There are plenty of options for bad credit loans in New Brunswick if you know where to look. Some lenders might expect you to secure your loan with an asset or get a cosigner to qualify, while others will give you unsecured loans with no strings attached as long as you have a decent income. Just expect to pay high interest rates and fees with bad credit loans.
A "Best for" pick is a partner that scored high in a category based on Finder Canada's data-focused personal loans ratings and review methodology. Our experts vetted 112 lenders and analyzed over 4,600 data points to find the best lenders across a variety of categories. A "Promoted for" pick is a partner suited for a category, but it is not a recommendation or indication it is the best. Promoted products are based on a commercial advertising arrangement. Keep in mind that our picks may not always be the best for you – it's important to compare for yourself to find a product that works for you.
How we found the best bad credit loans in New Brunswick
To find the best bad credit loans in New Brunswick, 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.
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 – $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 within 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.
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 – $35,000
APR
10.8% – 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.
Get Loan Approved offers personal loans with your car as collateral, also known as a car title loan. You can continue to use your car as you pay off your loan. To qualify, your car must be less than 10 years old, in good condition and fully paid off. Full Review
Why it's one of the best
Lenient. Get Loan Approved specializes in personal loans for people with damaged credit. It doesn't do any credit checks, and you don't need to be employed.
Apply easily. Apply online and then either drive to a Get Loan Approved agent near you or have an agent come to you for a car appraisal. The whole process can be completed within 24 to 48 hours.
Increase your chances of approval. Since you'll be reducing the risk for the lender with collateral, you'll have a higher chance of getting approved.
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 – $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.
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
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 – $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
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 – $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
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 – $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
Finder: Personal Loan Consumer Satisfaction Awards
In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — 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.
Alternatives to bad credit personal loans
Cash advance apps are easier to get approved for than personal loans because they involve smaller loan amounts and no credit checks.
Bad credit loans in New Brunswick are designed for people with no credit history or a poor credit score – usually under 560-600. Simply fill out an application with your contact information and provide additional details on your income and employment. You may also need to undergo a credit check to get approved.
If you qualify, you’ll get a lump sum deposited into your bank account to spend on whatever you want. That said, you’ll pay much higher interest rates and fees than you would with a traditional loan to make up for the risk your lender has to take on when lending to you.
This is because having a low credit score, or no credit at all, can be an indication to your lender that you may be less likely to repay your loan on time, if at all.
Where can I find bad credit loans in New Brunswick?
Most financial institutions don’t offer bad credit loans as they focus on the prime market. You’re more likely to find bad credit loans with alternative lenders, with many offering same-day approval and funding online.
Types of bad credit loans in New Brunswick
There are several types of bad credit loans in New Brunswick that you can apply for. Learn more about the pros and cons of each below.
Unsecured personal loans
How it works. Borrow up to $10,000 without the need for collateral
How much it costs. 18% - 47% interest rate
Pros. Borrow higher loan amounts with lower interest rates than payday loans
Cons. Stricter eligibility criteria than other types of bad credit loans in New Brunswick
How much do bad credit loans in New Brunswick cost?
The total cost of bad credit loans in New Brunswick will vary based on features such as your loan type, amount, term and interest rates/fees. Below is a hypothetical example of how much a $1,000 loan might cost a borrower.
Payday loans
Installment loans
Secured loans
Loan amount
$1,000
$1,000
$1,000
Loan term
14 days
6 months
6 months
Interest rate or fees
$15 per every $100 borrowed
38%
18%
Monthly payment
Total amount paid on payday
$185.62
$53.15
Total interest/fees
$150
$113.71
$53.15
Total loan cost
$1,150
$1,150
$1,053.15
Total APR
391%
38%
18%
The payday loan has the highest APR out of all three loan options. This makes payday loans the most expensive of all bad credit loans in New Brunswick. Secured loans will usually be the cheapest.
How to apply for bad credit loans in New Brunswick
Follow the steps below to apply for bad credit loans:
Loan type
Steps to apply
Payday loans
Find a lender with a good reputation and is licensed to operate in New Brunswick.
Check that you meet loan eligibility criteria such as having a steady income and bank account.
Fill out an application online with personal information such as your name, address and phone number.
If approved, read your loan contract carefully before you sign to make sure you understand the terms and conditions.
It depends on what type of loan you get and how low your income is. You’ll be more likely to qualify for smaller loans with low income (such as payday loans). It might also be easier to qualify with low income if you secure your loan with an asset or get a cosigner. Just be aware that you might pay more in interest/fees if you have a lower income.
Is it possible to get guaranteed approval for bad credit?
Some lenders might advertise guaranteed approval, but you should approach these lenders with caution. They could be fraudulent, or they may charge extremely high or predatory interest rates.
Legitimate lenders will review your finances first by looking at information such as pay stubs, bank statements and your credit report. Most will deny you if you make no income, have an extremely high debt load or are in the middle of a consumer proposal/bankruptcy.
How to get the best bad credit loans in New Brunswick
Compare the following features to find the right loan for you:
Cost. Search for the lowest interest rates, and aim for under 25% APR if possible. Avoid payday loans and watch out for fees. These include early repayment fees, NSF fees, late payment fees and set-up/origination fees.
Amount you can borrow. The highest amount you can usually qualify for with bad credit loans is $10,000. Payday loans max out at $1,500.
Length of repayments. Terms range from 3 - 60 months for personal loans. You’ll have to repay your loan by your next paycheque with a payday loan. Look for the shortest term with monthly payments you can afford to cut down on interest.
Turnaround time. The majority of bad credit loans are paid out in under 48 hours, though secured loans will take longer. Learn more about emergency loans if you need an immediate turnaround.
Reputation. Do your homework to make sure you find a legitimate lender. Read customer reviews and check sites like the Better Business Bureau and Trustpilot to make sure your lender has a good reputation.
Rebuilds credit. Ask your lender if your loan payments will be reported to the credit bureaus to increase your score. Keep in mind that payday loans don’t offer this option.
How can I improve my chances of getting approved?
You can improve your chances of getting approved by following these tips:
Sign up for a secured or guarantor loan.Secure your loan with collateral or get a friend or family member with good credit to cosign a loan with you.
Review your application. Double check for errors on your application, as they could result in an automatic denial.
Work on your credit score. Take measures to improve your credit, including decreasing your credit utilization ratio and fixing errors on your credit report.
Other options available for people struggling with bad credit
Consider these options before you take out high-interest bad credit loans in New Brunswick.
Government subsidies. You could qualify for provincial funding through income assistance, affordable housing or disability support programs.
Credit counselling. Credit counselling can help you create a budget and develop a plan to pay off your debt. This can improve your credit score over time.
Debt relief services. If you’re finding yourself in a vicious cycle of debt, a debt relief company may be an option.
Frequently asked questions
The type of loan that's best for you will depend on your financial situation. As a basic rule, personal loans are usually a better choice than payday loans, since they almost always come with lower rates/fees.
It can take only a few minutes with payday loans, and usually under 24 hours with unsecured personal loans. Secured loans often take longer, sometimes up to a few weeks.
In most cases, no. Your credit score might dip slightly if your lender does a hard credit check. The only time a bad credit loan will significantly damage your credit score is if you make late payments or default on your loan.
It's up to you for the most part. The majority of bad credit loans have no restrictions on their use. You can use them to pay bills, make home or car repairs, or deal with other financial emergencies.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
Compare some of the best bad credit loans in Nova Scotia.
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