Bad credit loans match you on your income and ability to repay — not just your credit score. Compare licensed Canadian lenders from $20 to $50,000 in one 60-second application, with no impact to your credit to compare.
A bad credit loan is simply a personal loan from a lender who looks at more than your credit score. Instead of judging you on past mistakes alone, these lenders weigh your current income and ability to repay — so fair, poor and rebuilding credit are still considered. Loanspot compares several licensed Canadian lenders from one 60-second application, so you see real options without applying to each one separately.
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No lender can promise approval — anyone advertising "guaranteed" loans is a red flag. But because income matters as much as score here, many Canadians who've been turned down by a bank are still matched through the network.
You don't need perfect credit. To be matched you generally need to:
Approval looks at whether the payment fits your budget, so borrowing the smallest amount you need gives you the best chance and the lowest cost. If you're rebuilding, making every payment on time can also help your credit score recover over time.
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Apply once — comparing won't touch your credit score.
Tell us how much you need and confirm your income with IBV. No documents to fax.
We compare lenders who consider all credit types and weigh your ability to repay.
Choose an offer and receive your funds — often by e-transfer the same or next business day.
With a bad credit loan you'll usually pay a higher rate than someone with excellent credit, because the lender is taking on more risk. Every lender in the network still must stay within the federal 35% APR cap and follow Canadian cost-of-borrowing laws, disclosing the full cost before you sign.
Protect yourself: never pay an upfront fee to "release" a loan, ignore anyone promising guaranteed approval, and always check the total cost of borrowing — not just the monthly payment. If higher-interest debt is the real problem, debt consolidation may lower your overall cost. Need only a small amount fast? Compare emergency loans or payday loans instead.
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The questions Canadians with bad credit ask most.
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Often yes. Many lenders in the network look at your current income and ability to repay rather than your credit score alone, so fair and poor credit are still considered. No lender can guarantee approval, though.
There's no single cut-off. Because approval is income-based, a low score doesn't automatically disqualify you — steady employment income and a payment that fits your budget matter more.
No. Comparing offers on Loanspot does not affect your credit score. A lender only runs a credit check if you choose to move forward with a specific offer.
Matches range from $20 to $50,000, but with bad credit you'll usually qualify for smaller amounts. Borrowing the least you need keeps the cost and the risk down.
Yes — making every payment on time is reported and can help your credit recover over time. Missing payments does the opposite, so only borrow what you can repay.
Most applicants are matched within minutes, and many lenders fund approved loans by e-transfer the same or next business day.
All lenders must stay within the federal 35% APR cap and disclose the full cost of borrowing before you sign. Walk away from anyone asking for an upfront fee.
One 60-second application. No obligation. No impact to your credit score to compare.
Get matched now →