Related: Low income loans in Canada
Compare 25+ Bad Credit Loans in Saskatchewan
You have plenty of options. Explore personal loans, cash advance apps and payday loans in Saskatchewan.
There are plenty of options for bad credit loans if banks and credit unions can’t approve you. These loans focus less on your credit score and more on other eligibility factors, such as your income or employment status. Just watch out for high interest rates and fees.
Compare a wide range of bad credit loans in Saskatchewan here to find a loan for your unique situation.
- Personal loans (harder to get)
- Cash advance apps (easier to get)
- Payday loans (easier to get but expensive)
Compare personal loans in Saskatchewan for bad credit
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How we picked theseFinder 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.
Compare cash advances for bad credit in Saskatchewan
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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.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for long-term borrowing, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, consider calling 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.Compare payday loans for bad credit in Saskatchewan
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Key takeaways
- If you have bad credit, your loan options are secured and unsecured personal loans, payday loans and cash advance apps.
- Payday loans are the most expensive option, with APRs reaching over 300%, so they should only be a last resort option. Cash advance apps cost as low as 0% APR, while personal loans charge up to 35%.
- Check your credit score, shop around using reputable lenders or loan platforms and review fees, terms and lender reputation to find the right loan for you.
How do bad credit loans in Saskatchewan work?
Bad credit loans in Saskatchewan are for people with a poor credit history. Usually, that’s defined as having a credit score under 560, sometimes even 600. These loans come with much higher interest rates and fees than traditional loans because it’s riskier for your lender to lend to you.
You can apply for a bad credit loan in Saskatchewan completely online and get approved on the same day.
According to credit bureau Equifax, a credit score under 560 is considered “poor.”
Types of bad credit loans in Saskatchewan
You can apply for different types of bad credit loans in Saskatchewan.
- Unsecured personal loans. There’s no need for collateral, and approval is based on your income, debts, cash flow and partially your credit score. Learn more about personal loans in Saskatchewan.
- Secured personal loans. Use an asset as collateral to increase your chances of approval. For bad credit loans, the asset is usually your car. If you default, you could lose your car.
- Payday loans. These are instant loans you repay on your next payday, and they have extremely high fees. Learn more about payday loans in Saskatchewan.
- Cash advance apps. These provide small, short-term advances on your paycheque, often with instant access to funds. They usually don’t require a credit check and can be a convenient alternative to payday loans, though they may charge fees, request optional tips or require a membership. Learn more about cash advance apps.
Summary of key features of bad credit loans in Saskatchewan
| Installment loans | Payday loans | Secured loans | Cash advance apps | |
|---|---|---|---|---|
| Loan amount | $500 to $10,000 | $100 to $1,500 | Up to $50,000 | Up to $500 |
| Loan term | 3 - 60 months | By your next payday | 3 – 60 months | Next pay cycle or flexible |
| Interest rates or fees | 18%–35% | $14 for every $100 borrowed | Varies – usually lower than installment loans | 0% interest, $2 - $12 membership fees |
| Turnaround times | 24–48 hours | Instant | A few days to weeks | Advances take up to three days or instantly for a fee |
Example: Cost of a bad credit loan in Saskatchewan
The total cost of a bad credit loan in Saskatchewan depends on the loan type, amount, term, interest rate and any other fees. To give you a better idea of how much you might spend, here’s a look at the total cost of different loan types and amounts:
| Loan amount | Interest rate | Loan term | Total loan cost | Interest charged | |
|---|---|---|---|---|---|
| Payday loan | $1,000 | $14 for every $100 borrowed | 14 days | $1,140 | $140 |
| Installment loans | $5,000 | 35% | 6 months | $5,875 | $875 |
| Secured loans | $7,000 | 20% | 1 year | $7,781.30 | $781.30 |
| Cash advance | $250 | 0% | 30 days | $250 | $0 |
How to apply for loans with bad credit
Follow these steps to apply for bad credit loans in Saskatchewan:
- Check your credit score. Order a copy of your credit report from Equifax or TransUnion to ensure you know your credit score going in. This will help you determine which loans you might be eligible for.
- Compare lenders. Search for online lenders that offer bad credit loans. Aim to shop around with a reputable loan broker or consult the lenders in this post to make sure you end up with a legit company.
- Compare loans. Compare the features of bad credit loans. Be sure to look at the APR, how much you can borrow, how long you have to repay the money and how often you’ll have to make repayments.
- Get pre-approved. Apply for pre-approval with a few lenders to see which options you might qualify for. This will give you a better idea of what interest rates and fees you’ll have to pay. Just make sure the lender does a soft credit check only before you apply.
- Complete your application. When you’re happy with an offer, submit any documentation required to support your application, including proof of ID, bank statements, banking info and proof of employment. If you opt for instant bank verification, you won’t need to email or upload any of these.
- Review your final loan offer. When you get your official loan offer, read over it carefully. Check the interest rate, fees, loan amount, term and payment schedule before you sign. The money will typically be deposited into your account within one business day.
Eligibility requirements
While requirements will vary from lender to lender, you’ll usually need to meet the following:
- Be a Canadian citizen or resident who is at least 18 years old.
- Have a valid Canadian address and bank account.
- Meet minimum income and employment requirements.
- Meet minimum credit score requirement (as needed).
Can you get a bad credit loan with a low income in Saskatchewan?
It depends on how much of your debts take up your total monthly income. If your current debt payments already take up too much of your monthly income (typically over 50–60%), lenders for bad credit loans in Saskatchewan may not approve you.
Can you get guaranteed approval on bad credit loans in Saskatchewan?
No. Legitimate bad credit lenders in Saskatchewan don’t guarantee approval. They’ll need to review your finances first by looking at your pay stubs, bank statements and credit report. Steer clear of lenders that offer guaranteed approval because it could be a scam.
How to get the best bad credit loans in Saskatchewan
Think about the following features to help find the right loan for your personal situation:
- Interest rate. Compare the APRs so you’re aware of the true cost of a loan. Avoid taking out payday loans if other options are available.
- Loan amounts. Only borrow what you can comfortably afford to repay. If you’re approved for more than you need, avoid taking the extra amount, as it will cost you more in interest.
- Loan terms. Choose a repayment schedule that works best for your financial situation. Payday loans have the most inflexible terms, as they need to be repaid by your next payday.
- Fees. Watch out for early repayment fees, NSF fees, late payment fees and set-up/origination fees. Avoid lenders that charge excessive fees.
- Turnaround time. Most bad credit installment loans are paid out within 24 to 48 hours, while payday loans and cash advances can be paid out in minutes, sometimes for an additional fee. If you’re facing an emergency, learn more about emergency loans.
- Reputation. Read customer reviews and check sites like the Better Business Bureau and Trustpilot to make sure the company you want to borrow from is legitimate and 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 and some cash advance apps don’t offer this option.
How can I improve my chances of getting approved?
While these tips won’t guarantee you’ll be approved for a loan with bad credit, they can help increase your chances:
- Avoid NSF transactions. If you have recent NSF transactions in your bank account, wait 60 to 90 days (while paying debts on time) before applying for a loan.
- Review your application. Errors on your application could result in an automatic denial.
- Work on your credit score. Take measures to improve your credit to increase your chances of getting approved. This will also help you get lower interest rates and better terms.
- Apply to a loan search platform. People with bad credit are less likely to qualify for a loan, so to quickly narrow down your eligible options, apply to a loan search platform like Loans Canada or LoanConnect.
- Pay off short-term loans first. If you have any active loans or short-term installment loans, pay those off first.
Other options available for people with bad credit
You may want to consider these options before you take out a high-interest loan.
- Government subsidies. You could qualify for provincial funding through income assistance, affordable housing or disability support programs.
- Credit counselling services. Services like Credit Counselling Society Saskatchewan may be able to help you consolidate your debts and figure out a budget.
- Debt relief services. If you’re finding yourself in a vicious cycle of debt, a debt relief company may be an option.
- Side hustle. If you have the time, it’s better to boost your income rather than go into more debt. Check out ways to make money without spending your cash first.
Bottom line
Bad credit loans in Saskatchewan can provide quick access to funds for people with poor credit, but they come with higher interest rates, fees and risks. Comparing lenders, loan types and terms carefully can help you find the most suitable and affordable option.
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