Bad credit loans in Canada, from $300 to $1,500

Who can apply

Meeting the requirements below does not guarantee approval. If one item is unclear, ask our team before you apply.

To apply, you need to:

• Be a Canadian resident aged 18 or older.
• Receive steady income of more than $1,500 per month by direct deposit.
• Have been at your current job for at least six months.
• Have an active Canadian bank account.
• Have valid identification and a recent pay stub ready.
• Have fewer than five insufficient-funds (NSF) transactions in the last 30 days.

If there is no traditional credit inquiry, what is reviewed before a decision?

Your current income, banking information and ability to repay are reviewed. After you submit the online application, the lending platform receives it, runs bank verification and communicates the decision.

Bank verification, also called Instant Bank Verification (IBV), takes place on the lending platform through a read-only connection. “Instant” describes the verification service, not the decision or the funding, and completing verification does not mean your loan has been approved.

A credit inquiry and bank verification look at different information for different reasons. Read how bank verification differs from a credit inquiry before you consent.

How soon would I receive the money?

Once your application is approved and your agreement is signed, funds are sent by Interac e-Transfer, typically within about 60 minutes. Timing can vary.

That time is an estimate from approval and signature: it does not begin when you first open or submit the application.

How do I repay, and when will I see the total cost?

Repayment frequencies include weekly, every two weeks and monthly. Your agreement confirms the schedule for your loan, and there is no payment due when you sign.

Before you sign, your agreement shows the interest, any fees, the payment dates, the number of payments and the total to repay. A repayment frequency alone does not tell you how long the loan lasts or how much it costs.

Compare each payment with the money left after rent, groceries and your other bills. If you expect to miss a payment, contact Kredit Canada before its due date and review the late-payment terms in your agreement.

Consider other options before borrowing

A short-term loan adds a repayment commitment to your budget. Borrow only what you need and can repay without leaving essential expenses uncovered. Before applying, consider a payment arrangement, delaying a non-essential purchase, or comparing the total cost of borrowing through your bank or credit union.

Common questions

Ready to apply?

Check the requirements above, choose the amount you need and start your online application. If you are approved, read the terms offered before deciding whether to sign.