Best bad credit loans in Nova Scotia

A bad credit score usually sits under 560 and unfortunately can affect your ability to get approved for a loan. While your options may be more limited, you still have options. Below is a list of some of the best bad credit loans in Nova Scotia so you can get fast approval and funding.

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 Nova Scotia

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. 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

7. 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

8. 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

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. 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

11. 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)

How do bad credit loans work in Nova Scotia?

Bad credit loans work just like traditional personal loans except they come with higher interest rates. These can help pay for unexpected or emergency expenses, but you can also use them to consolidate debt, finance large purchases and cover bill payments.

Lenders in Nova Scotia will typically look at your credit score and your debt-to-income ratio before they approve you for a bad credit loan. You’re more likely to qualify if you’re permanently employed or have a credit score closer to 560 (which is considered the fair credit mark). If you qualify, you’ll pay your loan back in regular installments over a period of time. Be sure to make all payments by the required due date to avoid defaulting on your loan.

Types of bad credit personal loans in Nova Scotia

You can apply for several different types of bad credit personal loans in Nova Scotia.

• Secured loans. Secured personal loans require you to secure your loan against an asset (like your home or vehicle), and you risk losing it if you can’t make your repayments on time.
• Unsecured loans. Unsecured personal loans will let you borrow money without securing your payments against some form of collateral.
• Cosigned loans. You’ll need to arrange a cosigner to cover your loan payments if you default. Learn more about cosigned personal loans.

How do I apply for a bad credit loan?

If you’re applying for a bad credit loan in Nova Scotia, you’ll need to follow the steps below:

1. Fill out an application. You’ll need to apply online, in-person or over the phone and provide personal information such as your address and contact info.
2. Verify your identity. Lenders will ask you to verify your identity by providing a government-issued piece of ID like your driver’s licence number or passport.
3. Show proof of income. You may be asked for proof of income in the form of pay stubs, tax returns or bank statements.

What should I keep in mind before applying for bad credit loans?

Before you apply for a bad credit loan in Nova Scotia, consider the following to make sure you get the best deal possible:

• Look for low interest rates. Compare lenders to find the lowest rates and don’t be afraid to ask for better terms. Learn more about personal loan rates in Canada.
• Aim for a shorter term. Since your interest rates will be higher, it makes sense to negotiate a shorter term if your budget allows for it.
• Budget for repayments. Look for a loan with flexible terms and find out what will happen if you default on your loan, especially if it’s secured with collateral.
• Make sure you qualify. Every credit check on your account will bring your credit score down even further so only apply to loans you know you’ll qualify for.
• Read the fine print. Some lenders will bury hidden fees and charges in your contract. Make sure to read the fine print thoroughly.

How can I improve my credit?

• Make payments on time. Your payment history accounts for roughly 35% of your credit score so it’s important to be consistent.
• Limit your spending. Avoid spending money on your credit cards that you can’t pay back by the due date.
• Mix up your credit types. Make on-time payments on a variety of debts, including credit cards, mortgages, loans and leases.
• Negotiate new terms for your debt. Ask your lender about extending your contract or adjusting repayment amounts if you’re having trouble meeting your current terms.
• Consolidate your debts. This can make it easier to make payments on time, since you’ll only need to manage one payment on a larger debt. Learn more about debt consolidation loans.

Other options available for people struggling with bad credit

• Government subsidies. You may be able to qualify for provincial funding through income assistance, affordable housing or disability support programs.
• Credit counselling services. Services like Service Nova Scotia’s Debt Assistance Program may be able to help you consolidate your debts and figure out a budget.
• Debt relief services. If you’re finding yourself in a vicious cycle of debt, a debt relief company is an option.
• Borrowing from friends or family. If you’re struggling with bad credit, you might like to ask friends or family for a more flexible, interest-free loan.
• Getting a cosigner. You can usually qualify for lower interest rates if someone with good credit guarantees your loan.

Bottom line

If you have bad credit you may still be able to qualify for a loan with higher interest rates. Find out if this type of loan is the right fit for you, learn what to watch out for and compare lenders in Nova Scotia to find the right loan for you.

Frequently asked questions

• How much can I borrow with a bad credit loan in Nova Scotia?

  The amount will likely vary based on your income, credit score and the maximum amount available from your lender. Most bad credit loans will be for smaller amounts because the risk is higher.

• Where can I find out my credit score?

  The two credit bureaus in Canada are Equifax and TransUnion. You can apply for your credit score via their websites our check out our guide on how to get your credit score here.

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