Bad Credit Loans
Edmonton
Most banks and lending institutions use credit scores to determine eligibility of borrowers, and having a bad one can be a stumbling block when it comes to getting a loan. But despite this gloomy picture, you can still get bad credit loans in Edmonton with Northstar Brokers! Our experts can help you relieve your financial situation through our services.
What is a Bad Credit Loan in Edmonton?
Simply put, a bad credit loan in Edmonton is money advanced to an individual who has a credit score of 659 or less. These are short-term loans that the borrower needs to repay when they receive their next pay check.
They shouldn’t be confused with installment loans or personal loans given by banks. Most banks and lenders avoid such situations and shy away from giving personal loans to borrowers with bad credit
Credit score bureaus in Canada
There are two major credit bureaus that provide credit score in Canada — Equifax and TransUnion — and can range from 300 to 900. Your credit score is determined through different behavioral algorithms used by the bureaus, so your scores from each bureau are usually not the same.
Two general rules of thumb for those with a bad credit score are:
- Financing obtained comes at a higher cost, i.e. higher interest rates.
- The lower the credit score, the more collateral security that’s required.
At Northstar Brokers, we will tailor the best bad credit loan without calling for a credit investigation.
Things to Know About Bad Credit Loans in Edmonton
Applicants for a bad credit loan in Edmonton need to meet the following criteria:
- A valid checking account for at least 3 months
- A full-time job for at least 6 months
- The same address for at least 6 months
- Get paid by cheque or direct deposit
- Not be in bankruptcy or have any garnishes against your pay.
Credit score bureaus in Canada
There are two major credit bureaus that provide credit score in Canada — Equifax and TransUnion — and can range from 300 to 900. Your credit score is determined through different behavioral algorithms used by the bureaus, so your scores from each bureau are usually not the same.
Two general rules of thumb for those with a bad credit score are:
- Financing obtained comes at a higher cost, i.e. higher interest rates.
- The lower the credit score, the more collateral security that’s required.
At Northstar Brokers, we will tailor the best bad credit loan without calling for a credit investigation.
Things to Know About Bad Credit Loans in Edmonton
Applicants for a bad credit loan in Edmonton need to meet the following criteria:
- A valid checking account for at least 3 months
- A full-time job for at least 6 months
- The same address for at least 6 months
- Get paid by cheque or direct deposit
- Not be in bankruptcy or have any garnishes against your pay.
No credit check
Bad credit loans in Edmonton are accessible at Northstar Brokers without a credit investigation. We don’t believe that a bad credit history should stop you from relieving a present financial emergency. Instead, we look at your income to determine the risk for repayment.
What do we need?
Our agents will ask you to provide the following documentation when applying:
- Two photo IDs
- Proof of your SIN
- Proof of address (such as a utility bill)
- Two most recent pay stubs
- Voided check / preauthorized debit form
- Bank statement for the last 90 days
How much money can you get?
The amount of money available through a bad credit loan at Northstar Brokers is flexible with a loan size between $300 and $3,000.
Repayment terms
Bad credit loans in Edmonton must be repaid within six months, and your personalized loan agreement will clearly state the repayment terms of your loan. We offer flexible repayment loans for our bad credit loans.
In case you run into any issue during the loan repayment period, you should get in touch with any of our associates so we can come up with an arrangement that fits your financial ability. We encourage all our clients to make timely repayment schedules so they can avoid any additional fees.
Borrowers are responsible for any legal fees generated due to late repayment. Failure to pay installments on time may increase your interest.
Why choose Northstar Brokers?
With over 12 years of experience in the financial solutions industry, we at Northstar Brokers pride ourselves on speed and clarity. Should you need a personal loan quickly, our processes allow you to submit your application in three simple steps. Once received, one of our brokers will provide you with an outcome within 90 minutes. Then, if your request is approved, your funds will reach you within the next 24 hours.
Our experts are at your disposal to assist you with any questions that you might have from Monday to Friday, 10 a.m.-6 p.m., and we are always ready to help. If you need a bad credit loan in Edmonton, apply now! Our team will analyze your request as soon as possible.
THE EFFECTS OF BAD CREDIT
Bad credit doesn’t just affect the ability to borrow. It can also be a major handicap if you are looking for work or accommodation to rent. In most cases, employers and building owners check the applicants’ solvency before making a decision
WHAT IS A CREDIT RATING?
The standard credit score, also known as “FICO score” (formula created by the Fair Isaacs Corporation), is a risk measurement tool used by lenders to assess a borrower’s solvency. It shows your past credit history and is established according to whether or not the repayment deadlines are respected. People with bad credit get a low credit score
THE BENEFITS OF CONSOLIDATION
A personal bad credit loan can get you out of trouble
If you need cash quickly when your credit rating isn’t high enough, banks and some lenders will consider you a sub-prime borrower and reject your application. Personal bad credit loans are specially established to allow you to qualify for a loan despite this obstacle.
Frequently Asked Questions
WHAT IS A SHORT-TERM LOAN?
A short-term loan is a service that allows customers to quickly get money to deal with a short-term financial problem
HOW TO USE MY SHORT-TERM LOAN
Short-term loans are mostly used to cover unforeseen expenses, to pay bills and to avoid additional charges due to bounced payments.
WHEN WILL YOU CONTACT ME?
After sending your request online, one of our brokers will call or email you to review your request. If you have submitted your request outside of our working hours, we will contact you at the start of the next working day.