If you have good credit, it’s easy to get a quick loan from the bank – but what if you have bad credit? Getting a loan with poor credit has always been challenging. However, things are changing thanks to the rise of financial technology. Find out everything you need to know about these direct lenders and how you can get approved for a $3,000 loan today.
If you have a low credit score and tried to get a loan from the bank, then you’re probably familiar with that gut-wrenching feeling of rejection. The truth is most banks aren’t willing to issue loans to people with scores below 660 (check your credit score for FREE on Borrowell). While banks place a huge emphasis on credit scores, some lenders are willing to loosen eligibility requirements by looking at other factors such as your income and employment status.
How much income do I need to get a $3,000 personal loan?
Generally, you need a monthly income of at least $1,200 before taxes and deductions to qualify for a bad credit loan from an online lender. Monthly income includes government assistance, so don’t forget to include those payments in your grand total. It takes just a few steps to get a $3,000 personal loan once the monthly income threshold is met.
3 steps to getting approved today
Getting a loan of up to $3,000 approved online is one of the faster ways of getting the cash you need. Get approved and funded within 24 hours by following these 3 steps.
- Gather a few essential documents
- Find a reputable lender
- Show your income
Before filling out an application, make sure you have the required documents ready to go. You’ll need things like pay stubs, bank statements, and government-issued ID like your driver’s license or passport.
Look for a trusted lender that specializes in working with customers of all credit situations, and review eligibility requirements as they can vary widely among financial institutions. For example, some institutions require higher credit scores compared to direct lenders like Fresh Start Finance.
On the other hand, payday lenders will gladly work with you but their interest rates and short repayment cycles are not worth the trouble.
Whatever online lender you look at, check their Google, Trustpilot, and Feefo reviews to see what other customers say about them. And steer clear of payday loans altogether!
Your chance of approval significantly increases if you can show a monthly income of at least $1,200. Review your bank statements and pay stubs to get an accurate figure and don’t forget to factor in any government support you’re receiving, such as the Canada Child Benefit (CCB), Canada Pension Plan (CPP), Canada Workers Benefit (CWB), and new Canada Recovery Benefits.
Just short of meeting the $1,200 monthly income threshold? Don’t worry, it’s still possible to get approved with the help of a strong co-signer. A co-signer is a family member or trusted friend who agrees to repay the loan if you’re unable to do so. Your co-signer should have sufficient income and a credit score over 650.
Get approved for a $3,000 personal loan now
Fresh Start Finance helps Canadians get the funding they need, regardless of their credit background or income level. It doesn’t matter if you have poor credit or have filed for bankruptcy, Fresh Start Finance is committed to getting you a loan that works for your lifestyle. Getting approved is easy, convenient, and FREE to apply.
Frequently asked questions about Fresh Start Finance
Does Fresh Start Finance offer loans over $3,000?
Absolutely. Fresh Start Finance leverages cutting edge technology and can wire between $500 and $15,000 to your bank account within 48 hours (get up to $10,000 e-transferred within 24 hours). Simply go to our application page and select the amount you wish to get funded.
Is Fresh Start Finance a payday loan lender?
No, Fresh Start Finance offers flexible personal loans that are much more affordable than payday loans. Our loans have no hidden fees and don’t run on short repayment periods that could potentially trap you in a cycle of debt.
Does Fresh Start Finance do credit checks?
Yes, credit checks are conducted but that doesn’t mean you can’t get approved if your credit is less than stellar. From bad credit to no credit, Fresh Start Finance works with people in all sorts of credit situations to ensure they get the funding they need.
Tip: Be wary of lenders promising guaranteed approval and no credit checks – both are early warning signs of predatory lending.
Does Fresh Start Finance offer secured or unsecured loans?
Fresh Start Finance provides both, however, secured loans are not recommended because it’s risky to put collateral on a personal loan. If you use your car or home to get a secured loan, they could be taken away if you end up defaulting. Unsecured loans are a better option because they aren’t tied to anything so there’s no risk of losing a valuable asset.
How long does it take to get approved for a $3,000 loan?
In most cases, you can get approved and see funds e-transferred straight into your bank account in less than 24 hours. Fresh Start Finance works fast because it’s a direct lender, allowing you to skip the middleman and make the loan process quicker.
What are loan repayment terms like?
Unlike short payday loan cycles or loans with prepayment penalties, Fresh Start Finance offers flexible repayment plans so you can choose a term that works for your budget and schedule. Pay off your loan in as early as nine months or take up to five years, the choice is yours.
Can a loan from Fresh Start Finance help me rebuild credit?
Yes! Fresh Start Finance reports loan repayments to Canada’s two main credit bureaus, Equifax and TransUnion, so you’ll see your credit score increase if you make all your payments on time.
Is Fresh Start Finance safe to use?
Headquartered in Vancouver, Fresh Start Finance is a trusted lender that uses state-of-the-art security technology to keep your sensitive data under lock and key. Live representatives are also ready to assist you 24/7 over telephone, text, and e-mail.
How do I apply for a $3,000 loan with poor credit?
Gather the essential documents (i.e. proof of income, bank statements, ID, etc.) and then apply online in just 3 minutes! You can also submit an application over the phone by calling 1-888-556-6441.