I have bad credit, how can I get loans in Canada?
1 answersQuestion asked ( October 25, 2009 , Shopping / Finance )
I need to borrow some money to finish the basement but I have a bad credit rating. How can I get a loan?
Answers to : bad credit loans...
Answer
First of all, how does one get a bad credit history? It doesn't take much! If you make a late payment, if you default on a loan or if you miss a scheduled payment, you qualify! Chances are that your local bank will then turn you down. But there are other options! Frequently called sub-prime lenders, these institutions will lend you cash but interest rates will be higher. Those high interest rates are there to compensate the lender for the risk of lending money to someone with bad credit. Also, the amount of money you'll want to borrow will have a lower maximum than a regular bank, so if you don't need much, it might still be a good option for you. And if you make your payments on time, your next loan might come from a regular bank with lower interest rates.
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