Bad Credit Lenders in Ontario


This client has applied for a mortgage for a home that he would like to purchase. He must sell his current home first and he must be approved for a rather large mortgage before he can remove the conditions on a home that he has an offer on. This is a fairly standard approach to buying a home. However what is not standard is that he has very poor credit and his current bank has turned him down for the mortgage that he is applying for.

His bad credit stems from a period in his life where he was laid off from work and could not meet all of his payments. His credit rating nosedived and has not recovered even though he has caught up on all of his late payments and debts. This is pretty common when people lose their jobs and then recover. They still must deal with the bad credit rating.

In addition, after calculating his monthly payments and taxes that are due on the home, his income level is below what most banks and lenders are willing to consider as a debt to income ratio. Lenders have tightened things up a bit over the past few years and as a result they are more strict on the debt to income ratios. He also did not indicate how much of a down payment he would be making on the home he wants to purchase.

We would suggest that this client look for another home a bit lower in price to improve his overall debt to income ratio. He still will have to deal with the credit rating issue, but this was caused by a work situation and not a chronic non payment of debt issue. If he can get his debt to income ratio more in line, more lenders will be willing to consider his application.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Loan Amount :: $350,000

Loan Application and Processing Speed (when do you need the funds)::I need to be approved within the next few days so that I can remove the conditions on my offer to buy a home. The transfer date is not for 3 months.

Do you currently have a mortgage? :: yes, but it will be discharged when I sell my current home

Bank Name and Branch ::RBC bank, Richmond st

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

Zip ::N6A 3C4

What is your employment field? :: Auto Parts manufacturing

Employment Position :: Mid level manager

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

Your credit rating to be – excellent, fair, or bad? :: bad credit situation

How did you find us? :: searching for a mortgage online

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

Gross Amount Per Paycheck ::$3000

Do you agree to have this information published online, without your PRIVATE information of course? ::sure, no problem

Extra information here please (some detail)::I am looking for a lender that will help me get approved for a mortgage so that I can move from our current home to a larger home to accommodate our growing family. We have made an offer on a home with conditions that we are able to obtain financing and that we can sell our home that we are currently living in. This is basically asking for pre-approval on a mortgage since we will not close the deal unless we are able to sell our current home.

My credit rating is not very good. During the economic slowdown, I lost my job for awhile and we got behind on our payments which caused a big drop in our credit rating. Fortunately the banks were understanding and I was able to hold onto our home while I found another job. I have since caught up on all of our payments, but still have this credit thing hanging over our heads.

If we cannot get approval for a mortgage, we will just stay where we are and renovate our home, add a bedroom in the basement etc.

Note to Lender :: regarding my income, my wife and I both work. She was able to hang onto her job during the recession and that is really what kept us afloat during that time period. I was able to find another job in the auto parts manufacturing industry in one of the plants just south of the city. It pays well and I have a demanding challenging job.

We are really hoping that someone can help us get approval for this mortgage so that we can move to another home. Interest rates are really low, although in the past couple of months they have just starting going up a bit so it is time to lock in a mortgage for as long as possible at a low rate if we can get it.

We are concerned about getting a low enough mortgage due to our credit rating. Our current bank will not approve us for this mortgage for the size we need due to past issues with monthly payments. All of that is behind us now and life is treating us very well. We know that we can afford this home and the larger mortgage. We just need someone to have faith in us and approve this mortgage. Do you think that you can help us?

Category: Loan APR 3% APR 4% APR 5%
Loan Principal $350,000 $350,000 $350,000
Payment Schedule Monthly Monthly Monthly
Length of Term 15 20 25
Amount to be paid $429,182.10 $490,575.87 $569,469.51
Total interest paid $79,182.10 $140,575.87 $219,469.51
Paid per installment $2,351.68 $2,016.07 $1,872.23

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!


21 Loan Requests

  1. marc applied for the following loan:

    Loan: 2500

    Speed: immediately

    Credit: bad credit

    Location: toronto ontario canada

    Income: I have a good stable position as a business development manager downtown toronto I have been employed for almost two years and just received a 20 percent increase. My monthly gross income is $4800 and my net pay is $3600.

    Reason:

    I am moving october 1st and require to give 1st and last month immediately. I also sime bills..I do not have a whole lot of debt but ungortunately my credit is not the greatest. I just got an Iincrease of 200 every teo weeks which will make it easier for me to pay back the loan quick. I could pay back in 6 months..

  2. Alex applied for the following loan:

    Loan: $3000

    Speed: immediately

    Credit: bad/low

    Location: Toronto, Ontario, Canada

    Income: I work part-time in Porter Airlines. My net income is $1400.I am also waiting for the governmental financial assistance for students (OSAP).

    Reason:

    I need the money to pay my tuition fees and some living expenses since for the OSAP funds(financial assistance for students) it takes time to be received. I am looking to get a loan for not less than six months.

  3. Adam applied for the following loan:

    Loan: 300.00

    Speed: December 18th 2013

    Credit: Bad

    Location: Welland Ontario Canada

    Income: I am on Ontario Works and Receive 720.00 a month while im currently going to school to complete my high school diploma.

    Reason:

    I Would like 300.00 so i can buy Christmas Gifts for my family before the day before christmas when the malls will be completely packed full of people with limited products left to buy. It would also be great to get some groceries in the fridge as well because there looking pretty bare this time of month. I Can have the loan repayed by December 24th 2013.

  4. Valerie applied for the following loan:

    Loan: 400

    Speed: today

    Credit: not good but not bad

    Location: Welland, ON, Canada

    Income: Child Tax Benefit: $1045 Earnings from Work: $1000

    Reason:

    To purchase a newer and better performing laptop to increase my income potential with my career.

  5. John applied for the following loan:

    Loan: 6000.00

    Speed: As Soon As Possible

    Credit: very poor

    Location: North Bay, Ontario, Canada

    Income: I work full time as a Support Worker-have worked here for 3+ years now. I bring home approximately $1200.00 every two weeks. My wife works part time as a Personal Support Worker-has had her job for 6 months. She brings home approximately $800.00 every two weeks. Total monthly income: approximately $4000.00

    Reason:

    When my wife lost her previous job, we struggled with the one income for 6-7 months. We fell behind in bills, and are playing catch up. We got caught in the payday loan trap, and would like to pay that off. As well, we have benefits through my work, however, my wife needs 3 teeth pulled, and dentures, which the benefits do not cover completely. We are hoping that someone will be willing to loan us the money, so we can pay off the payday loans, get completely caught up on bills, and have my wife’s teeth fixed. Just need a chance to start fresh, start building our credit to good standing, and have my wife be without daily pain. We are looking at having the $6000.00 being paid back in full within 18-20 months at the latest.
    Thank you ever so much.

  6. Francis applied for the following loan:

    Loan: 10000

    Speed: as soon as possible

    Credit: poor

    Location: Saskatoon

    Income: 10000

    Reason:

    Personal expenses

  7. Mark applied for the following loan:

    Loan: 15000

    Speed: Immediately

    Credit: 500+

    Location: Greater Toronto Area

    Income: Business earnings averaging $8000 - $10,000 per month as an insurance and mortgage broker. Over 10 years experience in the industry.

    Reason:

    The loan is to catch up on delinquent business bills such as overdue employee wages, some rent and debts accounts payable for the business; as well some personal bills due to the following. Suffered a financial loss late in 2014 due to a consultant relationship that turned out to be a scam. Loan can be reasonably repaid with 3 months as we are now rebuilding a large sales pipeline which will begin to pay out over the next month.

  8. AP applied for the following loan:

    Loan: 5000

    Speed: Immediately

    Credit: Poor

    Location: Mississauga

    Income: $4,500 average commissions as investment funds and insurance agent.

    Reason:

    Moving expenses and delinquent bills for myself and family. Forced to sell home after a tough couple of years and have almost no equity. Will need funds to cover rent and some other household bills. To be paid back evenly over the next 6 months.

  9. Linda applied for the following loan:

    Loan: 15000

    Speed: In a few days

    Credit: Poor

    Location: Acton Ontario canada

    Income: I am a registered nurse working in the same hospital for over 25 years. I get paid biweekly Gross pay...6400 monthly Net pay.....3600 monthly

    Reason:

    I have accrued tax arrears of over 10000 over the last 3 years while I was in a consumer proposal.
    I have since been discharged frommthe proposal oct2014.
    I have been paying in instalments but cra has been harassing me for the money.
    I am currently paying1000 monthly

    Can you help me

  10. Matt applied for the following loan:

    Loan: 15000

    Speed: very soon

    Credit: Poor

    Location: Kitchener

    Income: I currently make about 3000 a month, but in a month and a half I should be making close to 3500 with the chance of overtime as well

    Reason:

    my car was recently had a weird accident (hood latch gave out) and my insurance company wrote the car off because I haven’t work at my current place of employment for over 3 months no one will finance me, even though my previous employment was well over 4 years (needed a change) and I need a car in order to get to work. The Rental car is to be returned as of Aug 7th and I require a vehicle before then.
    Please, could someone help me?

  11. David applied for the following loan:

    Loan: 8000

    Speed: Today if possible

    Credit: Very bad credit rating

    Location: Guelph,Ontario,Canada

    Income: I make around 4000 a month steadily and am a full time employee for nearly 6 years now at my current employer

    Reason:

    I fell behind in vehicle payments and a lien officer wants a lump sum of money Asa’s or they take my vehicle and thus will result in job loss

  12. Catherine applied for the following loan:

    Loan: 10000

    Speed: asap

    Credit: bad

    Location: Ontario

    Income: I am on CPP and ODSP totalling 1360.00 per mth and a childcare job that brings in another 800.00 per mth

    Reason:

    medical expenses for my son who is ill and needs private care

  13. jamie applied for the following loan:

    Loan: 5000

    Speed: asap

    Credit: poor

    Location: red deer

    Income: i make 32.70 hr i work 40hrs-50 hrs a week i bring home 5000 a month

    Reason:

    i need a loan because i have to have a lot of dental work done asap !! i have some outstanding bills i need to get payed

  14. Omed applied for the following loan:

    Loan: 5000

    Speed: asap

    Credit: below 550

    Location: Toronto,Ontario,Canada

    Income: Bi-weekly 1551

    Reason:

    Fix my car, and pay off bills

  15. Alicia applied for the following loan:

    Loan: 5000

    Speed: immediately

    Credit: poor

    Location: Sharon, Ont, Candada

    Income: I work full-time for the corporate office of Bulk Barn as a sign coordinator, making a salary of $30000. I also receive the Canada Child Tax Benefit for my 2 children in the amount of $735.

    Reason:

    I am currently a month and a half behind on my rent and a month behind on my daycare fees for my children. As well as 2 months behind in my gas and hydro bills.

    I am at risk right now of loosing my home and having my daycare suspended.

    I am desperate to do what I need to do to keep my roof over our heads and maintain the child care that I need in order to continue working.

  16. Mohamed applied for the following loan:

    Loan: 6000

    Speed: Car Repair, Debt Consolidation

    Credit: Poor

    Location: Toronto, ON, Canada

    Income: $3000 Base Salary Plus Commission (Ave $2500/Month)

    Reason:

    3000 Consolidate remaining debts
    3000 Car Repair (Car used for work)

  17. Leah applied for the following loan:

    Loan: 10000

    Speed: Immediately

    Credit: Poor

    Location: Ajax

    Income: I have a job which I bring home 2400 a month I have been of on sicknes benefits for the last 3 months so am making 2100 a month I will be returning to work at the beginning of August

    Reason:

    I was unfortunately scammed out of a lot of money so I am now behind in all my payments I have about $3000 of payday loans and about $7000 credit card loans I’m trying to get a loan to bring everything up to date and build my credit rating back up

  18. Lorinda applied for the following loan:

    Loan: 500.00

    Speed: Immediately

    Credit: Poor

    Location: Quesnel,BC,Canada

    Income: I am currently on Medical leave due to issues with my G.I trac and am waiting for exploratory surgery for it and will be back to work October 27 2017 .my biweekly gross=$604.00 My Biweekly net=$590.00 I am employed at Tim Hortons Biweekly gross=$998.69 Net=$849.50 I would like to be able to repay loan within 4 months

    Reason:

    I am needing this loan to get my Cell back in service as I was not able to make my payments in full as my sickness benefits did not come in till abit later due to waiting period . I am needing to have axis with my phone as I’m having this health issue and need to be able to have contact with my Doctor & surgeon . I have mentioned this to my cell provider but they are not willing to help .

  19. Lorinda applied for the following loan:

    Loan: 800

    Speed: Immediately

    Credit: Poor

    Location: Quesnel BC Canada

    Income: Currently on Sickness Benefits Mthly = $1208 My Job is Baker at Tim Hortons Mthly = $2098 My sickness Benefits started July 9 2017 And the end date October 27 2017 Back to work November 1st 2017

    Reason:

    I am needing to get my cell service restored as it has been suspended due to payments missed as I was waiting for my Benefits to take effect. I am needing to have my service restored as I’m needing to be able to have contact with my Doctor for upcoming appointmènts and the surgeon for my upcoming surgery .

  20. RD applied for the following loan:

    Loan: 15000

    Speed: ASAP

    Credit: Poor

    Location: ottawa, on

    Income: Work ft hours Take home is $3200

    Reason:

    Off sick earlier in the year for health reason and got behind in everything. And in the process got caught up in pd loans.
    Just feels like I am working to keep up on being behind all the time, and I just want to get finances back on track so that I can be stress free.

  21. Patrick applied for the following loan:

    Loan: 5000

    Speed: ASAP

    Credit: Low

    Location: Hanmer, Ontario, Canada

    Income: My gross income is 2089.50 and my net income is $1429.98

    Reason:

    Bill payments

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