Explore loans for bad credit in New Brunswick

If you have a low credit score or no credit history, finding a loan in New Brunswick can be challenging, but not impossible. There are secured and unsecured personal loans, payday loans and cash advance apps available regardless of your credit score. Each option comes with different borrowing limits, repayment terms and fees, so it’s important to compare features before applying.

Compare personal loans in New Brunswick 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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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 cash advance apps for bad credit

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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 bad 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
GoDay Payday Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	AB, BC, MB, NB, NS, ON, PEI, SK	Key features: Instant approval, accepts bad credit	More info Compare product selection Compare	loading
Loan Express Payday Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	ON, NB, NS, MB, SK, AB, BC, NL	Key features: Instant loans 24/7, no credit check	More info Compare product selection Compare	loading

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How do bad credit loans work?

Bad credit loans in New Brunswick are designed for people with no credit history or a poor credit score—usually under 560 to 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 like Spring Financial, Cashco and Nyble, 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.

Personal loans

• How it works. Personal loans can either be secured or unsecured. Unsecured loans typically only let you borrow up to $10,000 without providing collateral if you have bad credit, while secured loans allow you to borrow larger amounts by using an asset such as your home or vehicle as security.
• How much it costs. 10% – 35% interest rate, which may include some form of origination or appraisal fees for secured loans.
• Pros. Higher borrowing limits and lower interest rates than payday loans.
• Cons. Unsecured personal loans often have stricter eligibility criteria than other types of bad credit loans in New Brunswick, while secured loans require collateral, can take longer to process and may put your asset at risk if you default.

Cash advance apps

• How it works. Cash advance apps provide small, short-term loans. They often require no credit check and advance a portion of your upcoming paycheque to cover urgent expenses. Repayment is typically due by your next paycheque, though some apps offer more flexible schedules or renewal options.
• How much it costs. There’s typically no interest on these loans, but you may have to pay a monthly subscription fee.
• Pros. Fast approval, minimal eligibility requirements, no need for collateral, and funds can arrive within minutes or hours.
• Cons. Borrowing amounts are typically capped at $500, repeated use can become expensive, and not all apps report repayments to credit bureaus, so they may not help rebuild your credit.

Payday loans

• How it works. Payday loans are short-term, small-dollar loans designed to cover urgent expenses until your next paycheque. Borrowers can access a percentage of their monthly salary, up to $1,500 and repayment is generally due by the next payday.
• How much it costs. $14 for every $100 borrowed
• Pros. Provide quick access to cash, easy to qualify and no need for collateral.
• Cons. Payday loans come with extremely high fees, offer only small amounts and have short repayment terms.

How much do bad credit loans in New Brunswick cost?

The total cost of bad credit loans 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 $500 loan might cost a borrower.

The payday loan has the highest APR out of all three loan options, making it the most expensive of all bad credit loans in New Brunswick. Cash advance apps offer the cheapest option, but if you need a large sum, a personal loan may be better.

How to apply for bad credit loans in New Brunswick

Follow the steps below to apply for bad credit loans:

Eligibility requirements for bad credit loans

While requirements will vary by lender and loan type, you’ll usually need to meet the following to apply for bad credit loans in New Brunswick:

• Be a Canadian citizen or resident who is of the age of majority.
• Have a valid Canadian address and bank account.
• Meet minimum income and employment requirements.
• Meet minimum credit score requirements (as needed).

Can I get a bad credit loan with low income?

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 and cash advances. 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 choose a bad credit loan 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 20% APR if possible. Watch out for hidden fees as well, like 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 personal loans is $10,000. Payday loans max out at $1,500. Cash advance apps only offer up to $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 and some cash advance apps. 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.
• Reduce existing debt. If you have any debt, paying it off and lowering your debt-to-income ratio will show lenders you can handle new payments responsibly.

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.
• Side hustles. It’s better to boost your income rather than take on more debt. Learn more about making money from home without putting up cash first.

Frequently asked questions

• What's the best type of bad credit loan in New Brunswick?

  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. But if you don't need a lot of money, using a cash advance app may be even better, as they offer 0% interest and low-to-no fees.

• How long will it take to process my application?

  It can take only a few minutes with payday loans, and usually under 24 hours with unsecured personal loans. Cash advance apps can take up to three business days, but some offer instant funding for a fee.

• Will taking out a bad credit loan hurt my credit score?

  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.

• What can I use a bad credit loan for in New Brunswick?

  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.

Written by

Claire Horwood

Associate editor

Claire Horwood was 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. See full bio

Claire's expertise

Claire has written 360 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Business Loans
• Credit Cards

Co-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
• Car Loans
• Business Loans
• International Money Transfers
• Make Money Online