If you’re struggling to qualify for financing from a bank or credit union, there are plenty of options for bad credit loans in Saskatchewan. 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 some of the best bad credit loans in Saskatchewan to find a loan for your unique situation.
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 Saskatchewan
To find the best bad credit loans in Saskatchewan, 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.
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 – $15,000
APR
18.9% – 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.
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
AAR Financial offers personal loans with large loan amounts and long loan terms. The company serves customers in Manitoba, Saskatchewan, Alberta, Ontario and British Columbia. Full Review
Why it's one of the best
Increase your odds of approval. AAR Financial claims to approve 99% of applications.
Get a secured or unsecured bad credit loan. Use your home to secure your loan and get a more competitive rate, or get an unsecured personal loan.
Work with an established lender. AAR Financial has been in business for over 15 years with headquarters in Winnipeg, Manitoba.
Flexible loan amounts
No prepayment penalties for unsecured loans
High rates
Fees not clearly disclosed online
Loan amount
$1,000 – $50,000
APR
14.9% – 46.7%
Term
24 - 120 months
Fees
Fees may include insurance fees, administration fees and NSF/late payment fees.
Affinity is a credit union serving residents of Saskatchewan. Its Restart Loan is designed for Affinity members who can't access traditional loans from financial institutions.
Why it's one of the best
Get a loan from a reputable lender. Affinity is one of the largest credit unions in Saskatchewan and has been around since 2005.
Get a fair rate. The Restart Loan has an APR of 17.99%, which is significantly lower than other no credit check loans.
Borrow $200-$3,000. This is a very reasonable range for a no credit check loan.
Easy application
Fair rates
Lender you can trust
Harder to qualify for
Available in Saskatchewan only
Loan amount
$200 – $3,000
APR
Starting at 17.99%
Term
2 - 24 months
Fees
No fees
Turnaround time
Varies
Serviced provinces
SK
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.
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 personal loans in Saskatchewan
You can apply for different types of bad credit loans in Saskatchewan.
Short-term installment loans. There’s no need for collateral. The loans are usually for lower amounts than you would qualify for with a conventional unsecured personal loan.
Secured loans. Use an asset like your home or car to secure your loan to get lower interest rates. Just be aware that you can lose your asset if you default on your loan.
Features of bad credit loans in Saskatchewan
Installment loans
Payday loans
Secured loans
Loan amount
$500 to $10,000
$100 to $1,500
Up to $50,000
Loan term
3 - 60 months
By your next payday
3 - 60 months
Interest rates or fees
18%–47%
$17 for every $100 borrowed
Varies – usually lower than installment loans
Turnaround times
24–48 hours
Same day
A few days to weeks
Increase your chances of approval with a cosigner
Some lenders allow cosigners for installment loans or secured loans. A cosigner is a family member or friend with strong finances who’s willing to sign the loan with you. If you stop making loan payments, your cosigner becomes responsible for paying them.
How much do bad credit loans in Saskatchewan cost?
The total cost of bad credit loans in Saskatchewan 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.
Installment loans
Payday loans
Secured loans
Loan amount
$1,000
$1,000
$1,000
Loan term
12 months
14 days
12 months
Interest rate or fees
46.93%
$15 per every $100 borrowed
26%
Monthly payment
$106.00
Total amount paid on payday
$95.53
Total interest/fees
$272.02
$150
$146.36
Total loan cost
$1,272.02
$1,150
$1,146.36
Total APR
46.93%
391%
26%
As you can see, the payday loan in this example has the lowest total loan cost but the highest APR. This is because you accumulate $150 in fees over 2 weeks, rather than 12 months as with the other loans. This makes payday loans the most expensive of all bad credit loans in Saskatchewan.
How to apply for bad credit personal loans in Saskatchewan
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 personal 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 of bad credit loans
While requirements will vary from lender to lender, you will usually need to meet the following:
Be a Canadian citizen or resident who is at least 18 years old.
Can you get a bad credit loan with low income in Saskatchewan?
It depends on how much of your monthly debts take up your total monthly income. If your current monthly 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 lenders and aim to pay under 25% APR if at all possible. Avoid taking out payday loans if other options are available.
Loan amounts. Only borrow what you can afford to pay back. Most lenders will max out their loan amounts around $10,000 for bad credit loans, but you may qualify for more with a secured loan. Payday loans only go up to $1,500.
Loan terms. Longer terms mean lower monthly payments, but you’ll pay more interest overall. Aim for the shortest term you can find with monthly payments you can afford.
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 hours, while payday loans can be paid out in minutes.
Secured loans can take several days to weeks to process. Find a turnaround time that works with your schedule. 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 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 for bad credit, they can help increase your chances:
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 your loan.
No recent NSF fees in your bank account. NSF transactions in the last 60–90 days can lower your chances of approval 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.
Other options available for people struggling with bad credit
You may want to consider these options before you take out high-interest bad credit loans in Saskatchewan.
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.
Borrowing from friends or family. If you’re struggling with bad credit, you might like to ask friends or family for a more flexible, interest-free loan.
Credit builder loan. Check with your local credit union to see if you qualify for a credit builder loan. These loans are designed to help you build your credit score by reporting your on-time payments to the credit bureaus. But you won’t get the loan funds until after you make all your payments.
What to watch out for with bad credit loans in Saskatchewan
Expensive. Bad credit loans come with very high interest rates up to 46.96%. They’re higher for payday loans.
Hidden fees. You may end up paying more than you bargained for if you don’t carefully check your loan agreement for fees. Compare your loan’s annual percentage rate (APR) with your interest rate. If they’re very different, you may be paying too much.
Predatory lenders. Watch out for personal loan scams when searching for bad credit loans. Make sure the lender is registered in Saskatchewan, that they’re transparent about loan costs and that they have a solid online presence and good reputation.
Frequently asked questions
Most bad credit loans come from online or payday lenders. It will be much more difficult to get a loan from a bank or credit union when you have poor credit because they have stricter eligibility requirements.
In most cases, no. If the lender does a hard credit check to assess your application, your credit score will dip a little. The only time a bad credit loan will damage your credit score is if you make late payments or default on your loan.
There typically aren't any restrictions on how borrowers can use their funding from a bad credit loan. You can use the cash to pay off bills, make major purchases, pay for car repairs or pay for 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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