Loans
Loans with Bad Credit in Canada
Who lends to people with poor or no credit, what it costs, and safer ways to borrow or rebuild.
Who lends to people with bad credit?
Online and alternative lenders such as easyfinancial, Fairstone and Spring Financial approve weaker credit profiles; banks and credit unions are stricter.
| Lender | Loan | Rate | Amount |
|---|---|---|---|
| Fairstone | Unsecured personal loan | Interest 29.99% – 34.99% | $500 – $25,000 |
| Fairstone | Secured personal loan (homeowners) | Interest 19.99% – 25.99% | $5,000 – $50,000 |
| easyfinancial | Unsecured personal loan | Interest 29.99% – 35% | $500 – $20,000 |
| Spring Financial | Personal loan | APR 9.99% – 35% | $500 – $35,000 |
| goPeer | Personal loan | APR 8.99% – 34.99% | $1,000 – $35,000 |
| LendDirect | Vehicle-secured loan | APR 24.99% – 34.99% | Up to $25,000 |
Rates for these loans are usually 25% to 35%. The table shows what each lender publishes.
Put it into practiceOnline lenders and loan search servicesWhat does it cost?
At 35% APR, $5,000 over 3 years costs about $3,142 in interest; at 10% it would be about $808.
Borrow only what you need and choose the shortest term you can afford.
Are there cheaper options?
A cosigner, a secured loan, a credit union, a secured credit card to rebuild credit, or a small interest-free cash advance for short gaps.
Paying on time for 6 to 12 months can lift your score enough to refinance at a lower rate later.
Are “no credit check” loans real?
Some small loans skip a traditional credit check but price near the legal limit. “Guaranteed approval” for a fee is a red flag for a scam.
A real lender never asks for money before paying out your loan.
Keep reading
LoansHow to Spot a Loan ScamThe warning signs of fake lenders, what real lenders never ask for, and what to do if you have been targeted.
Credit scoresHow to Improve Your Credit Score in CanadaNine steps that raise a Canadian credit score, in order of impact, with how long each takes to show up.- LoansHow Personal Loans Work in CanadaWhat a personal loan is, how lenders set your rate, what it costs and what you need to apply, explained step by step.
LoansSecured vs Unsecured LoansWhat collateral means, how it changes the rate, and what you risk if you can’t pay.
Official sources and further reading
- Criminal Code, section 347: the 35% criminal rate ↗
- Canadian Anti-Fraud Centre: grant and loan scams ↗
- FCAC: credit report and score basics ↗
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value