Personal Loan For Bad Credit in Canada
Traditional financial institutions such as banks always check your credit score 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, such as the personal loan for bad credit in Canada.
What is a personal loan for bad credit in Canada?
A personal loan for bad credit is financial assistance provided within 24 hours, even if you have a bad credit score. Furthermore, these loans are unsecured loans, which means we won’t repossess your assets if you miss the repayment period. This type of short-term loan was created to help each individual cover unexpected expenses, and you can receive up to $3000. Finally, these loans require no application fees or hidden charges.
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. On the other hand, difficulty in managing credit well, meaning you could represent financial risks, which leads to the loss of points, and a poor credit score.
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
Why choose Send Me Cash Now for your personal loan for bad credit in Canada?
While most banking institutions take credit rating into account when granting or refusing a personal loan in Canada, we have chosen to rely on other criteria to decide whether to approve our clients’ loan applications.
Why? Because at Send Me Cash Now, we believe a bad credit history should not prevent you from building your future. And it is in this spirit that we offer a personal loan for bad credit. This type of loan is specifically designed for people with a low credit score.
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Documents to provide to obtain a personal loan for bad credit in Canada
To apply for a personal loan for bad credit 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
Once you’ve provided all this information, we won’t ask for additional application documents, and your application will most likely be accepted. After you sign the loan agreement, you’ll receive the funds directly into your bank account within 24 hours.
Further criterias to meet before receiving your personal loan for bad credit
Unlike loans from traditional banks, our personal loan for bad credit in Canada can be granted to people with a low credit rating. To obtain it, it is necessary to prove sufficient income during the online loan application process. The new bad credit loan should also not place the borrower in a situation of over-indebtedness.
Finally, our online lenders 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 with a decent income level
- 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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