Nobody wants to have a bad credit report. Nobody! In fact, people try their level best to try and avoid having bad credit even though some instances are inevitable that can cause these reports to show on their credit when applying for Lendgreen loans.
Many lenders, finance companies, banks, online lending services, and credit unions, offer both the secured and unsecured loans in Canada. These loans are usually short-term, and their application processes are usually swift and easy.
- Getting bad credit personal loans with no credit checks on Canada
Many lenders in Canada now offer loans to people who have bad credit or no credit checks. Most of these lenders don’t even run credit checks. But instead, they require that you have a stable and regular source of income instead. These lenders will also look at your current financial situation before they give you the loans. You can also look at the home equity loans that offer secured loans where you can issue your property to act as collateral.
- Guaranteed approval for the bad credit personal loans
Most lenders usually need you to have some form of proof of stable and regular income before they can offer you a loan. This means that guaranteed approval may not always be the case when it comes to loan applications in Canada. Guaranteed approval means that the lenders will accept your loan application offers, but you will have to prove that you are capable of repaying the loans they give you. Also, these lenders pay less attention to your credit score.
- How do you get an unsecured personal loan if you have bad credit?
You, first, need to do is shop around for the lenders with the best interest rates, the types of loans they offer, lending criteria, repayment schedules, the types of acceptable collateral, etc. Lenders will always want to look at your current employment and financial information to ascertain whether you are eligible to receive a loan. When applying for an unsecured personal loan but have a bad credit report, lenders will always require that you provide information like your mortgage payments, number of dependents, age, social insurance number, current address, etc. Lenders will never want to work with you if you pose a risk of not repaying the loans.
- Top five personal loan lenders who can give you a loan with your bad credit in Canada
- EasyFinancial – these lenders offer personal loans and home equity to customers who need emergency cash to pay for their unexpected financial expenses. They also offer loans to help you try and repair or establish your credit. Their loans to clients with bad credit range from $500 to $10,000.
- Capital Direct – these lenders also provide home equity and also lines of credit to pay for and cover for any unexpected expenses.
- Prudent Financial – these lenders offer loans of up to $5,000 to clients with bad credit. Your approval depends on factors like assets, employment, and income level.
- Canada Lend – they offer second and credit mortgages, home equity lines of credit, debt consolidation services, etc.
- Secured bad credit loans
Secured loans to clients with bad credit usually involve collateral to act as security for the loans offered. These can be anything from vehicles, to homes, to real estates, etc. The repayment terms of these loans vary depending on the client’s financial situation and agreements with the lenders.
- Unsecured bad credit loans
These types of loans usually have very high-interest rates. They are also more difficult to approve compared to the secured loans. One good way to increase your chances of getting approved is to have a co-signer. Lenders always consider co-signers also to take responsibility for the loans. Lenders can offer you loans that cover back to school expenses, holidays and travel, home improvements, etc. Some lenders require you to prove your housing information before you get approved for a loan.