Get a Bad Credit Loan in Calgary

A bad credit score in Calgary is any score between 300 and 575. Not all lenders will stick exactly to these numbers, but this is the general rule of thumb. 

Credit scores in Canada range from 300 to 900. Typically, the higher your credit score is, the more likely you are to qualify for an attractive loan.

Paying down a bad credit loan on time and in full contributes to your payment history. Since payment history is a large part of how credit scores are calculated, getting a bad credit loan and making on-time repayments can help you improve your credit score over time.  

Another way that bad credit loans can help improve credit scores is by giving borrowers the opportunity to consolidate and pay down other debt that may have higher interest or be more difficult to manage. Using a loan instead of going into credit card debt can also help your credit profile by reducing credit utilization. Keeping utilization below 30% can improve credit scores, so this is yet another way that bad credit loans can help.

With the growth of online and alternative lending, even borrowers with bad credit are likely to find a loan offer. While qualification criteria for bad credit loans in Calgary are flexible, most still have some basic requirements to qualify. 

Here are some of the requirements and documents most lenders in Calgary request from bad credit loan applicants:

• Proof of income: For example, paycheck stubs, bank statements, or tax slips 

• Proof of age with a valid government ID: For example, a driver’s license

• Proof of Canadian residency: For example, bills or ID

• Proof of Canadian bank account to deposit and withdraw funds

You can apply for a bad credit loan in Calgary by signing up for Borrowell. With Borrowell, you can quickly find and compare lenders that match your credit profile. You can see which loans and interest rates you have a high chance of qualifying for with your credit score. Once you’ve found a loan that’s the right fit for you, you can start the online loan application through the Borrowell platform.

Most lenders will require you to fill in a simple online application form and scan any required documents. Once you’ve submitted your online application, you will likely hear from the lender within the same business day. Once your application has been approved, funds are transferred within a day or two.  

With online applications, applying for a bad credit loan in Calgary is easy and straightforward. Traditional bank loans can be difficult to qualify for and have longer processes, making online lending platforms a quicker process for borrowers.

Most lenders perform hard inquiries on your credit report when you apply for their loans. Hard inquiries can negatively impact your score in the short term. Because of this, you should know what your credit score is before you start applying for loans. You should also avoid applying for loans without knowing your chances of being approved.

With Borrowell, you can check your credit score for free without hurting it. Checking your credit score with Borrowell is a soft credit inquiry, which doesn’t impact your score. You can also use the Borrowell platform to compare loans before even applying for one. You can see terms, interest rates, and your chances of being approved based on your credit score. 

Using Borrowell to find bad credit loans can help you avoid hard inquiries from lenders and reduce impacts to your credit score. Sign up today to find the best bad credit loans available to you.

Borrowell can help you quickly access your credit score and compare bad credit loan offers available in Calgary and the rest of Canada. With Borrowell, you’ll have seamless access to loan offers from trusted Canadian lenders, with loan amounts up to $35,000 and a variety of term lengths available. 

As soon as you sign up, you can view your free credit score. This can help you determine which loans you are likely to qualify for. It will also help you save time researching and protect your credit score from unnecessary hard inquiries. Borrowell is transparent about interest rates and fees so you always know what you’re getting and what you will need to pay.

Bad credit loans in Calgary range from $500 to $35,000 and typically carry loan terms between 6 months and 5 years. The total cost of the bad credit loan will depend on the original principal amount borrowed and the interest rate or fees on the loan.

One of the benefits of bad credit loans in Calgary is that they can be used for almost anything. These types of loans are good for consolidating debt to make payments more manageable, but there are a wide range of potential uses. 

Bad credit loans in Calgary can be used for the following purposes:

• Paying off bills

• Paying tax liability

• Consolidating other debts

• Car purchase

• Covering unexpected expenses

• Other large purchases

• Home or car repair

Bad credit loan terms in Calgary are flexible, with terms ranging from 6 months to 5 years. Typically, shorter term loans mean higher installment payments but lower interest rates. On the other hand, getting a long term bad credit loan will mean lower payments but higher interest. 

Most lenders in Calgary let borrowers choose from a variety of repayment schedules, for example weekly, biweekly, or monthly.

Depending on the lenders, bad credit loans in Calgary may come with additional fees. When comparing lenders, some fees you’ll encounter may include: 

• Application and processing fees

• Origination fees

• Late payment fees

• Insufficient funds fees

You may also find bad credit loan lenders in Calgary that do not charge additional fees.