Best Urgent Loans for Bad Credit Canada: Top Lenders in 2023

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Are you in need of an urgent loan in Canada in 2023, but struggling to find a lender due to your bad credit score? You are not alone. Many traditional financial institutions have difficulty extending loans to individuals with poor credit. However, emergencies can arise even for those with low credit scores, and they still need to address these urgent situations.

Top 5 Urgent Loans for Bad Credit in Canada

Below is the list of the top five lenders that are likely to meet your financial needs when you are in a tight situation.

In this article, we will help you identify the top lenders in 2023 who are willing to offer urgent loans for individuals with bad credit in Canada. Additionally, we will provide information on lenders that offer the best credit rates in the market.

Continue reading to discover the lender that best suits your urgent financial needs and learn how to access financing from these lenders.

Applying for urgent loans for bad credit in Canada from these lenders is as easy as A, B, C. Click on the hyperlinks provided, fill in the application forms and you will be guided by representatives of the selected companies. 

We have further analyzed each lender for you to ensure you have optimal knowledge to enable making the most informed loan purchase decision.

1. LoanConnect: Quick loans

Loan Connect

LoanConnect stands out as the ultimate choice for those seeking high-risk urgent loans with a touch of convenience. In a mere 5 minutes, you can secure an urgent loan of up to a whopping $50,000 through their seamless online application process. The best part? LoanConnect ensures that borrowers benefit from a reasonable Annual Percentage Rate (APR) on their loans, making repayment a breeze.

Below are some benefits of choosing Loans Connect as your go-to lender for urgent loans for bad credit in Canada: 

  • Offers quick loan access
  • Has high lending amounts
  • Has an interest rate as low as 6.99% p.a.
  • Long repayment period
  • Trustworthy lender


What truly sets LoanConnect apart is their flexibility when it comes to repayment periods. Depending on the amount of the loan secured, borrowers can enjoy a favorable repayment window ranging from 3 months all the way up to an impressive 120 months.

2. Spring Financial: High loan amounts

Spring Home Page

Spring Financial provides its customers with urgent loans for bad credit in Canada, up to $35,000. If you are looking for favorable rates on urgent loans, the company should be among your top choices. It offers loans with interest rates ranging from 9.99% to 46.99%. Additionally, it provides a long loan repayment period of up to 60 months, which makes it easier for borrowers. 

Here are some reasons to choose Spring Financial as one of your top lenders for urgent loans for bad credit in Canada:

  • High loan amounts
  • Long repayment periods
  • Quick loan approval
  • Easy application process
  • Fair interest rates on the loans

Spring Financial will meet your emergency needs despite the amounts that you need. All you have to ensure is that you have a Canadian ID or a permanent resident permit before applying for the loan. Other than that, bad credit will not prevent you from securing their urgent loans. 

3. Compare Hub: Best lender for consolidated loans

Compare Hub Homepage

Do you need a consolidated loan or are you making a large urgent purchase? Compare Hub is the best lender in the Canadian market, offering urgent loans for individuals with bad credit. The company operates one of the most trusted loan platforms, which includes a large network of lenders in Canada. As a result, it is the perfect choice for borrowers facing tight situations and in need of quick cash. 

The following are some of the benefits of choosing Compare Hub as one of your top lenders for urgent loans for bad credit in Canada:

  • Offer expert guidance to consumers
  • Create a tailored loan application experience
  • Offer free credit score
  • Serves over 1.5 million Canadians
  • Trusted platform

Compare Hub not only provides borrowers with urgent loans but also offers expert guidance and financial tips to help them stay organized financially.

4. Loans Canada: Best loan matching technology

Loan Canada Homepage

When you choose Loans Canada, you gain the advantage of their proprietary solution matching technology, which guarantees you the most suitable loan for your needs, along with the best rates available in the market at the time of application. Since its establishment in 2012, Loans Canada has successfully assisted hundreds of thousands of individuals in obtaining quick loans totaling millions of dollars.

Here are some reasons to choose Loans Canada as part of your top lenders for urgent loans for bad credit in Canada:

  • Has been in operations for over 10 years
  • Has a great reputation from borrowers
  • Uses loan matching technology
  • Fast approvals
  • Loans up to $50,000

Loans Canada track record of success speaks volumes, as they have skillfully guided hundreds of thousands of borrowers towards financial triumph. 


5. Prets Quebec: Friendly lender

Prets Quebec

Prets Quebec stands out as one of the most amiable lenders and online loan platforms in all of Canada. Not only do they provide urgent loans for individuals with bad credit, but they also offer the convenience of consolidated loans. What sets Prets Quebec apart is their commitment to providing affordable rates and consumer-friendly repayment periods. They understand the importance of ensuring that borrowers can comfortably manage their loan obligations.

Here are some reasons to choose Prets Quebec for your urgent loans for bad credit in Canada:

  • They are quick
  • Well-connected brokers
  • Adequate loan amounts from $500 to $15000
  • No credit check or history needed
  • Has long repayment period 

With Prets Quebec, you can expect not only a helping hand during challenging times but also a lending experience that puts your financial well-being first.

What are urgent loans for bad credit?

Urgent loans are immediate financial obligations that individuals cannot postpone to a later period. These loans are necessary to meet pressing needs without delay. Urgent loans for bad credit refer to loans extended to consumers by lenders, even if the consumer has a poor credit score, potentially below the 630-point threshold. Having bad credit reduces the chances of borrowing from other financial institutions like banks and microfinance institutions.

While convenient for accessing credit, urgent loans for bad credit in Canada come at a high cost in 2023. It is crucial for individuals to understand the nature of their needs and ensure that they truly face an emergency before taking out such loans. These loans are often unsecured, meaning lenders take a financial risk by extending credit to the borrower. Consequently, the interest rates charged on these loans are exceptionally high and can trap borrowers in a cycle of debt if not carefully managed and planned. 

Do urgent loans have an impact on credit score?

Urgent loans for bad credit in Canada can directly influence an individual's credit score, either positively or negatively, depending on the borrower's repayment practices. If you repay your loan on time, there is a high likelihood of improving your credit score and gaining access to better loan deals compared to having a bad credit score. Conversely, failing to adhere to the repayment terms outlined in the loan agreement can further harm your credit score. This makes it even more challenging to secure urgent loans in the future when the need arises. 

How we chose the five best urgent loans

The brands identified above are lenders that specialize in offering urgent loans for bad credit in Canada in 2023. The companies are licensed to operate in Canada and have a positive track record based on reviews and testimonies from their consumers. 

Here are some of the reasons we recommended them to you:

Good reputation - All the five lenders have a positive reputation when it comes to offering urgent loans to Canadian borrowers that have a bad credit. Compared to many other lenders in the Canadian market, they have fair business practices, have no hidden fees and charges on their loans or pushy adverts that mislead borrowers who urgently need loans. 

Easy to application process - The loan application process of the five lenders is straightforward and very easy. First time borrowers find it easy to go through the application process as they understand from the dedicated websites what is required of a borrower from each lender to obtain an urgent loan for bad credit. The lenders recommended are available online and are just a click away. A borrower can apply for an urgent loan from anywhere they please without having to take physical applications to the lender’s offices. 

Transparency - In times of crisis, you need a lender that will be honest and transparent in their dealings with you throughout the whole process. Hidden fees create a financial burden to the borrowers. The lenders we have recommended do not have hidden charges and they clearly outline any form of fees such as loan origination fees and how it is obtained through the borrowing process. The borrower thus understands the type of loan they are getting before they apply or agree to accepting the loans.

Eligibility - This is another important criteria we used when deciding on the top five lenders for urgent loans for bad credit in Canada in 2023. Lenders listed offer their loans to individuals with all types of FICO scores and avoid credit checks before extending loans to consumers. 

How to apply for an urgent loan in Canada

Applying for an urgent loan for bad credit is easy. You will need to visit the online platforms of the selected lender from the links provided earlier. Before filling in the application for the loan it is necessary to figure out your financial position and situation. This is normally determined by your credit score. If you can improve the credit score, it is best to do so to get better urgent loan terms than when you have bad credit. 

Once you know and have understood the impact of your credit score on loan acquisition, you will need to budget and calculate the exact amount that you urgently need to avoid taking out a loan that is higher than what is needed for your emergency. The next step is to start the search for probable lenders, a step we have already done for you. On comparing the lenders and their terms, you can now submit your application. 

You will then fill in the details that are required by the lender and click submit.  The following are some of the details that are required by most of the online lenders from the borrowers:

  • Name, physical address and email address
  • Information on sources of income 
  • Employment details
  • Information on previous loan and debts still owed
  • The amount to borrow and 
  • A digital signature that acts as consent for the lender to use information provided for purposes of processing the loan.

Once the lender has gone through the initial approval process and passed, they are contacted by the lender to provide additional documents such as;

  • A void cheque only made to a Canadian bank account
  • The ID of the borrower (s)
  • Income verification documents such as the pay slip
  • Statement from the bank for the dating back as far as 60 days

Important factors to consider 

The APRs

The annual percentage rate determines the cost of the loan and the amount that you as the borrower will have to pay to the lender every month. IT is important to understand the interest rate charged on a loan before taking it. It will allow you to assess whether you can afford the loan with current monthly income and financial status. Loans that have very high APRs are difficult to pay off and they lead you to debt traps where you need to borrow other loans to pay off existing loans. Luckily, we have selected for you the best five companies that will offer you the best market interest rates on urgent loans for bad credit in Canada in 2023. You can also see our top list for No Refusal Payday Loans Here

The repayment terms

It is the responsibility of the lender to provide details on the repayment terms of the loan to the lender. The repayment terms include the repayment period, which in turn determines the monthly installments on the loan. A longer repayment period is beneficial to the borrower as it spreads the loan over a long period thus having lower monthly repayments. Lenders that have poor repayment terms are likely to take advantage of the borrower and charge more for their loans than acceptable rates in the market.

The need

Urgent loans for bad credit in Canada are very expensive compared to the traditional forms of loans. However, they are the most viable solution to individuals whose credit score can not afford them a traditional loan. IT is critical to have an urgent need when taking out an urgent loan as such loans are not a viable every day financial option. 

Qualification requirements

Each lender has different requirements for their borrowers. Understanding the requirement from your desired lender will make the loan application process fast and less troublesome. It will also help gauge the amount of loan you can access from the lender and to some extent determine the loan terms extended to the borrower. We have reviewed some companies here that can guarantee approval. 

Penalties and fees

Some lenders are likely to hide fees and penalties that are associated with a loan. It is paramount that a borrower understands the fees and penalties that are attracted for defaulting a loan and also when originating the loan. 

Lending alternatives for urgent loans for bad credit

Zero interest credit cards - These cards are offered by credit card companies and have promotional periods where a borrower can access interest free loans. 

Paycheck advance - This is one of the best financial solutions in times of emergencies if you are employed and your employer allows employees to take salary advances. A paycheck advance will help you avoid the high interest that are attracted by urgent loans for bad credit in Canada. They also make it possible to financially plan well when dealing with emergencies reducing stress related to paying back high interest loans.

Home equity loan- Unfortunately, this alternative is only possible for individuals that own homes. It allows them to take out loans against the equity of their homes. It is however important to ensure that you have your calculations right and that you can afford to pay back the urgent loan taken, otherwise, failure to payback might see you lose your house to foreclosure

Personal loans from family - Family members that are well off financially are likely to help finance your emergency cash needs at terms that are way more favorable compared to urgent loan lenders for people with a bad credit score. Borrowing from friends and family is easy and requires an agreement between the family member loaning the money and the borrower.  Be sure to pay back the loan, otherwise it might permanently damage your relationship with family members or friends.

Frequently Asked Questions 

Do I need to be 18 to get a loan?

Yes. The legal age for borrowing in Canada is 18 years when an individual is considered an adult and can make their own financial decisions. To access the urgent loans in Canada, you also have to be a citizen of the country or a permanent resident in the country. 

How long can I pay my loan?

The length of the repayment period on the urgent loans is determined by the lender that you obtain the loan from. Some lenders offer 3 months, the next paycheck or even 24 months to clear out loans. 

How can I improve my credit score?

Improving your credit score might be the best financial decision that you could ever make. One of the most recommended ways of improving the credit score is by ensuring that all loans are paid on time

Is it easy to apply for an urgent loan?

Yes. Applying for urgent loans is a process that is done online. All the borrower requires is a smart device or computer and an internet connection. They access the loan application forms from the lenders’ websites and if they meet set criteria, getting the loan is guaranteed.