Is getting a bad credit loan in Canada easy?

A bad credit is not something one ought to be ashamed of, particularly now in the circumstances of global financial insecurity and market stagnation. Among other uses you have in mind, bad credit loans may help you obtain a mortgage, purchase new estate, or purchase a second home. You can furthermore pay off other loans or credit card debt. If you live in Canada and are looking for a loan to fix your tarnished credit score, you have to shop around and find a lender that could meet your needs for financing.

You might have late or overdue payments on your mortgage that in turn were made by an unexpected job loss or some other unfortunate event, or missed payment on your auto loan or credit card. The first thing that comes to mind when considering of how to obtain a loan with that lousy blot on your credit record is applying for financing with one of the many sub-prime lenders. They have mushroomed across the county since the Canadian economy started giving in to the external financial shocks. Some banks give credit just to customers with good credit scores. However, other lenders are actually vying for your small business. The guide below will seek to save you some money and possible financial woes by looking for some reasonable financial establishments. The first two operate on the margin between prime and sub-prime lenders and would not rip off your pocket with mind-blowing interest rates.

CreditAxis is a financial services provider which has specialized in financing people with bad credit records in the United States and Canada. The devoted officials of CreditAxis are ready to help you remedy your damaged credit score or provide the financial assistance you require to overcome your current financial troubles. The maximum amount you may apply for is $25,000. The provider provides access to bad credit card deals, bad credit student loans, bad credit equity loans, fast cash loans, bed credit debt consolidation loans, auto loans, etc. You may obtain a lifetime membership with CreditAxis for $35 onetime fee that is payable by credit card or cheque.

ThinkCash is yet another bad credit loans provider which has specialized in providing short-term small loans ranging from just $250 to $2,500 to risky borrowers from Canada. The financing is supplied by the First Bank of Delaware with which the company is affiliated. Customers enjoy fast approval process while no paperwork or waiting in line is involved. The maximum sum that a first-time borrower may apply for is $1,000. Regular customers may borrow between up to $2500. Borrowers may pay their debt in several installments or as a lump sum. There is no penalty for full repayment of the loan, and you may choose when to do it. But, the faster you pay off the loan, the smaller the interest rate on the borrowed total. It is advisable to think twice before selecting ThinkCash, because the annual percentage rate (APR) on a loan of $1,000 is as high as 219.4%, believe it or not! So, consider this option only if you if you need a short term loan that will help you cover emergencies and unexpected events.

Canada-based Credit loan is another bad credit lender available to residents of Canada. Its loan portfolio includes consumer loans and cash advances with immediate approval. They go from just $1,000 to more substantial housing loans and other financing solutions. The company also offers credit repair and debt consolidation services and it does not charge a membership fee.