Personal Loan with Bad Credit
Traditional banks systematically conduct a credit check when they receive a personal loan request. A procedure that leads to refusal when the request comes from a borrower with bad credit.
This is why at Send Me Cash Now, a personal loan specialist, we have implemented a range of solutions to satisfy customers with a low score: and among the loans we offer is the personal loan for bad credit.
How is the credit score calculated?
The Canadian banking system, like the American system, uses credit history to establish a credit report and calculate a score. This is made up of 3 digits and varies between 300 and 900 points, the higher the value being the better. Responsible credit management makes it possible to earn points and, conversely, difficulty in managing credit well leads to the loss of points.
Thus several factors can negatively affect the credit rating:
- Lack of seniority
- Late card payments
- A balance carry forward on credit cards
- A card limit almost reached, or even exceeded
- Too many debts
- The transfer of debts to a collection agency
Because your past must not compromise your future
While most banking institutions take credit rating into account when granting or refusing a personal loan, we have chosen to rely on other criteria to decide whether to approve our clients' loan applications.
Why? At Send Me Cash Now, we believe your credit history should not prevent you from building your future. And it is in this spirit that we offer the personal loan for bad credit, a loan specifically designed for people with a low credit score.
The criteria to meet to obtain a personal loan for bad credit
To apply for a personal loan at Send Me Cash Now, all you have to do is fill out a form and provide the following documents:Two pieces of identification:
- A document attesting to your social insurance number
- Proof of address
- The last two payslips
- A voided check
- Bank statements from the last 90 days
Unlike the personal loan from traditional banks, our personal loan for bad credit can be granted to people with a low credit rating. To obtain it, it is necessary to prove sufficient income. The new personal loan should also not place the borrower in a situation of over-indebtedness.
Finally, we ask that the following criteria be met to grant a personal loan:
- Hold a checking account open for at least 3 months
- Have a full-time job for at least 3 months
- Receive pay by direct deposit
- Not be the subject of a wage garnishment or be in bankruptcy
Once the personal loan has been repaid, it is wise to consider rebuilding your credit: taking a secured credit card is indeed a relevant solution that allows you to regain points and thus rebuild your rating more quickly.
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