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Best bad credit loans in Newfoundland

Compare lenders to find a bad credit loan that suits your needs.

While you may have a harder time finding bad credit loans in Newfoundland, you still have options. The most common bad credit loans include installment loans and payday loans. Just be aware that these loans tend to come with very high interest rates, and youโ€™ll want to research your options to find the best deal.

Below we highlight some of the best bad credit personal loans in Newfoundland. Thereโ€™s no single best loan for everyone, so consider your personal circumstances before applying.

Best bad credit loans in Newfoundland

How we found the best bad credit loans in Newfoundland

To find the best bad credit loans in Newfoundland, 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.

464+

hours invested

112

lenders vetted

4,608

data points analyzed

1. LoanConnect

LoanConnect Personal Loan
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$500 โ€“ $50,000
Loan amount
8.99% โ€“ 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. Full Review

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 โ€“ $50,000
APR 8.99% โ€“ 46.96%
Term 3 - 120 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 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
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$300 โ€“ $50,000
Loan amount
6.99% โ€“ 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. 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 โ€“ $50,000
APR 6.99% โ€“ 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 โ€” 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. Spring Financial

Spring Financial Personal Loan
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$500 โ€“ $35,000
Loan amount
10.8% โ€“ 46.99%
APR
6 - 60 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. 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 โ€“ $35,000
APR 10.8% โ€“ 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.

4. easyfinancial

easyfinancial Personal Loan
Finder Award
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$500 โ€“ $100,000
Loan amount
9.99% โ€“ 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. 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 โ€“ $100,000
APR 9.99% โ€“ 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.

5. Mogo

Mogo Personal Loan
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$500 โ€“ $35,000
Loan amount
9.9% โ€“ 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. Full Review

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 โ€“ $35,000
APR 9.9% โ€“ 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.

6. Get Loan Approved

getloanapproved.com Vehicle Title Loan
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$1,000 โ€“ $50,000
Loan amount
9.95% โ€“ 29%
APR
12 - 72 months
Term
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.
  • No credit check
  • No employment requirement
  • 24/7 customer service
  • Potentially high rates
  • Vehicle must be fully paid off
Loan amount $1,000 โ€“ $50,000
APR 9.95% โ€“ 29%
Term 12 - 72 months
Turnaround time In as little as one hour
Serviced provinces AB, BC, MB, NB, NL, NS, ON, PEI, SK

7. LoansLoans.ca

LoansLoans.ca Installment Loan
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$500 โ€“ $1,000
Loan amount
28% โ€“ 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. 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 โ€“ $1,000
APR 28% โ€“ 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)

8. FlexMoney

FlexMoney Personal Loan
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$500 โ€“ $15,000
Loan amount
18.9% โ€“ 46.9%
APR
6 - 60 months
Term
FlexMoney is an online-only lender offering fast bad credit personal loans in Canada. Full Review

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 โ€“ $15,000
APR 18.9% โ€“ 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.

9. Magical Credit

Magical Credit Installment Loan
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$1,500 โ€“ $20,000
Loan amount
19.99% โ€“ 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. Full Review

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 โ€“ $20,000
APR 19.99% โ€“ 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.

10. Money Mart

Money Mart Installment Loan
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$500 โ€“ $15,000
Loan amount
29.9% โ€“ 46.9%
APR
6 - 60 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. 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
Loan amount $500 โ€“ $15,000
APR 29.9% โ€“ 46.9%
Term 6 - 60 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

11. Lend for All

Lendforall Personal Loan
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$100 โ€“ $50,000
Loan amount
2.99% โ€“ 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. 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 โ€“ $50,000
APR 2.99% โ€“ 46.96%
Term 3 - 120 months
Min. credit score 300
Fees Varies by lender
Turnaround time Varies
Serviced provinces All provinces

12. 24Cash

24Cash Installment Loan
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$500 โ€“ $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). 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 โ€“ $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

How to get approved for bad credit loans

To qualify for the best bad credit personal loans in Newfoundland, youโ€™ll need to meet the following requirements:

  • Be at least 19 years old
  • Have a steady income (employment preferred)
  • Have an active bank account
  • Have little to no NSF transactions in the past three to six months
  • Have no payday loan debt

Can you get loan with no credit in Newfoundland?

Yes, you can. First, try your current bank. If you already have a relationship with them, they may be able to help you get a loan even if you have no credit. Some alternative lenders and credit unions can also provide small loans to people with no credit. To get favourable rates, youโ€™ll need to show the lender that you have ample income to take on a new loan.

How to find the best bad credit loans in Newfoundland for you

To get the best bad credit loan for you, ask yourself these questions:

What is the APR?

The annual percentage rate (APR) is the interest rate plus fees you have to pay to get the loan. Focusing on the APR instead of the interest rate is important because fees can significantly drive up the cost of your loan. Examples of fees you may encounter with bad credit loans include brokerage fees, surety fees and admin fees.

When do I need the bad credit loan?

Lenders take up to 48 hours to fund bad credit loans. If your need is urgent, you may wish to consider fast emergency loans.

How much can I afford to borrow?

Lenders will differ in how much they can lend to you. Securing your loan with collateral may get you higher loan amounts, but youโ€™ll lose your asset if you stop making your loan payments. Longer loan terms will lower your monthly payments, but youโ€™ll pay more interest overall.

Is the lender offering guaranteed approval?

Avoid lenders offering guaranteed approval loans for poor credit because they could be a scam or predatory. Legitimate lenders do not guarantee approval. They check first whether you have the income to make your loan payments.

Other ways to borrow when you have poor credit

The following types of loans are also available to people with bad credit:

  • Line of credit. Some online lenders offer lines of credit to people with low credit scores. APRs are as high as 47.42%.
  • Cash advance apps. Apps like Nyble and Bree let you borrow a very small amount with no credit check.
  • Credit card cash advance. You can withdraw cash using your credit card. Youโ€™ll pay around 23% plus a percentage of the borrowed amount. Interest will start to accrue the day you withdraw.
  • Secured credit card. Get approved for a credit card when you provide a security deposit.
  • Payday loan. These are small loans that you repay in full by your next payday.

Alternative: Payday loans for bad credit in Newfoundland

If youโ€™ve considered all your alternatives, below are payday loans in Newfoundland from licensed lenders. Payday loans are easier and faster to get than personal loans, but they are also more expensive, with APRs in the triple digits. They are only suitable as a last resort.

โš ๏ธ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.

1. Cash Money

Cash Money Payday Loan

$100 โ€“ $1,500
Loan amount
5 โ€“ 40 days
Loan Term
15 minutes
Min. Turnaround Time
Cash Money is a reputable lender that offers payday loans, installment loans and lines of credit to people who don't qualify for a loan from a bank or credit union. You can apply for loans in person and online in several cities in Newfoundland.
  • Apply online, 24 hours a day and 7 days a week
  • Get funding on the same day in most cases
  • No prepayment penalty
  • You'll need a credit score of at least 560 for an installment loan or line of credit
  • Very high rates for bad credit
Loan amount $100 โ€“ $1,500
APR Varies by province
Term 5 - 40 days
Min. Turnaround time As little as 15 minutes with INTERAC e-Transferยฎ
How to apply Online
In Store
Credit Check Yes

2. Loan Express

Loan Express Payday Loan

$100 โ€“ $1,500
Loan amount
Up to 62 days
Loan Term
5 minutes
Min. Turnaround Time
Loan Express has been offering payday loans since 2005. It offers loans completely online and you can apply on the website at any time of day or night.
  • Borrow up to $1,500 with same-day approval
  • Speed up your application with instant bank verification
  • High customer ratings on Trustpilot
  • Very high fees
  • Only payday loans on offer
Loan amount $100 โ€“ $1,500
APR Varies by province
Term Up to 62 days
Credit Check No

3. Speedy Cash

Speedy Cash Payday Loan

$250 โ€“ $1,500
Loan amount
N/A
Loan Term
N/A
Min. Turnaround Time
Speedy Cash offers payday loans, cheque cashing and installment loans in Newfoundland. The company has been operational since 1998 and offers loans completely online. It doesn't have any store locations in Newfoundland.
  • Convenient, fully online process
  • Borrow up to $1,500, with same-day approval
  • Accepts EI, CPP or private pension and Child Tax Benefit
  • Very high fees
  • No in-person locations in Newfoundland
  • Soft credit check is required to verify your identity
Loan amount $250 โ€“ $1,500
APR Varies by province
Term Up to 62 days
Min. Turnaround time 24-hour application process with funding on the spot for in-person payday loan approvals, and up to 1 business day to e-Transfer for online applications
Credit Check Yes
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province Max. cost of borrowing a $100 payday loan Cooling off period to cancel loan Max. penalty for returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours excluding Sundays and holidays $20
New Brunswick $15 48 hours excluding Sundays and holidays $20
Newfoundland and Labrador $14 2 business days $20
Nova Scotia $15 Next business day (2 days for online loans) $40 (default penalty)
Ontario $15 2 business days $25
Prince Edward Island $15 2 business days N/A
Quebec Limit of 35% AIR N/A N/A
Saskatchewan $17 Next business day $25

How much are bad credit payday loans in Newfoundland?

The table below compares what youโ€™ll pay for a $300 payday loan over 14 days versus a $300 installment loan over 6 months, which is the typical minimum for installment loans.

Payday loanInstallment loan
Loan amount$300$300
Fees$14 per $100$0
Interest rate0%46.96%
Added cost$42$42.40
Total loan cost$342$342.40
Real APR365%46.96%

Keep in mind that this is just an example. With most installment loans, youโ€™ll typically borrow larger amounts (over $500, sometimes even $1,000). Payday loans come with much higher APRs than installment loans and are usually for small amounts (under $1,500) that you pay back by your next payday.

What are the risks of payday loans?

Watch out for the following risks if youโ€™re considering taking out payday loans:

  • High rates and fees. Payday loans have astronomically high interest rates and fees compared to bank and personal loans.
  • Short term loans. Youโ€™ll usually have to pay the loan back by your next payday, as opposed to personal loans, which often come with a loan term of 6 to 60 months.
  • Large single repayment. Unlike installment loans, which let you pay back funds over time, youโ€™ll have to pay back a payday loan in one lump-sum installment (plus interest).
  • Can negatively impact credit score. If you default on a payday loan, it can bring down your credit score.
  • Debt trap. When you repay your payday loan on the due date, youโ€™ll have less money left in your bank account to pay for other debts and expenses. This could force you to get another payday loan.

Frequently asked questions

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