Unexpected things happen, and at times they happen when you’re least prepared. Maybe you have a sudden need for a pricy plumber to address leaks throughout your house. Or your car’s windshield is badly damaged and requires significant repairs. During those times when financial needs become urgent, you need a finance option that will allow you access to credit instantly. If you have less than stellar credit, then bad credit credit cards Canada instant approval could be the answer to your credit woes.
What are Bad Credit Credit Cards Canada Instant Approval
These are types of credit cards that are instantly issued to people with bad credit upon application. This means that after you apply for these types of credit cards, you won’t have to wait for days or weeks to get a response. Once you apply for these types of credit cards, you get approved immediately or within a couple of minutes.
Requirements for Bad Credit Credit Cards
When considering bad credit credit cards, there is always the question of just how bad your credit is. In general, a credit score of between 300 and 650 is mostly considered bad credit. To approve your application, most insurers of credit cards for bad credit Canada instant approval will require you to have an active checking account. You will also be required to provide proof of income that surpasses a specific minimum amount.
Note that requirements vary from one credit card issuer to another. At Bonsai Finance, we understand how bad it can be to be turned down just because you don’t meet the requirement needed. We will look into your financial situation and advise you on the options you are qualified for. This will ensure that you will get the credit card you need the first time you apply for it.
Types of Bad Credit Credit Cards you can Apply For
1. Unsecured Bad Credit Credit Cards
These types of bad credit credit cards Canada instant approval require no security deposit and are a true line of credit from credit card issuers. Some credit card issuers consider credit scores of between 550 and 650 as poor credit, and may consider offering these types of credit cards.
The key disadvantage with these types of bad credit credit cards is that they typically attract hefty fees and high interest rates. On the bright side, they can help you rebuild your credit and lead you to obtaining unsecured credit cards at more favorable terms. All that is needed is to use the credit cards responsibly and you’ll be on your way to easy times ahead.
Generally speaking, a credit score of between 300 and 650 is considered bad credit. However, scores of 550 to 650 is considered as poor credit by some card issuers. They may in turn consider you for an unsecured credit card.
2. Secured Bad Credit Credit Cards
This is the most common option provided by most credit card issuers to people with bad credit. These are types of bad credit credit cards Canada instant approval that require you to put down a fully refundable security deposit in order to be approved.
Since issuers of bad credit credit cards normally report to the two major credit bureaus in Canada, responsible use of your cards can help you rebuild your credit. Furthermore, keeping your credit card account in good standing may earn you some interest in the process.
At Bonsai Finance, we work with many lenders who offer bad credit credit cards Canada instant approval. After evaluating your situation, we will help you pick an ideal option from the many bad credit card options available.