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Unsecured Bad Credit Loan in Canada – As a customer, if there is no assurance or any security deposit in order to take a personal or business loan in Canada, customers may appeal to applying for a loan which is unsecured.
Repay it for a certain period of time with interest rate. This method is known as unsecured loan.
In this way, customer can be paid off his/her credit card debts, any personal loan in Canada, i.e. car loan, unexpected bills, modifications/retrofit, inventory or be used for debt consolidation etc.
In addition to this, if buyer has a credit -score lower than 560 in Canada, the buyer may benefit from unsecured bad credit loan because many banks would not approve to give a loan or a credit card in such situations.
Types of Unsecured Loan in Canada
- Revolver Loan: A customer may want to obtain an unsecured personal line of credit card for short-term needs. Also, it is known as the loan is taking out, pay back, and then taking out for different limits.
- Term Loan: Total loan provides to client at the beginning, then paying it off usually each month with rate. One of the most common loans.
- Consolidation Loan: A client can get a consolidation loan for his/her overall debts such as bills, credit card, and health expenses, and pay them off using that single loan with usually lower rate compared with outstanding debt.
Some of Lenders offer Unsecured Bad Credit Loans
LoanConnect – Demanded can apply a loan up to $50000. And term ranges from 6 months to 60 months with interest rates are altering from 4.6% to 46.96%.
Eligibility Criteria:
- Being a Canadian citizen or permanent residency
- Providing required age limit in that territory
Ferratum Loans – Customer can apply for a loan between $2000 to $10000 with the interest rates starting from 18.5% APR. The minimum and maximum loan terms are 1 year and 5 year, respectively.
Eligibility Criteria:
- Being a Canadian citizen
- A Canadian Bank account
- Being over 20 years old
- Minimum monthly regular income $2000
- Living in one of the territories: Ontario, Alberta, New Brunswick, Nova Scotia, British Columbia, or Newfoundland
Borrowell: Loan: up to $35000, Loan Term: 3 to 5 years, Interest Rates: Fixed rates from 5.6% to 29.19% APR.
Eligibility criteria:
- Being a Canadian citizen
- Having a bank account in Canada
- Not having any bankruptcy proceeding
- Credit score higher than 660
Loan Away: Almost 90% of all the applications are approve. Loan: up to $5000, Loan Term: up to 36 months with no penalty fees
Eligibility Criteria:
- Being a Canadian citizen
- Being over 18 years old
- Have a job at least the past 3 months
- Not having any bankruptcy proceeding
Easy Financial – Easy financial is really a good Unsecured Bad Credit Loan in Canada lender. Even if you have bankruptcies. They are providing $15000 for an unsecured bad credit loan.
Eligibility Criteria:
- Being a Canadian citizen
- Being over 18 years old
- Have a job at least the past 2 months