Loan details
Amounts from:
$500 - $100,000
Rates starting from:
34.99%
Terms from:
9 – 240 Months
Not sure which loan to apply for?
View all of our loans to see the one that’s right for you.
Most commonly used for:
Bill Payments
Debt Consolidation
Home & Auto Repairs
What is a bad credit loan?
A bad credit loan refers to a type of installment loan that can help you get access to a personal loan even if you have damaged credit.
If you have a poor credit history or a low credit score, you may find yourself unable to get online loans from traditional lenders such as banks. In order to access the credit you need, you may need to turn to an alternative lender such as easyfinancial that looks at more than just your credit score and can approve you even if you have bad credit.
What is a credit score?
A credit score is a number based on information in your credit report that represents your creditworthiness. It is used by lenders to help them evaluate your request for credit and determine how risky it would be for them to lend you money.
A low score means that there is a higher risk to the lender that you may not repay your debt.
What is a good credit score and why is it important?
A good credit score is required to help you qualify for loan products, including:
Credit cards
Mortgages
Personal loans
Auto loans
Apartment and employment applications
What qualifies as ‘bad credit’?
‘Bad credit’ means you have a lower credit score and are considered a high risk to lenders. If your score is under 660 (or you don’t have a credit history yet), your credit score might be considered in the ‘poor’ to ‘fair’ range, although this will vary from lender to lender.
The reasons why you might have a lower credit score come down to the 5 factors that determine your credit score. If you don’t make your payments on time or have more debt compared to your income, that can decrease your credit score.
How do you get bad credit?
Bad credit can occur for a variety of reasons, including being unable to repay one or more of your debts on time. Being unable to make your payments on-time can be caused by a variety of factors, such as a job loss or income change, an unplanned expense, a life event such as a death of a family member, or a divorce.
If you have bad credit it could mean you may not be able to borrow in the future until your credit score improves.
How do you check your credit score?
There are two main credit reporting agencies in Canada – Equifax and TransUnion. You can get your full credit report and credit score from them (which you should check once a year for errors) for free. You can also get your credit score from a free online credit scoring site.
What is the difference between a ‘soft’ credit inquiry and a ‘hard’ credit inquiry?
A ‘soft inquiry’ is something prospective lenders can do to see if you qualify for a loan product which does not affect your credit score (and could be a way to learn what your score is). A ‘hard inquiry’ is an actual query by a lender to your credit bureau that will show on your credit report as an inquiry for credit.
How does applying for a bad credit loan through easyfinancial help me?
easyfinancial is different than a bank. Our mission is to help everyday Canadians like you get access to the credit you need today, when the banks say no. We understand that people can run into challenges in managing their credit and that’s why we are here to help you get back on track.
Why should you avoid Payday loans?
You might think that Payday loans are a solution if you have no credit or bad credit, but they can cause more damage to your financial well-being and should be avoided.
Payday loans are short-term loans with high interest rates that can be over 500% and usually have to be paid back quickly, in about two weeks (which is why they’re called payday loans). Because the interest is so high, they can be hard to pay back which can get you trapped in a cycle of debt. These short-term loans also do not report to the credit reporting agencies, so they don’t help you improve your credit score.
How can I increase my credit score?
Even if you have bad credit, you can still work to increase your credit score and easyfinancial can help you on your journey!
How can I get a car loan with bad credit?
You can get an auto loan with bad credit!
Having a reliable car can be a necessity for you and your family. At easyfinancial we are focused on helping people who may have been turned down by a bank, credit union, or car dealership.
Apply in 3 easy steps
1
Apply on the phone, online or at one of over 400 locations nationally
2
Submit your documents
3
Get your money as soon as today
documents
you need to apply.
Value-Added Services
Value-added services
Loan Protection
Plan
Loan Protection
Plan
Home & Auto
Benefit Plan
Home & Auto
Benefit Plan
Credit
Optimizer
Credit
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Free Financial
Education
Free Financial
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Putting Canadians on a path to a better financial future
When banks aren’t an option, we can help you get approved for the loan you need today.
60%
60%
of customers improve
their credit score
1in3
1in3
customers graduate to
prime rates
Putting Canadians on a path to a better financial future
When banks aren’t an option, we can help you get approved for the loan you need today.
350+
locations in
Canada
823K
customers
served
92%
satisfaction
rate
60%
60%
of customers improve
their credit score
1in3
1in3
customers graduate to
prime rates
What people love about us
Arthur, Ontario
I recently came into a bit of a financial hiccup and I couldn’t be happier with the service I received from Anay at easyfinancial. The approval process was very smooth.
Franci from British Columbia
I was helped by Angel from the local branch. I applied online, answered some questions and was approved for a loan when I needed it the most.
Lyndon from Ontario
Nice staff that is easy to work with to improve your credit score. They give great advice. Shawna was so friendly, and she helped me get my credit back to where I needed it.
Casandra Nagy
I had a great experience. Everything was clearly explained and I was guaranteed a loan for my bad credit. My favorite part is it helps towards building my credit, which is my biggest goal lately.
Tina Hutton
I had a wonderful time with Ellen. She was very helpful & very efficient. I am so relieved to know that my debts are all paid now & I can look forward to the future with ease.
Gregory Calder
It was extremely easy to get a loan for my bad credit. It took maybe four days most and I had $7,800 put in my account.
Arthur, Ontario
I recently came into a bit of a financial hiccup and I couldn’t be happier with the service I received from Anay at easyfinancial. The approval process was very smooth.
Franci from British Columbia
I was helped by Angel from the local branch. I applied online, answered some questions and was approved for a loan when I needed it the most.
Lyndon from Ontario
Nice staff that is easy to work with to improve your credit score. They give great advice. Shawna was so friendly, and she helped me get my credit back to where I needed it.
Casandra Nagy
I had a great experience. Everything was clearly explained and I was guaranteed a loan for my bad credit. My favorite part is it helps towards building my credit, which is my biggest goal lately.
Tina Hutton
I had a wonderful time with Ellen. She was very helpful & very efficient. I am so relieved to know that my debts are all paid now & I can look forward to the future with ease.
Gregory Calder
It was extremely easy to get a loan for my bad credit. It took maybe four days most and I had $7,800 put in my account.
Have questions? We can help.
What credit score do I need for easyfinancial?
This is determined on a case-by-case basis. We use many factors to approve applicants for a loan, including monthly income and credit score. We factor in your debt-to-income ratio (50%), debts in collections, car payments, and monthly debt obligations. Those with bad credit (300-720) are encouraged to apply.
What is a soft inquiry and how is it different than a hard inquiry?
A soft inquiry is when your credit report is pulled for informational purposes and does not affect your credit score. A soft inquiry is simply a review of your credit report that's used to determine if you are eligible for a pre-approved offer and may be used to verify who you are. When a company conducts a soft inquiry, this is only visible to you, and is not seen by other lenders therefore it will not negatively affect your credit score.
A hard inquiry is when a credit report is requested from the credit bureau for the purpose of evaluating you as a borrower. A hard inquiry can affect your credit score and can be seen by other lenders. However, keep in mind that hard inquiries are only one of the five major factors that help determine your credit score. Other factors such a payment history and credit utilization play a much bigger role in determining your credit score.
What documents are needed to get an approval?
We require the following documents:
2 recent pay stubs
Last 90 days of banking information
1 recent bill addressed to your current home
A piece of government photo ID
