Can I be approved if I have bad credit in Canada?
Yes, there are financial companies in Canada, providing such lending offers. If you have bad credit and are considering a payday loan, it is crucial to carefully review the terms and conditions of the credit offer, including the interest rates and various fees. Be sure to understand the total cost of the loan and the repayment terms before committing to anything.
What can be loan requirements for payday loans with bad credit?
- have a valid photo ID
- be a Canadian citizen or have a permanent residence
- be at least 18 years of age or above and must
- have a valid banking account
- have regular gains for at least 3 previous months
In Canada, there isn't a specific minimum credit score requirement for payday loans because these loans are often marketed to individuals with poor credit.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 7.90% | 856 |
| 20,000 | 10.90% | 1,181 |
| 20,000 | 13.90% | 1,506 |
| 50,000 | 8.10% | 2,194 |
| 50,000 | 11.10% | 3,006 |
| 50,000 | 14.10% | 3,819 |
| 100,000 | 8.30% | 4,496 |
| 100,000 | 11.30% | 6,121 |
| 100,000 | 14.30% | 7,746 |
| 200,000 | 8.50% | 9,208 |
| 200,000 | 11.50% | 12,458 |
| 200,000 | 14.50% | 15,708 |
Is a credit check required for payday loans in Canada?
Most payday lenders do conduct a credit check as part of their loan application process. However, the significance of the credit check may vary among financial companies. Payday loans are often developed to be accessible to individuals with poor credit or no credit history, so the credit check might not be as strict as it would be for a banking loan.
While some payday lenders may perform a basic credit check, others may place more emphasis on factors such as your income, employment status, and ability to repay the loan within a short period. The primary focus for payday lenders is usually on your ability to repay the loan, given the short-term nature of payday loans.
It's important to note that even if a payday lender doesn't heavily rely on your credit score, they may still check your credit history to assess your financial responsibility and outstanding debts.
See the similar FAQ about Canadian banks:
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Details of companies offering the financial services:
GoDay
Contact center: 888-984-6329
Web-site: https://goday.ca
iCASH
Head office’s address: 372 Bertha St, Hawkesbury
Contact center: +1-844-419-2274
Web-site: https://icash.ca
Lendigo
Head office’s address: 7980 14e Ave Montreal (Québec) H1Z 3L8
Contact center: 514-210-6192
Web-site: https://lendigo.ca
LoanConnect
Head office’s address: 379 Dundas St #217, London
Contact center: (855) 936-5626
Web-site: https://loanconnect.ca
Magical Credit
Web-site: https://www.magicalcredit.ca
Mogo
Web-site: https://www.mogo.ca
Money Mart
Contact center: 1-800-361-1407
Web-site: https://www.moneymart.ca
SkyCap Financial
Head office’s address: 1020 Bayridge Dr. #104, Kingston
Contact center: (877) 924-4557
Web-site: https://skycapfinancial.ca