How To Improve Your Credit Score in Canada With Having Bad Credit
Yes. Big brother is always watching. Particularly when you apply for any kind of credit or loan. From payment histories to current balances, the bureau knows all
That also includes your SIN number, address, age, marital status, job, and much, much more
What’s most pressing, is they’re constantly assessing your credit score: a number-ranking between 300-900. The closer you are to 900, the better. Plus, every lender ranks credit a little bit differently, using their own proprietary criteria. Therefore, the consumer score, to which you are privy, may be slightly different in their report. It’s all a little bit stressful.
It seems that 650 is the tipping point. If your score dips below that magic number, life gets much harder
With a rating under 650, renting vehicles and living spaces is extremely challenging. Applying for bank loans is akin to pulling teeth. And mortgage approvals are all but a pipedream.
So, if at one point you’ve fallen on hard times and missed a few down payments or neglected your credit card bill, does that mean you’re doomed to a life of bad credit? Absolutely not! Just follow the methods in our blog and you could vastly improve your score in as little as 10 days
Sooth Your Credit Score Stress With Consolidated Debt
It’s amazing how smaller loans can pile up and snowball into an all-consuming debt. It’s a situation that eats away at both your personal life and credit score. Taking out an easy-approval loan with affordable interest will help temporarily neutralize your piling debts. This offers a much-needed breathing room and an immediate boost to your credit score. Making payments – on schedule and over the minimum – always looks good in the eyes of discerning creditors.
But where can you find a loan if traditional financial institutions are just going to shoo you away?
While banks may scoff at your application, there are private lenders out there who’ll offer simple and stress-free loan approvals – even if you have bad credit. Instead of simply assessing your score, these private companies examine your overall credit history. As long as you haven’t defaulted on any previous loans and have been discharged from prior bankruptcies or consumer proposals, there’s a good chance for approval.
Note that private lenders usually won’t offer direct debt consolidation, but will loan enough money to turn many little debts into one lump sum
You may ask yourself, why not just take out a payday loan?
Well, unlike payday loans (which charge through the roof on interest), private installment loans come with manageable, fixed rates that won’t throw you for a loop.
Laser-Like Focus On Your Credit Score
Did you know that according to certain studies, 57% of Canadians have never obtained their own credit score?
It’s no wonder why people get a grim dose of reality when they’re finally forced to check their rating. Imagine realizing your credit score has tanked only once you’re looking for an apartment. Or applying for a mortgage. That is one heck of a curveball you’ll want to avoid at all costs!
By consistently tracking your report, you’ll always know where you stand and if you need to make financial changes
Furthermore, you may notice errors that are hampering your score. Bureaus aren’t infallible and are prone to common mistakes – such as entering incorrect personal information and attributing non-existent accounts to your name. As soon as you notice a blip, contact the agency to let them know. They’ll fix the error and immediately improve your score.
Channel Your Inner Negotiator
Any debt that’s gone into collections is going to do a number (pardon the pun) on your credit rating. Identify those debts and contact the collections agency immediately
Contrary to popular belief, debt collectors aren’t monsters. In fact, they’re just human beings. As such, you may be able to charm them into giving you a break
Simply ask the debt collector to remove your slip-up from their report if you pay them in full. Surprisingly, you’ll find them to be more than accommodating. Making this small effort to remove a blemish from your credit report goes a long way in improving your overall score.
Make A Bold Move With Your Credit Limit
When you’re struggling with credit and finances, increasing your limit seems counterintuitive.
That’s why if you plan to use this specific method of improving your credit score, unwavering discipline is of the essence. We’re talking stone-cold Bruce Lee meets Gandhi type discipline. Otherwise, this tactic will backfire and really hurt your credit
But how can getting an increase on your credit limit help with your score?
It’s somewhat of a “credit hack”. Since hovering close to your credit limit can be tough on your score, the quickest possible fix (outside of actually paying) is to increase the limit, so you’re further away from your max.
If this scenario sounds familiar, visit your bank and ask to get your limit increased
It’d be remiss if we didn’t point out the short-term nature of this solution. Don’t, under any circumstances, treat your loftier limit as an increase in funds, lest you run into some big-time trouble down the road!
New And Improved Credit. New And Improved You.
To our friends with bad credit, we say, with the utmost conviction, that better days lie ahead—even if you’re in a jam and need your score improved instantaneously!
However, as a private lender, we want to help you towards a promising financial future. Thus, we’re obligated to point out that while these techniques can remove you from a tough spot, you shouldn’t be relying on them. The best way to ensure a great credit score is by not falling into bad debt in the first place. And always keeping on top of your repayments schedules
Still, there will be fiscally taxing times when you’re hit with a downpour of bad luck. If your rainy day fund isn’t enough to bail you out, we’ve got you covered!
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Easy Installment Loans
Installment Loans Across Canada
We know it's tough to find good loans in Canada when you're stuck with a bad credit score. A payday loan is often not the right choice. That's why 514Loans is committed to offering short-term loans in Canada to anyone who needs one.
Our loans don't require a credit check, so even applicants with a bad credit score can be accepted. And same-day responses from our loan agents mean that you get your money when you need it.
Are you caught in a Payday Loan cycle? Are you using a big part of your paycheck to cover your Payday Loans? Consolidating your Payday Loans with an installment loan allows you have 1 smaller payment instead of seeing most of your paycheck disappear as soon as you receive it.
Your Privacy is Important
Your loan is no one else's business but your own. That's why we take your privacy very seriously. Any and all personal documents that you provide to us are handled with the utmost care and with your safety in mind. We use SSL encryption for improved network security, and we ensure that our site is accessed over HTTPS, for all users, 100% of the time.
We do this because when it comes to finding safe online loans, Canada deserves the best options in cybersecurity.
Convenient, Modern Alternative to Traditional Payday Loans
Applying has never been easier!
Your journey begins with our three-step online application:
- Select your loan amount and complete our online application
- Upload the two required documents
- Complete your IBV (Internet Banking Verification)
Our fully-automated loan management software allows us to process your request faster than most payday loan providers in Canada. Loans are then able to be granted faster, meaning you get your money when you need it.
Approval in Minutes
We are all about user experience, and that means not having to wait days to find out the results of your application.
Our state-of-the-art loan management software is equipped with an automated decision-making module, enabling us to approve your application in no time!
Your installment loan is automatically funded as soon as you sign our online paperless loan agreements.
Once you're approved, all you have to do is kick back and relax. We will automatically deposit the funds into your bank account.
Please note that although most loans can be funded on the same day, it can take up to 24 hours in some cases.
How it works
Who we are
We are an online financial service provider. We work with licensed private lenders, to provide short term financial solutions, that are significantly less expensive and more flexible than a conventional payday loan. Good credit, bad credit, it doesn't matter. We will assist you in finding the financial product that suits your needs.
Fees and Interest
Depending on the risk associated with the application, Our lenders charge an APR ( Annual percentage rate) of 22% to 32%. Membership fees do apply. Please refer to our "Example Cost of Borrowing" section for more information.
Terms of Repayment
Our installment loans can be paid weekly, bi-weekly, bi-monthly, or monthly. The payment schedule depends on the customer's pay frequency. Unlike payday loan providers, our lenders offer loan terms of 90 and 120 days. Extended payment schedules are available for loans over $1000.
What Makes us better than Payday Lenders
Typically, Payday Loan providers require borrowers to finalize entirely on their next paycheck. The costs associated with payday loans vary from province to province.
The ABR (Annualized Borrowing Rate) for
- payday loans ranges between 390% to as high as 560%.
- installment loans range between 190% and 200%.
Our ABR includes all fees and interest associated with our installment loan product. Our cheaper ABR and more flexible terms make our product a better choice for Canadians in need of a short term financial solution.
Example Cost Borrowing
$300 borrowed over 3 months on a bi-weekly payment schedule, will cost the borrower 6 payments of approximately $75. The total amount reimbursed is roughly $450.00. This includes all membership fees as well as Interest and capital.
Our lenders charge a $50 fee for any returned payment due to NSF (Non-Sufficient Funds). The missed payment, as well as the lenders' fee, are added to the end of your payment plan schedule. Two additional payments are extended to the payment plan.
Our Lenders charge a fee of $35.00 to reschedule a payment and extend the payment plan.
The rules for rescheduling payments are the following:
- A client can not reschedule the first payment.
- A client can not reschedule two payments in a row
- A client can not reschedule more than two payments per loan term.
Borrow Money Responsibly
This type of financing is meant to be used as a bridge to solve an immediate financial crisis. Interest rates are relative to risk and may be higher than conventional banking institutions.
Please note that having Multiple Installment Loans or Payday Loans can result in long term financial burdens. Please give us a call if you are caught in a loan cycle due to predatory loan practices. Our agents will assist you in finding a consolidation product that will prevent costly collections procedures as well as a negative impact on your credit file.
Please borrow responsibly.
Applying Online is Safe with us
Your important personal information is encrypted and protected using Bank Level Encryption Security. We are HTTPS secure, and our users can expect a safe and private online experience when using our website.
How to Qualify for a Personal Loan
Our application process is simple and easy on PC, tablet, or mobile phone. The following is criteria is necessary to qualify for a loan:
- You must be a Canadian citizen
- You must be over 18 years of age
- You must be employed full time.
- You must have an active bank account.
- Must not be engaged in a consumer proposal or a bankruptcy process.
Installment Loans versus Payday Loans
Downside of Payday Loans
- Installment loans in Canada are 50% to 60% cheaper than payday loans and are available with longer repayment terms, making them significantly safer for your credit score.
- As the borrower, you benefit from a straightforward reimbursement process and avoid the risks associated with costly and dangerous loan cycles.
- When you take out installment loans in Canada, you also benefit from an automated stress-free payment plan that enables you to budget more efficiently for your future financial obligations.
- Moreover, you can further benefit from reduced rates and increased credit limits with every loan you successfully reimburse.
Find out why Canadians are switching to this better alternative. Our agents are waiting to serve you.
What are you waiting for? Apply Now!
Called for info the girl I spoke to was very friendly and answered all of my questions. I got a reply within an hour They asked for documents and bank statements and it was an easy approval got the money I needed right away.
Excellent, very happy doing business with you people.
Very helpful and understanding. Staff are friendly. I asked so many questions and they answered all of them in a nice respectful manner. Would recommend them to anyone.
Amazing group of representatives that are there for you especially in an emergency situation or any time of need.
They definitely take their time and patience and go through all the details trying to offer you the best service no matter what :)!!!
Thank you so much for your help I really sincerely do appreciate it.
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Short-Term Loan Requirements
Offering users a great customer experience is our number one priority. In order to achieve this, we start by making the application process as simple as we can.
Once you've filled out the application, all we need from you are two documents in order to expedite the process. Make sure you can provide the following:
- Photo ID (ie. a driver’s license or a passport)
- Proof of Address (ie. a phone, electric, cable or gas bill, or any most-recent document from your financial institution where your name and address are displayed)
Your application can be submitted online in five short minutes by hitting the "Apply Now" button.
When it comes to installment loans, Canada has the best service available: 514Loans, offering great payment plans and reasonable interest rates. We look forward to assisting you in finding the best financial solution for your needs.
Better than Payday Loans
514Loans, together with Greenriver Finance, has created the underlying technology and infrastructure for providing everyone in Canada fast access to better short-term financial solutions.
Installment loans in Canada are more flexible and cost substantially less than payday loans. The difference in cost and term length results in the elimination of predatory loan cycles which keep people trapped in debt. This helps the borrower to establish a budget that better suits their future financial obligations.
514Loans is proud to offer:
- Faster processing due to our underlying platform
- Less expensive ABR (Annualized Borrowing Rate)
- Longer loan terms than payday loans
- Preferred customer privileges with even cheaper rates and longer terms (for returning customers)
- A better overall user experience
Frequently Asked Questions
What is a cash advance?
A cash advance is a short term financial solution, often used to cover car repairs, collection notices or any other type of unexpected expenses. Short-term cash advance services fulfill a need not met by traditional financial institutions, offering a less costly and often more desirable option for short-term loans.
A non-traditional cash advance is often the best way to receive a quick loan. Industry group CFSA reports that non-sufficient funds (NSF) cost consumers tens of billions of dollars each year from banks and credit unions. CFSA notes that millions of people each year “choose payday advance as a dignified, discreet, and often less costly solution for cash flow problems, without asking family for money or risking personal items as collateral.”
Many applicants also struggle to attain traditional financing despite having excellent credit. Many of them need quick access to working capital. Online lenders have emerged as a welcome alternative for borrowers everywhere. Online lenders are increasingly being used by consumers and businesses to get fast access to capital outside of banks. Also known as marketplace lenders, they “have leveraged low operating costs, minimal regulations, Big Data, and technology streamlined for a mobile generation to mediate terms between everyday borrowers who want quick access to cash.
What are the requirements to get a cash advance?
We like to keep things simple.
- You must be over 18 years of age
- You must be a Canadian citizen
- You must be employed full-time
- You must have an active bank account
- You must not be engaged in a consumer proposal
- You must complete an IBV (Instant Bank Verification)
I am Self Employed. Can I apply for a cash advance?
Absolutely! Just as long as our agents can verify a frequent source of income through your IBV (Internet Banking Verification).
How much money am I allowed to borrow?
Our loans range from $300 to $3000.
However, ou lender's credit risk may assign a different amount than originally requested. This assures that the borrower will be able to reimburse the loan without any negative impact on their budget and/or financial situation.
When can I expect the funds to arrive?
Your funds are deposited automatically as soon as we receive your signed electronic contract. Deposits typically happen on the same day; however, some deposits can take up to 24 hours to appear in your bank account.
What do I need to email or fax in?
You may fax or upload your documents during your application process.
The required documents are:
- A copy of your driver's license
- A proof of residence (any most recent utility bill with your name and address indicated on it)
Consolidate Your Debts and Get out of Dangerous Loan Cycles
Are you caught in a loan cycle?
514Loans is here to help! We work with a non-profit corporation to help Canadians get out of loan cycles. We can help you get your paycheck back!
If you are struggling with multiple loans, unable to keep up with high interest rates, or are facing a potential bankruptcy, give us a call now and let us help you consolidate your debts into one small monthly payment.
If you are unfamiliar with how the credit reporting system works or if you would like guidance in understanding and improving your credit standing, please contact a non-profit credit counsellor at Consolidated Credit by calling 1 (844)-871-1426.
Call today for a free, no-obligation consultation or complete a form: click here for a free consultation.
Credit counsellors can help to assess your situation, clarify errors on your report and outline the best options to rehabilitate your credit through repayment of debts at lowered interest rates. Doing this will enable you to qualify for new credit in the near future.
Debt Consolidation Programs
We work with a non-profit credit counseling company.
We frequently recommend to our clients to explore all of their financial options through a professional counselor at Consolidated Credit Counseling Services of Canada. This approach allows our clients to decide for themselves which option is best for them and their financial well being.
If you are struggling with too many loans, please click on the free consultation button on this page, and see if you qualify for the debt relief you deserve.
Benefits of a Debt Management Program (DMP) w/ Consolidated Credit
- Lowered monthly payments to creditors
- Lower interest rates than credit cards, Payday Loans or Installment loans
- Get a clear understanding of how to budget to avoid loan cycles in the future
- Have more money left on your paycheck to begin saving again.
Disadvantages of a Debt Management Program w/ Consolidated Credit
- Any unsecured account(s) consolidated in a DMP will be permanently closed in order to achieve the reduced interest rate(s).
- RBC and Canadian Tire Mastercard are “full-budget creditors” meaning they will review the prepared budget and credit file to ensure all unsecured creditors have been included on the DMP before they agree to be included and that no budgeted expenses are unrealistic for a hardship circumstance.
- Scotiabank will review the same to ensure that all of their unsecured products have been included prior to agreeing to our proposal.
Offering Installment Loans in Canada, Even with Bad Credit
When Canadians find themselves in need of short-term loans, bad credit shouldn't stand in the way. And the repayment process for those loans should be as simple as paying rent or mortgage, phone plans, electricity and other monthly bills.
Installment loans offer the bridge you’re looking for when you’ve landed in a spot of financial trouble. The small and steady payments allow you to easily plan your budget accordingly. Most importantly you can usually obtain prompt approval for these loans without a credit check.
Here are some of the most frequent situations that may call for an installment loan:
It doesn’t matter who you are, you need a roof over your head. But an unexpected expense can cause anyone to be short on their rent, often a day or two before it is due.
Thankfully, an installment loan can help you in a few ways. First and foremost, you’ll have the cash to cover this month’s rent. And if you budget accordingly, the flexibility of an installment loan will also help you avoid falling behind financially in the future.
Falling behind on a car payment can be hazardous to your credit. An installment loan is a great solution that helps you make the necessary payments while allowing you to stay on course with your budget.
An installment loan can also help you phase out and replace a payday loan, which typically reduces additional financial concerns in the future.
Are you caught in a payday loan cycle? Are you using a big part of your paycheck to cover your payday loans? Consolidating that debt with an installment loan allows you to have a single small payment, instead of seeing most of your paycheck disappear as soon as you receive it.
If you have Bad Credit
Even people with bad credit are usually able to take out our installment loans. The benefits of that can be huge; you get somewhere to turn to when you need money, and you don't have to do so at a further cost to your credit score.
According to credit.com, installment loans won’t negatively impact your credit. Individual installment loans don’t account for enough money to play a huge role in your credit score. In fact, the same blog explains that paying off an installment loan for a lengthier term has a positive influence over credit scoring models.
Avoid NSF Charges
Unpaid NSF fees are damaging to your credit. If they remain unpaid for 30 days, your account will be considered delinquent and reported to the credit bureau. Delinquent accounts do harm your credit score and can further complicate your situation. 514Loans can help you avoid unnecessary NSF charges.
When January 24th rolls around, most people are nervously anticipating their credit card bill from the holidays. Sometimes you have to financially overextend yourself during the holidays so you’re able to purchase gifts for your friends. Other times it’s a big family trip you couldn’t back out of, even though you were a little light on funds.
Regardless, an installment loan can help you recover from the financial stress of the holidays.
No Credit Check LoansBenefit From Our Policy
Our applicants are not subject to credit checks. We use your banking transactions as well as other criteria to assess your request. We give you a clean slate. We believe in second chances, and we will take a chance with you when nobody else will.
What is a short term loan good for?
It should be considered as a bridge money to pay for urgent bills and not a method to increase your credit. Our rate are higher because we take a lot of risk with lending to someone with having done a credit check when issuing a customer a loan.
Short Term Loans
We understand that there are limits to how much you can stretch your paycheck in order to accommodate unforeseen expenses. Don't worry, we've got your back when it comes to installment loans in Canada.
Our Loan Rates
Our lenders charge an APR (annual percentage rate) of 22% to 32% depending on the risk score of the application.
A 300$ loan with an APR of 32% is refundable in 6 bi-weekly payments of approximately $75. This example includes all the fees associated with the borrowed capital over the three months.
Terms of Repayment
Our installment loans are repayable within a period of 90 to 120 days. Longer loan terms are available for loans over $1000.
Abusing microloans can cause negative impacts to your financial well-being due to their higher interest rates. The interest rate on an installment loan is higher than conventional financial institutions and should be used only for emergencies.
Types of Loans
Call them whatever you want
We specialize in
Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).
Types of Loans
Call them whatever you want
We specialize in
Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).
Proudly serving Canadians with installment loans, the best alternative to payday loans and the go-to alternative financial services. Thanks to you, we are the fastest growing installment loans provider across the country.
Where are you from?
Vancouver, Surrey, Coquitlam, Burnaby
Edmonton, Calgary, Medicine Hat, Wood Buffalo, Red Deer, Lethbridge, Airdrie, Fort McMurray, St. Albert
Winnipeg, Dauphin, Morden, Portage La Prairie, Selkirk, The Pas, Winkler, Steinbach, Thomspon
Montreal, Laval, Quebec, Gatineau, Lasalle, Terrebonne, Longueuil, Levis, Brossard, Sherbrooke, Repentigny, Saint-Hubert, Verdun
Toronto, Brampton, Mississauga, North York, Ottawa, Scarborough, Hamilton, Kitchener, London, Etobicoke, Windsor, Oshawa, Barrie, Richmond Hill, Brantford, Markham, Niagara Falls
Halifax, Cape Breton, Dartmouth, Truro, Sydney
Moncton, Saint John, Fredericton
Prince Edward Island