Best bad credit loans in Newfoundland

While you may have a harder time finding bad credit loans in Newfoundland, you still have options. The most common bad credit loans include installment loans and payday loans. Just be aware that these loans tend to come with very high interest rates, and you’ll want to research your options to find the best deal.

Below we highlight some of the best bad credit personal loans in Newfoundland. There’s no single best loan for everyone, so consider your personal circumstances before applying.

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 Newfoundland

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. 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

5. 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

6. 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

7. 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)

8. 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

9. 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)

10. 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

11. 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

12. 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

How to get approved for bad credit loans

To qualify for the best bad credit personal loans in Newfoundland, you’ll need to meet the following requirements:

• Be at least 19 years old
• Have a steady income (employment preferred)
• Have an active bank account
• Have little to no NSF transactions in the past three to six months
• Have no payday loan debt

Can you get loan with no credit in Newfoundland?

Yes, you can. First, try your current bank. If you already have a relationship with them, they may be able to help you get a loan even if you have no credit. Some alternative lenders and credit unions can also provide small loans to people with no credit. To get favourable rates, you’ll need to show the lender that you have ample income to take on a new loan.

How to find the best bad credit loans in Newfoundland for you

To get the best bad credit loan for you, ask yourself these questions:

What is the APR?

The annual percentage rate (APR) is the interest rate plus fees you have to pay to get the loan. Focusing on the APR instead of the interest rate is important because fees can significantly drive up the cost of your loan. Examples of fees you may encounter with bad credit loans include brokerage fees, surety fees and admin fees.

When do I need the bad credit loan?

Lenders take up to 48 hours to fund bad credit loans. If your need is urgent, you may wish to consider fast emergency loans.

How much can I afford to borrow?

Lenders will differ in how much they can lend to you. Securing your loan with collateral may get you higher loan amounts, but you’ll lose your asset if you stop making your loan payments. Longer loan terms will lower your monthly payments, but you’ll pay more interest overall.

Is the lender offering guaranteed approval?

Avoid lenders offering guaranteed approval loans for poor credit because they could be a scam or predatory. Legitimate lenders do not guarantee approval. They check first whether you have the income to make your loan payments.

Other ways to borrow when you have poor credit

The following types of loans are also available to people with bad credit:

• Line of credit. Some online lenders offer lines of credit to people with low credit scores. APRs are as high as 47.42%.
• Cash advance apps. Apps like Nyble and Bree let you borrow a very small amount with no credit check.
• Credit card cash advance. You can withdraw cash using your credit card. You’ll pay around 23% plus a percentage of the borrowed amount. Interest will start to accrue the day you withdraw.
• Secured credit card. Get approved for a credit card when you provide a security deposit.
• Payday loan. These are small loans that you repay in full by your next payday.

Alternative: Payday loans for bad credit in Newfoundland

If you’ve considered all your alternatives, below are payday loans in Newfoundland from licensed lenders. Payday loans are easier and faster to get than personal loans, but they are also more expensive, with APRs in the triple digits. They are only suitable as a last resort.

1. Cash Money

Read review

Cash Money Payday Loan

$100 – $1,500
Loan amount

5 – 40 days
Loan Term

15 minutes
Min. Turnaround Time

• Info
• Pros + Cons
• Details

Cash Money is a reputable lender that offers payday loans, installment loans and lines of credit to people who don't qualify for a loan from a bank or credit union. You can apply for loans in person and online in several cities in Newfoundland.

• Apply online, 24 hours a day and 7 days a week
• Get funding on the same day in most cases
• No prepayment penalty

• You'll need a credit score of at least 560 for an installment loan or line of credit
• Very high rates for bad credit

Loan amount	$100 – $1,500
APR	Varies by province
Term	5 - 40 days
Min. Turnaround time	As little as 15 minutes with INTERAC e-Transfer
How to apply	Online In Store
Credit Check	Yes

2. Loan Express

Read review

Loan Express Payday Loan

$100 – $1,500
Loan amount

Up to 62 days
Loan Term

5 minutes
Min. Turnaround Time

• Info
• Pros + Cons
• Details

Loan Express has been offering payday loans since 2005. It offers loans completely online and you can apply on the website at any time of day or night.

• Borrow up to $1,500 with same-day approval
• Speed up your application with instant bank verification
• High customer ratings on Trustpilot

• Very high fees
• Only payday loans on offer

Loan amount	$100 – $1,500
APR	Varies by province
Term	Up to 62 days
Credit Check	No

3. Speedy Cash

Read review

Speedy Cash Payday Loan

$250 – $1,500
Loan amount

Undisclosed
Loan Term

Undisclosed
Min. Turnaround Time

• Info
• Pros + Cons
• Details

Speedy Cash offers payday loans, cheque cashing and installment loans in Newfoundland. The company has been operational since 1998 and offers loans completely online. It doesn't have any store locations in Newfoundland.

• Convenient, fully online process
• Borrow up to $1,500, with same-day approval
• Accepts EI, CPP or private pension and Child Tax Benefit

• Very high fees
• No in-person locations in Newfoundland
• Soft credit check is required to verify your identity

Loan amount	$250 – $1,500
APR	Varies by province
Term	Up to 62 days
Min. Turnaround time	24-hour application process with funding on the spot for in-person payday loan approvals, and up to 1 business day to e-Transfer for online applications
Credit Check	Yes

How much are bad credit payday loans in Newfoundland?

The table below compares what you’ll pay for a $300 payday loan over 14 days versus a $300 installment loan over 6 months, which is the typical minimum for installment loans.

Keep in mind that this is just an example. With most installment loans, you’ll typically borrow larger amounts (over $500, sometimes even $1,000). Payday loans come with much higher APRs than installment loans and are usually for small amounts (under $1,500) that you pay back by your next payday.

What are the risks of payday loans?

Watch out for the following risks if you’re considering taking out payday loans:

• High rates and fees. Payday loans have astronomically high interest rates and fees compared to bank and personal loans.
• Short term loans. You’ll usually have to pay the loan back by your next payday, as opposed to personal loans, which often come with a loan term of 6 to 60 months.
• Large single repayment. Unlike installment loans, which let you pay back funds over time, you’ll have to pay back a payday loan in one lump-sum installment (plus interest).
• Can negatively impact credit score. If you default on a payday loan, it can bring down your credit score.
• Debt trap. When you repay your payday loan on the due date, you’ll have less money left in your bank account to pay for other debts and expenses. This could force you to get another payday loan.

Frequently asked questions

• Can you get a no credit check loan in Newfoundland?

  Most payday loans are no credit check loans, though some lenders will do a soft pull on your credit to verify your identity. The majority of lenders that offer amounts higher than a few thousand dollars require credit checks. They will want to see your score before they lend to you since this tells them how likely you are to pay the money back.

• How much can you borrow in Newfoundland when you have bad credit?

  That depends on what type of loan you take out. With payday loans, you can borrow up to $1,500 (lenders aren't allowed to give you any more than that). With personal installment loans, you can typically borrow up to $10,000, though you may be able to get more depending on the lender and other eligibility requirements such as income.

• How do you get a fast bad credit loan in Newfoundland?

  Most payday loans and installment loans have a turnaround time of one day or less. You can speed up your application by applying online, signing up for instant bank verification and having all of your documents ready to upload in advance.

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