Grocery costs in Canada have risen by 10.6% which is more than twice in comparison to overall inflation. Due to increasing inflation and low savings, people are finding it difficult to arrange money for emergencies.
People are left with no choice but to take loans of all kinds. However, if you have a bad credit score, there is a high chance that your loan application will get rejected.
To help you out in this time of crisis, many genuine lenders are there who are ready to offer $1000 guaranteed approval loans for poor credit in Canada.
Find Your Best Lender for Guaranteed Bad Credit Loans
If you have bad credit, you obviously know that you need some assistance to get your loan approved especially if you have a poor credit score. For your convenience, we have listed below the top lenders for guaranteed approval loans in Canada.
- LoanConnect – The one-stop personal loan solution
- Viva Payday Loans - Best for Payday Loans
- Compare Hub –Best personal loans, free credit score check!
- Loans Canada – Online loans starting from $500 up to $35,000
- Prets Quebec – Personal loan hub with low APR lenders
Free Credit Check Here
Yes, these are the very organizations that you can go to when you are in dire need of loans. They will give you fast approval loans despite poor credit in Canada, unlike the traditional banks that stick to stringent terms.
1. LoanConnect – Best for fastest approval
Your bad credit is no issue at all when LoanConnect is there to serve you. They are a one-stop solution when you want a personal loan in Canada. No matter what you need your loan for; they are there to provide you with loans for poor credit with their huge network of trusted private money lenders. When banks turn your loan application down because of your poor credit, they will offer an array of options in choose from.
All you need to do is apply for their loan and select from the scores of options right at your fingertips in seconds. If you are still thinking of getting a personalized loan offer from them, here are more benefits and features they promise:
- Maximum loan amount up to $50,000
- Loan charges are minimal
- Fast loans when documentation is complete
- Loans can be disbursed on the same day
- Loan terms and conditions are very convenient
- A number of loan options are available
So now that you know whom to connect with in case of a bad credit score for loans.
2. Compare Hub - Best personal loans
Compare Hub is your go-to place when you really need a personal loan. The place is just right for you when you have defaulted on your previous loan repayments making you a poor credit scorer. If you have no idea about your credit score, credit hub will give you a free credit check service which is great for people who want to see if they have poor credit.
They have various promising features like:
- No upfront fees or deposits
- Will refer you to third-party lenders
- Compare and choose yourself
- Consultations are kept private
- Fast loan processing
Apply online and find the best Canada lenders at the best rates. The loan process is simple and loan funding is fast. Compare Hub is used by over 1.5 million Canadians, and they also offer business loans, auto loans, and debt relief loans.
3. Loans Canada – Online loans starting from $500
If you are looking for a personal loan or any other type of loan, the right place could be Loans Canada. All you need to do is submit your request for the desired loan amount and wait till you get matched with a lender. Once you get approval, the funds will be automatically deposited into your account. The loans are often disbursed the same day if everything goes well. Read below to know more reasons why you should choose Loans Canada:
- The loans are approved fast
- High rate of approval
- Offers loans that can extend up to $35,000
- Get many exclusive offers
- Confidential & Risk-Free
This lender platform has provided millions of loans for poor credit in Canada. They have a team of experts to guide you on your personal finance needs. Being the largest and best provider of finance solutions, most people in Canada turn to them.
4. Prets Quebec – Best for French Speaking Canadians
Prets Quebec is one of those money lending organizations can offer guaranteed approval loans for poor credit in Canada. Their focus is on both personal as well as commercial loans. The parent company of Loans Canada, this company operates a bit differently.
They have lender matching technology that will help you to get loans based on your location. It makes the process more convenient and simpler. This is not all, here you can find the best personal loan rate in one request. You apply for a loan in three quick and simple steps i.e. choosing the loan, submitting the application, and getting offers from lenders.
Here are more reasons why you should go with Prets Quebec:
- Loan amount up to $35,000
- Quick and easy processing of loans
- Free application procedure
- Various loan options
- Cheaper than payday loans Canada
Financial emergencies are unexpected. We know this and this is why we aim to help you get a no-credit-check personal loan when you need money the most. You can trust the lenders listed with us to get loans quickly.
How to Get Guaranteed Approval Loan with Bad Credit Scores?
Our lenders guarantee that you will get loan approval even with poor credit scores if you fulfill all the other loan qualifying points. Next, follow the steps given below to get funds in your bank account.
Step 1: Explore the details of the personal lenders we have listed and make a choice.
Step 2: Next, go to their official website and fill out the loan application form carefully.
Step 3: Once your application has been submitted, wait for it to get approved.
Step 4: Submit the documents asked to complete the loan paperwork.
Step 5: Once your application is reviewed and accepted, your loan will be approved.
Step 6: Finally, you will get funds in your bank account.
Are you still worried about how to apply as you have never filled in a loan application before? Well, it is very easy as there are some very basic fields in the form. It will take not more than a few minutes. You can ask us if you face any issues.
What is guaranteed approval personal loan $1000 with Poor Credit In-Depth?
When you hear the term “guaranteed approval” you may feel a bit relaxed thinking that your loan is approved and guaranteed 100% no matter what the situation or circumstances are. But this is true and not true. If you qualify for the loan and complete all the required documents, lenders will surely approve your loan.
However, ONLY some types of loans are no credit checks loans like low-amount payday loans and title loans. More not all lenders specialize in poor credit loans in Canada. So, before applying for a loan do check the terms and conditions as well as lender policies.
How Does a Guaranteed Loan Approval with Poor Credit Scores Work?
Getting loans with poor credit scores is no different from conventional loans. But these loans are often labelled as high “risk loans” as the borrower has poor credit scores.
So, when the lender is giving out a loan, he will obviously charge higher interest rates and the payment schedule can be short or flexible. You need to check with the lender.
But the application process is almost the same, completely hassle-free. You can apply online, submit the documents and on approval the loan amount will be made in 24-48 hours.
When you get a loan approval notification, you need to agree to their terms and conditions by signing a formal contract. The terms and conditions are related to interest rates, fees, penalties, early repayment conditions, etc. and other important details.
After the contract is signed, the lender will fund the loan amount in your bank account.
Am I Eligible for a Guaranteed Loan Approval Even With Poor Credit Scores?
Loans are available to all citizens of Canada even those with bad credit scores. To get a guaranteed approval loan you need to:
- Be a citizen of Canada or a permanent resident there
- Be minimum 18 years or 19 years according to the province
- Give proof of income to the lender depending on the loan
- Have a valid bank account
- Have an email ID.
- Any other documents like residence proof
These eligibility norms are not stringent, and most Canadians can meet them easily. Despite bad credit history or low income, the approval rate is high. If you need cash fast, you can fill out your application and most probably, it will be approved, and you will get the required funds instantly.
Can Personal Loans Improve My Credit Score if I Payback on Time?
The credit score should be well above 580 to get guaranteed loan approval. Having a good credit score will certainly improve your credit score provided payments are duly made on time. If you default in paying back, not only will your credit score be impacted negatively, but also be denied a bigger amount of loans in future. Regarding low-amount loans, you will be charged a higher interest rate. You can also take a personal loan not out of necessity but to improve your credit history or to build one if you have never taken a loan before.
Are Loan Approvals for Loans with Bad Credit Scores Available in All of Canada?
Yes, there are no credit loan lenders in most provinces of Canada. When you apply for a personal loan, a payday loan, a car title loan or any other loan, you must check the terms of the loan and interest rate as these vary from one province to another. The government regulations too vary as per the province. Having a good credit history will heighten your chance of getting low interest rates on personal loans.
Alternate Loan Options You Can Choose
There are many alternative loans to choose from if you have bad credit scores. These loans are:
Your credit score is not an issue here for small amounts of loans of $500 to $1000 but you need to pay higher interest rates and fees. For higher amount payday loans up to $5000, you may need more documentation. The loans need to be paid back in a year or two. Small payday loans have a short payment duration.
Car Title Loans
Here the borrower uses his car as a form of collateral against which a certain sum of money is loaned out. The loan must be repaid in 30 days or even less. This is a secured loan and does not impact credit history.
Installment loans are a type of personal loan that you need to repay back to the lender in installments. It can be either unsecured without collateral or secured with some collateral. The secured ones are easier to get because of collateral. They have easy terms and lower interest rates. If you need a big loan amount, you can consider this.
Who can apply for guaranteed approval loans for poor credit in Canada?
You need to have Canadian citizenship or must be a permanent resident to apply for no credit check loans. Apart from this, you need to show certain documents like income proof, age proof and more.
Can anyone with a bad credit score get guaranteed loan approval in Canada?
Yes, even though many loans in the country require a credit check, there are still some that do not require one. If the lender thinks you can repay the loan amount seamlessly then you are eligible to get it but with high-interest rates.
What are the problems that arise with bad credit scores?
Any bad credit loan is associated with some amount of risk. Short-term personal loans as well as long-term unsecured personal loans both do not require any form of collateral, but this also means you need to pay higher interest. You are viewed as a high-risk borrower. The terms and conditions vary in different Canadian provinces.
How long is the bad loan credit tagged on you while in Canada?
The bad loan credit is with you for six years in Canada. But it also has chances of improvement provided you provide the association with updated information from time to time. While some information stays on for a longer period, some will be deleted over time.
What is a bad credit score in Canada?
If you have any score below the range of 580 in Canada it is considered to be poor. And the scale of comparison is from 300 to 850.