There are a variety 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 two cash advance apps, Nyble and Bree, that charge as low as 0% APR.
Let’s take a closer look at the 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.
{"userFilters":[{"componentType":"MULTI-SELECT CHECKBOX","options":{"comparator":"contains","includeAllSelection":false,"defaultMatcher":"ANY","values":["8.95-10","6.95-8.94999","4.95-6.94999","0-4.94999"],"fields":[{"label":"[[FINDER_SCORE_BADGE|9+]] Excellent: 9+","value":"8.95-10","comparator":"range"},{"label":"[[FINDER_SCORE_BADGE|7+]] Great: 7+","value":"6.95-8.94999","comparator":"range"},{"label":"[[FINDER_SCORE_BADGE|5+]] Standard: 5+","value":"4.95-6.94999","comparator":"range"},{"label":"[[FINDER_SCORE_BADGE|0+]] Basic: 0+","value":"0-4.94999","comparator":"range"}]},"dataSelector":{"recordType":"PRODUCT","fieldCode":"FINDER_SCORE.FINDER_SCORE"},"dataType":"NUMBER","label":"Finder Score","queryParameter":"finderScore"},{"config":{"MULTISELECT":true,"VALUES":"Less than $2000 per month, $2000-$5000 per month, $5000+ per month"},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.INCOME_FILTER"},"dataType":"TEXT","label":"Monthly Income","order":3},{"dataSelector":{"recordType":"UI_FILTER_COMPONENT","fieldCode":"SPECIAL_OFFERS"},"dataType":"BOOLEAN","label":"Special offers","componentType":"SpecialOffersFilter","config":{"VALUES":"1","fields":[{"value":"exclusive_only","label":"Finder Rewards & exclusives"},{"value":"all_offers_no_rewards","label":"All offers"}]},"options":{"comparator":"eq"},"queryParameter":"special-offers"},{"config":{},"dataSelector":{"recordType":"product","fieldCode":"GENERAL.PROVIDER_ID"},"dataType":"UUID","label":"Lender","order":5}],"niche":{"currencySymbol":"$","decimalPoint":".","decimalPlaces":"2","thousandsSeparator":",","filterBoundsMap":{"product.DETAILS.INCOME_FILTER":null,"product.GENERAL.PROVIDER_ID":null}},"prefilled":false,"experimental":false}
3 of 16 results
Compare other products
We currently don't have that product, but here are others to consider:
Looking for other options? Check out other similar products.
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.
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.
High-cost payday loans are unsustainable for long-term use, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, call Credit Counselling Society for free financial counselling (Mon–Fri, 8am–5pm at 1-888-527-8999). Also consider payday loan alternatives.
Compare payday loans for poor credit
{"userFilters":[{"config":{"MULTISELECT":true,"VALUES":"Alberta, British Columbia, Manitoba, Newfoundland and Labrador, New Brunswick, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Quebec, Saskatchewan, Yukon"},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.PROVINCES"},"dataType":"TEXT","label":"What province or territory do you live in?","order":1},{"dataSelector":{"recordType":"UI_FILTER_COMPONENT","fieldCode":"SPECIAL_OFFERS"},"dataType":"BOOLEAN","label":"Special offers","componentType":"SpecialOffersFilter","config":{"VALUES":"1","fields":[{"value":"exclusive_only","label":"Finder Rewards & exclusives"},{"value":"all_offers_no_rewards","label":"All offers"}]},"options":{"comparator":"eq"},"queryParameter":"special-offers"},{"config":{},"dataSelector":{"recordType":"product","fieldCode":"GENERAL.PROVIDER_ID"},"dataType":"UUID","label":"Provider","order":100}],"niche":{"currencySymbol":"$","decimalPoint":".","decimalPlaces":"2","thousandsSeparator":",","filterBoundsMap":{"product.DETAILS.PROVINCES":null,"product.GENERAL.PROVIDER_ID":null}},"prefilled":false,"experimental":false}
3 of 12 results
Compare other products
We currently don't have that product, but here are others to consider:
Looking for other options? Check out other similar products.
How we picked these
Key takeaways
Personal loans, cash advance apps and payday loans are available if you have bad credit. Cash advances and payday loans are generally easier to get than personal loans.
Personal loans have rates of up to 35%. Cash advance apps charge no interest, but you may pay a monthly fee or a fee per transfer. Payday loans have APRs over 100%.
When comparing loans, consider loan amounts, rates, fees, loan terms, speed, lender reputation and credit building. These features vary among lenders.
Searching for a personal loan? Check out online lenders
Bad credit can make it difficult to qualify for a personal loan from 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 than those for 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 – $750
Loan terms: Next pay cycle or flexible
Interest rates: No interest, but you may pay a monthly fee
Your last 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.
Calculate your payday loan cost
Payday loans in Alberta have lower APRs than payday loans in other provinces because Alberta has a minimum loan term of 42. Even with this rule, however, payday loans are still very expensive in this province. Use the calculator below to find out approximately how much your loan will cost you.
Payday Loan Calculator
Payday loan calculator
Enter your details to see the total loan cost, including APR.
Warning: Payday loans are a high-cost form of credit. A payday loan for $500.00 for 14 days with a total cost of borrowing of $70.00 has an annual percentage rate (APR) of 365%. This tool provides estimates only. Before you borrow, consider lower-cost alternatives like a bank loan, cash advance or line of credit.
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.
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:
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.
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.
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.
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.
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
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.
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.
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.
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.
Leanne Escobal is a senior publisher at Finder with more than 13 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
191
Finder guides across topics including:
Tim Falk is a freelance writer for Finder. Over the course of his 20-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
563
Finder guides across topics including:
Find out more about bad credit loans offered in Manitoba and compare lenders to find the right deal to meet your needs.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
