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LOAN OPTIONS FOR BAD CREDIT

People with bad credit ratings often have a difficult time getting a loan because they're viewed as high-risk customers who are more likely to default on a loan. Fortunately, there are lending options available that can get you the money you need, and some can help you raise your credit score if you make your monthly payments and pay off the loan in full. Here are three options to consider:

1. Online Payday Loan / Cash Advance Lenders

These lenders, like 310loan.com, provide short-term loans, also often called cash advances and the cash can be used toward unexpected expenses such as repairs or overdue bills. Most payday loan lenders require you to have a steady job and chequing account. Your loan is repaid in full via a withdrawal from your chequing account after your next paycheque is deposited. 

Payday lenders like 310loan.com offer an easy online application, quick approval and less stringent requirements compared to standard banks. Online lending is a convenient option to get the cash you need in the privacy of your own home or office. 

When working with an online payday loan or cash advance lender, beware of providers that charge broker fees and require credit card numbers. A reputable payday or cash advance lender does not operate in this manner and withdraws only the amount of money from your chequing account that has been authorized. 

2. Bad Credit Lenders

If you check online classified services, you can find bad credit lenders advertising loans for people having bad or no credit. Look for a bad credit lender specialist with a good reputation, loan terms and approval rates.  You can also check with the FCAC to understand the customer protection framework and code of best business practices. 

3. Debt Consolidation Lenders

If you have income and significant debt, debt consolidation companies can offer loans. Although some debt consolidation loans can have higher fees than a standard bank loan, debt consolidation loans offer other benefits including flexible payment schedules, easier budgeting, discontinuing collection agency calls and may help to improve your credit score with on-time, regular payments. 

Loan amounts vary, but some debt consolidation lenders enable borrowers to consolidate loans, overdrafts, credit card accounts and other balances up to $35,000. Some offer payment terms of one to five years, so you can eliminate your debt more quickly and save on multiple debt account fees. The best consolidation lenders will not have hidden fees or pre-payment penalties (charging you for paying off a loan early). Visit the Office of Consumer Affairs for more information on debt consolidation. 

There are a variety of ways to obtain a payday, cash advance, or short-term loan, even with bad or less-than-perfect credit. Research your options and related fees and make an informed decision that is best for you. 
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