bad credit loans Ontario

Bad Credit Loans Ontario

Does a low credit score have you worried? Maybe you’ve tried to get a loan and been rejected due to a poor rating.

Bad Credit Loans Ontario are short-term financing options that don’t require a credit check. Even with a low score, you can qualify to borrow money that will allow you to pay your bills on time.

What Does It Mean to Have Bad Credit?

Credit rating agencies assign you a score based on your financial history. This number ranges from 300 to 900. To get the best loan terms, you typically need a score above 700. If your score is between 500 and 700, you may need more collateral or expect to pay higher interest rates.

If your score is below 500, traditional lenders like banks often reject your loan application altogether. The same may happen if you don’t yet have a credit history.

What Are Bad Credit Loans?

These loans are short-term financing options that don’t require a credit check. As a result, consumers with low scores can be eligible for funding.

Bad Credit Loans Ontario can help you deal with unforeseen expenses like home and vehicle repairs, medical bills or late payments. I Need My Money Today has 17 years of experience providing loan solutions for our clients. We offer immediate access to funding that can improve your financial situation.

Types of Bad Credit Loans

We provide a few loan options, and all of them offer the same quick service. When you fill out our online application form during business hours, agents respond within an hour. The funds can be in your bank account within 45 minutes after we receive your signature.

Emergency Online Cash Advance

Traditional loan institutions take two weeks to respond to an application. If you need an answer more quickly than a bank can provide one, our emergency online cash advance might be the solution you’re looking for.

Cash advances can range from $300 to $3,000. They can help you cover NSF (non-sufficient funds) payments, late fees or other emergencies.

Online Payday Loan

Payday loans offer another way to overcome financial emergencies. You can use them for expenses like urgent health treatments or car repairs. The amount you borrow is due on your next pay date.

No Credit Check Loan

Bad Credit Loans Ontario from I Need My Money Today don’t require a credit check. We use your current salary information to evaluate whether it’s likely you can repay the amount borrowed. You can request up to $3,000.

How to Apply for a Loan with I Need My Money Today

You can apply online in a few simple steps. First, access the form on our site and input your personal and employment information. We’ll get in touch with you as quickly as possible, typically within an hour.

We’ll request any additional documents necessary and make a decision. Our commitment to speed enables us to evaluate your application and transfer the funds to your account within 24 hours.

How Can I Qualify for a Loan?

While Bad Credit Loans Ontario don’t require a credit check, there are a few criteria you need to meet. They include:

  • Having a chequing account that’s been open for at least three months;
  • Holding a full-time job where you’ve worked for at least 90 days;
  • Receiving your pay by direct deposit;
  • Not being in a situation of bankruptcy or subject to wage garnishment.

Fees and Repayment Alternatives

I Need My Money Today charges no fees before the funds are in your account. Bad Credit Loans Ontario include a weekly financing fee. This amount represents interest plus brokerage fees. You can expect to pay $12 per $100 of capital borrowed.

You may choose to pay:

  • Only the minimum financing fees – at least $60 per week on your payday if you’ve borrowed $500;
  • The financing fees plus part of the principal;
  • Your weekly fees plus the whole amount owed.

How Can I Improve My Credit Score?

First, you need to know your current rating. You can consult it without charge through the online Equifax and TransUnion agencies.

Once you understand the numbers you’re dealing with, you can decide how to improve them. The following actions can help you rebuild your reputation:

  • Pay off accumulated debt;
  • Make purchases with your credit card regularly and pay them off by the due date;
  • Get a secured credit card.

What is a secured credit card? It’s a card intended for people with a credit score below 500. To use the card, you choose an amount to deposit to the account.

Your purchases are then limited to the amount you deposited. In this way, the lender already has the cash necessary to cover the charges. Meanwhile, you build your credit by making payments on time.

What Else Do I Need to Know About Short-Term Loans?

Our short-term loans can help Canadians overcome financial difficulties. However, they’re temporary solutions that consumers should only use in extreme situations.

When you accept a short-term loan, make sure you borrow only as much as you can repay quickly. Avoid applying for multiple short-term loans, as the payments can accumulate and lead to deeper financial troubles. Protect yourself from the dangers of over-indebtedness, including excessive fees and interest.

Final Thoughts

Bad Credit Loans Ontario from I Need My Money Today are ideal for borrowers who can’t get traditional financing due to poor credit. Instead of checking your score, we verify that you’ve held a full-time job for the last three months. You also need a chequing account that’s been open for the same amount of time.

There are a few short-term loan options for clients with low credit scores. They include the emergency online cash advance, payday loan and no credit check loan. You may also want to consider rebuilding your credit using a secured card.

Be cautious when using short-term loans, and use them only for emergencies. When you apply, be careful not to borrow more than you can repay.

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