Bad Credit Loans in Canada


If you are looking for a bad credit loan, having a poor credit can be a significant obstacle in the way of achieving your goals.

Not only will a low credit score make it more difficult to get approved for a loan from a traditional lender like a bank, a spotty credit history can also mean that any loans you do receive will not have the lowest possible interest  rates.

However, if you have bad credit and need a loan, don’t despair – there is a solution!

At Lend for All, we’re committed to helping people with bad credit secure the loans they need to accomplish their short and long-term financial goals. We want to be partners in your success, and through our Bad Credit Loans not only will you be able to get the money you need quickly and easily, by repaying your loans consistently and responsibly, you can rebuild your credit over time. 

Having bad credit doesn’t have to be a permanent problem. Let us help you get approved for a bad credit loan today!

The Advantages of Bad Credit Loans

Traditional lending institutions like banks will often reject loan applications of anyone with bad credit and a low credit score. For them, extending a bad credit loan is too risky. However, this isn’t the end of the story. There happen to be many advantages for clients that want to receive a loan for bad credit, which are listed below.

Versatility and Flexibility

Unlike other loan products, bad credit loans don’t require the borrower to explain what the money is for. This means that you can use the loan for anything you want! Whether you’re paying off a surprise medical bill, taking a much-needed vacation, helping your kids pay for school or using the money to fix the brakes on your car, what you use your bad credit loan for is your business! Lend for All’s bad credit loans give you the freedom to put the money to good use however you see fit.

No Credit History

One of the difficulties of using traditional lenders is that they insist on probing your financial history. Not only does this extend the process and take longer, but in some cases, the process of checking your credit score (when a “hard” credit check is performed) can actually affect and change your score! With Lend for All loans, bad credit is not an issue. Our lenders adjust their interest rate and lending amounts to make up for any potential risk they face.


Easy Access

If you have bad credit and want to get a loan from a bank in Canada, they will often ask you to come in and speak with a loan specialist in person. This isn’t always convenient. We know that your schedule is already packed with demands from work, family and your social life, so Lend for All makes getting a bad credit loan as easy as possible. To successfully apply, all you need is proof you’re over 18 and an internet connection – that’s it!


Speedy Approvals

No matter what level of financial assistance you’re looking for, when it comes to traditional lenders, a speedy approval isn’t necessarily their top priority. All too often, a bank’s main concern is scrutiny, undertaking a due diligence process that help s fill in the blanks related to your credit history and credit score. With Lend for All’s Artificial Intelligence-assisted platform at your fingertips, approvals for loans with bad credit can be achieved in only a few minutes!


Help Improve Your Credit Score

While many people who apply for bad credit loans are in a difficult financial situation, the nature of our bad credit loans mean that instead of getting you deeper into debt, paying back our loans in a responsible and timely manner can actually help improve your score! There are many advantages that result from an improvement in your score, but the most significant changes include being able to access loans with better rates in the future, and having an easier time accessing funding from traditional lenders. By being diligent, borrowers can experience big improvements by repaying their loan responsibly and on time.


What is a “Bad” Credit Score?

A credit score in Canada is usually determined by one of two large financial institutions: TransUnion and Equifax. Both of these credit reporting agencies study borrowers and give them a three-digit score based on a number of factors.

A low credit score is usually somewhere between 580 and 619. A bad credit score is anywhere between 500 and 619.

Those with higher credit scores have an easier time getting a loan from lenders like banks, and they’ll also receive preferential interest rates. Those with lower scores are determined as “too risky,” and are often rejected for personal loans by traditional lenders.


How are Credit Scores Determined?

Both TransUnion and Equifax use a number of variables when determining your credit score. While both of them have slightly different procedures, generally speaking, the most important variables are:

  • Payment History: Missing and late payments on your credit card, mortgage, etc. will lower your score.
  • Debt Levels: The amount you owe (whether for student loans, credit card bills, etc) and the length of time you’ve owed the money will affect your score. Using more than 40% of your available credit will also have a negative effect.
  • Debt Variety: The more types of debt you have, the more likely you are to have been trusted by another financial institution, which results in a higher score.
  • Credit History: Being able to demonstrate many years of responsible repayment history will improve your score.
  • New Inquiries: Every time lenders perform what is called a “hard” credit check, your score can be lowered. Applying for many loans within a short period of time is a red flag, indicating multiple rejections and/or poor money management. However, keep in mind that simply checking your credit score will not lower your credit score.

To make sure that your credit score is as high as possible, make every effort to limit your loan applications to only those that can realistically be paid back in a responsible manner within your budget. Doing so will help you avoid late fees as well as avoid the negative ramifications to your credit score.


How Does Lend for All Evaluate my Loan Request?

When you send in your application for a loan using our form, each of our reputable lending partners will want to know the same thing, and be asking the same fundamental question: What is the credit risk for this particular borrower?

To do that, they’ll check on a number of factors, as well as ask about the length of your current employment and income levels. As mentioned above, borrowers with scores below 620 can struggle to find viable financing solutions paired with affordable rates when using traditional lenders.


credit score calculation

1. Payment History:

Using Lend for All’s A.I.-enhanced platform, our lenders can be instantly informed about whether credit payments have been made on time, were late, or were missed altogether.


2. Accounts Owed:

This represents the total amount of money you owe. A credit score demonstrates the ratio of money owed to the amount of credit you have free.


3. Credit History Length:

A credit score is calculated based on the length of time your oldest and newest accounts have been open, in addition to the overall average.


4. New Credit:

This pertains to recently opened accounts. Having too many accounts opened within a short time frame lowers your score and increases your risk.


5.Credit Mix:

A strong assortment of accounts leads to high credit scores, such as retail accounts, mortgages, credit cards, and installment loans.

What Does Lend for All Do With This Information?

Using the information above, our financial experts will not only connect you with a lender that is right for you, but we’ll also design and recommend realistic repayment schedules that suit your particular paycheck and lifestyle.

While the short-term goal is to lend you money and help you accomplish your financial goals, our ultimate goal is to lend you help you rebuild your credit so that you can have an easier time borrowing money in the future.  A better financial record will also help you pay lower rates when you borrow that money.


What is the Maximum Loan I Can Get with Bad Credit?

Every financial institution is different, and so it is impossible to say what the maximum amount will be for you before your financial situation is properly assessed. Luckily, thanks to our A.I.-enhanced platform, our lending partners are able to have the information they need to quickly ascertain your creditworthiness. I

n a very short time, they’ll be able to determine what level of debt you will be able to realistically repay in a timely manner, and set the loan at that amount. Generally speaking, the loans that Lend for All’s partners can make available will be related to your income, and so for bad credit loans in Canada, you can expect to see anywhere from $500 to $5,000 or more.

 What are the Negatives Associated with Bad Credit Loans?

Any loans that are provided without collateral (otherwise known as unsecured loans) are necessarily going to have higher interest rates (sometimes called “subprime” rates) than the rates you might see given out at a large, multinational bank.

The reason for this is that any borrower with bad credit, runs a higher mathematical probability of not paying the loan back. Consequently, the lenders involved will see this as a risk, and want some form of assurance, or hedge, against the principal amount in the case that the debt is not paid back.

There are also some bad apples out in the financial industry. These players are often called predatory lenders, because they intentionally seek out vulnerable (and unsuspecting) borrowers, and manipulate the terms of the deal in order to make more money.

These lenders will do things like charge hidden fees, increasing associated costs, and otherwise not treating you with the best intentions. They know that a desperate individual is less likely to worry about the future ramifications of getting a loan, and be more focused on getting the money right away, come what may. Avoid these untrustworthy organizations like the plague.

Related to the threat of predatory lenders is the ever-present risk of finding yourself in an unsustainable debt cycle. When using lenders that charge interest rates much higher than normal, you run the risk of not being able to pay the full amount back (with interest) on time. This results in the unpaid debt being rolled over into a new loan, and guess what? This loan also has very high rates and fees.

Ultimately, vulnerable borrowers can end up finding themselves stuck in a debt cycle, and as a result they end up paying back their original loan many times over, which is equivalent to having interest rates as high as three digits!

Because of these risks, you should only get a bad credit loan from an institution you can trust, one that has taken the time to design a repayment schedule (and loan size) that makes sense for your financial situation. After all, if someone lends you more money than you can ever possibly pay back, are they really doing you a favor? The answer is a clear “no.”

Apply Today!

When you work with Lend for All, we make sure that your bank account has the money you need to get the job done.  We also ensure you have the money accessible to you when you need it most. It doesn’t matter what you need the money for. It could be for a wedding gift, to fix a broken window, to pay for a kitchen renovation, to help you meet payroll in your business during a slow month – it doesn’t matter!

If you have poor credit and maxed-out credit cards, we can get you back on the right track by providing loans and interest rates that work for you. We are an alternative financing solution, and along with our Artificial Intelligence-enhanced platform, our optimized process will help you qualify no matter your credit score.

Learn more about Bad Credit Loans in Canada by calling us toll-free at 1-800-532-4505. Or, if you prefer, simply start the process off right away by filling out our easy-to-use form! Before you know it, you’ll have the money you need in your bank account, and you can focus on what’s important: living your life!