Bad Credit Loans Phone Numbers

What are Bad Credit Loans?

Bad credit loans are a type of an unsecured, short-term loan that is typically used by people who have poor credit. They are also known as payday loans, cash advances, or installment loans for bad credit. These loans are designed to help you cover unforeseen, short-term expenses such as car repairs, medical bills, home repairs, and more. 

Bad credit loans are offered by alternative financial institutions like online lenders, loan brokers, and credit repair companies. If you have a credit score of 574 and below, you will usually be turned down for a traditional bank loan but will be able to qualify for a bad credit loan.

How Can I Apply for a Bad Credit Loan?

There are three ways to apply for a bad credit loan in Canada: in-store, online, or over the phone.

In the past, you had to physically visit a brick-and-mortar store to get a bad credit loan. This means going to the lender’s office, filling out a form and then waiting for the lender to approve or deny your loan. While this method is still available, it’s much less common than the other two options.

Online bad credit loans are becoming increasingly popular because they are convenient, fast, and easy to apply for. All you need is a phone, tablet, or computer, an internet connection, and a few minutes to complete the application.

You can also opt to contact the lender via phone, but most likely, they’ll instruct you to use the online option instead. This is because you’ll be asked to fill-out a digital form and submit electronic copies of your proof of identity, employment information, and recent pay stubs.

Benefits and Drawbacks of Bad Credit Loans

While bad credit loans can be a great way to get the money you need, there are a few things to consider before you take out one.

The main benefit of bad credit loans is that they are quick, easy, and convenient. Unlike traditional loans, bad credit loans don’t require you to fill out a long application form and wait weeks or months for your funds to arrive. In fact, you can usually get approved for a bad credit loan within 24 hours of applying.

However, the main drawback of bad credit loans is that they can get very expensive. Because of the high-risk nature of these loans, lenders tend to charge higher interest rates than they would for a regular bank loan. This means that if you fail to repay your loan on time, you could end up paying hundreds of dollars in additional fees and interest charges.

Bad Credit Loans Phone Numbers in Canada

If your back is already against the wall and you have no other choice but to take out a bad credit loan, here are some numbers to call to get connected with a reputable bad credit loan provider:

Teka Loan

Simply dial 1-866-214-0079 and one of Teka Loan’s customer service representatives will be more than happy to guide you through the loan application process. Teka loan offers bad credit loans from $500 to $1,000 with a loan repayment period of up to 90 days. They charge an interest rate of 23% plus extra 1.74% monthly (for late payments) until the loan is repaid. 

Simply Cash

Ontario-based Simply Cash offers bad credit payday loans of up to $1,500. Just give them a call at +1 416 291 3242 and one of their friendly staff will help you get started. Simply Cash offers a loan repayment period of 14 days for its payday loans and charges $15 for every $100 borrowed. 

My Canada Payday

My Canada Payday is another Canadian loan provider that offers bad credit payday loans of up to $1,500. You can reach them by calling 604-630-4783 or their toll free number at 877-730-8406. My Canada Payday has a 14-day repayment period for their payday loans and charges $15-$19 for every $100 borrowed depending on where in Canada you are located.

Conclusion

Bad credit loans can be a great way to get the money you need, but they come with some serious risks. Before you decide to take out a bad credit loan, make sure that you understand all of the terms and conditions of the loan so you know exactly what you’re getting into.