Best bad credit loans in Calgary

If you’ve got a bad credit score, it can be very difficult to qualify for a loan from a traditional lender. But it’s not all bad news.

There are plenty of other lenders out there that specialize in bad credit loans, provided you’re willing to accept higher interest rates. Keep reading for details on where to find bad credit loans in Calgary and how to choose the right loan for your needs.

Best for

Competitive Rates

Loans Canada Personal Loan

Best for

Flexible Terms

Spring Financial Personal Loan

Best for

Fast Financing

LoanConnect Personal Loan

Best bad credit personal loans in Calgary

1. LoanConnect

8.5 Great

Go to site Read review

$500 – $60,000
Loan amount

8.99% – 46.96%
APR

3 - 120 months
Term

• Our Take
• Pros + Cons
• Details

LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile.

Why it's one of the best

• Save time. Your application will be cast wide and you'll get your results right after you apply.
• Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
• Choose between secured and unsecured loans. Find a secured bad credit loan if you have an eligible asset or get a loan with no collateral.

• Pre-approval in five minutes
• Many bad credit loan options
• BBB-accredited with an A+ rating
• Fast funding

• Not a direct lender
• High rates for bad credit
• Miss out on offers from lenders not partnered with LoanConnect

Loan amount	$500 – $60,000
APR	8.99% – 46.96%
Term	3 - 120 months
Min. credit score	300
Fees	No application, origination or brokerage fees
Turnaround time	Receive funds in as little as 24 hours.
Serviced provinces	All provinces

2. Loans Canada

8.5 Great

Go to site Read review

$300 – $50,000
Loan amount

9.9% – 46.96%
APR

4 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Loans Canada is an online broker partnered with over 60 lenders. Fill out one application and get your matches for free.

Why it's one of the best

• Search a large lender network. Loans Canada works with over 60 verified lenders.
• Get approved. Only see lenders that match your profile.
• Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.

• Easy online application
• Quick deposits
• High loan amounts
• No collateral required to secure your bad credit loan

• High rates for bad credit
• No online quotes provided
• Limited to its network

Loan amount	$300 – $50,000
APR	9.9% – 46.96%
Term	4 - 60 months
Min. credit score	300
Fees	No application, origination or brokerage fees
Turnaround time	Receive funds in as little as 24 hours.
Serviced provinces	All of Canada

3. LoansLoans.ca

7 Great

Go to site Read review

$500 – $1,000
Loan amount

28% – 32%
APR

3 - 12 months
Term

• Our Take
• Pros + Cons
• Details

LoansLoans.ca is a broker that helps people with bad credit find a short-term loan. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. You may be required to pay a broker fee.

Why it's one of the best

• Avoid payday loans. LoansLoans.ca's installment loans have longer loan terms than payday loans, which means you can break up your repayments.
• Qualify. LoansLoans is open to many types of income as long as they're recurring. And since it doesn't do credit checks, you can qualify with bad credit.
• Work with an established broker. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.

• No credit check
• Apply online in minutes
• Funding on the same day or next day

• High rates and fees
• Not very transparent about broker fees

Loan amount	$500 – $1,000
APR	28% – 32%
Term	3 - 12 months
Min. credit score	300
Fees	Late payment fee (2.66% per month), $45 NSF fee, broker fee
Turnaround time	Receive funds in less than 24 hours
Serviced provinces	All of Canada (except Manitoba)

4. Spring Financial

8 Great

Go to site Read review

$500 – $35,000
Loan amount

9.99% – 46.99%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Spring Financial offers fast approval and funding. If you don't qualify for a bad credit personal loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time.

Why it's one of the best

• Get a loan from an established lender. Spring Financial has been providing bad credit loans in Canada since 2015 and has over 200 employees with headquarters in Vancouver, BC.
• Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
• Get quick funding. If you provide the required documents on time, you can get your bad credit loan the same day you apply.

• 100% online
• Fast funding via e-Transfer
• No prepayment penalties

• High rates for bad credit
• C- BBB rating, received complaints about the credit builder loan

Loan amount	$500 – $35,000
APR	9.99% – 46.99%
Term	6 - 60 months
Min. credit score	550
Fees	No fees except $30 NSF fee
Turnaround time	Within 24 hours
Serviced provinces	All of Canada

5. easyfinancial

8.5 Great

Finder Award Read review

$500 – $100,000
Loan amount

9.99% – 35%
APR

9 - 240 months
Term

• Our Take
• Pros + Cons
• Details

easyfinancial helps Canadians access financing when banks aren't an option. It offers bad credit loans across Canada online and in hundreds of locations.

Why it's one of the best

• Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
• Work with a well-known lender. easyfinancial is one of the biggest lenders of bad credit personal loans in Canada.
• Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.

• Secured and unsecured bad credit loans
• High approval rate
• BBB-accredited with an A+ rating

• Steep rates for bad credit
• Many negative customer reviews

Loan amount	$500 – $100,000
APR	9.99% – 35%
Term	9 - 240 months
Min. credit score	300
Fees	you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time	Approval within 30 minutes
Serviced provinces	all provinces

6. Mogo

8 Great

Go to site Read review

$500 – $35,000
Loan amount

9.9% – 46.96%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Mogo is a Canadian fintech company that offers various financial products, including personal loans and lines of credit for bad credit.

Why it's one of the best

• Get an instant decision. Get your free quote in three minutes without lowering your credit score.
• Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
• Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.

• Convenient mobile app
• No prepayment penalties
• Bank-level security

• High rates for bad credit
• Some negative Mogo reviews online
• Loans are powered by Lendful and easyfinancial

Loan amount	$500 – $35,000
APR	9.9% – 46.96%
Term	6 - 60 months
Min. credit score	600
Fees	Non-sufficient funds fee of $20 to $50
Turnaround time	Within 24 hours
Serviced provinces	BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU

7. Loanz

7.5 Great

Read review

$1,000 – $15,000
Loan amount

29.9% – 46.9%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Loanz is an online-only lender of bad credit personal loans. But if you don't qualify for a loan from them, they may direct you to another lender.

Why it's one of the best

• Get funded fast. Apply to get instant approval and receive funds in as little as 15 minutes.
• Improve your credit. Loanz will report every payment to the credit agencies to help boost your credit score.
• Skip the documents. You won't need to send any paperwork if you choose instant bank verification.

• Simple online application
• Positive customer reviews
• No prepayment penalties

• High rates
• High minimum loan amount

Loan amount	$1,000 – $15,000
APR	29.9% – 46.9%
Term	12 - 60 months
Min. credit score	570
Fees	N/A
Turnaround time	24 hours or less
Serviced provinces	All of Canada (excluding Quebec)

8. Fairstone

8 Great

Read review

$500 – $60,000
Loan amount

19.99% – 39.99%
APR

6 - 120 months
Term

• Our Take
• Pros + Cons
• Details

Fairstone offers personal loans for bad credit. Apply online or visit one of over 230 locations across Canada.

Why it's one of the best

• Get a quote with no impact to credit score. Fairstone will only do a soft credit check to pre-approve you for a loan.
• Choose between secured and unsecured loans. Use your home equity as collateral to increase your odds of approval, or get an unsecured loan.
• Work with an established lender. Fairstone has been providing loans to Canadians for almost 100 years.

• Quick and easy application
• Multiple bad credit loan types (unsecured, secured, mortgages)
• Company has an established online presence
• No prepayment penalties for unsecured loans

• High rates for bad credit
• Potential for extra fees
• Prepayment penalties for secured loans
• Several negative customer reviews

Loan amount	$500 – $60,000
APR	19.99% – 39.99%
Term	6 - 120 months
Min. credit score	525

9. FlexMoney

7.5 Great

Read review

$500 – $15,000
Loan amount

18.9% – 46.9%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

FlexMoney is an online-only lender offering fast bad credit personal loans in Canada.

Why it's one of the best

• Get an instant decision. FlexMoney's automated system enables it to give you a no-obligation quote within minutes.
• Get your funds fast. Funds should reach your account on the same day or the next day.
• Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.

• Make payments weekly, bi-weekly, semi-monthly or monthly
• Easily make extra payments via e-transfer

• High interest rates
• Minimum income required ($2,000 per month)
• Only employment & pension income accepted

Loan amount	$500 – $15,000
APR	18.9% – 46.9%
Term	6 - 60 months
Min. credit score	500
Fees	No application, origination or prepayment fees
Turnaround time	Receive funds within as little as 24 hours
Serviced provinces	Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon

10. Magical Credit

8 Great

Read review

$1,500 – $20,000
Loan amount

19.99% – 46.8%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Magical Credit specializes in online personal loans for people with bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario.

Why it's one of the best

• Get a fast loan. Apply online and validate your information with instant bank verification to get a fast loan decision (with funds sent within 24 hours).
• Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
• Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.

• Receive funds within as little as 24 hours
• Accepts child tax credit, EI, CPP, OAS, private pensions and more
• Refer-a-friend program

• High interest rates
• May charge an administration fee
• You must show income history for six months (if you receive employment income)

Loan amount	$1,500 – $20,000
APR	19.99% – 46.8%
Term	12 - 60 months
Min. credit score	300
Fees	A single administration fee of $194
Turnaround time	Receive funds within as little as 24 hours
Serviced provinces	Canada-wide (excluding Manitoba, Saskatchewan and Quebec)

11. Blue Copper Capital

7.5 Great

$1,000 – $100,000
Loan amount

16% – 48%
APR

6 - 84 months
Term

• Our Take
• Pros + Cons
• Details

Blue Copper Capital offers personal loans and payday loans to people with bad credit and is upfront about its rates and fees.

Why it's one of the best

• Improve your credit score. Blue Copper Capital reports your personal loan payments to the credit bureau.
• Good customer service. The company has solid customer reviews and is professional and helpful when contacted.
• Easily apply. Fill out an application online, call to apply or apply in person.

• Loan approval in as little as 20 minutes
• Join the customer club to get better rates and terms

• High interest rates
• Administration fee may apply
• Company only works in BC and Alberta

Loan amount	$1,000 – $100,000
APR	16% – 48%
Term	6 - 84 months
Fees	Unknown
Turnaround time	Varies
Serviced provinces	BC and Alberta

12. Money Mart

7.5 Great

Read review

$500 – $15,000
Loan amount

29.9% – 46.9%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Money Mart offers installment loans and payday loans to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada.

Why it's one of the best

• Get your loan fast. Same-day funding is available, depending on the transfer method.
• Apply online or in-store. Get your loan online or at one of Money Mart's 500+ store locations.
• Get some leniency. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.

• Established lender
• Convenient mobile app
• Accepts non-employment income such as government benefits and private pension

• High interest rates
• In-store and online availability varies across provinces

Loan amount	$500 – $15,000
APR	29.9% – 46.9%
Term	6 - 60 months
Min. credit score	300
Fees	None
Turnaround time	Less than 1 day
Serviced provinces	AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT

13. Lend for All

7.5 Great

Read review

$100 – $50,000
Loan amount

2.99% – 46.96%
APR

3 - 120 months
Term

• Our Take
• Pros + Cons
• Details

Lend for All is a loan-matching company that uses an automated process to match people with various lenders and financial institutions. It is based in Toronto, Ontario, and has an A+ BBB rating.

Why it's one of the best

• Save time. It works with a network of lenders that offer quick approval for customers with bad credit.
• Get fast pre-approvals. Lend for All provides quick pre-approvals within minutes by doing a soft check on your credit report.
• Find a loan for various purposes. Lend for All will match you with offers based on your needs.

• A+ BBB rating
• AI technology gives you viable loan matches
• Potential for multiple offers
• Many loan types

• Online broker (not a direct lender)
• Small network of lenders compared to other brokers
• High rates for bad credit

Loan amount	$100 – $50,000
APR	2.99% – 46.96%
Term	3 - 120 months
Min. credit score	300
Fees	Varies by lender
Turnaround time	Varies
Serviced provinces	All provinces

14. 24Cash

7.5 Great

Read review

$500 – $850
Loan amount

Starting at 23%
APR

90 - 120 days
Term

• Our Take
• Pros + Cons
• Details

24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans. Expect a $225 broker fee to be added to your payments (the exact amount is set at the broker's discretion).

Why it's one of the best

• Get approval in one hour. Apply with instant bank verification and get approved quickly.
• Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 2:30 PM EST.
• Established online broker. The company is active online and has solid customer reviews on Google and Trustpilot.

• No credit check
• Lower APRs than payday loans
• No paperwork required via instant bank verification
• Manual review available
• Three months to repay

• Government assistance not accepted as a form of income
• Very expensive
• Small maximum amount
• May not improve your credit score

Loan amount	$500 – $850
APR	Starting at 23%
Term	90 - 120 days
Fees	broker fee of up to $225
Turnaround time	Within 24 hours
Serviced provinces	Canada-wide except Manitoba, Quebec and Saskatchewan

15. AAR Financial

7.5 Great

Read review

$1,000 – $50,000
Loan amount

14.9% – 46.7%
APR

24 - 120 months
Term

• Our Take
• Pros + Cons
• Details

AAR Financial offers personal loans with large loan amounts and long loan terms. The company serves customers in Manitoba, Saskatchewan, Alberta, Ontario and British Columbia.

Why it's one of the best

• Increase your odds of approval. AAR Financial claims to approve 99% of applications.
• Get a secured or unsecured bad credit loan. Use your home to secure your loan and get a more competitive rate, or get an unsecured personal loan.
• Work with an established lender. AAR Financial has been in business for over 15 years with headquarters in Winnipeg, Manitoba.

• Flexible loan amounts
• No prepayment penalties for unsecured loans

• High rates
• Fees not clearly disclosed online

Loan amount	$1,000 – $50,000
APR	14.9% – 46.7%
Term	24 - 120 months
Fees	Fees may include insurance fees, administration fees and NSF/late payment fees.
Turnaround time	Within 24 hours
Serviced provinces	Manitoba, Saskatchewan, Alberta, Ontario and British Columbia

16. Cashco

7.5 Great

Read review

$500 – $7,000
Loan amount

20% – 48.99%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Cashco offers unsecured bad credit loans called Flex Loans. Apply for a loan online or in-store.

Why it's one of the best

• Get some flexibility. You can choose a payment schedule, loan amount and loan term that works best for you.
• Rebuild credit. Cashco reports payments to the credit bureau, which will help improve your rating.
• Get a quick loan. You can get approval within minutes and receive your money within 24 hours.

• Fast bad credit loans
• Flexible terms
• No prepayment penalties

• High rates

Loan amount	$500 – $7,000
APR	20% – 48.99%
Term	6 - 60 months
Min. credit score	300
Fees	Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25.
Turnaround time	within 24 hours
Serviced provinces	BC, AB, NB, SK and ON

17. Credito

7 Great

Read review

$500 – $850
Loan amount

Starting at 23%
APR

90 - 120 days
Term

• Our Take
• Pros + Cons
• Details

Credito is a broker that helps people with bad credit find a short-term installment loan. You won't need to go through a credit check to get approved, but expect to be charged interest plus a $225 broker fee (the exact amount is at the broker's discretion).

Why it's one of the best

• Qualify. Since Credito doesn't do credit checks and offers smaller loans, it may be easier to get a loan from them versus other alternative lenders.
• Avoid payday loans. Credito's bad credit loans are an alternative to payday loans, allowing you multiple repayments and longer terms.
• Get funded fast. You can get your money within 24 business hours.

• 100% online
• No credit check
• High Trustpilot score

• High rates
• High broker fee

Loan amount	$500 – $850
APR	Starting at 23%
Term	90 - 120 days
Fees	$225 brokerage fee (amount set at broker's discretion)
Turnaround time	within 24 hours
Serviced provinces	ON, PE, BC, AB, NB, NS, NL, NU, NT, YU

Quick summary of bad credit personal loans in Calgary

• No collateral required
• Borrow $500 to $10,000
• Repay with equal payments in 3 - 60 months, sometimes shorter
• 18% to 47% APR

Pros and cons of bad credit installment loans

Eligibility requirements

The exact criteria you need to take out a bad credit installment loan vary between lenders. Generally speaking, you’ll need to meet the following criteria:

• Be 18 years of age or older
• Be a Canadian citizen or permanent resident
• Be employed with a steady source of income
• Have a valid bank account
• Meet the credit score requirement

Questions to ask before you apply

• How much will it cost overall? Don’t just look at the monthly payment. Work out the total payments over the life of the loan, and calculate how much of those is interest.
• Can I manage the loan repayments? Can you afford having the monthly payment as part of your budget? Remember to leave room in your budget for essential expenses as well as unexpected bills.
• Can I pay it off early without any penalties? Many lenders do not charge this fee. If there are no prepayment penalties on your loan and you come into some extra money, you can pay off your debt sooner and save on interest.
• Will it improve my credit score? Check whether your lender will report your payments to credit bureaus to help you boost your credit score. Not all lenders do this.
• Is the lender legitimate? Make sure you check whether the lender is registered in Alberta and a legitimate loan provider. Avoid lenders with red flags such as promising guaranteed approval, a lack of transparency about the cost of a loan or trying to pressure you into taking out a loan.

How to apply

Apply for bad credit loans in Calgary by completing these steps:

1. Check your credit score. If you haven’t done it yet, get your credit score to find out just how “bad” it is. This will give you a better idea of which lenders you should consider.
2. Find lenders. Next, search for lenders that offer bad credit loans in Calgary. Find out what eligibility requirements each lender has, and make sure you’re only dealing with legitimate lenders.
3. Compare loans. Now it’s time to compare individual loans to decide which one is right for you. Some lenders offer personal loan pre-approval, which lets you know how much the loan will cost before you proceed with the rest of the application. Look at the APR, loan amount, loan term and repayment flexibility when comparing your options.
4. Submit an application. Once you’ve found the ideal loan, apply online. You’ll need to provide your name and contact information, proof of ID and details of your income and employment.
5. Review the loan offer. Read the loan agreement carefully before you sign. Double-check the interest rate, fees, loan term and amount carefully. The money will typically be sent to your account within 24–48 hours.

Bad credit installment loans if you prefer to visit a branch

Prefer to visit a branch in person to take out a loan? Here are a few options you might like to consider.

Alternatives to bad credit personal loans: Payday loans

Payday loans are easier to get approved for than installment loans, but they’re extremely expensive and should only be a last resort.

Features of bad credit payday loans in Calgary

• Designed for low credit, financial emergencies and speedy funding
• No collateral required
• Borrow $100 to $1,500
• Repay in at least two installments within 42 - 62 days
• $15 for every $100 borrowed

Pros and cons of payday loans

Questions to ask before you apply

• Is the lender licensed? Use the Service Alberta website to check whether the lender has a valid payday loan licence. If they don’t, walk away.
• Does the lender have an established presence? Check whether the lender has a physical address for their head office and whether they can be contacted via phone and email. You can also read reviews from other customers on independent websites.
• Will I have enough money left after I repay my loan? Remember: you only have a very short time to repay a payday loan, so it’s essential that you’re certain you can afford it. Check whether you’ll still be able to afford all your other regular expenses after paying back the loan.
• Are there alternatives I haven’t considered? From bad credit personal loans to debt consolidation, there are several payday loan alternatives available. Applying for a personal loan with a cosigner can also help you get better loan terms, so consider all other options before applying for a payday loan.

How to apply

You can apply for bad credit payday loans in Calgary either online or by visiting a lender’s branch in person. Complete the following steps:

1. Provide your details. Provide your name, date of birth, contact details, housing situation and employment information. The lender may also require one or two references, such as friends or family members.
2. Get approved. The fastest payday lenders can give instant approval with their automated systems.
3. Read your contract. Double-check all the details of the loan offer and then submit it when you’re ready.
4. Get your money. Once you’ve submitted your signed contract, you’ll get your money within a few minutes via Interac e-Transfer.

Tips to get the best bad credit loan in Calgary

No matter whether you’re comparing installment loans or payday loans, keep the following tips in mind to help find a bad credit loan that suits your needs:

• Understand your financial situation. If you’re deep in debt or struggling to make ends meet, it can be difficult to know where to start to get your finances back on track. That’s where free credit counselling can help you get a handle on your money situation and learn how to better manage your debt. Learn more about debt relief.
• Improve your borrowing power. Before you apply for a loan, consider whether there’s anything you can do to increase your chances of approval with multiple lenders so you can pick the best offer. For example, can you pay down existing debt to improve your debt-to-income ratio? Can you apply with a cosigner to get a better rate? Is your bank account free of NSF transactions in the last 90 days (and if not, can you wait to apply)
• Don’t borrow more than you can afford. Sit down and work out a monthly budget, including some wiggle room for any unexpected bills that drop into your inbox – how much is left after that to go towards your loan repayments.

Frequently asked questions

• Are there no credit check loans in Calgary?

  Whether you'll need to complete a credit check depends on the lender. Some payday lenders in Calgary conduct credit checks while others don't. Most personal loan lenders conduct credit checks. Those who don't will focus on your income, but watch out for high interest rates.

• How will I get my money?

  The loan funds will be sent to your bank account via Interac e-Transfer or direct deposit. Interac e-Transfer is the most common method among payday lenders in Calgary.

• Are there loans with guaranteed approval in Calgary?

  No. Any reputable lender will take into account factors such as your income and ability to repay what you borrow before approving your loan application. If a lender promises guaranteed approval, this is a red flag that they are illegitimate.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Co-written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio