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    HomeAnswersCan I get a loan with bad credit in Canada?
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    Can I get a loan with bad credit in Canada?

    Quick answer

    Can I get a loan with bad credit in Canada?

    Yes, but expect APRs from roughly 19% to 46.9% — the federal criminal interest rate cap. Secured loans, a co-signer, or a credit-builder product are usually cheaper routes.

    Options when your score is under 600:

    • Secured personal loan — backed by a vehicle or savings, materially lower rate.
    • Co-signer — a stronger applicant shares liability and unlocks bank pricing.
    • Credit union — often more flexible than the Big 5 on thin or damaged files.
    • Credit-builder loan or secured card — slower, but fixes the underlying problem.

    Avoid payday loans: at typical fees they annualize far above any installment product. Canada's criminal interest rate is 35% APR (46.9% effective annual rate for some products) — anything advertised above that range is not legal. Fix the two fastest levers first: bring revolving balances under 30% of limits and get every payment on autopay.

    Related Questions

    Can I get a loan with bad credit in Canada?

    Yes, but expect APRs from roughly 19% to 46.9% — the federal criminal interest rate cap. Secured loans, a co-signer, or a credit-builder product are usually cheaper routes.

    Keep reading

    • What credit score do I need for a personal loan in Canada?
    • How long does negative information stay on a Canadian credit report?
    • How much does a personal line of credit cost in Canada?
    • How is credit card interest calculated in Canada?

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