Lowest Interest Rate for Poor Credit in Canada


We have an applicant who works in the auto industry on an assembly line. He makes reasonable money and from time to time has experienced layoffs. This is what has contributed to his low credit rating since during those times he was a little lax at paying his monthly payments on his credit cards.

He now needs a $9,500 loan to help consolidate his credit card debt into one monthly payment that is based on a low interest rate. In fact he is looking for the lowest interest rate available to someone with poor credit in Canada. His plan is to repay all of the balances on his credit cards and then focus on paying off the loan. With the lowest interest rate he will be able to repay this total debt much more quickly since much of the payments now are really just paying the interest that has accrued on the outstanding debt.

He apparently also learned the folly of his ways and does not plan to ever miss a payment ever again as he rebuilds his credit rating from what it is now at the poor end to something much better. He also has a home that is worth a substantial amount and a relatively low mortgage, meaning that he has lots of equity available to borrow against in his home.

If he were willing to consider a secured loan or refinance his existing mortgage, he would be eligible for low interest rate loans and he would also have lower monthly payments especially if he amortized this loan through his mortgage with a longer term. This client has several options to consider and there will be additional discussion needed before it is determined if he will qualify for a loan and also the type of loan that he may want to consider.

Obviously more to come on this particular application for a low interest loan for someone who has a poor credit rating in Canada.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Loan Amount :: $9,500

Loan Application and Processing Speed (when do you need the funds):: by the end of next week

Do you currently have a mortgage? :: yes, my home is worth $175,000 and the mortgage remaining is approximately $48,000

Bank Name and Branch :: National Bank, Ottawa St

What City/Town, State and County do you live in? :: Windsor, Ontario, Canada

Zip ::N8X2G3

What is your employment field? :: Auto Manufacturing

Employment Position :: Assembly line quality checker

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

Your credit rating to be – excellent, fair, or bad? :: I have a poor credit rating, at least that is what my local bank loans officer told me. Apparently my credit cards balances and my sporadic payments have left a bit of a black mark against me. They will all be repaid.

How did you find us? ::searching for low interest rate loans for people with poor credit ratings in Ontario, Canada

How are you paid? (direct deposit/paper check):: direct deposit by the company when I am working and by the unemployment agency and the union when I am not working.

Gross Amount Per Paycheck ::$1,440

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure why not, I have nothing that anyone would want

Extra information here please (some detail):: I would like to borrow $9,500 at the lowest interest rate that I can find for someone with a poor credit rating in Canada. I am finally getting a handle on my credit card debt and have come to realize that I am just paying far too much interest on this debt. If I can borrow the $9500, not only will I repay all of the credit card debt that I have, I will be only making one payment a month and the interest rate will be a lot lower than the rates that the credit card companies are charging. In fact my monthly payments should be lower as well than they are currently.

Note to Lender :: I work on an assembly line for one of the big three car manufacturers in the area. We have had numerous layoffs in the past years and in a few occasions, I have been laid off and forced to collect unemployment insurance and collect union benefits. During these time frames, I was less than perfect about meeting all of the payments that I was supposed to, hence my poor credit rating.

I have learned that this is not the right way to manage my finances and I am a lot more senior now in the union so the likelihood of a lay off is remote at this time. My plan is to pay the balances on the three credit cards that I have and then lock two of them away so that they cannot be used. I am planning to take control of my debt and eliminate it as quickly as possible. Hopefully this will improve my credit rating and make it easier to find a loan that has a low interest rate for someone with poor credit in Canada.

 

Category: Loan APR 4% APR 5% APR 6%
Loan Principal $9,500 $9,500 $9,500
Payment Schedule Monthly Monthly Monthly
Length of Term 3 4 5
Amount to be paid $10,085.72 $10,469.61 $10,948.48
Total interest paid $585.72 $969.61 $1,448.48
Paid per installment $276.32 $215.13 $179.98

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!


15 Loan Requests

  1. Marc-André applied for the following loan:

    Loan: 30000-60000

    Speed: next week

    Credit: 600

    Location: Gatineau, Quebec, Canada

    Income: 2200 salary 2550 rent

    Reason:

    repay high interest loans, 30000 second mortgage at 15 % 5600 citi loan at 35 %. rebuild credit

  2. Manning applied for the following loan:

    Loan: 6000

    Speed: It is not urgent, but the sooner the better

    Credit: It is listed as FAIR with equifax with a 604 score

    Location: Courtenay, BC, Canada

    Income: I have a full time position working for a soft drink company. I have had the job for 9 years, and work monday to friday. I get paid every thursday, and my net every week is $1000, plus or minus,depending on overtime. In the summer it is more like $1100 - $1200 every week. Depending on how many thursdays in the month, I take home $4000-$5000/month.

    Reason:

    I have recently decided that I would like the possibility of driving the delivery trucks, or even open myself up to more opportunities. So I would like to get my class 1 drivers license. The loan would cover the cost of professional driver training and give me the ability to use the driving schools vehicle as I learn. I currently have $0 in debt, and have one credit card that I pay off in full every month. I don’t own my own home yet, and would like an opportunity to build my credit while I save and purchase one within 5 years. Of my income I stated earlier, $115/week goes into an RRSP, and another $50/week goes into a saving account. Thank you for your time.

  3. Suzanne applied for the following loan:

    Loan: 3500

    Speed: As soon as possible

    Credit: average i think

    Location: Alexandria, Ontario

    Income: 2700$ from full time employment 325$ from chil tax Benefit 43$

    Reason:

    Need to pay my credit cards and some payday loans. Need truck repairs asap.

  4. Elaine applied for the following loan:

    Loan: 15000

    Speed: asap

    Credit: poor

    Location: orillia, ON, Canada

    Income: My take home pay is $2200 per month

    Reason:

    I have been discharged from bankruptcy. I am currently in credit counselling due to getting stuck in the payday loan cycle. I want to go to college but do not qualify for osap. I am planning to continue to work part time. I am also applying for bursaries grants and scholarships to supplement the cost. Because of bankruptcy I can’t get a loan through a bank but I do have a co signer with an outstanding credit rating if necessary.

  5. NITIKA applied for the following loan:

    Loan: 10000

    Speed: as soon as possible

    Credit: 620

    Location: surrey , BC

    Income: 1200.00 I WORK FOR SECURITY COMPANY. WAS A STUDENT IN HEALTH CARE AIDE IN LAST 8 MONTHS. BUT STILL WORK FOR SECURITY COMPANY. BILS ARE BACKED UP

    Reason:

    WANT TO PAY OF MY CREDITS WITH CIBC AND CAPITAL ONE AND TELUS WAS A STUDENT FOR LAST 8 MONTHS BILLS ARE BACKED UP AND WORKED FOR LESS HOURS IN THE SECURITY COMPANY. NEED MONEY TO START MOVING ON. PLEASE

  6. Lorelei applied for the following loan:

    Loan: 8000

    Speed: ASAP

    Credit: Poor

    Location: Terrace B.C. Canada

    Income: 3000 Fulltime Employment 1099 child tax and 600 child support

    Reason:

    I am single mom of 3 kids. I need the loan to help pay of some small bill that total about 2500 to 3000 and fix my SUV with will cost about 3000 for parts and labour. I would like to take the kids for a small weekend get away.

  7. Jaime applied for the following loan:

    Loan: 8,000-10,000

    Speed: by end of day

    Credit: 510

    Location: Ottawa, Ontario Canada

    Income: I currently receive EI sickness benefits in the amount of 640.00 by weekly net. My husband receives 1540.00 by weekly net.

    Reason:

    I had left my employment February 25th of this year due to harassment at work. I applied for EI sickness benefits. My benefits did not begin until Mid April. Due to this, we fell behind on many bills. We have 3 children (our son is special needs) have a rent of 1600$ month. We were not able to keep up with everything. Over this past month, we encountered some suspicious activities happening with our bank accounts. The bank is in the process of investigating these activities. Due to this occurrence, we have been severely struggling. Rent is due on Monday and we have no way of paying it at this time. We cannot afford to move (although we are looking for a home with lower rent).

    Due to past financial problems with my husband on disability for several years due to a car accident ( he is now working as an IT professional for the City of Ottawa) me undergoing major knee surgery as well as a bout with cancer, we are finding it hard to get out of debt.

    I would like to be able to pay my rent on Monday as well as my credit card in full which is now at 5000$ so that I may at least have that available to me for emergencies. We have been budgeting and have met with a budgeting specialist at the bank to help us on our way. But in order to be able to start, this would help a great deal.

    I am close to getting my go ahead to start work again as long as everything goes smoothly. I would greatly appreciate the help and would love if someone could give us a chance to prove ourselves. We would like to have a 1-2 year term (2 years being preferable as we would like to be comfortable knowing that we are able to manage our day to day payments and know that we are able to pay the lender) . We are willing to work hard for anyone who will give us a chance.

    Thank you for your time.

  8. kim applied for the following loan:

    Loan: 1000

    Speed: asap

    Credit: poor

    Location: ottawa

    Income: I am on odsp and I receive after rent is payed and hydro about $700 with trillium

    Reason:

    I would like to get some bills payed and get ahead. I can make the monthly payments of $150 and I am very dedicated, and devoted. I just need some help so I can establish my credit again.

  9. kevin applied for the following loan:

    Loan: 3000

    Speed: dec 14 2015

    Credit: bad

    Location: southey sk

    Income: I am on disability and I get 1630 a month

    Reason:

    we need to by a car so wife can get to work the car she has is slowing falling apart and it cost to much to keep fixing

  10. sherre applied for the following loan:

    Loan: 35000

    Speed: asap

    Credit: fair

    Location: brandon, mb canada

    Income: $2200

    Reason:

    to pay off credit cards and other loans into one payment interest rates too high not getting anywhere

  11. Larry applied for the following loan:

    Loan: 10,000

    Speed: ASAP

    Credit: Not sure

    Location: sainte-catherine, quebec, Canada

    Income: $3583 full time employed at Canadian Tire St-Jacques NDG, (10 years almost) $1200 Family allowance from Provincial and Federal

    Reason:

    My daughters are in competitive Cheerleading and have qualified to compete in Orlando Florida this April 29-may 1. Loan is to finance their trip for all costs of fees, transport, lodging, etc in US funds so our CDN $$$ ain’t that great against the US$
    Can afford 3-4 years payment plan
    Need the loan as soon as possible to make deposit for flights hotel and competition fees

  12. Alisha applied for the following loan:

    Loan: 4000.

    Speed: Today

    Credit: Poor

    Location: Whitecourt, AB Canada

    Income: I get 983.33 a month from Child tax benefits and my husband pays all the bills and the rent

    Reason:

    I need this loan to help pay off the bank from a job I was scammed by and now owe them

  13. Joseph applied for the following loan:

    Loan: 20000

    Speed: Now

    Credit: 650

    Location: Mississauga

    Income: $4,200

    Reason:

    Debt Consolidation – I make monthly payments of around $1,200-$1,400 every month towards my credit card debts but would much rather make that same payment towards a lower interest debt

  14. Trish applied for the following loan:

    Loan: 3000.00

    Speed: asap

    Credit: poor

    Location: Garibaldi Highlands, BC Canada

    Income: 1335.00.00 direct deposit twice a month so i mkae 2670.00

    Reason:

    To consolidate my payday loans and catch up on some bills

  15. fatima applied for the following loan:

    Loan: 2500

    Speed: aug.5,2017

    Credit: 460

    Location: Scarborough, ontario

    Income: 1200

    Reason:

    emergencu

Request Your Loan

Your email is never published or shared - NEVER! Use first name or nick name ONLY for your privacy please. Lenders will contact you using your email to initiate process. Applicants who enter more information regarding the purpose of the loan get the fastest response time from lenders. Required fields are marked *

*

*

*

*

*

*

*

*