Bad Credit Loans in Canada – Most lenders either do not provide loans for people with bad credit due to the risk of being unpaid.
Bad Credit Loans in Canada
Lenders provide loans with sky-high interest rates to take advantage of their desperate situations. There are also deceptive lenders with tricky terms who may lead borrowers to fall into deeper dept. So, the best option a borrower who has a bad credit history may want to consider is applying for a secured bad credit loan.
Secured Bad Credit Loans
Secured bad credit loans in Canada require borrowers to offer up a property as collateral to secure their loans. So that they can reduce the risk they set and be charge more reasonable interest rates. That property can be a valuable asset such as the borrower’s house, car, jewelry, etc.
If borrowers fail to repay their loans, they lose the possession of their properties. Secured personal loans are popular among borrowers with bad credit records because they are easier to qualify for and come up with lower interest rates.
Best Loans Offers
- Refresh Financial: Applicants should be 18 years old or older, a permanent resident or citizen of Canada. Verify bank account a stable monthly income to be eligible for Refresh Financial Secured Bad Credit Loans. Borrowers require to put down a deposit which will be lock away in a secure account. Their security amount will be back in a lump sum when they become debt-free.
- Prudent Financial: Applicants should be employed full time (for at least the last 6 months), meet the minimum income criteria ($38,000 per year) and provide pay stubs. Borrowers will require to offer up an asset as security to borrow up to $25,000 for a car loan. Up to $20,000 for personal loans. Even if you have a history of bankruptcy, are self-employer or in collections, you may be eligible as long as you pledge a property.
- Tribecca Finance: Applicants should be 18 years od or older, a citizen or permanent resident of Canada. Earning at least $20,000 per year (for personal loans). Tribecca provides not only personal loans but also home equity loans, first mortgages and second mortgages.
- Canadalend com: Applicant should be 18 years old or older, a citizen or permanent resident of Canada. Owning home equity. Borrowers can show their home equity as collateral to receive first second or even third mortgages.