Bad Credit Loans Newfoundland and Labrador
Getting a loan is not easy. It’s almost impossible if you have a low credit score. If you’re living in Newfoundland and Labrador, it’s no different from anywhere else in the country. Banks and other financial institutions will deny your application or charge you a very high interest if your request is approved.
If you’ve made mistakes with past borrowings, you’re probably taking steps to improve or fix your rating. But that takes time. What if you’re in a situation where you need cash urgently?
An excellent option would be to consider bad credit loans in Newfoundland since it’s possible to borrow the money you need even if you have bad credit. The rate will not be attractive, but it’ll be much lower than what you’ll pay if you take, for instance, a payday loan.
WHY CHOOSE NORTHSTAR BROKERS?
At Northstar Brokers we will help you solve your financial crisis without hassle. Our team of specialists has been in the lending market for over 12 years.
The company has specially designed personal bad credit loans that allow you to be eligible for funds even if your credit rating is low. It won’t check your past borrowing performance.
But first, if you’re not familiar with what it means to have a bad credit score, here’s a brief explanation.
Canadian Credit Score
A credit score indicates an individual’s ability to repay a loan. It’s a number between 300 and 850 that represents the highest rating.
If your score is above 700, you’ll very likely get approved for a loan as it signifies you’re low risk when it comes to defaulting on your repayments. People with high ratings may even get lower interest rates on their borrowings.
If you allow your number to drop below 680, you will be less likely to be considered as a candidate to borrow from banks and financial institutions. If you do get a loan, you’ll probably have to pay a higher interest.
To start, you should purchase your credit report from two credit bureaus, namely Equifax Canada and TransUnion Canada. It’s best to get it from both organizations to ensure there are no discrepancies with your score.
How Do Personal Bad Credit Loans Work?
When you apply for a loan from a bank, the institution will check on your ability to pay back. It can access your credit report through the above-mentioned bureaus and know everything about your borrowing history.
After analyzing how you handled past loan payments, the lender will assign you a score and decide whether to grant you the financial aid and set the terms of the agreement.
People with bad credit can rarely get past the review, and if they do, they’ll have to pay higher interest on the borrowed amount.
Fortunately, Northstar Brokers are more flexible in the sense that we don’t delve in the applicant’s borrowing history in a time of crisis. We understand that some situations require urgent financial solutions, and they shouldn’t allow past mistakes to prevent you from getting the funds you need.
How to apply for a bad credit loan in Newfoundland
Applying for bad credit loans in Newfoundland or Labrador is easy. You simply have to contact Northstar Brokers and follow our application process.
Once you fill out the online form and submit a few documents, we guarantee a prompt reply in less than 90 minutes. In case you’re eligible, the money will be in your bank account within 24 hours.
Northstar Brokers assures applicants that we won’t conduct a financial background check under any circumstances.
To conclude, if you’re facing a crisis and need financial aid, but you can’t borrow from banks because of a poor credit score, a personal bad credit loan might be the answer. It’s better than a payday option thanks to its lower interest.
Meanwhile, you must take action to improve your rating so that if you face future financial problems, you’ll be able to get funding at a lower cost. Start early, as fixing your low credit score will not happen overnight.
If you’re unable to repay your loan, plus charges, on your next payday, more interest will be added to the amount you owe. The compounding effect can lead to a massive debt if you’re not careful.