Personal Loans BC | Where To Turn To If You Have a Bad Credit Score

August 5, 2021 | Editorial Team

Unlike car loans and mortgages, a personal loan doesn’t have a specific purpose. You can use a personal loan for things such as home renovations, weddings, or any big purchases when you need money upfront.

Getting approved for an amazing personal loan from a bank or credit union is tough if you have a bad credit score. There are other options, though, such as payday loans, pawnshops, or private lenders.

We’re going to look into the pros and cons of the five lending platforms. Loans Canada, LoanConnect, Mogo, LoanMeNow and Borrowell all help connect Canadians with bad credit, and good credit, to private lenders willing to lend them money. The good news is they are present in most of Canada, so our earlier reviews of top personal loans in AlbertaOntarioToronto, and Edmonton are worth checking out, too. If these financial services could be of interest to you, keep reading!

Personal Loans BC Reviews

1. Loans Canada

Loans Canada is a lending platform that was created in 2012. Based in Toronto, it offers a variety of loans, including personal loans, debt consolidation, auto loans, and home equity loans. Loans Canada specializes in matching individuals with the best lender.

Loans Canada’s lending platform is an almost guaranteed way for those with poor credit to obtain a personal loan. They are partnered with a huge number of lenders across Canada. They are also partnered with lenders who specifically supply loans to those with poor credit.

The platform acts as a middle ground to connect Canadians, even those with bad credit, to the perfect lender. Through Loans Canada, Canadians can find not only personal loans but also those for their car or business and debt relief.

Loans Canada does all the research for you. You can submit a quick and easy loan application on their website and your application will be evaluated. Loans Canada will then provide you with a list of lenders that have accepted your application. You can then choose the loan the best fits your financial situation.

Loans Canada offers a variety of loan terms, from 3- 60 months. You can also borrow any amount, between $500-$300,000. APR can vary significantly, based on your credit score and the details of the loan.


  • There is no minimum credit score requirement. Even if you have poor credit, you can still receive a personal loan from one of Loans Canada’s lenders.
  • There is no minimum annual income requirement.
  • The Borrower Community allows borrowers to rate and review their lenders. Loans Canada will then cease associating with a lender who has consistently bad reviews.
  • You can easily compare multiple lenders at once. This allows you to choose the best possible rates.
  • Interest rates vary but can be as low as 3%.
  • You can choose a loan term that best suits you.  
  • You can also choose from a wide range of loan amounts. Some lenders on Loans Canada offer up to $300,000.
  • If you need a loan quickly, Loans Canada can often help. Once you have been approved, you will likely get your money within 48 hours.
  • Although Loans Canada is based in Toronto, its lending platform is completely online. So, those in BC or Ontario, for example, can easily fill out the online application for approval from the comfort of their own home.
  • Their website is easy to navigate, and the application is easy to fill out.
  • Your search results will be easy to see as Loans Canada puts everything into a chart. You can then narrow down the available lenders by things such as the interest rates or repayment terms they offer.
  • Loans Connect can be contacted in a variety of ways, including by phone, email and social media.


2. LoanConnect

LoanConnect is a lending platform based in Toronto. Active since 2016, it is one of Canada’s premier online lending platforms. It enables borrowers to search for their perfect loan from a wide variety of lenders.

LoanConnect offers a variety of loan amounts, from $500- $50,000. LoanConnect acts as an intermediary between you and the lender. It is partnered with loan providers in every province and territory in Canada.

LoanConnect has a huge variety of loan types and lenders. Loan Connect provides loans including personal loans, debt consolidation, car loans, business loans, and student loans. It also specializes in loans for those with poor credit scores.

Using the LoanConnect website is quick and easy. You can choose to do a generic search of the loans that are available or choose pre-approval. This involves inputting your personal information and allowing access to your credit score. You will then have access to a tailored list of loans that you are likely to be accepted for.


  • Your loan term can be anywhere from 6 months to a maximum of 60 months.
  • It is quick and easy to search for loans or make a loan application. Access a tailored list of personal loans and get pre-approved in only 5 minutes.
  • There is no minimum credit score requirement.
  • There is no minimum annual income requirement.
  • You can customize your loan regardless of your credit score.
  • The lending platform is completely free, and you are not obligated to continue with a lender suggested to you.
  • The platform is easy to use.
  • Interest rates can be as low as 4.6%.
  • There are 12 different loan types available.
  • Their customer service is consistently rated as excellent.
  • There is no impact on your credit score if you search for a loan or apply for pre-approval.
  • LoanConnect takes security very seriously. It has achieved an A+ accreditation with Better Business Bureau (BBB).


  • If you require a higher loan, this may not be the platform for you. The maximum loan amount is $50,000.
  • Your interest rate will be higher if you have bad credit.
  • Canadians whose debt totals more than 60% of their income will be rejected, regardless of their credit rating.

3. Mogo

Mogo has been offering online loans to Canadians since 2003. They have provided loans to more than 1.6 million people across Canada. They remain one of the highest-ranked online lenders.

You can be pre-approved for a personal loan within three minutes. Mogo offers a variety of financial products. This includes personal loans, mortgages, VISA prepaid cards and cryptocurrency trading.

They offer personal loans between $100-$35,000. They also offer a variety of loan terms ranging from 9-60 months. APR varies significantly, with a minimum APR of 5.9% and a maximum APR of 46.96%.  Once your loan is approved, you usually receive the funds the same day.

Mogo strives to offer great customer service, despite being an online-only service. They are contactable over the phone, by email and through their online chat service.

Mogo also offers personal loans for those with a lower credit score. Although they do stipulate a minimum credit score requirement, this is lower than most banks and other financial institutions.


  • You will receive access to the personal dashboard. This allows you to view your payment amounts, current loan amount and progress.
  • The online registration form is quick and easy to complete.
  • There is 24/7 online assistance available.
  • Mogo offers a 100-day test drive. If you are not completely satisfied, you can pay back your principal and Mogo will refund you the paid interest and fees.
  • Access your Equifax credit score on Mogo’s website for free. You can also access free credit score monitoring.
  • They offer flexible terms. All loans can be paid off at any time, with no financial penalties.
  • They use high-level encryption and additional safety measures. They employ the same level of security as major banks.
  • Earn free Bitcoin, free fraud identity protection and a free MogoCard. This allows you to save money and earn cashback.
  • Mogo members can buy and sell Bitcoin in real-time using the mobile app. Get $5 for free when you sign up and a further $5 if you make a referral.
  • The Mogo app sends you daily Money Moves which includes tips and advice for saving money, avoiding debt etc.


  • You will be charged a late payment penalty between $20-$50.
  • There is a minimum credit score requirement of 540.
  • There is a minimum annual income requirement of $13,000.

4. LoanMeNow

LoanMeNow is a loan broker based in Montreal. They match borrowers with potential lenders for no fee. LoanMeNow is an excellent option for those with a low credit score. Your loan application is evaluated based on your overall financial status, rather than your credit history or credit score.

They specialize in smaller loans for shorter terms. They currently offer loans between $300-$1,000. LoanMeNow is particularly popular with those who have a lower credit score and require an emergency loan. They are also used as a financial tool to help protect your credit rating.

 APR is usually between 28%-32%.

The standard repayment term is three months or between 84-90 days. You can choose from a variety of repayment options including:

  • 12 weekly payments.
  • 6 bi-weekly payments.
  • 6 semi-monthly payments.

 A credit check is not required when you obtain a loan through LoanMeNow. Instead, you will need to provide documentation such as recent bank statements, paycheques and any proof of investments. Your application will then be approved by a human advisor. Approval typically takes one hour, and you will usually receive the funds within 24 hours.


  • They offer a secure, confidential, and professional service.
  • Once your loan has been approved, you will be guided through the process step by step.
  • You pay off your loan at any time with no financial penalties.
  • No credit check is required to obtain a loan.
  • Some loans are eligible for same-day funding.
  • You can apply for a loan online, via email or by phone.
  • They have an experienced team of highly qualified customer service representatives. They can be contacted by phone or via the website.
  • Canadian residents above the age of 18 are eligible to apply. Citizenship is not required.
  • It is possible to delay a payment if you pay an administrative fee.
  • They offer a secure and confidential service with stringent security measures.
  • You can access your cash from any computer, tablet, or smartphone.
  • Payments will be automatically debited from your bank account.


  • You must have a net income of at least $1,200 per month.
  • Self-employed individuals are not eligible for a loan.
  • You must have been employed with the same employer for at least two months.

5. Borrowell

Borrowell is the largest online lender in Canada. More than 260,000 people in BC alone have signed up to Borrowell. They offer a variety of financial products including personal loans, debt consolidation, credit cards, mortgages, and insurance.

They offer loans ranging from $500-$35,000. They will consider a number of factors when approving your loan. This includes your credit score, the likelihood of you making repayments and the value of collateral, if applicable.

The average loan repayment term is 6-60 months. The lender will set up a pre-authorized debit so repayments can be withdrawn automatically.

You can sign up for free to check your credit score. You can then compare different loan options quickly and easily.

Individuals with a credit score above 660 will qualify for the best loans at the most competitive rates. However, those with a lower score may still be eligible to receive a personal loan.


  • Borrowell shows you the likelihood of you being approved for a loan without actually performing a credit check. This helps to protect your credit score.
  • Get a free Equifax credit score when you sign up to Borrowell.
  • Receive free weekly updates on your credit score. You can also get personalized tips on how to improve your score.
  • They automatically match your credit profile with the best loan products. You can then select the loan that is best for you and complete the application.
  • Checking your loan options is quick and simple and usually takes only one or two minutes.
  • Multiple deposit options are available. You can have the funds deposited into your account, as cash or via an e-transfer.
  • Their website is very user-friendly.
  • They offer stringent security measures and impressive safety standards.
  • There are no fees or financial penalties for paying off your loan earlier.


  • Borrowell generally only provides loans to those with a good credit score.
  • There is a minimum annual income requirement of $20,000.
  • You will need a minimum credit history of 12 months.
  • You will be charged an origination fee of 1%-5%. This covers operating costs and will be added to your loan.

The Bottom Line

Unfortunately, you never know when you will need money in a pinch. Maybe your savings won’t cover emergency home renovations that need to be done. Or your wedding turns out to be more expensive than you thought. Thankfully, personal loans from Canada are possible to obtain, even if you have bad credit.

Alternative lenders, such as the ones we have discussed, are a great option for Canadians who cannot follow the traditional route because of their credit rating. Just ensure that your personal information is in the right hands, and you are not taking money from just anyone. Knowing what conditions you agree to beforehand is extremely important as you don’t want your credit score to worsen.