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If your credit isn’t exactly perfect, you’ve probably had a tough time finding a lender in Edmonton. Though the situation you’re in is frustrating, you aren’t the only one in Edmonton with bad credit. In fact, there are many people in your situation, and there are lenders that are willing to work with you. Though it’s true that most of the larger financial institutions don’t tend to accept borrowers with bad credit, there are loan providers in Edmonton will likely be happy to work with you. For example, Credit Unions and Secured Savings loans are worth looking into in Edmonton, as many of them will work to help you raise your credit score. However, if you’re looking for a simple loan with interest rates that you can meet, an online loan is a perfect solution.
Smarter Loans’ list of lenders will help you find a reputable loan with decent conditions. Bad credit loans in Edmonton are possible thanks to many of our lenders are able to offer you financing even if your credit score is lower than average. Applying for and paying back a loan in a timely manner can actually improve your credit score. Our list of loans offers you a variety of different firms with different payment periods, interest rates, and qualifications. Don’t let a low credit score stop you from moving forward. Take a look at the list of lenders below to see what they offer. Apply on the lender’s profile page, or apply on Smarter Loans and we’ll help connect you with the right provider for you.
Our directory provides access to the right Bad Credit Loan lenders in Edmonton for all your borrowing needs.
Browse our register of Bad Credit Loan lenders to find the most competitive Bad Credit Loan rates in Edmonton
Credit scores are an important aspect of your financial profile; they range from 300 to 900, and the higher your score, the more financially secure you are considered to be. The average score across Canada is 650, but the average in Edmonton is a little lower at 625. Anyone with a score of under 600 is considered to have below average or bad credit. Your score can be low for a number of reasons, such as failing to make debt payments on time, a past bankruptcy or consumer proposal, or high levels of debt. Edmontonians have an average consumer debt burden of $28,235, one of the highest levels in Canada.
A low credit score can prevent you from accessing financial products, so it’s crucial for all Canadians to know their credit score and, if necessary, take steps to improve it. Luckily there are many ways to find out your score, including paying a fee to access the information via a credit bureau (such as Equifax or TransUnion), speaking to your bank or credit union, or using an online tool.
Eligibility for a bad credit loan in Edmonton – and all across Alberta – depends on the lender you choose, but in general there are just three musts: you must be at least 18 years old, you must be an Albertan resident, and you must have an active bank account. Some lenders may also require you to have some form of income, to provide collateral for the loan, or to show other financial documentation.
A bad credit loan can be useful in many situations. They are most commonly used to help consolidate debt or relieve short term cash flow issues. They’re also useful for covering unexpected bills and emergencies, paying for monthly bills, funding a needed purchase (such as a car or tuition fees), and helping to repair your credit. There are no restrictions on what you can use this type of personal loan for in Alberta.
Home to nearly a million people, Edmonton has an active loans market and plenty of options for its bad credit residents. This includes dedicated bad credit financial service providers, payday loan companies, auto loan companies, online lenders, and no credit check lenders. The type of provider that’s best for you will depend on how much you want to borrow, for what purpose and for how long, and how much you can afford to pay in interest and fees. Just bear in mind that, with bad credit, you’re unlikely to be able to borrow from your bank or credit union.
Bad credit loans come in all shapes and sizes. The average interest rate for a bad credit loan in Edmonton is around 20%, but depending on your exact circumstances, this might fall as low as 5% or spike to over 40%. Loans can be short term – lasting just a few months – to long term, lasting up to five years. Shorter term loans generally have higher interest rates and are for smaller amounts.
The amount you can borrow with a bad credit loan depends on the type of loan you get, the provider, and your exact financial circumstances. The better your circumstances, the more you will be able to borrow. Generally, borrowing amounts range from as little as $500 to as much as $50,000.
All loans come with fees, and bad credit loans in Edmonton are no different. Application fees and loan origination fees are pretty standard, but lenders may have other fees as well, including closing fees, late payment penalties, early prepayment fees, loan service fees, underwriting fees, and more. Not every lender charges every type of fee, and the size of these fees can vary, so always ask before taking out a loan to ensure you understand how much you’ll be paying. A reputable lender will be transparent about their fee structure.
It is possible to get a loan in Edmonton if you have bad credit and are unemployed, but it might not be easy, as most bad credit providers require some proof of income. However, there are exceptions, usually where the borrower is charged a higher interest rate or has more restrictive loan terms. Some lenders specifically have unemployment loans for these situations, so this is a good place to start. It’s also worth considering a guaranteed loan, as having someone else act as guarantor in case of default will make it easier for you to qualify for a loan.
Taking out a loan of any kind has an immediate effect on your credit score, lowering it slightly to reflect your higher debt burden. However, there will only be a long term negative effect if you fail to pay back the loan as agreed. But if you make your loan payments on time and in full, you will actually help to improve your credit over time, by establishing a history of reliable repayment.
Payday loans are very popular in Edmonton, as they provide fast and easy access to cash with minimal paperwork. However, payday loans have high interest rates, which quickly compound. So for anyone seeking a loan of more than a few hundred dollars, or for longer than a few weeks, there are almost certainly more affordable options. But if you need cash-in-hand straight away, and know you can pay it back quickly, then this may be a reasonable option for you.
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