Can I get a personal loan with bad credit?

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Can I get a personal loan with bad credit?

Rounding it up

  • It is sometimes possible to get a personal loan if you have bad credit in Canada.

  • If you don’t have a good credit score, lenders will take into account a wide range of other factors before approving your loan, such as your employment situation and your debt to income (DTI) ratio.

  • Keep in mind that many personal loans for people with bad credit have high interest rates. Some even require that you have a co-signer or that you put up collateral for your loan. This can make them very risky, so proceed with caution.

  • If you can’t get approved for a loan with your current credit score, consider taking a year or two to build up your credit rating so you’re able to get financing from a wider range of lenders in the future.

6 min read

Gaby Pilson
#personal loan#bad credit#credit building#debt management

Gaby Pilson

Gaby Pilson is a writer, educator, travel guide, and lover of all things personal finance. She’s passionate about helping people feel empowered to take control of their financial lives by making investing, budgeting, and money-saving resources accessible to everyone.

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