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Canada Loans Bad Credit - Avail Loan to Improve Credit Rating

By Jennifer Janis Subscribe to RSS | February 1st 2012 | Views:
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Loan appears to be the most feasible alternative to change dreams into reality. But what if you have a bad credit rating? Chances are that the banks and other lending institutions would refuse to approve the application of a person with bad credit history. However, all this has changed and now Canadians can get the benefit of bad credit loan from reputed financial institutions, private lenders and firms.

Loans Bad Credit can be short term and unsecured in nature. Since a borrower need not pledge collateral, lenders proffer small amount as loan and ask a relatively higher rate of interest. Employment records of the borrower acts as collateral in this regard. Prospective customer has to just prove his ability to repay the amount. You can apply for the loan amount ranging from CAD 5000 to CAD 25000 which has to be reimbursed between 14 to 31 days.

A loan seeker can also go in for secured Loans Bad Credit. Here a debtor has to place his asset against the loan. This has the advantage of having lower rate of interest as compared to unsecured loan and the repayment period is also longer i.e. between 5 - 25 years. The amount of credit ranges from CAD 5,000 - CAD 75,000.

You can get these loans through internet. You will be required to fill a simple online application form and once the application is approved money gets deposited into the account within one day’s time. The money can be used by you as per your requirement or desires.

Bad credit holders may also utilize this loan to improve their credit score. There are a few eligibility criteria that a loan seeker must qualify to avail Canadian bad credit loans. He must be over 18 years, must be a permanent citizen of Canada, employed and an active check account. Before availing the bad credit loan, borrowers should read all the terms and conditions carefully.

The lending system is simple and easy. There is no need to submit any document and there is no credit check. An applicant has to fill a simple online application form and send it to the loan provider. Lender generally takes only a few hours to approve the loan and the after approval of application you’ll get the cash in your bank account within 24 hours.

Jennifer Janis - About Author:
Jennifer Janis is author of loans for Canada.For any Short Term Cash Loans, no credit check loans in Canada queries, payday loans toronto queries visit http://www.loansforcanada.net

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