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BAD CREDIT LOANS CANADA: APPLICATION REQUIREMENTS
18 years or older
Be a citizen or permanent resident of Canada
Free of current bankruptcy proceedings or consumer proposal
In an employment for at least 3 months
BAD CREDIT LOANS FOR PEOPLE WITH BAD CREDIT
Flexible Terms And Affordable Payments
Unsecured Loans For Bad Credit: Here Are Your Options
It can be a very discouraging situation – you’ve missed some payments in the past and now, you feel that with a credit rating that falls below the “good” tier, you have no options for borrowing money. Happy to tell you that’s not the case – there’s unsecured loans for bad credit and you have just as much of a chance of getting them as anyone else.
If you’re reading this right now, there might be a chance that you’ve tried going to a conventional bank or your existing credit card provider, that they are unwilling to consider unsecured loans for bad credit. They may well even take a pass on secured credit.
There are a number of private lenders, however, who understand that bad credit does not equal bad person. We’ll talk about those lenders very shortly, but first, we need to talk about creditors offering unsecured loans for bad credit who DO believe that only bad people have bad credit.
Those people are the ones behind the payday loan industry.
Yes, those gaudy neon signs by the road advertising “great” deals on (very) short-term loans are actually a bear trap just waiting to clamp down on you. True, they will issue unsecured loans for bad credit rather quickly and easily (they sometimes do no credit checks). But the price you pay for this is steep.
In fact, taking unsecured loans for bad credit is pretty much a recipe for…MORE bad credit.
Here’s why – payday lenders see you a quick source of cash that is to be milked until there’s nothing left. The belief system that drives their business model is the belief that if you have bad credit you deserve to be taken advantage of. Unsecured Loans for Bad Credit – Here’s what you need to know.
With that reasoning in mind, the players in the payday loan industry have set their operation up so that they can deliberately lock you into a brutal debt cycle. This cycle can see you paying as much as $1500 for borrowing $500.
There is something very fundamentally flawed about that and there’s a very good reason many provincial governments in Canada are looking to slap heavy regulations on the payday loan industry. Some of these regulations are so tough they could put lenders out of business.
Now, let’s talk about the payday loan alternative – installment loans.
With these lenders, you can still get unsecured loans for bad credit but without the unethical contracts. LoanAway, for example, processes applications for unsecured loans for bad credit everybit as fast as payday lenders. Sometimes even faster.
Our online form will only take you 8 minutes to complete and after our loan specialists review it, we will very likely approve your application within a couple of hours. Some applicants get their loans deposited within 24 hours.
So now that you see the difference between payday lenders and private firms that offer installment loans, your next move should be pretty clear. Give LoanAway a call at (866) 689-0091 or connect with us online.
We’d be happy to answer any questions you have about taking out unsecured loans for bad credit.
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.
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We will notify you of a decision in as little as 30 minutes