People with a bad credit generally find it hard to get a loan in Ontario and other provinces of Canada. If you are facing the same situation, you do not have to panic! You can still get the desired approval even with a low score by following some steps.
What is a Bad Credit?
The lowest score in Canada is 300 while 900 is the highest. A credit score below 619 and above 580 is known as poor. If it falls between 500 and 579 points, it will be termed as a very poor score.
How to Get Loans?
Now that you have understood what a bad credit score is, let us get started with the process.
Step #1: Make a List of Private Lenders
The first thing you need to do is to make a list of private lenders in Ontario that will approve you with a low score.
Read more: How to Find a Trustful Money Lender?
Step #2: Make a Comparison of Conditions Related to Loans
After making the initial list, it is the time to narrow it down by making a comparison of conditions related to the loan set by the lender. Apart from the conditions, the rate of interest must also be considered.
Step #3: Read Reviews
The next step after making the comparison is to read reviews of the lenders you have shortlisted. It is important to know that there are plenty of fake reviews available online; thus, you need to be tactful enough to differentiate between real and fake one.
Read real customer reviews who have dealt with these lenders and based on their experiences, you can be in a better position to take a decision that can prove to be fruitful for you in the long run.
Terms and Conditions in Ontario
We highly recommend going through the terms and conditions associated with the loan offered by the lender. Study them in detail so that you have a clear understanding of what you will be responsible for.
Make sure there are no hidden fees and costs involved. If you feel there is an ambiguity, do not hesitate to ask your lender to clear it. Only sign the contract if you have understood all the points mentioned in the terms and conditions.
Let us take a look at locations where we help people:
- Ontario (Toronto, Brampton, Oshawa, London, Vaughn, Ottawa, etc.)
- British Columbia (Burnaby, Vancouver, Abbotsford, Kelowna, etc.)
- Newfoundland (St. John's, Gander, Marystown, etc.)
- Alberta ( Edmonton, Calgary, Leduc, Cold Lake, etc.)
We have a big variety of loans available at your disposal:
This step involves making negotiations with the lender when it comes to fixing rate of interest, terms, and conditions. You need to have good negotiation skills in order to convince the lender to give you a loan on easy terms.
Finalize and Sign the Contract
This is the final step. In this step, you will have to finalize the lender you will be getting a loan from. After finalizing, fill out the form and apply. The lender will then process your application, get you to sign the contract, and you will receive the money. It only usually takes 1 or 2 days to receive the funds.
How Can I Rebuild My Bad Credit? & How to Improve Your Credit Score Guide