Personal Loan with Bad Credit

Is it possible to get a personal loan with bad credit?

When you attempt to get a personal loan, your creditworthiness is often the decisive factor in the lending institution’s response. In fact, for banks and other traditional credit institutions, ensuring that you honor your repayment commitments is essential. For this reason, most lending organizations conduct what is called “a credit check” in order to evaluate, based on your past as a borrower, the potential risk related to loaning you money. In this situation, negative credit history is a sizeable handicap. In fact, very few banks are willing to grant a loan to an individual with bad credit. In this kind of situation, fortunately, there is still a solution: the bad credit personal loan.

The concept of credit score and bad credit

Every time you take out a loan with a bank or a lending institution, the information related to its repayment and progress are kept and synthesized by the credit bureaus. In Canada, the two main ones are TransUnion and Equifax, whose mission is to gather, update and provide your personal financial information to the lenders. When you apply for a new loan, your potential lender can then obtain all the information required to evaluate your creditworthiness from these credit bureaus that give you a credit score. This takes into account the kind of loans you have had (past or current) and each one has a score reflecting your ability to honor your payment due dates. If your payments are always made on time, you will have a very good score. Conversely, if your account has been cancelled for non-payment (partial or full), you will have a low score and will therefore have bad credit. This will make you appear as a risky borrower in the eyes of the lending organization to which you are applying. Your ability to get a loan will then be affected.

A bad credit personal loan to bail you out

Fortunately, not all lenders respond the same way when dealing with a borrower with bad credit. In fact, there are many institutions that are willing to provide you with financial support in order to deal with an urgent need, even when your credit score is eroded by negative history. Why? Quite simply because they believe that your past mistakes should not become a new handicap and prevent you from dealing with very urgent situations that could complicate your everyday life even more. Granting you a bad credit personal loan may in fact be a good starting point to get you out of a bad past and help you to get going again.

A quick and easy process

To take advantage of a bad credit personal loan in Quebec, simply contact a specialized brokerage like Northstar. The process is simple and open to anyone, and it begins with an online application including a few personal documents such as identification, proof of residency, recent pay slips and bank statements. Of course, there are no credit checks and your file is not transmitted to the credit bureaus whatsoever. Only partner lenders willing to finance you without considering your credit score are solicited. Northstar guarantees a response within 90 minutes after receiving your application. Your bad credit personal loan funds can then be deposited into your bank account within 24 hours.