Online Short Term Loans in Canada Direct Lender - No credit & Bad Credit Accepted

Sometimes, your best-laid financial plans go awry with unforeseen circumstances and uncertainties knocking at your door. No matter how much you have saved for emergencies, you may fall short at a certain point in time. In such a case, short-term loans for bad credit will bridge the gap between your cash requirements and clearing the outstanding amount in a hassle-free manner.

There is no need to think about the general criteria of the lenders who check the credit score and based on that the decision is taken to approve the loan or not. No hassle, if you are one of the many Canadians who are suffering from a bad credit score and still need short-term funds to tide over the financial emergency, then this blog post is a must-read for you. Here, we will discuss some important things about short term loans for bad credit that you should keep in mind.

What is a short-term loan?

In general, a short-term loan is a financial proposition that lasts less than one year and borrowers are expected to get a maximum amount of up to $5000. The repayment tenure can be flexible in terms of fixed monthly, weekly, or bi-weekly as per your requirement. The most important thing to understand is getting loan approval despite having a low credit score in the profile.

What is considered as short term loans?

First, it is important to understand what exactly are short term loans with bad credit in Canada? Bad or bad credit refers to maxed-out credit cards, late payments in the past or short credit history. In general, this reflects your inability to pay dues, fails to make payments on time, and thus results in a bad credit score in the profile.

What is a bad credit score for you?

Credit score ranges between 300-850 and there is no exact point where you can say that your credit score is bad. But, being below 650 is quite safe and secure to get an easy loan approval without any problem. Anyone who falls below the 650 ratings will be considered as a suitable candidate for bad credit loans available for the short term. Also, take note of the fact that one that goes below 300 is unlikely to get a loan from any lender at all.

Now, credit scoring models like FICO and Vantage Score use different formulas to determine your credit rating, and the same you can see in the tables below.

FICO Ranges
Credit Score Rating
300-579 Very Poor
580-669 Fair
670-739 Good
740-799 Very Good
800-850 Exceptional
Vantage Score Ranges
Credit Score Rating
300-499 Very Poor
500-600 Poor
601-660 Fair
661-780 Good
781-850 Excellent

Pros and Cons of short term loans bad credit

Makes it easy to apply for this loan online by processing an easy-to-fill digital application and get a response in just a few hours. If approved, you can transfer money to your bank account on the same day.


  • A bad credit loan has a lower interest rate than the rate you pay on your credit card.
  • There are many online lenders available to give you short-term loans for bad credit.
  • Depending on the lender, the repayment period can be extended from 1 to 5 years accordingly.
  • If you feel committed, you have an opportunity to improve your credit standing.


  • There can be high fees and penalties on your bad credit loan.
  • Sometimes, lenders ask you to deposit anything as collateral.
  • Be careful with the lenders you approach as some of them may be fraudulent.
  • Make sure to have your budget in advance before applying for the loan. Otherwise, you'll be in a lot more debt than before.

What to look for in cash advance?

Not only short-term loans for bad credit but any other financial proposition you are looking for. There are a few things you need to look at well in advance. Especially in this financial deal, you have to do your homework while applying through an online lender. You must be fully aware of the interest rate, fees, penalties, and other terms and conditions. Read the loan document carefully before signing and sending it. Always, look for interest charges that can be high and if found to be high, and then look for an alternative financial option.

Get a loan with bad credit

There is an easy way to become eligible for a short-term loan for bad credit very fast. Pay your bills on time, especially with credit cards. Reduce the balance on the card to less than 30% of the permitted credit limit and do not apply for a new card. The right combination of using a lower credit limit, paying bills on time, and not applying for a new credit score will improve your credit score by up to 75%.

It will make a real effort to increase your profile by at least 100 points in just a matter of 3 to 6 months. This will help you get the loan approval eventually, in case the application has been turned down repeatedly by your lender. Also, doing the above will demonstrate stability in your financial position in a big way.

Frequently Asked Questions

What is the minimum and maximum loan amount to borrow?

It all depends on a number of factors such as the lender you choose, the specific terms in your province, your ability to repay and your credit score.

Is it possible to repay loan early?

It also depends on the terms of the lender. The loan agreement specifies whether you can make the full initial payment to settle the loan. If there is such a clause, you may have to pay some charges.

What will happen if I know I will be late to repay?

In such circumstances, a better approach is to inform your lender that you will be late in repaying the loan installment. In such a case, the lender will extend the repayment time period after receiving the request from your side and provide you with a new deadline. But the most important thing is to maintain an open line of communication with the lender.

Why we are where?

If you have decided to get short-term loans with bad credit in Canada, you have come to the right place. We offer you a flexible loan on favorable terms and conditions in a cost effective manner.

Do you need a loan urgently?

Need some help completing your MoneyKey online loan application? Speak to our friendly Canada based team today!

Apply now No Impact to Your Credit Score.