Loans For People With Bad Credit
Get a loan with bad credit without affecting your credit score.
- *Whizz is an independent comparison website, not a lender or a broker.
- *Applying won't affect your credit score.
- *All loans are subject to creditworthiness and affordability checks.
Save thousands of dollars with our Fixed and Lowest ever interest rate loans.
Why a large number of people choose Whizz? Because we brightening their rainy days since 2017. We made online borrowing simpler, faster, and more affordable.
Why choose "Whizz"?
Need urgent money? Don't worry! Apply online and get fast approval*.
Borrow $100 to $5k
You are free to borrow as min $100 to max $5000 with long repayments terms.
Secure application
Use our modern age secured application process to ensure you get funds securely and quickly.
Instant cash access
Want to quickly access your credit? We approve your small loan online within few minutes.
Dedicated support
Our loan specialists are always ready to help you throughout the whole process until you get approval.
Generally, credit scores are divided into many ranges such as from 600 to 724 are considered as good, 725 to 759 are very good, and 760 and up are come under excellent. A higher credit score is an indication that you are a responsible borrower. This factor also convinces the lenders that you can afford your loan, which directly gives you more chances of loan approval.
Thousands of Canadians search the internet every day for the term "loans for the bad credit" that help them by providing cash to overcome their short-term financial strains.
These "personal loans with bad credit" are similar to "payday loans" that offer short-term cash loan assistance until your next paycheck. If you are searching for a bad credit loan in Canada or want to know more about it before application, Whizz™ has covered it for you below!
What is Bad Credit means?
If you have a "Bad Credit" profile then you definitely will face difficulty getting loan or credit card approval. But did you know why? And what is the term "Bad Credit" is? Bad credit indicates the financial position of anybody that they have a history of poor financial management.
People with bad credit status means, that they likely to miss their payments in the past or can't make good financial decisions. This is the main reason why high street financial institutions like banks find it difficult to approve such bad creditors for a loan.
Why my credit is bad?
With this bad credit tag, you become riskier borrowers for the lenders. There are number of reasons that give you a low credit score profile, some are mentioned below:
- Bankruptcy,
- Missed or late payments,
- Too many "Hard Credit" searches on credit profile,
- Applying for too many loans or credit cards within a short time period,
- Taking loan that you can't afford to pay back on time and,
- Defaulting on loans.
Due to poor credit, lenders see you as a high-risk borrower and think that you are a bad investment and having low chances of loan repayments on time.
What are bad credit loans?
Bad credit loans in Canada are the loans for people with bad credit or no credit score who need urgent money, but they can't get it because of their adverse credit. Such borrowers can easily get a personal loan with bad credit to pay off their credit card bills, car repairs, and other unplanned expenses.
Good, fair, and bad credit, all is based on FICO score range from 300 to 900. Generally, a lower than 580 credit score is considered as lower. If you want to get approval for traditional loans, you must have a fair range of credit scores.
Those borrowers who earned lowered credit scores (below 580) are fall under the "Poor Credit" category. Such people with bad credit have to face difficulty in getting loan approval at the best interest rates.
Lenders take a risk to offer loans for poor credit and this is why such bad credit loans are costly. Usually, you need to pay higher interest rates than people with good credit scores, but you get instant cash. When bank loans declined your loan request, these lenders take a risk and provide you money via online loan bad credit. So, paying higher interest rates is not a big issue.
Types of bad credit loans
Getting a loan with bad credit is possible, yes I am saying right! Even if you have an adverse credit score, there are many types of loans that you can get.
Usually, personal loans with bad credit are a much safer option to get instant money among other options like payday loans with bad credit or installment loans with bad credit. But make sure to read carefully your loan agreement for terms and conditions, no matter what type of loan you are applied for.
Three types of loan you can get on your bad credit profile and they are mentioned as:
👉 Personal Loans
Personal loans with bad credit come with fixed and high interest and you need to repay your loan within few months or a year. Small personal loans and large, both are available so make sure about your lender's minimum and maximum loan limit and apply accordingly.
Usually, bad credit personal loans are unsecured and it means that you need not submit collateral against your loan approval. Collateral is required by secured loans and if you are unable to pay back your loan on time, your lender will possession your assets to recover their money.
You can use your loans with bad credit online to fulfill any valid purposes such as consolidation of loans, paying credit card expenses, and much more. If you know that you can repay your loan time, then getting a loan with bad credit is not a problem.
👉 Payday Loans
Payday loans with bad credit are superb short-term loans that are exclusively designed to cover your pending expenses until your next paycheck arrival. These payday loans with no credit check are very easy to approve because they check your bank account, not your credit history. If you can afford your loan repayments, you can get approval.
Payday loan bad credit Canada offers a small amount of money as compared to personal loans, and generally, they are paid back within a few weeks, not years. Interest rates are high like personal loans bad credit and you can extend your loan term by paying extra charges.
Bad credit payday loans in Canada provide guaranteed approval which attracts lots of poor credit people who have fewer cash options and need instant access to money.
👉 Installment Loans
Installment loans for bad credit Canada is similar to personal loans with bad credit, but they are offered at higher interest rates like payday loans. Online installment loans instant approval Canada are quick to obtain and are come with better terms as compared to traditional loans.
Unlike payday loans online, installment loans bad credit give you more time for repayment and are come with manageable fixed monthly installments. If you need a big amount of money to borrow in a longer time, this option is best.
Where can i get a loan with bad credit?
Loans for bad credit are designed for people with adverse credit scores to provide fast cash and meet their financial needs. They are one of the loan products which are short-term and can get approved even with poor credit history.
Whenever you want to apply for bad credit loans, you must ask yourself a question yourself that "Can I afford the loan repayments on time or not"?
Getting a loan with bad credit is not a problem, but always makes sure that you borrow as per your actual requirements and can repay your loan on the due date. These poor credit loans are meant for people with an adverse credit score so, keep in mind that you have to pay high interest.
There's a valid reason behind that because a bad credit score indicates that you make many financial mistakes in the past. Poor management of your credit is a primary reason behind not getting personal loans from traditional institutions.
Whizz™ provides a platform to find bad credit loans quickly and effectively. By using it, you can find the best loans for people with the bad credit provider. One of the main benefits of applying through Whizz™ is that you can scan all the lenders within few minutes and by clicks.
We are currently working with hundreds of lenders that provide perfect lending for bad credit people. It is a great chance for you to find better quick loans for bad credit deals at lower interest rates.
How to improve credit score in 30 days? - Effective Tips!!
Everyone wants to improve their bad credit score into good, and we know why. A good credit score is very important to maintain financial goals and getting low-cost loans. Let's check out some tried and tested tips by Equifax below that help you to maintain your credit score:
-
Try to pay your bills on time: Small or large, try to make every payment on the due date because late or missed payment can be reporting to credit bureaus. This act negatively impacts your credit score. If you face trouble in paying your bills or loan, try to contact your lender as soon as possible and discuss mid-way.
-
Maintain your credit card balance low: Higher credit card balance above your credit limit might negatively impact your credit score.
-
Limit credit card and loan application: Applying for multiple loans and credit cards within a short time period may impact your credit score negatively.
-
Check your credit reports regularly for errors: Request your free copy of the credit report and thoroughly checked it for errors in your details and accuracy in account information. Any type of errors or incomplete information reported to credit bureaus might damage your credit score.
Ready to get started?
Apply online, get instant decision, and if approved, access up to $1,500 or more.