17 best loans for bad credit in Canada in 2024

Loans Canada has one of the largest lender networks in the country. Fill out one application and get your loan offers for free.

Why it's one of the best

Increase your chances of approval. You'll only be shown bad credit loan offers that you have a chance of getting.

Work with a Finder Award finalist. Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.

Search a large lender network. Find bad credit loans that best suit your financial situation.

Will I get approved?

If you have a bad credit score or low income, there's still a chance to find a lender willing to finance you given the size of Loans Canada's database. Having a large database of lenders increases your odds of getting approved for a loan.

Spring Financial offers fast bad credit personal loans online. If you don't qualify for an installment 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, which include interest.

Why it's one of the best

Get a loan from an established lender. Spring Financial has been providing installment loans 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. You can get your money as soon as today.

Will I get approved?

Spring Financial has flexible requirements that are comparable to other lenders on the market. It has a low minimum credit score of 550 and a low minimum income of $2,000/month. Its credit builder loan The Foundation is easier to qualify for than its regular personal loan, but make sure it's the right product for your current situation before signing up.

LoanConnect maintains a large database of lenders and matches you with bad credit loan offers based on your unique profile. Fill out one application to get matched with lenders.

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. Get a loan with no collateral required, or get a secured bad credit loan if you have an eligible asset.

Will I get approved?

If your credit score is not strong, don't worry. LoanConnect accepts bad credit and doesn't require a credit check for pre-approvals, though some lenders you match with may require it. Its large database of lenders also gives you more chances to get matched with an offer.

LoansLoans.ca is a broker that helps people find short-term installment loans. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. However, you may be required to pay a fee of up to $300 that will be added to your payments.

Why it's one of the best

Avoid payday loans. LoansLoans.ca's bad credit 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.

Will I get approved?

LoansLoans installment loans are typically easier to get than others on this list because you don't have to go through a credit check and you can only borrow up to $1,000. Small loans are easier to get approved for than big loans because they're less risky for the lender. And as long as you have a stable, recurring income paid directly into your bank account and you have no active payday loans or short-term loans, you have a chance to qualify.

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

Why it's one of the best

Get an instant decision. Get your free quote in three minutes without affecting 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.

Will I get approved?

A Mogo personal loan is harder to get than others on this list since it has a minimum credit score of 600. It also has a minimum full-time annual income of $35,000, which is stricter than others on this list. That said, Mogo can accept monthly debt payments that are up to 55% of your monthly income, which is lenient. (For reference, banks typically do not accept over 40%.)

Cashco offers unsecured bad credit loans called Flex Loans. Apply for a loan online or in one of its branches.

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.

Finder Award finalist. Cashco Financial was the finalist in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Cashco scored 86.55% in the overall customer satisfaction score and secured a spot in Top 15 Most Recommended and the Top 15 Best-Rated lists.

Will I get approved?

Cashco is open to non-employment income and offers long-term personal loans. Borrowers with bad credit can take up to 60 months to repay a loan of up to $7,000. This combination of long loan terms and moderate loan amounts allows Cashco to offer low payments to Canadians who can only repay a little bit each month. So if your credit score isn't great but there is some room in your monthly budget for these payments, Cashco may be able to approve you.

However, the longer the loan term, the more you'll pay in interest. Your loan could end up becoming very expensive when you combine a long loan term with a high interest rate.

easyfinancial helps Canadians access financing when their credit scores are low and banks aren't an option. You can apply online for a quick process or visit a branch near you.

Why it's one of the best

Get a fast quote. Apply in minutes with no commitment and it won't affect your credit score.

Work with a Finder Awards winner. easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.

Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.

Will I get approved?

easyfinancial scored high in the Finder: Personal Loans Best-in-Class Awards 2024 because its loans offer plenty of flexibility. It's possible to get approved when your financial situation isn't the best, but be prepared to be offered a lower amount and higher rate. You can increase your odds of approval and get a rate reduction if you apply with a co-applicant who has stronger finances than you.

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. You could lose your car if you default, so make sure you can manage the loan payments.

Why it's one of the best

Lenient. Get Loan Approved specializes in personal loans for people with damaged credit and with a car. 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.

Will I get approved?

There's a solid chance of getting approved if your car meets the requirements of being fully paid off, in good condition and less than 10 years old. Get Loan Approved doesn't do any credit checks and doesn't have job requirements.

Loanz is a direct lender of bad credit personal loans. Its application process is entirely online, so you won't ever need to do an in-person interview to borrow money.

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.

Will I get approved?

Loanz has a minimum credit score of 570 and a minimum monthly income of $1,200. Both are pretty standard for lenders offering bad credit personal loans. If you have extremely bad credit, Loanz is not the best option as it may redirect you to another lender who is more lenient, such as Money Mart.

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 allows it to give you a no-obligation quote within minutes.

Get your funds fast. Funds should reach your account on the same or next day.

Rebuild your credit. FlexMoney will report payments to the credit bureau.

Will I get approved?

FlexMoney has a minimum credit score of 500 and minimum monthly income of $2,000, which is pretty flexible. You're more likely to get approved though if your monthly debt payments don't exceed a percentage of your monthly income. For traditional lenders, that's typically 40%. Alternative lenders like FlexMoney can accept a little higher than this.

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.

Will I get approved?

Magical Credit specializes in providing installment loans to people with bad credit. You can get approved if your income is low or if you're on government benefits. However, Magical Credit does not approve everyone. If you have loans in collections or you're in a consumer proposal or bankruptcy, Magical Credit will not approve you. And while Magical Credit will not necessarily deny you a loan for having bad credit, it will still review your credit history to make sure you can afford new loan payments.

Alpine Credits offers personal loans using your home equity as collateral. Before applying for this loan, make sure you can afford the payments because if you default, your lender has the right to repossess your house. Also watch out for fees, such as title search fees and appraisal fees.

Why it's one of the best

Work with an established lender. Alpine Credits has been around for over 50 years and is BBB accredited with an A+ rating.

Increase your chances of approval. Offering your house as collateral reduces the risk for the lender and boosts your chances of getting a loan.

Get approved fast. You should hear back in less than 24 hours.

Will I get approved?

Offering collateral increases your chances of approval, and a house is one of the most preferred types of collateral for lenders. Alpine Credits bases its approval on your home equity, which is your home's market value minus your remaining mortgage balance. Unlike banks, Alpine Credit places less importance on your credit score, so it's possible to get approved even if it's low.

That said, this isn't a suitable option if there's a possibility of defaulting.

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.

Will I get approved?

Money Mart is one of the easier lenders to get approved for on this list. Bad credit is okay, and you can qualify with a low income or non-employment income. However, watch out for high interest rates.

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.

Will I get approved?

Lend for All is a loan search platform like Loans Canada and LoanConnect. This means you'll gain access to multiple lenders with just one application. If you don't qualify with one lender, you could with another.

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

Why it's one of the best

Get fast approval. Apply with instant bank verification and get approved in as little as one hour.

Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if you're approved before 2:30 PM EST.

Established online broker. The company is active online and has solid customer reviews on Google and Trustpilot.

Will I get approved?

Like LoansLoans, 24Cash specializes in short-term installment loans with no credit check. Since it requires no credit check, you can get approved with bad credit. 24Cash also limits its loan amounts to $500 to $850, which are easier to get approved for than larger loan amounts.

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.

Will I get approved?

AAR Financial's claim of a 99% approval rate means people have a pretty good chance of qualifying. However, this doesn't guarantee that AAR Financial will approve your application no matter what. You'll need to present your two most recent pay stubs and the last 90 days of your bank statements. AAR Financial will use these to determine whether you have the income to repay its loan, and there is room in your monthly budget for new loan payments.

Like LoansLoans and 24Cash, 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.

Will I get approved?

It's easier to get than others on this list because Credito only approves lower amounts and doesn't do credit checks. You can only borrow $500 to $850, which are easier amounts to get approved for than loans in the thousands.