your loan can be approved.

Option 4: Lines of credit for bad credit in Edmonton

When you open a line of credit for bad credit, you get access to a revolving line of credit you can use however you wish. You can use a percentage of your credit limit or the full amount, but 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.

Features of lines of credit for bad credit in Edmonton

  • Loan amounts. Some lenders will approve you for a credit limit of up to $10,000.
  • Loan terms. Lines of credit are open-ended, so you don’t have to pay back the credit you use by a set date. Of course, faster repayment means you can reduce interest charges.
  • Interest rates. Interest is charged at a rate of up to 47.42%.
  • Turnaround time. You can apply, get approved and get funded within 24-48 hours.

How to get the best bad credit personal loan in Edmonton

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

  • Interest rate. Bad credit loans come with higher interest rates than regular personal loans. Interest of up to 47% may apply.
  • Fees. Admin or origination fees can significantly increase the cost of your loan, so check the APR (which combines the interest rate and origination fee) to get a better 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.
  • How fast you can get it. 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 for bad credit loans in Edmonton

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.

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

If you need money fast, payday lenders offer instant loans. If you meet income and employment requirements, you can apply and get funded within an hour. There are no credit checks required.

Some online payday lenders approve and fund loans 24/7. They use automated approval systems to speed up the process, and distribute funds via e-Transfer within minutes.

You can also get an instant payday loan by visiting a payday lender’s branch. Make sure you check the lender’s eligibility requirements ahead of time and take along any documents they need to approve your loan. You can then apply and get approved for a fast cash loan within minutes.

Can you get no credit check loans in Edmonton?

Yes. Online lenders that work with bad credit borrowers offer no credit check loans in Edmonton. They assess your income and employment situation before deciding whether to approve you for funding, but you’ll need to watch out for high interest rates.

Payday lenders also won’t require you to complete a credit check, with approval dependent on your income. Just remember that payday loans are very expensive, so you should only ever consider a payday loan for a financial emergency.

Questions to ask yourself before taking out a bad credit loan

  • How long do I have to pay it back? Check how long you have to repay what you borrow, and the portion of each payment that will go towards the principal or interest. Will repayments be monthly, bi-weekly, or weekly?
  • Do I need loan insurance? Some lenders will try to sell you loan insurance to cover your loan payments if you lose your job or suffer a serious illness or injury. But please note that loan insurance is optional, not mandatory, so steer clear of lenders that say you have to get it to qualify for a loan.
  • Can I afford this loan? Borrowing when you have bad credit is expensive. Make sure you can afford your loan repayments and still have more than enough money left over to cover your regular expenses. If not, you’ll be better off taking steps to rebuild your credit score before applying for a loan.

How much do bad credit loans cost?

The total cost of a bad credit loan in Edmonton varies depending on the type of loan as well as how much you borrow, the APR and how long you have to pay it back. Let’s take a look at the example of a $1,200 loan.

As you can see in the table below, the payday loan is an extremely expensive option, with an APR of 130%. And while the personal loan has a higher interest rate than the car title loan, the latter’s longer loan term means you pay more interest in the long run.

Loan amountInterest rateLoan termTotal loan costInterest charged
Personal loan$1,20046.96%6 months$1,369.61$139.61
Payday loan$1,200$15 per $100 borrowed (which works out to an APR of 130%)42 days$1,380$180
Car title loan$1,20035%12 months$1,439.47$239.47

Use the calculator below to work out how much your bad credit loan will cost to repay.

Personal loan calculator

Your loan
Loan amount
$
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Interest rate
%

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare personal loans
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Based on your loan terms
Principal $
Interest $
Total Cost $

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:

  • Get a cosigner. If you can find someone with excellent credit who is willing to cosign your loan, it’ll give your approval chances a big boost. However, your cosigner will be held responsible for repaying the loan if you can’t, so think carefully before taking this step.
  • 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.
  • Improve your credit score. Before you apply, paying down existing debts and taking steps to improve your credit score will boost your creditworthiness in the eyes of lenders. It’ll also help you qualify for a better interest rate.
  • Provide collateral. Offering an asset as security for the loan reduces the risk for the lender — they can repossess and sell the asset to cover their losses if you default on the loan.
  • 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.

Frequently asked questions

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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

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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

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