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urLoan Bad Credit Personal Loans Review
21 Oct 2018

urLoan Bad Credit Personal Loans

Getting a loan becomes very difficult when you have bad credit. While there are options out there for you, they are far from optimal and shouldn’t be used repeatedly for the good of your long-term financial health. urLoan can help you by lending you money in an arrangement that will gradually improve your credit score over time.

Borrow up to $2,500 and rebuild your credit score at the same time.

You are interested if

You need a little money in a less-than-ideal credit situation but would prefer to borrow in a way that will help you build your credit back up again.


Key Points

Brief Description urLoan bad credit personal loans are smaller-sized loans extended to customers with poor credit and intended to provide a viable alternative to payday loans.
Limits and Deadlines Loans are available for amounts between $500 and $2,500. Your loan will be paid back over anywhere from 6 months to 2 years.
Urgency Applicants can get their funds in their bank account as soon as the very next day.
APR Range You’ll pay anywhere between 29% and 46.95% interest on these loans.
Closing/Origination Fees None; all fees are part of the stated interest rate.
Early Payment Fees None.
How to Contract the Product A quick online application can be completed in just minute through the urLoan website. It’ll take another few hours for representatives to assess your case, and then another few for you to receive the funds you’ve been approved for.
Main requirements You need to be a Canadian citizen who is at least 18 years of age, have a bank account that you have had open for at least 90 days, have a job that you have held for at least 6 months, and earn at least $1,500 in net pay per month. You should also not be in any active bankruptcy proceedings and be able to provide the following: proof of income and address, 2 pieces of government ID, the last 3 months’ worth of your bank statements, and potentially a Notice of Assessment.

About urLoan Bad Credit Personal Loans

Main Features

urLoan bad credit personal loans are smaller-sized loans that are extended to most applicants regardless of their credit history. They are larger than many loan options offered to people in this credit category and are also eligible to be reported to the credit bureau in hopes of improving the applicant’s credit score in the future. urLoan also takes extra care to ensure that all loans are sized appropriately according to each applicant’s ability to repay them. All of these things are significant advantages this company offers over its competitors.

However, there are some notable drawbacks to borrowing with this company that must also be considered before you can decide on working with them. The most obvious and important one is that their interest rates are rather high. Even applicants approved for some of the lowest rates will be paying about 30% in interest, comparable to the very highest fees some other lenders charge. They also require you to submit a fair amount of paperwork in order to apply, which some potential applicants may find off-putting.

How Does It Work?

To apply for urLoan bad credit personal loans, you must first fill out an online application consisting of about 15 minutes’ worth of questions. Afterward, it will take a few hours for urLoan to assess your individual case based on factors like income, job stability, and even where you live (as this tends to impact your expenses). The goal is to come up with a loan offer under terms that will suit both you and urLoan and make sure you will be able to follow through on your loan repayments without compromising your financial stability.

Once the company has come to a decision regarding whether to approve you and for how much, you will be contacted with an offer outlining the potential terms you might take. If you agree to them, your money will be transferred to your account by the next morning. You’ll then be free to use those funds however you wish but will also have to be prepared for when your first repayment installment becomes due. Funds will be automatically withdrawn from your account at the predetermined time, so be sure to have enough money available to cover those charges.


urLoan bad credit personal loans were constructed with the main goal of providing a superior alternative to payday loans for disadvantaged clients, and it shows. While they certainly do accomplish this goal, the difference between the two types of lending (aside from the opportunity to rebuild credit) is not as great as you would think. Better interest rates can be found elsewhere without having to look too hard. That said, bad credit loans do come with a lot of attentive services to make sure the loan you get is affordable for you, so whether or not it is worth it to go with them depends on what you need from a lender.

urLoan: Lending to Canadians in Need

urLoan began in 2013 in British Columbia as a subsidiary of Progressa. They primarily serve Canadians who don’t have the credit status necessary to get most larger loans, providing them with access to a little more money then they would normally get as well as a chance to work toward better credit. They can be reached by email every day of the week as well as by phone every day except Sunday.

What We Think

urLoan bad credit personal loans can be a great help for people in a tough spot in their economic lives; that said, with such high interest rates, it’s hard to call them a bargain either. They’re certainly better than using a payday lender, but they still may not be your best option. Be wary, but if you find yourself getting turned down often by lenders with better rates, go ahead and apply.