HAVE A BAD CREDIT? GET CASH IN 4 EASY STEPS
BAD CREDIT LOANS CANADA: APPLICATION REQUIREMENTS
BAD CREDIT LOANS FOR PEOPLE WITH BAD CREDIT
Flexible Terms And Affordable Payments
Loans for Bad Credit: Here Are Your Options
So you’ve made a couple of mistakes here and there or were met with an unexpected rough patch in life and your credit rating has fallen below the “fair” range and now you’re looking for bad credit loans.
First and foremost – you are not alone. The reality is that hundreds of thousands of Canadians look online for loans for bad credit. The truth is that the Canadian credit scoring system is very rigid and just a couple of missed payments can make good people look like they can’t manage their finances.
It really is a shame when honest, hard-working Canadians can’t get a loan because they’re treated like mathematical formulas.
Now, before you start looking for loans for bad credit, there are a few things we need to cover to make sure you don’t end up in the wrong place. As you may have noticed from TV, the radio, even the sides of buses, there sure are a lot of businesses out there catering to Canadians with bad credit.
This might leave you scratching your head and asking “If having bad credit is such a bad thing, why do so many lenders offer money to people with that very credit rating?”
Great question and we’re going to answer it for you right now. First you have businesses that believe in relationship-based marketing. What that means is, they understand human psychology and they know that if they’re there to give you a chance when no one else will, you’ll come back and do more business with them in the future, so it’s a win-win.
That business gets to earn more money from you in the future while you benefit from a loan no one else would give you and also have the chance to repair your credit.
However, the majority of lenders (sadly) who offer loans for bad credit are the opposite of the businesses we’ve just described. The most notorious in this group are payday lenders. Payday lenders have absolutely no interest in being helpful to you.
They don’t care about having you come back to them in the future (you’ll find out why in a second) and they definitely don’t care about helping you re-establish your credit rating.
Here is why they don’t care about getting repeat clients: payday lenders will never admit this to your face, but they see you as a low-prospect candidate to do with and therefore operate with the principle of juicing you for all you’re worth.
They’ll issue a loan with a very tight window of repayment (your next pay cheque, hence the name payday loans) and give you a high interest rate. Here’s what often happens (because their system is set up to happen this way): you will not be able to repay the full principal and the interest within their tight window of time and that’s when they’ll hit you with stiff penalties that can make a $500 loan cost as much as $1500.
Would you ever do business with a lender who would shamelessly squeeze that much money from you? It’s downright unethical.
But you do have an alternative to payday lenders when it comes to loans for bad credit. At LoanAway, we understand that if you’re applying for a loan, you most likely need it now and not later.
That’s why we provide our loan applicants with same-day approval. This way, you don’t have to turn to payday lenders for loans for bad credit.
If you have any questions about how LoanAway can help with loans for bad credit, reach out to us online or call us at (866) 689-0091 (this is a toll free number).
WHERE WE OPERATE
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta and Newfoundland, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.