š° Tired of banks shutting you down because your credit scoreās taken a beating? In 2025, bad credit feels like a Canadian curseāemergency expenses donāt wait, but lenders keep saying āno way.ā Donāt lose hope! You can still get a personal loan with a rough score. Hereās how to beat the odds and borrow what you need.
Go for Specialized Lenders
Forget Scotiabank or CIBCāspecialized lenders like Borrowell or Spring Financial are built for bad credit borrowers. They offer loans from $500 to $35,000 with APRs starting at 19%. Use Smarter Loans to compare legit options. Be ready for higher rates, but youāll get approved faster.
Try a Home Equity Loan
If you own a home, a home equity loan or line of credit (HELOC) is a solid bet. Lenders like Alpine Credits focus on your homeās value, not your credit score. You could borrow up to 75% of your homeās equity at rates as low as 5-10%. Check MoneyWise for providers, but donāt miss paymentsāyou risk your home.
Start Small with Microloans
Small loans ($500-$2,000) from lenders like Refresh Financial or credit unions are easier to get and help rebuild credit. Make timely payments, and your score improves, unlocking bigger loans later. Look for ācredit builderā loans on Loans Canada. Small wins lead to big gains! š
Steer Clear of Predatory Scams
Desperation can lead you to sketchy lenders with sky-high fees. Stick to lenders regulated by the Financial Consumer Agency of Canada (FCAC). Check reviews on the Better Business Bureau (BBB) and report shady offers to the FCAC. Join Redditās r/PersonalFinanceCanada for real borrower tips. Borrow smart and stay safe! š