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Bad credit personal loans Canada guaranteed approval
Bad credit personal loans (guaranteed approval) come about where people have fallen into financial difficulty but need loans to cater to their needs. These personal loans are loans that do not have restrictions on what they can be used for. They are loans that are given to those with bad credit. Guaranteed approval loans are loans that have a tag of a sure approval of the loans applied for.
Bad credit personal loans guaranteed approval are for those who face unexpected expenses and do not have the credit to support them to get a loan on their own. Guaranteed approval is sometimes considered a myth but there are lenders who still give these loans to those who come to them.
Bad credit loans Canada
Daily, there are a lot of Canadians who run into financial troubles. They can range from legal, employment, and other economic factors combined and this can affect your credit score and financial state. Bad credit will not allow you to qualify for the personal loans that you need.
It can prevent you from getting mortgages, credit cards and other lines of credit. Getting access to credit is so key in an individual and businesses life. No access to credit makes life difficult and can stall some of the plans that you have laid ahead.
There is no wonder that bad credit loans Canada guaranteed approval has become increasingly common to many Canadians. The economy has suffered downturns in the last decade and disposable incomes of people have been affected with Ontario being the hardest hit. Peoples credit scores are at an all-time low and getting the loans they need has become a problem because of the low credit scores.
Bad credit personal loans Canada guaranteed approval. Is it real?
Spoiler alert: guaranteed approval for loans do not entirely exist. I’m sure this has caused many heartaches. A matter of fact is there are qualifications for every loan before its granted.
“Guaranteed approval loans” may mean payday loans and other smaller amounts. Guaranteed approval means when you apply for the bad credit personal loan, you are likely to get the loan.
The few who have managed to get guaranteed approval loans in spite of bad credit have found that lenders were more interested in the ability of the borrower to pay the loan back than their imperfect credit.
Repairing your credit with bad credit personal loans in Canada
There are basically two things you can do to repair your bad credit. First is to take a personal loan to pay off the bills that you are defaulting on. The late payment on the bills is what brought you bad credit in the first place. You can bring all the loans together into one personal loan to enable you to cater to the bad credit.
The second thing is to go for a new loan or a new credit card. Anytime you make a payment on your new credit, the credit bureau will report on how you are doing with the new loan. Paying back on time will improve your credit score.
Finding the right bad credit personal loan in Canada with guaranteed approval
It can be quite a hard task when looking for a bad credit loan and guaranteed approval. There are lenders to avoid and those you choose must be right for you. Whichever lender will be right for you depends on the terms and conditions of the loan.
These are some of the lenders to avoid
Payday loans are short term fast loans with an average of having to pay back within 14 days. They have become unpopular due to their high interest rates and the short repayment period.
The amount borrowed is to be paid in one lump sum which can be very burdensome for borrowers. Thus quite a number of borrowers have to roll over their loans because of the rotation of debts that you cannot easily get out of.
Title loans are short term loans that involve using your car as collateral for the loan. You can get loan amounts of between 25 – 50% of the value of the car. Averagely the highest amount ranges between $5000 or more and even up to $10,000.
Title loans are short term loans that are secured by a borrowers car title. You would have to be very careful to avoid losing your car in the process because it has been found out that one in five people have their cars repossessed when they are not able to pay back. Its worse than a relationship gone sour. It’s an experience no one will want to have hence if you can stay away from them, its advised that you do.
Lenders who can give you bad credit personal loans Canada (guaranteed approval)
Personal installment lenders:
These lenders are mostly preferred because they grant their loans for a longer period. You have about 6 months to pay back what you owe in scheduled payments. Many Canadian borrowers find this flexible.
The loans also amortize meaning when you make a payment, it goes to pay the principal loan amount and the interest. After you meet all the requirements, you can be guaranteed that your loan will be approved. You would still have to do your research to find a suitable lender.
Credit unions rarely turn away those who come to them for loans. Guaranteed approval is assured once you are a member. Credit unions are self-help groups that are very popular in Canada.
In the French-speaking provinces, they are known as Caisses – populaires and membership depend on where you live and sometimes where you go to church. You will have to be a member for a while before you can get access to the loans.
Charities, community organizations
In the areas where we come from, there are now small cash loan groups that are available to its community members. They give reasonable rates to counter going in for a payday loan with outrageous rates.
Some charities and community organizations even go a step further to offer credit-counseling services to its members. The aim is to help its members grow and improve their credit score as well as get them out of debt and practice better financial habits.
They are a reliable, honest and understanding institution.
Bad credit personal loans in Canada with guaranteed approval is guaranteed only when the lenders decide to make the guarantee available. You should be interested in changing your credit status from bad credit to a better credit score in order to get the loans that you want.
Payday lenders have been singled out as the main culprits approving bad credit personal loans Canada guaranteed approval. As it is said “be careful what you wish for” as this might just lead you to get a loan that you are not ready to deal with the consequences.
Payday lenders are noted for their extremely high interest rates beyond the market average. To be guaranteed approval, its better you work on your credit score.
Disclaimer: All loans offered through this website are subject to credit and underwriting approval. AfterLoans.ca is a lead referral company, not a lender. AfterLoans only works with financial service providers that adhere to Canadian laws and regulations. You can borrow up to $20000. Loans amortization is between 6-36 months. APRs range from 19.99% to 55%. The actual APR charged will depend on the lender’s assessment of your credit profile. For example, on a $1000 loan borrowed for 12 months at 29.9%, the monthly payment will be $97.24; with a total repayment, including interest, of $1166.88 There is also lender’s optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). If you default on your loan payment plan the lender may terminate the plan and the remaining balance will become payable immediately. Our lenders employ fair debt collection practices, but will pursue the payment of Outstanding debts to the full extent that Canadian law allows.