A bad credit score can make you apprehensive about getting a loan. However, living in Canada, it is possible to get a loan despite poor credit history. In fact, it may turn out to be a turnaround for your financial situation if you get a guaranteed approval. If you plan it right and follow a few steps, you can resolve your existing debt in addition to any immediate expenses.
Here at Loan Away, our main goal is to show people how they can manage their financial life in a better way. We will not judge or blame you for your financial struggles. We will simply show you steps how to improve your life.
What are These Loans?
Lenders in Canada are willing to provide a guaranteed approval for a loan even if you have a poor credit history. A bad credit score means that you have a history of not paying or paying late. It could also mean a record of bankruptcy or collections account. It shows a weak ability and responsibility to pay back borrowed money.
The bank and average lender depend on your ability to do so, hence, will reject your application due to a bad record. On the other hand, loans for people with a poor financial history are now being offered by loan brokers and direct lenders. These are specially designed for those who struggle with their finances but need the extra money to become stabilized.
What to do for a Guaranteed Approval?
If you are seeking a guaranteed approval, the first step is to find a credible loan broker or direct lender that advertise such offers. It is highly preferred that you consult a direct lender instead of a loan broker.
- Direct lenders work without any third party or intermediary and transfer money directly to the borrower’s account. They are also safer in terms of avoiding scam and hidden charges because you can search them thoroughly based on personal standards of reliability.
- Most direct lenders are working online. This makes not only easier to find them but convenient to borrow the loan money. You don’t have to leave your house and can simply complete the guaranteed approval process using a laptop or tablet.
Finding the Right Lender for Loans
To find the best suitable direct lender in Canada, you should consider a few factors. Here is a list of important information to look up:
- Company history to determine how long the lender has been offering loans
- Types of loans available
- Number of successful loan approvals to date
- Certification by a credible financial authority
- Reporting of borrower payments to a credit bureau
- Reviews or testimonials left by previous borrowers
- Flexibility of payment schedules
- Interest rate and related policies
All these details can be found easily on the lender’s official website. An online lender having a well-established website is also a sign of their credibility, transparency, and trustworthiness.
Applying with Bad Credit
Once you have finalized a reliable lender that offers guaranteed approval, you can find their online application form. Either it is going to be readily available on the website or you will have to contact the lender so they can send it. This approval form is supposed to take only minutes to fill and submit.
On receiving the form back, you will be sent a loan contract. If you are in agreement with the given terms and conditions, you can sign it and send it back. You will then be immediately sent the loan fund in your provided account.
