15+ Bad Credit Loans in Newfoundland

If you have bad credit and need financing, you have options. In Newfoundland, these include personal loans, cash advances and payday loans. These loans may carry high interest rates, so be sure to compare options to find the best deal.

• Personal loans
• Cash advance apps
• Payday loans

Compare bad credit personal loans in Newfoundland

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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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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.

Read the full methodology

Compare cash advances in Newfoundland 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 bad credit payday loans in Newfoundland

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Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
Cash Money Payday Loan	$14 per $100 borrowed	$100 - $1,500	5 - 40 days	BC, MB, NL, NS, ON, SK	Loan discount on your very first $300 payday loan at $20 borrowing cost (excludes Saskatchewan). T&Cs apply.	Key features: Instant approval, accepts bad credit	More info Compare product selection Compare	loading
Focus Cash Loans	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	AB, BC and ON	Key features: No credit check, private disability income only	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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What is a bad credit loan?

A bad credit loan is a type of loan specifically designed for people who have a low credit score or a limited credit history. Since lenders see these borrowers as higher risk, these loans often come with high interest rates or fees. Traditional banks and credit unions in Newfoundland may not offer bad credit loans, but online and alternative lenders do.

Eligibility requirements

To qualify for a bad credit loan in Newfoundland, you’ll typically 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

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

To get the best 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.

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 you’ll lose your asset if you stop making your loan payments. Longer loan terms will lower your monthly payments, but you’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 generally don’t guarantee approval. They check first whether you have the income to make your loan payments.

When do I need the loan?

Funding times vary widely among lenders. Some can fund you within minutes of receiving your signature, while others can take up to 48 hours. Lenders that specialize in speed are payday lenders and cash advance apps.

Cash advance apps are relatively new in Newfoundland

If you only need to borrow a small amount, typically below $500, you can consider a cash advance app like Bree, Nyble or KOHO. Launched around 2021, these apps let you access part of your paycheque early without high interest rates or long repayment terms.

They’re designed for short-term financial gaps, like covering bills or emergencies, and may come with budget tools and credit reporting to help improve your credit score. Cash advance apps may charge a membership fee for this service or ask for optional tips.

Payday lenders have been around a lot longer, but they’re best left as a last resort

If you can’t get approved for an installment loan and a cash advance isn’t enough for you, a payday loan is an option. Payday loans are easier and faster to get than personal loans, but they’re also a lot more expensive. They are only suitable as a last resort.

A closer look at the risk of payday loans

• High rates and fees. Payday loans have astronomically high APRs of over 300%.
• Short loan terms. You’ll 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, and cash advance apps, which can offer extensions.
• Large single repayment. Unlike installment loans, which let you pay back funds over time, you’ll have to pay back a payday loan in one lump-sum installment (plus interest).
• Debt trap. When you repay your payday loan on the due date, you’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.

How much are bad credit payday loans in Newfoundland?

The table below compares what you’ll pay for a $300 payday loan over 14 days versus a $300 installment loan over six months, which is the typical minimum for installment loans.

Keep in mind that this is just an example. With most installment loans, you’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.

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 35%. Learn more about lines of credit for bad credit.
• Credit card cash advance. You can withdraw cash using your credit card. You’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.
• Side hustle. It’s not a financing option, but it’s still worth exploring ways to boost your income rather than taking on more debt. Learn more about side hustles without paying cash first.

Frequently asked questions

• Can you get a loan with no credit history 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, you'll need to show the lender that you have ample income to take on a new loan.

• Can you get a no credit check loan in Newfoundland?

  Cash advance apps and payday lenders can offer no credit check loans. However, the majority of lenders that offer amounts higher than a few thousand dollars require credit checks. They'll want to see your score before they lend to you, since this tells them how likely you are to pay the money back.

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

Co-written by

Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio