If you need money but have a bad credit score, you might find it difficult to get a loan. However, bad credit loans in Vancouver are easily available from lenders such as Better Than The Bank.

We offer bad credit loans that don’t require a good credit score to get approved. We only require that you have stable employment.

However, let us look at how bad credit can affect you.


In Canada, credit scores range between 300 and 900. Anything less than 574 is considered a bad credit score, meaning lenders will be less likely to lend you money.

When your score is this low, you could run into trouble getting approved for not only loans but you might have trouble getting a new car or securing a home rental agreement. A score of less than 574 indicates to banks that you are less financially responsible than other people with higher scores and, therefore, a higher risk.

A bad credit score could impact your ability to get a credit card or buy a home. It might even prevent you from getting a job. For example, some jobs in the financial services industry require you to have a good credit score.

Most loans from traditional lending institutions such as banks will be unavailable to you. On the rare occasion that one is made available to you, the interest rates will be highly unfavourable, and you might be required to pay in a significant cash lump sum upfront to secure the loan.

Low credit scores also result in higher insurance rates, making life much more expensive. In some cases, you might even struggle to get a cell phone contract.

Can You Fix It?

The good news is that negative information on your credit report generally only stays there for six years. Such negative information could include if perhaps you were previously declared bankrupt, if any of your accounts were ever sent to a collection agency, or if you ever missed any payments on a debt that you owed. This kind of negative information could hurt your credit score.

However, on the plus side, you can build up positive information by making regular and consistent debt repayments. Suppose you go on a debt management plan, an informal proposal made by a credit counsellor to creditors on your behalf that allows you to consolidate your debts into an affordable monthly payment. In that case, the records of that plan will be erased from your credit report two years after all the debts have been paid off.

To improve your credit history, make sure that you pay your instalments on time. Always contact the lender straight away if you feel like you might have trouble footing the bill, and avoid skipping payments even if there’s a dispute. You can always reclaim your funds later, which is much easier than undoing damage to your credit rating.

Thankfully, at Better Than The Bank, we can offer you bad credit loans in Vancouver, no matter what your history looks like. Apply today!