Simply put...

Banks and traditional lenders like to decline clients that have bad or bruised credit but at Canadalend it's a non-issue.

We all know bad things can happen to good people. You may get ill, lose your job, or even miss a payment or two over the years you try to build your credit. We understand that life can happen, and when it does, Canadalend is here to help.

Whether you're looking to take out a second mortgage or refinance your current one, our bad credit experts can help. At Canadalend, we know that better rates are just a renewal away for you - the banks consider you a high risk, but we feel that home equity is more important than credit score or reportable income.

How we can help:

  • Refinancing options

  • Eliminate CRA arrears

  • Second mortgages

  • Emergency expenses

  • Pay off bills

  • Tuition and educational expenses

  • Home renovations

  • Business ventures and investments

  • Secondary properties

  • Property tax arrears

  • Stop Power of Sale

  • Consumer proposals or bankruptcy

  • Rebuilding credit

  • Commercial and Industrial mortgages

An introduction to credit

With credit we’re talking about the score lenders give you based on how well you’ve paid your debts and bills in the past. Canada’s biggest credit bureaus are Equifax and TransUnion.

If your history suggests you don’t have a track record of paying back credit, you have to build it up over time, which lets you get a cheaper mortgage.

This is why it’s common to get a mortgage with a bad credit lender with a relatively high interest rate, before refinancing once you’ve proven that you pay your debts.

While you build up your credit, we’re here to help you get the lowest rates available.

Improving your credit score

If you’d like to improve your credit before getting a mortgage, we’d recommend never paying your bills late, staying within your credit limit, and only applying for credit infrequently – if you apply for multiple credit cards all it looks like you’re desperate for cash, which can harm your score.

Apply now!

The Canadalend advantage covers all your financial needs!

Why should you choose over the country's Big Banks? Simply put, the experts at Canadalend have access to a much larger pool banks, alternative, and private lenders. This allows us to find the best possible product at the best possible rate for your unique situation – unlike banks and traditional lenders who can only sell you their specific products.

At we are dedicated to 5 star customer service. Get in touch with us and a lending specialist will help set up an appointment for a free personal consultation. We will help you review your mortgage options and find the solution that fits your needs!

Frequently asked questions

  • How do I turn my bad credit into good credit?

    Some of the ways you can turn bad credit into good credit are to bring your accounts up to date, pay off your debt, and work on rebuilding your credit with a secured credit card or loan.

  • What score is considered bad credit?

    A bad credit score is a score of 574 or lower. The lowest a credit score can go is 300.

  • What score is considered good credit?

    A good credit score is 660 or higher. The highest your credit score can go is 900.

  • What is good and bad credit?

    A credit score indicates how likely lenders think you are to repay a loan. Good credit means you are more likely to repay a loan. Bad credit means you have a history of missing payments or paying late.

  • What is the fastest way to build credit?

    To quickly rebuild credit, you should pay off existing debts and then take out a secured loan and promptly repay it.

  • What variables help determine good or bad credit scores?

    If you have good credit and a high credit score, this means you've been reliable about paying your bills and debts on time. If you have bad credit and a low credit score, this means you've missed payments or stopped paying bills altogether.

  • What are the benefits of having good credit?

    Good credit can help you qualify for competitive interest rates and lower financial fees on loans or credit balances. It can also increase your chances of being approved if you apply for a loan or a credit card.

  • How can bad credit penalize me?

    Bad credit can stop you from reaching your goals in life - whether that's buying a home, renting an apartment, or getting approved for a loan or a credit card.

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