Best bad credit loans in New Brunswick

There are plenty of options for bad credit loans in New Brunswick if you know where to look. Some lenders might expect you to secure your loan with an asset or get a cosigner to qualify, while others will give you unsecured loans with no strings attached as long as you have a decent income. Just expect to pay high interest rates and fees with bad credit loans.

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 loans in New Brunswick

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. 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

4. 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

5. Get Loan Approved

7.5 Great

Read review

$1,000 – $50,000
Loan amount

8% – 29%
APR

12 - 72 months
Term

• Our Take
• Pros + Cons
• Details

Get Loan Approved offers personal loans with your car as collateral, also known as a car title loan. You can continue to use your car as you pay off your loan. To qualify, your car must be less than 10 years old, in good condition and fully paid off.

Why it's one of the best

• Lenient. Get Loan Approved specializes in personal loans for people with damaged credit. It doesn't do any credit checks, and you don't need to be employed.
• Apply easily. Apply online and then either drive to a Get Loan Approved agent near you or have an agent come to you for a car appraisal. The whole process can be completed within 24 to 48 hours.
• Increase your chances of approval. Since you'll be reducing the risk for the lender with collateral, you'll have a higher chance of getting approved.

• No credit check
• No employment requirement
• 24/7 customer service

• Potentially high rates
• Vehicle must be fully paid off

Loan amount	$1,000 – $50,000
APR	8% – 29%
Term	12 - 72 months
Turnaround time	In as little as one hour
Serviced provinces	AB, BC, MB, NB, NL, NS, ON, PEI, SK

6. 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

7. 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

8. 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

9. LoansLoans

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)

10. 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

Alternatives to bad credit personal loans

Cash advance apps are easier to get approved for than personal loans because they involve smaller loan amounts and no credit checks.

Loan provider	Interest rate	Loan amount	Loan term	Key features	Link
Early pay	0%	$20 – $350	Next pay cycle (65 days max)	Small emergency loans, no credit check	Go to site
Small credit line	0%	$30 – $250	30 days, extendable	Small emergency loans, no credit check	Go to site

How do bad credit loans work?

Bad credit loans in New Brunswick are designed for people with no credit history or a poor credit score – usually under 560-600. Simply fill out an application with your contact information and provide additional details on your income and employment. You may also need to undergo a credit check to get approved.

If you qualify, you’ll get a lump sum deposited into your bank account to spend on whatever you want. That said, you’ll pay much higher interest rates and fees than you would with a traditional loan to make up for the risk your lender has to take on when lending to you.

This is because having a low credit score, or no credit at all, can be an indication to your lender that you may be less likely to repay your loan on time, if at all.

Where can I find bad credit loans in New Brunswick?

Most financial institutions don’t offer bad credit loans as they focus on the prime market. You’re more likely to find bad credit loans with alternative lenders, with many offering same-day approval and funding online.

Types of bad credit loans in New Brunswick

There are several types of bad credit loans in New Brunswick that you can apply for. Learn more about the pros and cons of each below.

Unsecured personal loans

• How it works. Borrow up to $10,000 without the need for collateral
• How much it costs. 18% - 47% interest rate
• Pros. Borrow higher loan amounts with lower interest rates than payday loans
• Cons. Stricter eligibility criteria than other types of bad credit loans in New Brunswick

Secured personal loans

• How it works. Borrow a larger amount than with a unsecured loan when you use an asset such as your home or vehicle as collateral
• How much it costs. 10% – 49% interest rate, which includes some form of origination or appraisal fees
• Pros. Large loan amounts up to a percentage of your asset’s value, lower interest rates than other bad credit loans
• Cons. Requires collateral, longer processing times, you could lose your asset if you default, may come with higher fees

Payday loans

Note: Payday loans are a different product from personal loans and are more expensive.

• How it works. Borrow up to $1,500 and pay it back by your next payday.
• How much it costs. $15 for every $100 borrowed
• Pros. Easy to qualify, no need for collateral
• Cons. Extremely high fees, small amounts, short terms

How much do bad credit loans in New Brunswick cost?

The total cost of bad credit loans in New Brunswick will vary based on features such as your loan type, amount, term and interest rates/fees. Below is a hypothetical example of how much a $1,000 loan might cost a borrower.

The payday loan has the highest APR out of all three loan options. This makes payday loans the most expensive of all bad credit loans in New Brunswick. Secured loans will usually be the cheapest.

How to apply for bad credit loans in New Brunswick

Follow the steps below to apply for bad credit loans:

Eligibility requirements of bad credit personal loans

While requirements will vary from lender to lender, you will usually need to meet the following to apply for bad credit loans in New Brunswick:

• Be a Canadian citizen or resident who is at least 19 years old.
• Have a valid Canadian address and bank account.
• Meet minimum income and employment requirements.
• Meet minimum credit score requirements (as needed).

Can I get a bad credit loan with low income?

It depends on what type of loan you get and how low your income is. You’ll be more likely to qualify for smaller loans with low income (such as payday loans). It might also be easier to qualify with low income if you secure your loan with an asset or get a cosigner. Just be aware that you might pay more in interest/fees if you have a lower income.

Is it possible to get guaranteed approval for bad credit?

Some lenders might advertise guaranteed approval, but you should approach these lenders with caution. They could be fraudulent, or they may charge extremely high or predatory interest rates.

Legitimate lenders will review your finances first by looking at information such as pay stubs, bank statements and your credit report. Most will deny you if you make no income, have an extremely high debt load or are in the middle of a consumer proposal/bankruptcy.

How to get the best bad credit loans in New Brunswick

Compare the following features to find the right loan for you:

• Cost. Search for the lowest interest rates, and aim for under 25% APR if possible. Avoid payday loans and watch out for fees. These include early repayment fees, NSF fees, late payment fees and set-up/origination fees.
• Amount you can borrow. The highest amount you can usually qualify for with bad credit loans is $10,000. Payday loans max out at $1,500.
• Length of repayments. Terms range from 3 - 60 months for personal loans. You’ll have to repay your loan by your next paycheque with a payday loan. Look for the shortest term with monthly payments you can afford to cut down on interest.
• Turnaround time. The majority of bad credit loans are paid out in under 48 hours, though secured loans will take longer. Learn more about emergency loans if you need an immediate turnaround.
• Reputation. Do your homework to make sure you find a legitimate lender. Read customer reviews and check sites like the Better Business Bureau and Trustpilot to make sure your lender has a good reputation.
• Rebuilds credit. Ask your lender if your loan payments will be reported to the credit bureaus to increase your score. Keep in mind that payday loans don’t offer this option.

How can I improve my chances of getting approved?

You can improve your chances of getting approved by following these tips:

• Sign up for a secured or guarantor loan. Secure your loan with collateral or get a friend or family member with good credit to cosign a loan with you.
• Review your application. Double check for errors on your application, as they could result in an automatic denial.
• Work on your credit score. Take measures to improve your credit, including decreasing your credit utilization ratio and fixing errors on your credit report.

Other options available for people struggling with bad credit

Consider these options before you take out high-interest bad credit loans in New Brunswick.

• Government subsidies. You could qualify for provincial funding through income assistance, affordable housing or disability support programs.
• Credit counselling. Credit counselling can help you create a budget and develop a plan to pay off your debt. This can improve your credit score over time.
• Debt relief services. If you’re finding yourself in a vicious cycle of debt, a debt relief company may be an option.

Frequently asked questions

• What's the best type of bad credit loan in New Brunswick?

  The type of loan that's best for you will depend on your financial situation. As a basic rule, personal loans are usually a better choice than payday loans, since they almost always come with lower rates/fees.

• How long will it take to process my application?

  It can take only a few minutes with payday loans, and usually under 24 hours with unsecured personal loans. Secured loans often take longer, sometimes up to a few weeks.

• Will taking out a bad credit loan in New Brunswick hurt my credit score?

  In most cases, no. Your credit score might dip slightly if your lender does a hard credit check.
  The only time a bad credit loan will significantly damage your credit score is if you make late payments or default on your loan.

• What can I use a bad credit loan for in New Brunswick?

  It's up to you for the most part. The majority of bad credit loans have no restrictions on their use. You can use them to pay bills, make home or car repairs, or deal with other financial emergencies.

Co-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