High Risk Lenders For Poor Credit In B.C., Canada


Our latest client is looking for a high risk lender for a poor credit loan in B.C., Canada. He is effectively self employed although he works under contract for a company that books tours for hunting, fishing and camping trips. His income varies a great deal over the year depending on the time of year and the number of tours that are actually booked. Many lenders consider clients like this to be high risk due to the lack of a steady income.

Many clients actually have a difficult time under these circumstances to find lenders that will lend them money of any kind in this situation. This is one of the reasons that working with a broker who has access to many lenders, especially those who are willing to take on high risk loans can be useful for clients like these.

In addition to having a non stable income and although he makes excellent income overall in good years, he is finding it difficult to be approved for a personal loan. He did not mention any difficulty in obtaining a mortgage so we can only assume that he already has approval for a mortgage from another lender. He is trying to borrow sufficient money for his down payment as well which will allow him to retain a lower rate mortgage. With a ten year personal loan, he claims that he will have sufficient income to cover both the mortgage payment, the personal loan payment and the taxes on the property that he is purchasing.

This second requirement makes it much more difficult to find a lender who will take on this personal loan. With additional information and confirmation of his wife’s income, there may be a high risk lender willing to take on this personal loan request.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Loan Amount :: $25,000

Loan Application and Processing Speed (when do you need the funds)::Need to know within 10 days, since we have to wave conditions on a house we would like to purchase. We will use this loan for part of the down payment

Do you currently have a mortgage? ::no, this is our first home

Bank Name and Branch :: RBC – Port Moody, New Port Road

What City/Town, State and County do you live in? :: Port Moody, BC, Canada

Zip :: V3H 5B9

What is your employment field? :: Tour guide, Fishing Guide

Employment Position :: Senior tour guide

When are you paid? (monthly/weekly/biweekly):: Monthly

Your credit rating to be – excellent, fair, or bad? :: Poor credit due to varied work environment

How did you find us? :: Searching for a lender online who will lend to clients with poor credit

How are you paid? (direct deposit/paper check):: Paper Check

Gross Amount Per Paycheck ::$1000 to $5000, depending on number of guided tours

Do you agree to have this information published online, without your PRIVATE information of course? :: yes

Extra information here please (some detail):: We are trying to purchase a home on the Port Moody area of BC. We have some  money for the down payment, but need an additional $25,000 to qualify for a low ration mortgage and a better interest rate on the mortgage.  We realize that it is frowned on by the financial community to borrow money for the down payment, however if we can make this happen it will actually save us a great deal of money from a mortgage rate as well as mortgage insurance perspective. This is one issue we have going against us and why we are applying to high risk lenders to obtain this personal loan to use for our down payment.  Our combined payments with a ten year term on the personal loan will still be under the 35% ratio that many of the banks and lenders use to help them judge whether a client can afford the mortgage payments or not.

Note to Lender :: The second reason that we need the help of a high risk lender is that my chosen profession is not a typical profession that many lenders like to see. I provide or run tour guide packages for people who want to go on fishing trips, hunting trips as well as white water rafting and over night camping excursions for one to 7 days in length.

When these trips are running, I make very good money both from fees as well as tips that my clients give me. There are high points in the season as well as low points in the seasons, which means that my income varies a great deal from month to month. My total income averages over $80,000 a year when the economy is doing well and lots of people are traveling.  Lenders consider me to be self employed and therefore a high risk client regardless of how much money I make.

We recognize that this is probably an unusual applications for a poor credit loan, however we are hoping that you can help us with this personal loan request. We need an answer within ten days so that we can remove a financial condition that we have with the offer on a home that we would like to purchase. Please advise if there is any additional information that is needed which will help with this application.

 

Category: Loan APR 4% APR 5% APR 7%
Loan Principal $25,000 $25,000 $25,000
Payment Schedule Monthly Monthly Monthly
Length of Term 5 7 10
Amount to be paid $27,541.19 $29,426.45 $33,822.85
Total interest paid $2,541.19 $4.426.45 $8,822.85
Paid per installment $452.73 $345.52 $277.99

Do You Need A Personal Loan?

Legitimate lenders use BFC to find borrowers they can lend money to. We screen them all to make sure they are legal and trustworthy. All fields must be filled out, or the pre-app will not be processed. Thanks for your understanding. NOTE: Lenders generally DO NOT RESPOND to one sentence requests for a loan. They take action if the borrower provides details regarding why they need the money, their Province location, income, outstanding debts in detail. The more in depth your information, the more lenders respond.

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!


5 Loan Requests

  1. Casey applied for the following loan:

    Loan: 7000

    Speed: Asap

    Credit: Very poor

    Location: Meaford ontario canada

    Income: Employed full time at $2000 monthly. Paid bi weekly by cheque

    Reason:

    I require a loan to get out of collections and pay for automotive and dental repairs.
    I am employed full time at $2000 monthly and have the full ability to make regular payments whether monthly or bi weekly.
    My credit is very poor due to me becoming a victim of fraud at the same time my partner went on disability awaiting surgery. I was downsized shortly after and ha difficulty findig a new job for a few months. all these things combined have ruined my credit. Between credit cards and loans from friends I have $6000 of debt I would like to pay off.

    I am looking to have a loan arranged as soon as possible. Would consider higher or lower loan amounts, I am looking for loan spread out over a few years with monthly payments from 100-275 being ideal.

  2. DANA applied for the following loan:

    Loan: 30,000 to 50,000

    Speed: ASAP

    Credit: FAIR

    Location: SA;MON ARM BC CANADA/ BUSINESS CHILIWACK BC CANADA

    Income: BUSINESS WILL GENERATE 200,000 TO 300,000 PER MONTH.

    Reason:

    TO HIRE OWNER OPERATORS TO HAUL FOR OUR CUSTOMER BASE. I HAVE FUNDED THE PROJECT TO THIS POINT. WE HAVE CUSTOMERS CALLING EVERY DAY. THE MANAGEMENT TEAMS CONSIST OF OFFICE MANAGER/OPERATIONS MANAGER/ SAFETY MANAGER. AND MYSELF. PUTTING ALL OF OUR EXPERIENCE TOGETHER WE COMBINE FOR OVER 100 YEARS IN THE TRANSPORT INDUSTRY. I HAVE SECURED ALL INCORPORATION AND BANKING DOCUMENTATION AN OFFICE , ALL FURNISHINGS,PHONE AND COMPUTERS AND ALL OFFICE SUPPLIES. WE ARE AT A POINT WERE WE NEED A CASH INJECTION TO HIRE MORE OWNER OPERATORS. THE BUSINESS INFANCY STAGE AND NEEDS A LITTLE HELP. LOOKING FORWARD TO WORKING WITH YOU IN THE FUTURE AND PATIENTLY AWAITING YOUR DECISION.

  3. Chad applied for the following loan:

    Loan: 8000.00

    Speed: asap

    Credit: horrible

    Location: Kelowna, B.C. Canada

    Income: $610.00 Via Income assisstance

    Reason:

    I need to refinance or get a loan to catch up on vehicle payments. I am desperately behind!
    Have just started getting an “income” again and awaiting EI funding for Technical school.
    Had an injury and was laid off. I can not work in my field anymore due to my injury and am to receive retraining for a new trade (water engineering tech).
    I cannot seem to locate anyone that can help me even at other dealerships although i am told when i am in that they Really want my Jeep as it is difficult to find one such as mine. I want to retain my vehicle and have made attempts with the bank that hold the loan to no avail. Surely there must be a way that i can refinance or get some help to continue payments and extend the term of the loan. it is high interest unfortunately (24%) bi-weekly payments. I have no other expenses except a monthly phone bill. i don’t have rent payments so i am able to make jeep payments again. i was advised to speak with “Jeff” from a dealership in edmonton however there was nothing that could be done for me. Please help me and advice.

  4. Susan applied for the following loan:

    Loan: $5,000

    Speed: pay bills

    Credit: not good

    Location: Calgary Alberta Canada

    Income: I get paid on the 10th and 25th of every month,

    Reason:

    I have some bills I would like to pay and just have one bill. Once I get them paid I’m good to go

  5. Leanne applied for the following loan:

    Loan: 3000.00

    Speed: as soon as possible

    Credit: poor

    Location: Fort Fraser BC

    Income: I make approx 5500 take home a month however I am a seasonal worker which means I have a one month lay off before returning back to work. This is a normal every year occupance in our occupation

    Reason:

    The transmission went in my pick up truck and I need to make my rent payment. I am a heavy equipment operator currently on our seasonal breakup and have a week left before my benefits arrive. I am divorced trying to do everything on my own and sometimes those unexpected things happen like the transmission in my truck. What I have noticed since researching online, every company is in a major city and when I have talked to a few representatives they didn’t seem to understand that people like me live in small rural communities. I live outside of our town in the country where right now with no vehicle I am bound to relying on friends if I need to go anywhere. I cant just walk down the road and catch a transit or call a cab. I work hard every day for the money I earn and this time of year is supposed to be where I get to have some down time from the long hours I work. So to have this unexpected bill from my truck is something I just didn’t need. I just need someone to help me get mobile again. I have poor credit rating from my marriage and truthfully I haven’t checked my credit rating until today, so that is something I will be working on to improve and also getting ahold of my ex husband as well since though a few things were in my name since it affected my rating I will be having him take some responsibility for it. I did try to contact him for some help to repair my truck but an ex is an ex. I am trying to be self sufficient and to make my own way in the world, if it runs, its going to break down no matter how much I pray it doesnt. Thank you I look forward to hearing from you

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