Bad Credit Personal Loans Guaranteed Approval $10,000

When looking for a personal loan of $10,000 with bad credit and guaranteed approval, you may find it challenging to get a loan that will guarantee your application approval. This can be a misleading statement that some lenders make in an attempt to attract borrowers, since they know that some will search for this type of option. Since there are not any lenders that would actually provide guaranteed approval, it tends to be inaccurate. 

However, there are lenders in Canada for Bad Credit Personal Loans up to $10,000 that can approve your loan request (no guarantees) which are not difficult to qualify for.

A lender needs to review an application for each loan, to determine whether the borrow might be too much risk. Part of the process involves credit scores, but there are other factors and considerations which are also part of the process. Much of the time poor or bad credit is not so much a concern and there are many lenders willing to do business with you. But there are not lenders that would offer guaranteed approval, and it is important to know this if you are shopping and comparing personal loans.

Things that a lender may look at or require:


  • Canadian citizen of age (18+) with a chequing account and direct deposit
  • Employed, or possibly regular income that may consider other income
  • Credit score to meet a minimum requirement
  • Outstanding debt under a threshold or amount



Before you focus on credit score, you should know that some lenders use alternative methods that do not rely on credit score. One of the more common ways is using IBV, or instant bank verification. Many lenders rely on this for confirming a number of details such as the income amount is what the applicant said. This also allows lenders to see details like outstanding debt, NSF charges, payment history and more.

Those looking for bad credit personal loans of $10,000 with guaranteed approval should now realize there is no such thing as guaranteed approval. Consider for a moment if you were a lender, you could not guarantee the approval of every applicant. The number of loans that would not be paid back or defaulted on would soon put you out of business. 

How to Get $10,000 Personal Loans with Bad Credit – Guaranteed Approval

For many that don’t have the best credit history, they often wonder how to get a $10,000 loan with bad credit in Canada. Some will believe it isn’t even an option available to them. Depending on your credit score, history and just how bad your credit is, it is entirely possible that you could be eligible to borrow. Even with bad credit a $10,000 loan is an option, but guaranteed approval is not the case among lenders. You might see loans online suggesting guaranteed approval, but this tends to be a bit misleading as it would be impossible for a lender to truly make such an offer. 

For a loan of $10,000 you can be sure that a lender will look at your credit score before making a decision. If your score is above 600 it is likely that a lender might approve your application, unless you had too much other debt that made your debt to income ratio appear that you owe too much and would not be able to make your monthly scheduled payments. This can happen even with a good credit score, and the way to fix this would be to pay down your debt so it satisfies the lenders that you would be able to take on more.

As for the guaranteed approval for personal loans of $10,000, this has been explained as somewhat of a misleading way that some lenders use to lure customers. And while there isn’t anything wrong with that since they see the demand and opportunity, but as the borrower it is important to be aware that  Bad Credit Personal Loans with Guaranteed Approval for $10,000 or any amount are not assured, meaning that any mention of guaranteed approval would be mostly unrealistic and unlikely.

How to Get Approved for a $10,000 Loan with Bad Credit

While Canadians with fair credit or good credit will likely benefit from better interest rates and annual percentage rate (APR) even with a 10000 bad credit personal loan is an option for many. A personal loan that is unsecured can be used for a variety of things, from home improvement or debt consolidation to an emergency repair and more. 

When deciding whether a personal loan is the right choice, it’s important to not look only at the interest rate, but also watch the terms and APR as well. The APR gives you a better idea of the overall cost of borrowing since it takes other costs into consideration like origination fees. Sometimes these can add up and in comparison to another option with higher interest rates but with less or no additional fees, what you think might be the right loan for you is not always the case. 

When looking for and comparing a personal loan of $5,000 or $10,000 with bad credit, and guaranteed approval is understood to not be an option, you might think that the bank is the place to go. It’s understood, this has been the way it is for years, but online direct lenders are now able to compete and can often provide better rates and terms than the banks might be able to offer.

If you have been turned away or had trouble getting approved through traditional lending institutions in the past then online direct lenders can also be a good option to explore. The typical online application takes minutes to complete and you will often get near instant approval as to the status of your application. While there is no guaranteed approval, we can guarantee that if you are concerned about having bad credit and don’t apply, your chances of being approved will have gone to zero. Many that have concerns about bad credit are pleasantly surprised when they apply and connected with a direct lender that is willing to work with them.

When comparing loan possibilities, in addition to interest rates, fees and APR you also want to keep an eye on repayment terms, monthly payments and total cost to borrow. A loan that is spread over a longer term will often have lower monthly payments, but the overall cost of the loan is often more due to the interest being spread over the term. 

One way to keep the cost of borrowing to a minimum when looking for a personal loan would be to choose a loan with the biggest monthly payment and also has the shortest repayment term you can afford. The overall cost you pay for interest as a result would be kept to a minimum. 

How to Get Approved for $10,000 Loan with Bad Credit

If you’re having troubled to get approved for a personal loan or installment loan the first things many lenders are going to look at is your credit score, income and amount, and how much debt you currently have. When applying for installment loans some lenders may rely on instant bank verification (IBV) as a way to validate income and/or banking details. This is common among online lenders and can present more options if you have bad credit.

Your credit score is based on a few things, but your history of making payments (and on time) is an important factor to demonstrate your creditworthiness.

Average Interest Rates for Credit Scores in Canada:

Credit ScoreRatingSample Interest Rate
300 – 559Very Poor30% to 47%
560 – 659Poor20% to 35%
660 – 724Fair15% to 35%
725 – 759Good6% to 15%
760 – 900Excellent5% to 11%

Note: actual rates based on credit score can vary with each lender.

The above table shows examples of credit score ranges and the possible interest rate range that might be available for installment loans or personal loans in Canada. Some lenders will use their own guidelines and this is a representative example. It should be expected that the lower a credit score is, the higher the interest rate that a borrower will receive when applying for personal loans.

Those looking for loans with bad credit may not find the above chart that useful since it is likely that the lender they use might rely more on IBV than credit scores from Equifax or TransUnion, the main bureaus in Canada. An application using IBV is likely to review things such as how much debt you carry, whether your payments are on time, how often payments have been late, along with looking for other issues like a past bankruptcy or a consumer proposal.  An IBV check helps the lender determine the risk without using credit score info, which helps them with deciding whether they should allow you to borrow.

When looking for online loans you should look at the APR, which is the annualized percentage rate and includes others costs or fees, and not just look at the interest rate. The APR provides a more accurate view of the cost of borrowing. If you were looking at loans and noticed that the APR is considerably higher than the interest rate, this would suggest that there are additional charges or fees to know about. The APR is almost always higher than the interest rate, but how much will vary by lender.

There will be times when someone with bad credit will find it difficult to get approved for funding up to ten thousand dollars. Many lenders may find the risk too great, but this also depends on the definition of bad credit in this situation. In most cases when it comes to bad credit it would be an installment loan that you are applying for, or a payday loan. True personal loans are reserved for those with good to excellent credit. Installment loans are for those with fair to good credit, and guaranteed payday loans are usually for those with a very poor credit rating.

RELATED: What to Know When Applying for Online Loans

In the event your income is not enough for the loan amount requested, or its a combination of this and credit score, sometimes a cosigner can be the answer. Another option can be to choose a shorter loan term, but it’s important that the monthly payments will fit within your budget. The amount of debt you carry could also be a factor. What’s referred to as the Debt to Income ratio, this compares your income to your financial commitments like loans, credit cards and similar as another way of evaluating what you might be able to afford as a borrower.

While guaranteed approval for $10,000 loans with bad credit in Canada can be challenging, it isn’t impossible. Now that you have some knowledge about options to help yourself find a suitable option and become eligible, continue to read more articles on Goodcheddar about how you can improve your finances, debt or credit score, along with your odds of being approved for a personal loan or installment loan.