Bad credit loans in Saskatchewan: Compare rates & terms

Tips to boost your odds of approval

• Apply to a loan search platform. People with bad credit are less likely to qualify for a loan, so to quickly narrow down your eligible options, apply to a loan search platform like Loans Canada or LoanConnect.
• Avoid NSF transactions. If you have recent NSF transactions in your bank account, wait 60 to 90 days (while paying debts on time) before applying for a loan.
• Pay off short-term loans first. If you have any active loans or short-term installment loans, pay those off first.

How do bad credit loans in Saskatchewan work?

Bad credit loans in Saskatchewan are for people with a poor credit history. Usually, that’s defined as having a credit score under 560, sometimes even 600. These loans come with much higher interest rates and fees than traditional loans because it’s riskier for your lender to lend to you.
You can apply for a bad credit loan in Saskatchewan completely online and get approved on the same day.

According to credit bureau Equifax, a credit score under 560 is considered “poor.”

Types of bad credit personal loans in Saskatchewan

You can apply for different types of bad credit loans in Saskatchewan.

• Short-term installment loans. There’s no need for collateral. The loans are usually for lower amounts than you would qualify for with a conventional unsecured personal loan.
• Payday loans. These are very short loan terms with extremely high fees that usually need to be paid back by your next paycheque. Learn more about payday loans in Saskatchewan.
• Secured loans. Use an asset like your home or car to secure your loan to get lower interest rates. Just be aware that you can lose your asset if you default on your loan.

Features of bad credit loans in Saskatchewan

How to apply for bad credit personal loans in Saskatchewan

Follow these steps to apply for bad credit loans in Saskatchewan:

1. Check your credit score. Order a copy of your credit report from Equifax or TransUnion to ensure you know your credit score going in. This will help you determine which loans you might be eligible for.
2. Compare lenders. Search for online lenders that offer bad credit loans. Aim to shop around with a reputable loan broker or consult the lenders in this post to make sure you end up with a legit company.
3. Compare loans. Compare the features of bad credit personal loans. Be sure to look at the APR, how much you can borrow, how long you have to repay the money and how often you’ll have to make repayments.
4. Get pre-approved. Apply for pre-approval with a few lenders to see which options you might qualify for. This will give you a better idea of what interest rates and fees you’ll have to pay. Just make sure the lender does a soft credit check only before you apply.
5. Complete your application. When you’re happy with an offer, submit any documentation required to support your application, including proof of ID, bank statements, banking info and proof of employment. If you opt for instant bank verification, you won’t need to email or upload any of these.
6. Review your final loan offer. When you get your official loan offer, read over it carefully. Check the interest rate, fees, loan amount, term and payment schedule before you sign. The money will typically be deposited into your account within one business day.

Eligibility requirements for bad credit loans

While requirements will vary from lender to lender, you will usually need to meet the following:

• Be a Canadian citizen or resident who is at least 18 years old.
• Have a valid Canadian address and bank account.
• Meet minimum income and employment requirements.
• Meet minimum credit score requirement (as needed).

Can you get a bad credit loan with a low income in Saskatchewan?

It depends on how much of your monthly debts take up your total monthly income. If your current monthly debt payments already take up too much of your monthly income (typically over 50–60%), lenders for bad credit loans in Saskatchewan may not approve you.

Can you get guaranteed approval on bad credit loans in Saskatchewan?

No. Legitimate bad credit lenders in Saskatchewan don’t guarantee approval. They’ll need to review your finances first by looking at your pay stubs, bank statements and credit report. Steer clear of lenders that offer guaranteed approval because it could be a scam.

How to get the best bad credit loans in Saskatchewan

Think about the following features to help find the right loan for your personal situation:

• Interest rate. Compare lenders and aim to pay under 20% APR if at all possible. Avoid taking out payday loans if other options are available.
• Loan amounts. Only borrow what you can afford to pay back. Most lenders will max out their loan amounts around $10,000 for bad credit loans, but you may qualify for more with a secured loan. Payday loans only go up to $1,500.
• Loan terms. Longer terms mean lower monthly payments, but you’ll pay more interest overall. Aim for the shortest term you can find with monthly payments you can afford.
• Fees. Watch out for early repayment fees, NSF fees, late payment fees and set-up/origination fees. Avoid lenders that charge excessive fees.
• Turnaround time. Most bad credit installment loans are paid out within 24 hours, while payday loans can be paid out in minutes.
• Secured loans can take several days to weeks to process. Find a turnaround time that works with your schedule. If you’re facing an emergency, learn more about emergency loans.
• Reputation. Read customer reviews and check sites like the Better Business Bureau and Trustpilot to make sure the company you want to borrow from is legitimate and has a good reputation.
• Rebuilds credit. Ask your lender if your loan payments will be reported to the credit bureaus to increase your score. Keep in mind that payday loans don’t offer this option.

How can I improve my chances of getting approved?

While these tips won’t guarantee you’ll be approved for a loan with bad credit, they can help increase your chances:

• Sign up for a secured or guarantor loan. Secure your loan with collateral or get a friend or family member with good credit to cosign your loan.
• No recent NSF fees in your bank account. NSF transactions in the last 60–90 days can lower your chances of approval for a loan.
• Review your application. Errors on your application could result in an automatic denial.
• Work on your credit score. Take measures to improve your credit to increase your chances of getting approved. This will also help you get lower interest rates and better terms.

Other options available for people struggling with bad credit

You may want to consider these options before you take out high-interest bad credit loans in Saskatchewan.

• Government subsidies. You could qualify for provincial funding through income assistance, affordable housing or disability support programs.
• Credit counselling services. Services like Credit Counselling Society Saskatchewan may be able to help you consolidate your debts and figure out a budget.
• Debt relief services. If you’re finding yourself in a vicious cycle of debt, a debt relief company may be an option.
• Borrowing from friends or family. If you’re struggling with bad credit, you might like to ask friends or family for a more flexible, interest-free loan.
• Credit builder loan. Check with your local credit union to see if you qualify for a credit builder loan. These loans are designed to help you build your credit score by reporting your on-time payments to the credit bureaus. But you won’t get the loan funds until after you make all your payments.

What to watch out for with bad credit loans in Saskatchewan

• Expensive. Bad credit loans come with very high interest rates up to 35%. They’re higher for payday loans.
• Hidden fees. You may end up paying more than you bargained for if you don’t carefully check your loan agreement for fees. Compare your loan’s annual percentage rate (APR) with your interest rate. If they’re very different, you may be paying too much.
• Predatory lenders. Watch out for personal loan scams when searching for bad credit loans. Make sure the lender is registered in Saskatchewan, that they’re transparent about loan costs and that they have a solid online presence and good reputation.

Frequently asked questions

• Where can I get a bad credit loan in Saskatchewan?

  Most bad credit loans come from online or payday lenders. It will be much more difficult to get a loan from a bank or credit union when you have poor credit because they have stricter eligibility requirements.

• Can you get no credit check loans in Saskatchewan?

  You can, but make sure to apply to a legitimate lender and be prepared to be charged high rates and fees.

• Will taking out a bad credit loan in Saskatchewan hurt my credit score?

  In most cases, no. If the lender does a hard credit check to assess your application, your credit score will dip a little. The only time a bad credit loan will damage your credit score is if you make late payments or default on your loan.

• What can I use a bad credit loan for in Saskatchewan?

  There typically aren't any restrictions on how borrowers can use their funding from a bad credit loan. You can use the cash to pay off bills, make major purchases, pay for car repairs or pay for other financial emergencies.

Written by

Claire Horwood

Associate editor

Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio

Claire's expertise

Claire has written 395 Finder guides across topics including:

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Co-written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 184 Finder guides across topics including:

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