BAD CREDIT LOANS
We provide bad credit loans secured to residential, commercial, and rural real estate across Canada.
WHAT IS AN BAD CREDIT LOAN
A bad credit loan is a loan that is provided to an individual with bad credit. Commonly, a bad credit loan is provided to purchase, refinance, or as an equity loan. Having bad credit can hurt your chances of obtaining financing from a financial institution for several years. Challenges can arise even if you have paid off all your debts, have good income, and a large down payment or equity. Negative information such as bankruptcies, collections, consumer proposals, foreclosures, judgements, and missed or late payments remain on your credit for 6 years. However, some information may remain for a shorter or longer period of time.
Financial institutions have strict lending criteria and it can often be difficult to obtain a bad credit loan. In contrast, private lenders are less stringent and use common sense underwriting. Private lenders are focused on equity, rather than income or credit.
For property buyers, a bad credit loan is provided to purchase the home. A significant amount of down payment may be required.
For property owners, a bad credit loan is provided based on a percentage of the equity in a property. The more equity you have, the larger a bad credit loan you can likely obtain.
A bad credit loan can be registered against your property as a first mortgage, second mortgage, or third mortgage. We help property owners and property buyers with bad credit obtain bad credit loans. Commonly, bad credit loans are provided as second mortgages. The reason for this is because most property owners already have an existing first mortgage with a low rate. Therefore, it is more financially feasible to obtain a small second mortgage. Bad credit loans are frequently obtained to satisfy short term goals that eventually lead to meeting long term objectives.
HOW TO QUALIFY FOR A BAD CREDIT LOAN
To qualify for a bad credit loan, you must have sufficient equity or down payment.
We are an equity-based lender. Regardless of income or credit, if there is sufficient equity, you are approved.
GET A BAD CREDIT LOAN
Visit our Loan Products page to learn more about what we have to offer.
View our Guidelines and Lending Areas to get started.
Find out if we can help by requesting a Free Consultation or Apply Online.
Interested in getting a bad credit loan? Contact us to get started.