Bad Credit Loans in Saskatchewan - How to Get the Money You Need
|In Saskatchewan, people with bad credit can actually get help to avoid the high interest, fees, and payments associated with expensive personal loans.|
The Really Important Question
Why do you need a bad credit personal loan? Depending on your answer, you may actually have other options that can resolve your debt problems, re-establish your credit, and get your finances back on track.
However, it's really important that you first ask yourself a question. Why do I need this loan? Click on your answer below to take a look and see if there may be better options for you:
When you have bad credit, loans can be challenging to get whether you live in Saskatchewan or anywhere else in Canada. So if you need money, what can you do? Maybe you're struggling to make your rent or mortgage payment, you've got household bills to pay, and your credit cards are maxed out. You may have tried looking for online loans and are now contemplating - or have tried - payday loans. But honestly, in the back of your mind you're wondering if any of these are really going to help improve your financial situation.
The truth probably is that you've gone through a rough patch recently, you feel like you're out of options, and you really don’t know of a better way to handle things right now other than to try and get a loan for bad credit. So below we explain some steps you can take to try and get a loan in Saskatchewan when you’re saddled with a bad credit rating. However, if you would much rather find another way of dealing with your debts (one that's very often far more effective), jump down to the last section in this article.
Personal Bad Credit Loans Have High Fees & Interest Rates
First, recognize that if you do manage to get a personal loan somewhere, it will be really expensive. Because a lot of people with bad credit often do not repay their debts, lenders see anyone with poor credit as a huge risk. So they charge fees upfront along with high interest rates so that when someone does default, they’ve already paid as much as the lender can get from them. Whether you like it or not, this is the way it’s usually done.
Is a Personal Loan Able to Fix My Poor Credit Rating?
You should also recognize that getting a bad credit personal loan - whether it's secured or unsecured - won’t fix your payment history. It took time for your credit rating to fall, and it will take a lot longer for it to go up again. One loan won’t magically fix it; however, time and managing your money better will help your poor credit rating recover. That’s the great thing about the credit rating system in Canada - it recognizes that bad things can happen to good people. So you can fix your credit and avoid personal loans with high fees and bad credit interest rates by managing your money and situation better.
Related: How to Repair Your Credit Score and Improve Bad Credit.
How to Get a Loan with Bad Credit - Income Verification, List of Assets, Monthly Expenses, Debts & Credit Report Questions
When you approach lenders for a bad credit loan, come prepared with your financial information. They will want to know how much you earn each month from all sources, if you have any assets that you could give (pledge) as security (collateral), and what your monthly expenses are. You should also be able to answer any questions they might have about your poor credit and debts.
To show your income: gather together things like pay stubs, child support or alimony records, government assistance or child benefit payment details, bank statements and/or tax returns with assessment notices.
If you own assets: jot down a list or make a mental note of what you own and the value of each item. It’s the valuable things that can be easily appraised and sold that matter - things like cars, trucks, trailers, boats, ATVs, motorcycles, or other vehicles. Antiques, heirlooms, jewellery, and coin or stamp collections can only be used to secure a loan if they are accompanied by an authentic, verifiable appraisal certificate. Electronics, tools, musical instruments, and valuable household goods can be sold or consigned at pawn shops, but they usually cannot be used to obtain a loan. However, at times some high interest lenders will ask people to pledge household goods or appliance as token security for a loan.
Jotting down your debts & monthly expenses: this can often be the toughest part for most people. When you begin listing everything out, you realize how much you owe and how much you spend. Begin by writing down your housing costs and home utility bills. Then list the essentials such as food, groceries, and medication. Also include transportation expenses and work-related costs too. If you find it a bit tricky to remember all your different expenses or debts and aren't sure of the best way to organize them, we have a great budget calculator that lists and organizes everything and guides you as you create your budget and does all the number crunching for you. You can access if for free here. You can also learn a whole lot more about budgeting here.
To find answers to questions about your credit report: take a look at your own. You can get a free copy from both TransUnion and Equifax if you request it over the phone. Here are instructions on how to get your credit report for free, and here you can learn how your report is created and the difference between your credit report and your credit score.
Better Ways to Resolve Debt and Money Problems Instead of Getting Bad Credit Loans
Shopping around for bad credit loans in Saskatchewan to get the money you need takes time and a lot of patience. And there’s no guarantee that when you find a lender, that they’ll give you the loan with terms and conditions you can afford. You probably already kind of know this. So if you want a better solution to your debt and money problems, here's the best thing you can do: contact a local non-profit credit counselling agency and make an appointment to speak with one of their Credit Counsellors. Appointments are usually free, completely confidential, and can be done in person or over the phone. They are experts in everything related to bad credit loans, getting out of debt, and unconventional ways of consolidating and getting rid of debt. They'll help you explore all your options - including little known debt relief options that most people have never heard of. Having this conversation will likely be the best thing you've done in years and can make all the difference in getting your finances back on track as soon as possible.
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