The most highly rated microfinance lenders for people with bad credit in 2024

1.Accion Canada

Accion is a global non-profit organization that provides microfinance services in several countries including Canada. They focus on providing loans to individuals and small businesses that may not qualify for traditional bank loans.

Loan Features:

Loan amounts range from $500 to $50,000.

Flexible repayment terms, typically 6 to 36 months.

No minimum credit score requirement.

2.Futurpreneur Canada

Futurpreneur is a national non-profit organization that provides financing, mentoring, and support tools to aspiring business owners aged 18-39. They provide microloans to help young entrepreneurs start or grow their businesses.

Loan Features:

Loan amounts can be up to $60,000 with terms up to 5 years.

No minimum credit score, but applicants must demonstrate a viable business plan.

3.Community Microfinance

Community Microfinance, based in Victoria, British Columbia, provides microloans to individuals who do not have access to traditional credit. They focus on supporting entrepreneurs and small business owners.

Loan Features:

Loan amounts range from $500 to $5,000.

Repayment terms are up to 3 years, and interest rates are competitive and fixed.

No minimum credit score required; decisions depend on the borrower's character and business potential.