bad credit loans Ontario

Bad Credit Loans in Ontario

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

I Need My Money Today offers a short-term financing option that doesn’t require a credit check. We provide bad credit loans in Ontario to our clients. Even with a low score, you can qualify to borrow money that will allow you to pay your bills on time.

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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 short-term loans, 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 bad credit loans in Ontario application altogether. The same may happen if you don’t yet have a credit history.

What Are Bad Credit Loans?

These bad credit loans in Ontario are bad credit loan financing options that don’t require a credit check. As a result, consumers with low scores can be eligible for funding.

I Need My Money Today 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 bad credit loans solutions for our clients. We offer immediate online loans in Canada to improve your financial situation.

Fees and Repayment Alternatives

I Need My Money Today doesn’t charge any fees until the funds are in your account. Bad Credit Loans in 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.

Improving Your Credit Score

First, you need to know your current rating. Then, 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.

When Should you use Bad Credit Loans?

Bad Credit Loans in 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.

Types of Bad Credit Loans in Ontario

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.

We provide loan-like payday loan options to help our clients get through a hard day. When you fill out our online application form during business hours, our customer service responds within an hour. The funds can be in your bank account within 45 minutes to a few hours after we receive your signature.

  • Emergency Online Cash Advance

  • Online Payday Loan

  • No Credit Check Loan

Emergency Online Cash Advance

Traditional bad credit loans in Ontario institutions take two weeks to respond to an application. If you need an answer quicker than a bank can provide, our emergency online cash advance might be the solution you’re looking for.

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

Online Payday Loan

The type of bad credit loans in Ontario, 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 in Ontario from I Need My Money Today don’t require a credit check. Instead, we use your current salary information to evaluate whether it’s likely you can repay the amount borrowed. Then, you can request up to $3,000. 

Further, our bad credit loans in Ontario get reported to the credit bureau, which means your credit score will get a boost each time you pay. You can get a free credit score check from the right authority.

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How Does I Need My Money Today Differ from Traditional Lenders?

You’ll find that I Need My Money Today operates differently than traditional lenders. Some of the significant distinctions between the two include;

Easy to qualify for a loan

You can rely on I Need My Money Today for financial assistance even if you have a bad credit score, as the bad credit loans we offer our clients are not based on their credit history. Therefore, there is a high chance that your bad credit loans in Ontario application will be successful. Traditional lenders spend a long time carrying out a hard credit check, which in most cases is against your favour.

Get your money quickly

Due to our efficiency in processing bad credit loans, you should receive the funds in your account within minutes or at most a few hours after completing the application process. On the other hand, traditional lenders will take at least a couple of weeks before they inform you whether you qualify for the loan or not.

Online application process

You can complete the application for a bad credit loan on our website. This ensures convenience to all our interested clients. However, traditional lenders will require that you visit their physical location to complete bad credit loans in Ontario application, and you will not even be sure if you qualify for the loan immediately after your application.

Do what you want with the money

No restrictions on the purpose of the personal loan you apply for. I Need My Money Today is less strict on clients allowing them to spend the bad credit loans as they wish. You don’t have to indicate the purpose of the loan. Traditional lenders ask for the purpose of the loan, for example, home equity loans, and will follow up to ensure the funds are utilized as per the loan agreement. 

How to Apply Online for Bad Credit Loans in Ontario?

You can apply for a loan online in a few simple steps. First, access the form on our site and input your personal and employment information. Then, 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.

What Else Do I Need to Know About Bad Credit Loans?

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

When you accept bad credit loans in Ontario, 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.

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While Bad Credit Loans in Ontario doesn’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.

Bad credit loans come to your rescue when you are faced with unforeseen expenses. For example, you might need to pay for medical bills, repair a damaged part on your vehicle, or even remain financially stable as you look forward to your next payday. Bad credit loans provide you with an instant means of obtaining the required funds that will see you deal with any financial needs. 

You should get a response from our team within a couple of hours when you apply for a bad credit loan on a working day. Thanks to our staff on your beck and call, once you fill out the form, a staff member will contact you either by mail or phone for verification. This is the final step of the loan application, followed by signing the agreement before your funds are deposited into your bank account. 

However, you will have to wait for a while for loans that are applied on days other than working days. You will have to wait until the next working day to respond where one of our staff will get back to you. 

A bad credit loan is significantly distinct from any traditional loan. One difference is that almost anyone can receive a bad credit loan. In addition, there are highly successful rates considering that bad credit loans don’t base your creditworthiness on your credit history. This means that you may qualify for a loan even with a poor credit history. 

On the other hand, traditional loans are sort of strict in the case of your eligibility. Your credit history is a major factor that determines whether you qualify for a traditional loan or not. If you have a bad credit score, there are high chances that you might miss out on a loan that you’ve applied for.

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