Have you been trying to apply for a online payday loan but your low credit score is getting in the way?
This is a frustrating everyday reality for many people in Quebec. Getting a loan from a traditional financial institution when you have bad credit is near-impossible without a co-signer.
When someone has been unexpectedly let go from their place of work, is struggling to make monthly payments or any other number of reasons for needing a fast cash loan, it can be a difficult process. You shouldn’t despair, however, as banks are not your only option when it comes to finding a low credit loan in Quebec.
This article will help those with poor credit ratings understand how they can obtain a loan and how much time it can take.
Low credit loan in Quebec: what are your options?
Whether you want to start your own business or need cash for an emergency, having bad credit will certainly put some speed bumps in the road to finding a loan in Quebec. Nevertheless, there are some options available to you.
First, let’s take a look at some common reasons otherwise responsible people might have a bad credit rating:
- They maintain a high monthly credit card balance
- They apply for new credit cards often
- They have missed payments
- There is an error with the credit report
Do any of these sound familiar? These can happen to anybody and it’s all-too-easy nowadays to slip into a low credit score.
With that out of the way, what are your available options?
Friends and family
Your first option is potentially awkward and less than ideal. Asking friends and family for money can be embarrassing but if they are willing to help, it may save you money in the long-run and will allow you to avoid finding yourself in a worse financial position.
The next option involves putting any property you own up as collateral in order to obtain a low credit loan from a bank. This can be risky and is not the best option for many people.
Perhaps the simplest and quickest method of getting a loan when you have bad credit is going through a private lending company such as Friendly Lender. These loans won’t affect your credit score and, as you will see below, can be processed very rapidly.
Do low credit loans take time?
If you opt to put up home equity for a low credit loan from your bank, you will likely be faced with lots of hoops to jump through first and a long processing time. If, however, you choose to use the services of a private lending company, you will see your cash much faster.
How much faster?
Typically, you will be able to receive a low credit loan in Quebec in 24 hours. Private loan companies such as Friendly Lender know that people often need their loan as quick as possible, especially in the case of an emergency and do everything they can to provide it on time.
If you’re looking for a small loan in Quebec, it can be discouraging at first but once you understand the options available to you, it becomes a matter of preference. When you need money in a hurry, a private lender can be the ideal solution you’re looking for!
Don’t hesitate to contact us with any other questions you may have about the lending process!