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Personal loan for bad credit

Before approving your loan, financial institutions conduct a credit check. They review your payment and financial histories to ensure you haven't had difficulties paying your bills. However, a bad credit report can hurt your chances of getting a loan. Fortunately, it’s possible to have access to a personal loan for bad credit.

What is a credit score?

When you apply for a loan, credit bureaus like Equifax and TransUnion store all related information. They are used to establish a credit score which determines the risk that you will not repay your loan.

This credit score is a number between 300 and 900. A score above 660 is considered good, while one above 760 is deemed excellent. On the other hand, the closer your credit score is to 300, the less likely you'll be approved for a personal loan due to perceived risk.

However, there is a solution if you need cash for emergencies despite your bad credit history: the personal loan for bad credit.

What is a personal loan for bad credit?

A bad credit loan is a loan without a credit check. Before granting a loan, we consider factors beyond just the credit rating. For example, you must reside at the same address and have been working full time for at least 6 months. You must also not be in bankruptcy or have a wage garnishment.

The advantage of this loan type is its speed, given the online application process. You'll receive the funds within 24 hours. However, you need to provide specific documents to prove that you meet our criteria. We accept loan requests for amounts ranging from 300 to 3,000 Canadian dollars.

How to apply for a personal loan for bad credit?

To apply, you must take a few minutes to complete a form. You must also send us the following documents:
- Proof of address;
- Proof of your social insurance number;
- 2 pieces of photo identification;
- Void check;
- Last 2 pay stubs;
- Last 90 days of your bank statement.

When you have completed your application, an agent will check if you meet our criteria and you will receive your money within 24 hours.

How is the repayment made?

You repay your loan at a fixed interest rate of 15%. The loan has an amortization period of up to 2 years. The minimum monthly payment is $300.

During the first pay period after your loan application, you can opt to pay only the minimum fees. You can also pay part of the capital in addition to the minimum fees. Finally, the last option available to you is to pay off your entire loan with interest.

About I Need My Money Today

I Need My Money Today’s mission is to help its clients with their financial difficulties by offering them quick cash loans, regardless of their credit rating.

If you need a personal loan for bad credit, chat with us now. We will be happy to answer all of your questions.

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