Bad Credit Score? Get a Bad Credit Loan in Canada!
Your bad credit loan isn’t a condemnation of past decisions and BHM Financial understands that. We’ve all been there before: credit card debt, school loans, bankruptcy — it happens to the best of us.
We have all needed a loan or two to get us get back on our feet. Loans for people with bad credit sound like a rarity when we live in a credit-based economy. Banks, mortgagees, car title loan and even phone companies assess risk based on your credit score. The recent economic recession has left many people jobless, homeless and with lower credit scores than they could have dreamed possible. Consequently, many people worry about not being able to obtain financial assistance because of low credit scores.
“Loans for people with bad credit are not as difficult to come by as you may think”
Bad credit loans in Canada can come in the form of Payday Loans. This is an excellent form of bad credit loans in Calgary for someone who has a steady job but needs an advance on a large sum of cash quickly. With a Payday Loan the lender simply advances you the amount you need and your employer makes weekly, fortnightly or monthly deductions from your salary and sends this amount directly to the lender. The convenience of these loans is that the repayment of the sum is usually minimal and spread across a long time span and having your employer make the deductions eliminates the worry of being unable to make your payment.
If you need bad credit loans in Canada, a Secured Loan may also be a good alternative. Lenders who provide the option of secured loans do not use your credit score as a reference point. They simply require that you provide proof of ownership of the collateral for the loan whether it is a car, property, motor home, or anything for which you have a title.
The value of the security will also need to be sufficient to cover the loan. Secured Loans are a commonly used form of bad credit loans in Edmonton because you remain in possession of and continue to own the collateral, and the lender only has a lien placed on the title.
The good thing about bad credit loans in Canada is that they set realistic expectations for persons. The sum loaned often ranges between $1,000 and $25,000 and you are given a few years to pay back this amount. Consequently, your periodic payments are manageable and BHM Financial offers a wide range of flexible payment terms. If you are looking for bad credit loans in Edmonton, bad credit loans in Calgary or bad credit loans in Canada in general, then BHM Financial can help you reach your financial goals, in small but powerful steps.