Bad credit loans or unsecured loans are short-term fixes for borrowers with bad credit, no credit, or poor credit history. In Ontario, to be termed a bad credit borrower, your credit score needs to be below 600.
To apply for any of the numerous bad credit loan services available in Ontario, you must have a bad credit score of less than 600, be at least 18 years of age and reside within Ontario, have a valid means of identification, active bank account and proof of income.
Contrary to opinions that having bad credits makes you ineligible for loans, there are various agencies that offer bad credit loans services that work in the same way as personal loans where borrowers repay loans in fixed monthly installments. There are several advantages of bad credit loans, some of which are:
- Fast approval
- If repaid on time, it can help you fix your bad credit history by improving your credit score
- You can get it as an unsecured loan that doesn’t require any collateral
- The payment plan is flexible
- Fewer requirements than regular loans
100 List of Bad Credit Loans in Ontario
Ontario is Canada’s most populous province and it definitely has no shortage of bad credit loans. Bad credit loans in Ontario fall under 4 categories; unsecured loans, secured loans, bad credit car loans, and payday loans.
There is no shortage of providers in Ontario, as you must consider various cogent factors before opting for a particular one.
The various categories of bad credit loan providers in Ontario include: online-only lenders, auto loan providers, bad credit specialists, and payday loan companies.
If you are in Ontario with a bad credit score and you are in need of emergency funding to meet up your financial need, here is a list of 100 bad credit loans in Ontario.
- Fairstone Unsecured Personal Loan
- Loans Canada
- Alpine credits
- FlexMoney Personal Loan
- Spring Financial Personal loan
- LoanConnect Personal Loan
- Mogo Personal Loan
- Skycap Financial Personal Loan
- Money Mart Installment Loan
- CashMoney Installment Loan
- Loanz personal Loan
- Ganaraska financial credit union
- Helium loans
- Iceberg finance
- LM Finance
- I Need My Money Today
- quick loan
- Tribecca Finance Corporation
- CashCo Official
- Amber Financial
- MyMoney Coach
- My Next Pay
- Dwelling Loans
- Smarter Loans
- Prudent Financial Services
- Loan and Go
- Magical Credit
- Canada Lend
- Ferratum Canada
- Focus Financial Inc.
- Better Than The Bank
- Smabloan Inc.
- FatCat Loans Canada
- Do Finance
- Cash 4 You
- Fast Action Finance Title Loans
- Money Direct
- Evolve Financial
- 710 Loan
- Pay Bright
- Easy Payday Loan
- Money Financial
- Canada Wide Financial
- Borrow with your car
- Admore financial services
- Loans Geeks
- The Loan Arranger
- We Loan Money
- Scarborough Bad Credit Car Loans
- Rapid Loans
- Hamilton Bad Credit Car Loans
- North Bay Payday Loans Co
- Credit Clob
- Eazy cash Loan Company
- Payday Easy Loans Inc.
- Payday Loans Kanata
- Finance That
- Oakville Bad Credit Car Loans
- LendCare Financial Institution
- Brantford Payday Loan Co
- London Bad Credit Car Loans
- Simply Cash Loan Agency
- Urgent Money
- Barrie Auto Credit
- Kitchener Bad Credit Car Loans
- Truck Loan Center
- Mississauga Payday Loans Co
- Sudbury payday loans Co
- Drive It Now
- Commonwealth Loans
- Donnelly Auto Credit
- Get Approved Canada
- Breeze Financial Solutions
- Accessible Cash
- Auto Mall Loans
- BHM Financial Group
- SJC Financial
- Canada Powersports Financing
- 514 Loans
- Cash Depot
- Paramount Payday Loans
- EZ Settlement Loans
- Fast Access Financial
How to Apply for Bad Credit Loans in Ontario
The application process for bad credit loans is usually easier than for regular personal loans. Most Bad credit loans can be easily accessed online while some might require a physical application. The basic requirements needed to apply are:
- You must be at least 18 years of age
- You must have Canadian citizenship and reside in Ontario
- You must have a credit score of less than 600 to be eligible to apply
- You must show proof of income (although, this doesn’t apply to all agencies)
- You must have collateral (typically, most bad credit loans don’t require collateral)
- You must have a valid means of identification
- You must have an active Canadian account
After meeting all of the above requirements (as well as others that might be required by the agency you are applying to), you will go ahead to fill out the application form which will include you entering details of your personal information, details of income, how much you want to borrow, repayment plan and interest rate agreement.
After successful application and approval, you will get your loan credited instantly or at most within 1 or 2 working days.
What is the cost of a bad credit loan in Ontario?
The interest rate of all bad credit loans is usually higher than compared of good credit loans. However, the cost of a bad credit loan in Ontario varies between 15% and 47% per year depending on your credit score, repayment time, lender, type of loan, amount, and several other factors.
What is the highest amount I can get from a bad credit loan in Ontario?
Bad credit loans have been made easily accessible to individuals with low credit scores across Ontario. The amount you will be able to borrow from a bad credit loan will depend on if your loan is secured or not. Borrowers with unsecured bad credit loans can get high as $15,000 while those with secured bad credit loans can get as high as $35,000 to $50,000. However, the amount you will be borrowed will also be determined by your credit score. The higher your score, the higher your chances of getting more money.
It is also safe to note that the higher the amount of money you borrow, the higher the interest rate, repayment time, and overall debt load.