Bad Credit Loans in Ottawa, Montreal, and Quebec City – Bankruptcy, Car, Furniture


bad credit loans ottawa montreal quebec city Bad Credit Loans in Ottawa, Montreal, and Quebec City   Bankruptcy, Car, FurnitureWere talking about bad credit loans in Canada today. In specific, we are talking about bad credit applicants applying for loans in Montréal, Québec City, and Ottawa.

One of our applicants needed a loan for furniture. And another borrower wanted to borrow money for a used car, while the other one just wanted to get a loan for some odds and sods around the house – even though he had recently claimed bankruptcy.

None of these applicants stood much chance of getting approved for a loan because of their extremely bad credit ratings, which you will see.

All three of these applicants have messed up in the past and were trying to find lenders in Canada that would approve loans for people with bad credit. This is not a great place to start when you’re talking about getting some kind of personal credit built up again.

At some point, you have to pay the piper and deal with the honest truth about your finances – because otherwise, you looking for a whole rattlesnake bag full of frustration and agony.

However, life goes on with or without bad credit and there are certain needs that have to be filled on an every day, every month, and every year basis. That is what we are talking about today – three different Canadians with three different loans, and three different credit scores – the kinds of FICO scores that make loan officers want to shake their heads in disbelief.

Bad Credit Loan in Ottawa After Bankruptcy – Mike’s Story

Our first bad credit loan was an application that came from Ottawa, Ontario from Mike who was 29 years old and recently in the throes of bankruptcy. He was somehow trying to get a lender to provide him with a small loan so that he could buy some around the house the kind of things, like a TV set, laptop, lamps, and whatever else you can think of that you need to make a house feel homey.

So Mike was bankrupt because he racked up so much debt purchasing items that he could near afford and really had no chance of paying off in the time allotted in the loan agreements. He kind of knew that he was heading for a personal bankruptcy or a consumer negotiation with a trustee if he didn’t get its financial house in order.

Mike works for the Canadian Federal Government in Ottawa as so many people do that live there. He has always had a steady job since he left University when he was 26 years old, but he unfortunately has never been able to get a grasp on his personal finances. He was really stressed out when he claimed bankruptcy because he felt so ashamed and embarrassed about it.

He spoke with his family, including his older brother, and his older sister. He even spoke with his father about the whole bummer of a situation. That really helped him sort it out for himself a little bit and he felt much better about the whole stupid thing by the time he signed the papers in the trustee’s office. He was going to have no credit rating for seven years and he was going to have little chance of getting any kind of credit from any bank in Ottawa or any other place in Ontario. This was just the fact he was going to have to deal with.

bad credit loans ottawa Bad Credit Loans in Ottawa, Montreal, and Quebec City   Bankruptcy, Car, Furniture

So now that Mike has had to feel the shame of bankruptcy and his family and friends pretty much know all about it, he wasn’t about to go asking them for any money – not a chance in the world. He was going to just try and find a lender or a bank that might give him a second chance, and approve a quick $2000 – a payday lender or a cash advance company operating in the Ottawa area.

He knew that with his bad credit rating you wouldn’t be considered even for a brief second by conventional lenders, or payday loan companies even. Most of these payday loan companies wouldn’t lend him that much money anyway, and frankly how could you blame them.

So Mike set out to get a cash advance loan from a payday lender in Ottawa that doesn’t use Teletrack for checking out their customers, and he wanted to make sure it was a 100% online company, just in case they recognized him. Why the cloak and dagger act? That’s pretty simple. Mike managed to default on a short-term two-week long payday loan and now he had a record on Teletrack for being a payday loan skipper. His name wasn’t good anywhere for the money. This is why he eventually got to the point where he was looking for Ottawa-based lenders who don’t use Teletrack, and have a no faxing process for all of their verifications of approval.

Mike wanted to find a direct lender that was a private lender, and not somebody who is connected to the financial system at all. In short, he was looking for some kind of a loan shark that operated in Ontario.

After talking to our staff (after he filled out his pre-application form on our site – see below) the girls and guys e-mailed him to tell him that he should avoid loan sharks altogether, and try finding a private lender who may trust him to repay a short-term loan for $2000 or $3000. This is exactly what he did. He ended up getting a loan with a private lender who lived in Northern Ontario and was fair and justified in his lending fee requirements.

Below you can see how much this $2000 loan cost him for a 28 day lending term;

  • Principal of Loan: $2000
  • Fee Per $100 Borrowed: $22
  • Term Length of Loan: 28 days/3 weeks
  • Total Paid Back to Lender: $2440
  • Total Fees Paid to Lender: $440
  • Total Effective APR on Loan: 286%

Bad Credit Loan in Montreal For Car – Phillip’s Story

Now we come to Phillip who lives in Montréal Québec. He’s an auto-wrecker who has a penchant for gambling and carousing the local women down Saint Catherine Street. He gets himself into all sorts of trouble and he had recently totaled off his car in a nasty accident on a Friday night.

He has a bad credit rating because he just went and spent and spent over the years (he’s 42 years old now) and never really spent any time learning how to handle his personal finances. He hasn’t had good credit since he was 22 years old when he first started getting his first credit cards. His payments have been late more times than he can count, but the banks have no trouble tracking every single last late payment and default strikes against him. It was quite insane how Phillip managed to completely destroy his credit rating over the years, and now he was paying the ultimate price.

So there was Phillip with no car to drive, and no insurance on the car to look after the damage. He got fined heavily for driving without the correct insurance and registration by the Montréal City Police, and now he had that to worry about. Like as if he needed anymore bills to pay!

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It wasn’t like Phillip was going to be able to afford a nice vehicle to get to work and back home every day – no, he was going to be driving a used vehicle with allot of mileage on it and allot of rust probably. Let’s put it this way, a chick magnet it would not be. He found himself I used Plymouth with only 150,000 K on it and brand-new tires. It ran fairly smoothly, and the interior didn’t stink as bad as you would expect for a car that was built in 1977. He took a liking to it and wanted to borrow $4500 before the end of the week.

The guy at the wrecking yard where he worked had fixed up the car quite a bit, with new paint, new carburetor, and new transmission. Philip knows a few things about cars and he knows that this old Plymouth would run for years and years without a problem irregardless of how expensive it was on gas.

So the next step for Phillip was to find somebody who would lend him the money in the next few days. That was turning out to be an almost impossible situation, because like I said above, he had little chance of gaining any trust with any lender in Montréal, or in northern Québec. He had no real chance of getting approved for $4000 or $5000. He was going to have to go outside the norm and get a loan from a private investor who makes money lending money to people who have poor credit ratings.

He was going to have to accept the higher interest rates that come with a loan like this and he was going to have to pay it back on time. He used one of the lenders from our site and managed to get a deal with a private lender for a loan of $5000.

The loan was to be paid back by the end of one year’s time. The loan would be paid back with monthly payments at an interest rate of 21%. Seems like a pretty high interest rate but if you compare it to payday loan companies and cash advance stores it’s not really that bad considering how bad Phillip’s credit is (was – because it’s better now).

Below we do the calculation of this $5000 loan for one year at 21%;

  • Loan Principal: $5000
  • APR (interest rate): 21%
    Loan Term Length: 1 year
  • Total Amount to be paid: $5,568.64
  • Total amount of interest $568.64
  • Monthly Payments: $457.70

Bad Credit Loans in Quebec City For Furniture – André

Andre needed a bad credit loan in Québec City just last month. His credit score is bad because he neglected to pay Canadian Tire the money he owed for a battery he had bought for his car. He had moved addresses from Northern Québec City to Southern Québec City and didn’t get his mail forwarded, so he wasn’t getting his reminders from Canadian Tire that he owed them the money. A very unfortunate mistake.

For a $75 car battery Andre had his credit damaged to the point that he was having trouble getting a loan. It doesn’t seem fair that one slight, and seemingly insignificant mishap with mail forwarding should cost somebody their good credit rating, but it happens all the time in Canada and in the United States.

Andre had just moved into a new apartment in town and he had his girlfriend move in with him. His girlfriend was unemployed at the time and neither of them had any furniture to speak of. They didn’t even have hand-me-down furniture from either of their parents, as they somehow managed to burn those bridges a long long time ago.

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So Andre didn’t want to use one of these high cost furniture installment companies that literally pound you hard with interest rates. He wanted to get a low interest loan from his local bank so he could buy the furniture directly from the furniture store, and pay the interest in smaller doses to a third-party lender. You think that would be no problem right? Wrong.

So Andre went to the banks in Québec, including Montréal and Laval but didn’t finding any success whatsoever. He began to get very frustrated because he had a steady job and he had honesty going for him – as far as he was concerned. Unfortunately, the banks are rather cold and humorless when comes to bad credit histories, late payment histories, and loan defaulting histories. They don’t even really want to waste the time on you if you want to be totally truthful about it.

So Andre used BFC to put in his application for the viewing of our private lenders. He put his application through in the evening, on a Friday night, and by Saturday night there was actual real lenders looking at his request and seeing if he may be a suitable risk. One of the lenders contacted Andre by e-mail Sunday morning and by Sunday night they had closed the deal and Andre had the money he wanted to buy furniture. He borrowed $10,000 for a period of one year and a half (in other words, 18 months) at an APR of 17%. This is slightly less than a Visa card you would think, but when you actually do the math on this private loan was cheaper than most credit cards that charge at least 18% APR.

Below you can see our calculation for this $10,000 loan at 17% APR;

  • Loan Principal: $10,000
  • APR (interest): 17%
  • Loan Term Length: 1.5 years/18 months
  • Total Amount to be paid: $11,345.58
  • Total amount of interest $1,345.58
  • Monthly Payments: $621.68

So that is a wrap as they call it – on these loans anyway. The lenders were all paid what they were owed as per the agreements made with the borrowers. Luckily, all parties in these loans were on the up and up.

Do You Need A Personal Loan?

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Use the loan application below to start the process. Detail your income and purpose of loan please - lenders do not respond to applicants who don't provide it. Thanks for using BFC!


26 Loan Requests

  1. Hal applied for the following loan:

    Loan: 2500

    Speed: within a week

    Credit: about 580

    Location: Brossard, quebec

    Income: I earn 105K a year, so after tax, I get paid on the 15th of each month, about $5400/month including overtime. I plan to pay this loan back over 6 months.

    Reason:

    I need to fly to visit a sick friend in California.

  2. Sabrina-Kate applied for the following loan:

    Loan: 8000

    Speed: As soon as possible

    Credit: Probably really not great, mistakes in the past

    Location: MOntreal, Quebec, Canada

    Income: Between my partner and I we take home about $4000 monthly.

    Reason:

    We have some past debts lingering, whether it be new tax reevaluations received this year (on both our parts) and also he has some unpaid tickets. We would like to clear it all up and pay one payment.

  3. Chrissy applied for the following loan:

    Loan: 8,000

    Speed: ASAP

    Credit: Poor

    Location: Montreal, Quebec

    Income: Income $2000, Fam Allowance $300

    Reason:

    Need to pay off house taxes so I can sell the house.
    Also need to put some towards debt I incurred from becoming my late mothers executor of her estate. Stuck paying her debts as well.

  4. Kantima applied for the following loan:

    Loan: 4000

    Speed: ASAP

    Credit: Poor

    Location: Oliver,BC Canada

    Income: Monthly income from work before taxes 1800 Canada pension 620 Child tax benefit 298 German pension 400

    Reason:

    To pay outstanding bills, and get out of the payday loan situation I have found myself in. If I was to get everything paid up and be rid of the payday loan issue, could keep up with everything and would easily be able to manage a repayment of loan along with monthly bills and expenses. Looking for something that can be repaid over a longer term.

  5. Doug applied for the following loan:

    Loan: 3,000.00

    Speed: ASAP

    Credit: Poor

    Location: Ottawa, Ontario, Canada

    Income: I work for the Provincial Government and get paid bi-weekly. My monthly net take home income is $2,800.

    Reason:

    A couple of months ago my dog became ill and I had to take her to the vet 3 times in the spand of 3 weeks. Costly vet bills, and medication added up, and the next thing you know I had to go to a couple of payday loan places. This loan would help me eliminate the payday loan cycle and also help me pay back my father the $700 he lent me for rent and bills from April. I have steady full-time employment and I am willing to move along with higher then regular interest rates. Anything would be better then the 496% APR that payday places charge. Thank you for your time and consideration.

  6. Doug applied for the following loan:

    Loan: 3,000.00

    Speed: ASAP

    Credit: Poor

    Location: Ottawa, Ontario, Canada

    Income: I work for the Government of Ontario, and receive my pay bi-weekly. My net monthly take-home earnings are $2,800.00.

    Reason:

    I wrote my loan details up above, but the rest of my information was not processed. Please see my precious post at 12:01pm on May 11,2013. Thanks again for your time and consideration.

  7. kelly applied for the following loan:

    Loan: 10000

    Speed: asap

    Credit: poor

    Location: pierrefonds , quebec

    Income: employment 1700$ family allowance 1600$

    Reason:

    I would like to buy a reliable car and put my son in a specialized camp for aspergers. The camp runs 4200$ and the balance would go on a reliable car and therapy for my son. I make 40k a year and have some family assistance from goverment for my son but the camps and therapist take payments in full not monthly. So i would just need to pay this all up front which i can not without a loan.Thank you for your consideration

  8. Caroline applied for the following loan:

    Loan: 45,000

    Speed: August

    Credit: Fair

    Location: Sutton Quebec

    Income: 800$ per month

    Reason:

    Applied for a dental hygiene program in Toronto. Need to be financed for the course!

  9. Mark applied for the following loan:

    Loan: $10000

    Speed: ASAP

    Credit: 450

    Location: Ottawa, ON

    Income: My net income per month is approximately $2800 per month, paid weekly at a company I've worked at for the past 9 years.

    Reason:

    I have started a small business, part time at first, but eventually looking to expand to be able to work full time for myself as a home inspector.
    I have the necessary background and skills, but need equipment and capital for advertising/website redesign/etc.

    I plan to have this paid back over 3 years (or less).

    My approach is unique – I focus on new home construction, as this is my background; I know what homeowners don’t see and what builders miss along the way, and I bring a very honest and thorough approach to an industry that seems to often be lacking in these qualities.

    Thank you for your time.

  10. MICHAEL applied for the following loan:

    Loan: 5,000$

    Speed: TOMORROW (JUNE 9TH)

    Credit: AVERAGE,I HAVE BEEN RE-BUILDING IT FOR A YEAR NOW

    Location: MONTREAL, QC, CANADA

    Income: GROSS: 2,300 $- NET : 1, 600$. I AM A LOAN ADMINISTRATOR AT THE NATIONAL BANK OF CANADA, I HAVE OCCUPIED THIS POSITION FOR A YEAR AND A HALF AND AM LOOKING TO OWN MY BUSINESS ON THE SIDE, ALL THE WHILE STAYING AT THE BANK TO BE MORE THAN AT EASE FINANCIALLY.

    Reason:

    MY BUSINESS PARTNER AND I, WHO OWN A COMPANY IN OUR NAME, ARE IN THE PROCESS OF TAKING OVER A RESTAURANT, ALREADY WELL ESTABLISHED, GOOD STEADY INCOME AND CLIENTELE. WE HAVE MADE A DEAL WITH THE CURRENT OWNER TO PAY 10,000$ DOWN, AND THE REST MONTHLY FOR 6 MONTHS. WE ALREADY HAVE 6,200$ AVAILABLE AND WE ARE MISSING 5,000$ (TO ATTAIN 10,000$ AND THE REST AS MONEY TO START THINGS UP AND AS BACK UP MONEY). THE REASON THIS IS URGENT IS WE HAD A CLOSE FRIEND READY TO INVEST THE 5,000$, AND HE DECIDED AT THE LAST MINUTE, FOR PERSONAL REASONS, NOT TO. WE ARE NOW LOOKING FOR THE MISSING 5,000$ IN ORDER TO BUY THE RESTAURANT TOMORROW, AS IT WAS CONVENED BETWEEN THE OWNER AND US. POSSIBILITY, FOR THE LENDER, TO DETAIN ACTIONS OF THE RESTAURANT. WE WILL HAVE NO PROBLEM REPAYING THE LENDER ON TIME, NOT ONLY WITH THE RESTAURANT INCOME BUT ALSO WITH MY PERSONAL MONEY FROM MY JOB SALARY.

  11. Kim applied for the following loan:

    Loan: 35,000

    Speed: ASAP

    Credit: poor

    Location: Ottawa

    Income: $2800

    Reason:

    Im taking care of my grandfather who is 90 and has cancer, he needs alot of care and I am giving all my money to him and his care. He has been good to me and I am all he has. He is a war vet who has done so much for everyone, this is all that I can give him back. I hope that with this loan, I will have his care taken care of and can see him not worry about me trying to do this on my own.
    Thank you for your time, anything would help.

  12. Flobo applied for the following loan:

    Loan: $5000

    Speed: ASAP

    Credit: Bad

    Location: Montreal, Quebec, Canada

    Income: $2500 per month

    Reason:

    Moving into a new place. Got approved despite my bad credit. Need to furnish and put all new appliances. I need this to cover everything including first and last month of rent. If I don’t get this I might be homeless. My usual amount goes to student loans. I am single mother and this is my only option. I’ve tried so many options online and they all seem like scams or something.
    Someone please help me. I would really appreciate it and could pay it back within the year. I can’t do any upfront fees at this moment.
    Thanks,
    Florence

  13. Mahima applied for the following loan:

    Loan: 5000$

    Speed: ASAP

    Credit: D, Bad but not destroyed

    Location: Montreal, Quebec

    Income: 1500$ net. I work full time at a hospital. I'm a personal support worker. I work for an agency. I love my job. Been employed for almost 1 year now. Recently graduated from a private college and been working ever since.

    Reason:

    I have got myself into debt and now I need relief. I will be able to pay back the loan and interest as needed. I have other loans I would like to pay off, ASAP..

  14. Michael applied for the following loan:

    Loan: 7000$

    Speed: Now

    Credit: Poor credit

    Location: Dollard des ormeaux , Quebec , Canada

    Income: 2400 net income monthly

    Reason:

    Consolidation of debt + emergency purchase for house renovation

  15. Karl applied for the following loan:

    Loan: 10000

    Speed: Asap

    Credit: Poor

    Location: Valcartier , Quebec

    Income: 14000

    Reason:

    Pay off old business debt to Revenu Quebec

  16. Alexandra applied for the following loan:

    Loan: 5000.00

    Speed: now

    Credit: bad

    Location: ottawa

    Income: From my job I earn about 3000.00 a month from child tax benefit 750.00 every month

    Reason:

    To pay back friends and family who loan me money over this summer also to pay off my bills around the house

  17. David applied for the following loan:

    Loan: 1000.00

    Speed: today

    Credit: poor

    Location: ddo, quebec, canada

    Income: 1100

    Reason:

    Pay rent

  18. daniel applied for the following loan:

    Loan: 5000

    Speed: august 5 2013

    Credit: 400

    Location: gatineau

    Income: 3200 after tax

    Reason:

    pay off hydro

  19. Tabatha applied for the following loan:

    Loan: 15000

    Speed: ASAP

    Credit: bad

    Location: Montreal, QC, CANADA

    Income: 5378/month - spouse and self together

    Reason:

    Had period where both not working, fell very far behind. Need to catch up on Hydro, rent and other small bills.

  20. Amy applied for the following loan:

    Loan: 5000

    Speed: asap

    Credit: good

    Location: ottawa canada

    Income: 3200 a month, 959 in cctb baby bonuses monthy

    Reason:

    My car just broke down, need for newer car so I don’t have to worry about car repairs.

  21. Lashanda applied for the following loan:

    Loan: 2000$

    Speed: For Thursday August 22nd 2013

    Credit: Poor

    Location: Montreal Q

    Income: I work full time and make 1400 monthly Sometimes more with bonus and commission .

    Reason:

    I would need the loan because I just moved out into a knew apartment. And have nothing I tried to go to the banks and they have all refused me I’m just trying to help repair my credit and no one is even willing to give me a chance I also have school part time to pay for I asked my friends and famy and they have nothing as well I would really need this loan to help me get on my feet financially

  22. vinh applied for the following loan:

    Loan: 5000

    Speed: as soon as possible

    Credit: very very bad

    Location: Montreal, Quebec Canada

    Income: 4800

    Reason:

    pay severals factures and rent

  23. jason applied for the following loan:

    Loan: 3000

    Speed: asap

    Credit: bad

    Location: Ottawa

    Income: $621.00 monthly from Ontario works, $200.00 monthly from personal settlement of sexual abuse case, $55.00 monthly from trillion refund, $200.00 - $500.00 from my personal magician business.

    Reason:

    Need loan for overdraft payment in my bank account, upgrading my magic act to a more profitable illusionist show and advertising for shows, a reliable source of personal traveling car or scooter to have lager area that I can perform in. Also to get a tombstone for my late wife’s gravesite.

  24. jason applied for the following loan:

    Loan: 2600

    Speed: quickest possible nowpe

    Credit: bad

    Location: Ottawa Ontario Canada,

    Income: 606 Ontario works ,300 I'm a pro magician self employed 100 hourly 300 monthly is a minimum ,200 from personal legal settlement 100 bi weekly ,

    Reason:

    Recover my scooter from pawn , upgrade my magic show to a stage illusion show , tombstone for my late wife’s empty gravesite , pay bank overdraft, get driver’s licence for van needed for my magic show to transport stage illusions and have a wider territory to be able to put on shows thus making much more money . To help me out to pay for my meds at 6.00$ a day

  25. S applied for the following loan:

    Loan: 5000.00

    Speed: asap

    Credit: bad

    Location: Gatineau, Quebec, Canada

    Income: 2600 (federal employee) 400 ( agency part-time)

    Reason:

    I made and bad investment that cost me all my savings plus added quite a large debt. This being said my perfect credit went to shreds. I have managed to pay off my car and maintain all my payments, needless to say that over the last year my credit card is full and I owe a friend. Having a bad credit rating will not allow me to borrow from any institution. I would like to be able to pay my friend as he also has encountered some difficulties. I need to clear my credit card(never missed the minimum payment) but mostly I need to pay my loan to my friend as it is taking longer than anticipated to get back on my feet.

  26. Anonymous applied for the following loan:

    Loan: 2500

    Speed: Right away

    Credit: not good

    Location: Clarence creek ont

    Income: 1134.36 bi weekly

    Reason: