How to get a Loan After Financial Hardship

Loans are risk-adverse financial endeavours, especially with respect to the lender. The most favourable applicants have stable incomes, assets, a positive credit score and history and haven’t endured financial hardships like bankruptcy or debt consolidation.

If you’ve experienced financial complications, you could still be eligible for a loan whether it’s to buy a home, start a business or to improve cash flow. Here are a few tips if you are applying for a loan following some financial hardships.

Credit History vs. Credit Future

Lenders use credit score and history to get an idea of how you’ve managed previous and outstanding debts. A credit score is the most comprehensive way for a lender to learn what kind of borrower you are.

Apply for your credit score and if it’s low, then take a few months to improve it. This means paying your bills on time, trying to completely pay off a few debts and considering options like consolidation if it can improve your situation.


Financial hardships can stem from losing a job, switching careers, paying for post-secondary education or from unforeseen medical expenses. While hardships can make a dent in your present and future finances, it doesn’t mean you are a bad candidate for a loan.

If you have assets (property, businesses, investments, etc.), then they could outweigh any financial issues you might be facing. Don’t assume you will be denied a loan.

Loans to Handle Financial Hardships

A loan can help a borrower weather the financial hardships they might be experiencing. There are loans specifically geared towards increasing cash flow or repaying large debt loads. It’s not a bad option to consider a loan for this reason. A lender could be more willing to approve a loan for this reason as oppose to others like buying a property.

Every situation is different. Speak with a lender and let them guide you as to your available options and might be your best course of action. Contact us today and we’d be happy to answer your questions.


Bob Aggarwal

Mr. Aggarwal was one of the original founders of, one of the largest volume Mortgage Brokerage houses in Canada. Mr. Aggarwal has over 12 years of experience in Brokerage and Lending in the small and medium business sector, as well as experience and expertise in the residential housing market. Since the inception of, Mr. Aggarwal has been instrumental in developing the operating platforms, and policies and procedures which have guided the organization to date.


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