Do you need to apply for a quick loans for bad credit but want to be sure you’re getting a good deal? There are many options in Canada, but there are some where interest rates are very high and you can end up in debt.
Whether it’s a medical expense, repairing the house, fixing your car or any other expense you have. It is certain that a quick loans for bad credit can help you.
And today, you will know the best quick loan options for bad credit, understanding the conditions and especially the fees charged, to prevent you from falling into pranks. Let’s go!
What is considered bad credit in Canada?
Before looking at loan options, you should understand what bad credit is.
At first, credit scores range from 300 to 900, and generally, scores below 600 are considered poor.
Now, if your score is below this threshold, you fall into the category of bad credit.
10 Best Fast Loans for Bad Credit Holders in Canada
Even for those who have bad credit, there are loan options on the market, we will see them now. Keep reading.
1. Loans Canada (Quick Loans for Bad Credit)
Loans Canada is a platform that connects users to a network of lenders.
As a rule, the credits offered range from CA$250 to CA$50,000, with an interest rate (APR) between 9.99% and 35%.
This flexibility of values and terms (3 to 60 months) makes the platform accessible to a wide customer base.
At first, the credit is released to those who have a score of 300 points or more.
The application process is simple and quick, allowing you to compare offers from multiple lenders in a single application.
2. FatCatLoans
FatCatLoans is a loan comparison platform, in which you find willing to serve customers with bad credit history.
The credit you can get can range from CA$300 to CA$50,000, with interest rates between 6.99% and 46.96
The payment term can go up to 60 months, which helps you get an amount that fits your reality.
3. LoanConnect
LoanConnect is a loan comparison platform that connects consumers with lenders who accept low credit scores.
You can borrow from CA$500 to CA$60,000, with interest rates ranging from 8.99% to 35%, depending on the credit score and lender’s assessment.
The payment term can vary between 3 and 120 months and must have at least 300 points to get approval.
4. Loanz (Quick Loans for Bad Credit)
Loanz has loans ranging from CA$1,000 to CA$10,000, with APRs ranging between 29.90% and 46.90%.
The platform has a quick approval, with funds made available on the same day.
However, the minimum score is higher, being 570 and is available for most Canadian provinces except Québec.
Payment terms are flexible, ranging from 12 to 60 months.
5. Mogo
Mogo offers personal loans ranging from CA$500 to CA$35,000, with APRs between 9.90% and 35%. The fintech is well-known in the Canadian market and accepts credit scores starting at 600, making it a viable option for those who don’t have perfect credit.
Mogo offers payment terms ranging from 6 to 60 months.
In addition, one of the main attractions of the platform is that its initial quotation process does not impact your credit score.
6. Spring Financial (Quick Loans for Bad Credit)
Spring Financial has personal loans ranging from CA$500 to CA$35,000, with interest rates between 9.99% and 35%.
At first, the platform requires a minimum score of 550 and offers terms from 6 to 84 months.
Furthermore, Spring Financial stands out for having a program called The Foundation, which is a loan agreement where the money is only released after all installments have been paid.
We emphasize that the platform is highly recommended for those looking for more flexible conditions, but you should be careful with high interest rates in some cases, especially for those who do not have a stable source of income.
7. Borrowell
Borrowell is a digital platform that connects more than 50 lenders, offering loans from CA$500 to CA$50,000, with terms ranging from 6 to 60 months.
The APR varies depending on the lender, and can reach up to 46.96%. One of the advantages of Borrowell is that it has a free credit consultation, allowing you to see your score before applying for a loan.
The platform requires a minimum score of 660, but it is an excellent choice for those who have reasonable credit and want to compare offers from different lenders.
8. CarsFast
CarsFast is an auto finance-focused platform for customers with bad credit, offering loans of up to CA$75,000.
As a rule, with APRs between 3.90% and 29.90%, the platform allows you to connect with more than 350 dealerships.
It is ideal for those who need a loan to buy a vehicle, but the requirement of a minimum income of CA$20,000/year limits affordability.
The payment term can vary between 12 and 96 months, depending on the conditions of the contract.
9. Car Loans Canada
Car Loans Canada also focuses on financing for cars with a range of CA$500 to CA$75,000. The APR can range between 3.99% and 29.99%, depending on the customer’s credit history.
The application process will connect you with a network of more than 300 financial institutions.
The payment term can be from 6 to 60 months, with contracts that can extend up to 8 years.
10. KOHO Cover (Cash Advance)
KOHO Cover is an innovative platform that offers cash advances through the KOHO app, allowing loans from CA$2 to CA$250 without interest.
We emphasize that this product is ideal for those who need money until the next deposit and do not want to pay interest.
The approval process is quick, and there is no credit inquiry.
Conclusion
Quick loans for bad credit can save you in times of financial hardship, but they should be used wisely.
With interest rates capped at 35% in 2025, the options available to Canadians are more affordable than ever.
However, you need to research and analyze all the terms of the loan before committing.
Always consider whether the loan is really necessary and whether you will be able to afford the payments. If you do your part, these loans can help you get back on your feet without putting your finances at risk.
Do you want to improve your credit score so that in the future there are better alternatives on the market? Discover now the 6 best ways to improve credit score.