Best Bad Credit Personal Loans in Canada, getting approved for a personal loan sometimes it used to be tough for those whose credit score has tanked and fallen into the bad or poor. Towards the end of this post I will list out best online personal loans for people with bad credit score.
What is Bad Credit Score
A bad credit score in Canada is a credit score below 560. If you resides in Canada and have recently declared bankruptcy, defaulted on multiple loans, or have gone through collections, it’s very likely that your credit score is now considered as ‘bad’ or ‘poor.’
Best online personal loans for people with bad credit score
- Loan Connect: Borrow up to $50,000 for 6 months to 5 years and 9.9% to 46.96% APR.
LoanConnect is Canada’s popular search engine for personal loans. Their portal links borrowers with multiple lenders who cater to individuals with bad to excellent credit scores.
The maximum loan available via the platform is $50,000. Loan terms range from 6 months to 60 months and the rates vary from 9.9% to 46.96% APR.
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- Loans Canada: Borrow up to $50,000 for 4 months to 5 years and 2.99% to 46.96% APR.
Loans Canada is a loan comparison platform for both unsecured and secured personal loans. They are connected to a large network of lenders who extend loans to individuals with poor or bad credit.
You can borrow up to $50,000 for 4 months to 6 months and interest rates range from 2.99% to 46.96%
- Mogo Loan: Borrow up to $35,000 for 6 months to 5 years and 9.9% to 46.96% APR.
Mogo is a Canadian fintech company that is listed on the Toronto Stock Exchange and Nasdaq. The company offers personal loans, credit scores, identity protection, mortgages, and cryptocurrency trading (Bitcoin).
Mogo’s online installment loan (MogoLiquid) offers borrowers up to $35,000 for up to a 5-year term. The interest rate on the loan is from 9.9% to 46.96% APR.