Your credit score is a snapshot of your financial past, but it doesn't always tell the whole story about your present situation. Many modern lenders in Canada understand this. They know that a steady job and a regular paycheck are often better indicators of your ability to handle a loan. That’s why a new generation of financial products has emerged, including loans for terrible credit, which prioritize your current income over past mistakes. This guide is designed to show you how to find these forward-thinking lenders. We'll explain how their approval process works and how you can leverage your current financial stability to get the support you need, right when you need it.

Key Takeaways

• Look beyond your credit score: A low score doesn't have to stop you. Many Canadian lenders focus on your current income and job stability, not just your credit history, which opens up more accessible loan options.
• Prioritize transparency and trust: Partner with a lender who is upfront about all costs, provides flexible repayment options, and has positive customer reviews. Carefully reading the loan agreement is your best defense against hidden fees and unfair terms.
• Borrow responsibly to stay in control: A loan should solve a problem, not create one. Make a simple budget for repayments, set up reminders to pay on time, and contact your lender if you run into trouble to keep you in charge of your finances.

What Are Loans for Bad Credit?

When your credit score is lower than you’d like, it can feel like your financial options are limited. The good news is that’s not the case. Loans for bad credit are designed specifically for people with a challenging credit history. Instead of focusing only on your past, lenders offering these loans often place more weight on your current financial situation, like your income and employment stability. This approach opens up access to funds when you need them most.

These loans come in a few different forms, from personal installment loans that you repay over time to shorter-term cash advances meant to cover immediate expenses until your next payday. While the interest rates might be higher than what a traditional bank offers, they provide a practical solution for unexpected costs. For many Canadians, they are a reliable way to handle a financial shortfall without getting stuck. You can learn more about the types of loans we offer that are designed to help in these exact situations.

What Do Lenders Consider "Bad Credit"?

The term "bad credit" can be confusing because there isn't one single definition. Each lender has its own standards. Traditional banks, for example, tend to have very strict requirements and often avoid lending smaller amounts, which leaves a lot of people without options when they just need a little help. A low score can happen for many reasons, like a few late payments, carrying a high balance on a credit card, or simply not having a long credit history.

The key thing to remember is that a rejection from one lender doesn't mean you're out of options. Alternative lenders in Canada understand that a credit score is just one piece of the puzzle. They often have more flexible criteria and are more interested in your ability to repay the loan today. Before you apply, it’s helpful to see if you qualify based on factors like your income and job stability, which are often more important than your score.

Why a Low Score Isn't a Dead End

A low credit score is just a snapshot in time, not a life sentence. It doesn't have to hold you back from getting the funds you need. In fact, successfully managing a loan can be a positive step for your financial future. When you make your payments on time, you demonstrate financial responsibility, which is a key factor in how credit scores are calculated over the long run.

Think of it as an opportunity. While your immediate goal might be to cover an urgent expense, you're also giving yourself a chance to build a better payment history. Many modern lenders have a straightforward process that focuses on your current income rather than dwelling on past financial bumps. Understanding how it works can show you just how accessible these financial tools can be, helping you move forward with confidence.

What Types of Loans Can You Get with Bad Credit?

When your credit score is less than ideal, it can feel like your financial options are limited, and that feeling can be incredibly stressful. But I want you to know that it’s not always the case. Having bad credit doesn’t automatically disqualify you from getting a loan when you need one. Lenders across Canada have created different types of loan products designed for people in your exact situation. The key is understanding what these options are, how they work, and which one is the right fit for your needs. It's about finding a solution that helps you manage your current financial situation without creating more stress down the road.

Think of it this way: different financial tools are built for different jobs. A low credit score just means you need to look for a specific set of tools. Some loans are designed for speed and convenience, while others might offer larger amounts over a longer period. From short-term cash advances that get you to your next payday to more traditional personal loans, there are paths available. Knowing the difference between them is the first step toward taking control. Let's walk through some of the most common types of loans available to you, so you can make an informed choice that feels right for your circumstances.

Personal Loans

A personal loan gives you a lump sum of cash that you repay over time with fixed monthly payments. Think of it as a straightforward, all-purpose loan you can use for a significant, one-time expense. Many online lenders specialize in personal loans for people who don't have a perfect credit history. Because these loans are often "unsecured," meaning you don’t have to provide any collateral, lenders take on more risk. For borrowers with lower credit scores, this usually translates to higher interest rates. Still, they can be a predictable way to handle a large expense since you’ll know exactly what your payments are each month.

Secured Loans

Unlike a personal loan, a secured loan is backed by an asset you own, which is called collateral. For example, you might use a vehicle you own outright as a guarantee for the loan. This collateral reduces the lender's risk, which can sometimes lead to more favorable terms, like a lower interest rate, even with bad credit. If you can’t repay the loan, the lender has the right to take the asset to cover their loss. This option can be a good path if you have a valuable asset and are confident in your ability to make the payments on time.

Payday Loans and Cash Advances

Payday loans and cash advances are short-term loans designed to help you cover immediate expenses until your next paycheck arrives. They are one of the most accessible options for people with bad credit because approval often depends more on your income and employment stability than your credit score. At ECash2Go, we offer quick cash advances to help you manage unexpected financial gaps without a credit check. While these loans typically have higher interest rates due to their short-term nature and accessibility, they provide a fast and reliable solution when you need funds right away.

Peer-to-Peer Lending

Peer-to-peer (P2P) lending is a modern alternative that connects borrowers directly with individual investors through online platforms. Instead of borrowing from a bank, you’re borrowing from other people. This can be a great option if you have bad credit, as individual investors may be more flexible than traditional institutions. Your loan request is posted on a P2P platform, and investors can choose to fund it. The interest rate you get will depend on how investors view your creditworthiness, but it provides another avenue to explore when you need to borrow money.

What's the Real Cost of a Bad Credit Loan?

When you’re looking for a loan, it’s easy to focus only on the amount you need to borrow. But the true cost of a loan is more than just the principal amount. It’s the total you’ll pay back, which includes interest and any associated fees. Understanding these components is the key to making a smart financial decision that works for you, not against you. Let’s break down what really goes into the cost of a bad credit loan so you can move forward with confidence and clarity.

Breaking Down Interest Rates

Think of an interest rate as the cost of borrowing money. It’s a percentage of the loan amount that you pay to the lender. When you have a lower credit score, lenders may see you as a higher risk, which is why loans for bad credit often come with higher interest rates. While some personal loans can have rates over 30%, a transparent lender will always be upfront about this cost. It’s important to see the full picture. A structured short-term loan with a clear interest rate can be a more predictable option than other types of credit. You can learn more about how our short-term loans are structured to be straightforward and easy to understand.

Common Fees to Watch For

Beyond the interest rate, some lenders add extra fees that can significantly increase your total cost. One common charge is an "origination fee," which is a fee for processing your application, sometimes costing up to 12% of your loan amount. You should also watch for late payment penalties and other hidden charges buried in the fine print. This is where you need to be careful of predatory lenders who offer unfair terms. A trustworthy lender is transparent. At ECash2Go, we believe in a simple process with no hidden fees, so the amount you agree to is the amount you can expect. Always ask for a full breakdown of fees before you commit.

How to Calculate the Total Cost

To find the total cost of your loan, you’ll need to add the principal amount you’re borrowing to the total interest you’ll pay over the loan term, plus any fees. A shorter repayment period will almost always save you money on interest because there’s less time for it to add up. Before you sign anything, carefully review the loan agreement. It should clearly state the total amount you will pay back. This helps you create a realistic budget for repayment and ensures there are no surprises. When you’re ready, you can get a loan offer from us to see a clear breakdown of your costs.

Where to Find Bad Credit Loans in Canada

When your credit score isn't perfect, finding a lender can feel overwhelming. The good news is that traditional banks aren't your only choice. Several options across Canada are designed to help people in your exact situation. Knowing where to look is the first step toward getting the funds you need without the stress. From specialized online lenders to community-focused institutions, you have choices. Let's explore some of the best places to find bad credit loans in Canada so you can find a solution that works for you.

ECash2Go

If you need funds quickly and have a less-than-perfect credit history, ECash2Go is a solid option to consider. We specialize in providing short-term loans with a simple, fully automated application process. You can get a loan without a traditional credit check, which means a low score won’t automatically disqualify you. Our system is built for speed and convenience, with approvals happening instantly and funds often sent via INTERAC e-Transfer within minutes. Because we focus on your current income and employment stability rather than just your credit past, we offer a practical solution for many Canadians who need immediate financial support.

Online Lenders

The internet has opened up a world of options beyond traditional banking. Many online lenders in Canada focus specifically on helping people with poor credit. These platforms often have more flexible requirements and use technology to speed up the approval process. According to one loan comparison site, they connect you with lenders who are willing to work with you, "regardless of your credit score." This accessibility is a game-changer if you need funds quickly. Because these lenders operate online, you can apply from the comfort of your home at any time, making the process private and convenient.

Credit Unions

Credit unions are another excellent place to look for a loan. Unlike big banks, credit unions are member-owned, not-for-profit financial institutions. This means their primary focus is on serving their members and the local community, not just maximizing profits. The Canadian Credit Union Association notes that this member-owned structure often leads to more personalized service. They may be more willing to look at your whole financial picture instead of just your credit score. If you prefer a more personal touch and a community-focused approach, exploring a local credit union could be a great move.

Community Banks

Similar to credit unions, community banks can be more flexible than their larger, national counterparts. These banks operate on a smaller scale and are deeply invested in the local communities they serve. This local focus often translates into more personalized customer service and a greater willingness to consider individual circumstances. They get to know their customers on a personal level, which can be a huge advantage when you're applying for a loan with a challenging credit history. If you value building a relationship with your financial institution, a community bank might offer the understanding and flexibility you need.

What to Look for in a Bad Credit Loan

When you need funds quickly, it’s tempting to accept the first loan offer that comes your way. But even with a less-than-perfect credit score, you still have choices. Finding the right lender is just as important as getting the loan itself. The best lenders for bad credit are transparent, flexible, and focused on your success. Knowing what to look for will help you partner with a company that genuinely wants to help, not one that will trap you in a cycle of debt. Before you sign anything, make sure the lender checks these four important boxes.

Clear Terms with No Hidden Fees

Transparency is non-negotiable. A trustworthy lender will be upfront about all costs associated with your loan. You should be able to easily find information about interest rates, any potential fees, and your total repayment amount before you commit. Some lenders have a reputation for hiding extra charges in the fine print, so it’s crucial to find one that offers clear terms. If a lender is vague about their fees or pressures you to sign quickly, consider it a major red flag. A great partner will provide all the details you need to make an informed decision with confidence.

Flexible Repayment Options

Life doesn’t always stick to a strict schedule, and your loan repayment plan should reflect that. Look for a lender that offers flexible repayment options that align with your paycheque schedule. Fixed, regular payments make it much easier to budget and ensure you can make your payments on time without stress. A lender that understands this will explain how their process works and help you set up a schedule that fits your financial situation. This flexibility is a sign that the lender is invested in your ability to repay the loan successfully, rather than just collecting fees.

Options That Won't Affect Your Credit Score

One of the biggest worries when applying for a loan is how it will impact your credit score. Thankfully, many modern lenders have application processes that don’t hurt your credit. Look for lenders who offer a no-obligation inquiry to see if you qualify for a loan. This often involves a "soft check" that isn't reported to credit bureaus, so you can explore your options without any negative consequences. This feature is incredibly valuable because it allows you to shop around for the best terms without dinging your score every time you apply.

A Trusted Lender with Positive Reviews

A lender’s reputation speaks volumes. Before moving forward, take a few minutes to see what other customers are saying about their experience. You can learn a lot from people who have been in your shoes. Look for a lender that proudly displays positive reviews and testimonials on their website. Honest feedback can give you a clear picture of the company’s customer service, application process, and overall reliability. A lender with a long history of satisfied customers is more likely to provide you with a positive experience, too.

How to Spot a Predatory Lender

When you need cash quickly, it’s easy to feel rushed into a decision. But taking a moment to verify your lender is one of the most important steps you can take. While many lenders operate fairly, some use predatory tactics that can leave you in a worse financial position. These lenders often target people with low credit scores, offering loans with unfair, deceptive, or unaffordable terms. Knowing the warning signs helps you protect yourself and find a trustworthy partner who genuinely wants to help.

Red Flags to Watch For

A predatory lender often makes promises that sound too good to be true. Be cautious if a lender guarantees approval without looking at your information or pressures you to sign immediately. No reputable lender can promise you a loan before reviewing your qualifications. Another major red flag is a demand for upfront fees. You should never have to pay money to get money; legitimate fees are typically included in your repayment schedule. Finally, if a lender is vague about their interest rates and fees or hides them in confusing language, it’s best to walk away. A trustworthy lender will always be transparent about the terms of their loans.

Key Questions to Ask Any Lender

Before you accept any loan offer, it’s essential to get clear answers to a few key questions. Don’t be afraid to ask for specifics, as a legitimate lender will have no problem providing them. Start by asking, "What is the total cost of this loan, including all interest and fees?" Next, clarify the repayment schedule: "What are my exact payment amounts and when are they due?" You should also understand the consequences of a late payment and ask if there are any penalties for paying the loan off early. Most importantly, always ask to see the full loan agreement before you commit. Take your time to read it carefully, ensuring it matches everything you discussed.

How to Confirm a Lender is Legitimate

Doing a little homework on a lender can save you a lot of trouble later. Start by checking their website for a physical address and clear contact information. A company that is hard to reach is not one you want to borrow from. Next, look for online reviews and customer testimonials to see what others have experienced. While every business has occasional complaints, a consistent pattern of negative feedback is a clear warning. You should also confirm the lender is licensed to operate in your province by checking with your local consumer protection authority. Finally, a legitimate lender will have a straightforward process and clearly outline what you need to qualify for a loan.

Your Step-by-Step Guide to Applying

Applying for a loan when you have bad credit can feel overwhelming, but it doesn’t have to be. The key is to approach it methodically. By breaking the process down into a few simple steps, you can move forward with confidence and find a solution that works for you. Think of it as creating a clear roadmap to your financial goal. From understanding your current standing to choosing the right lender and finalizing the details, each step gives you more control. This guide will walk you through the entire process, making it straightforward and easy to follow.

Step 1: Review Your Credit Report

Before you even start looking at lenders, your first move should be to check your credit report. This report is a detailed history of your financial activity, and it’s what many traditional lenders use to make decisions. By reviewing it, you can see exactly what they see. It’s a chance to spot any errors that might be unfairly dragging your score down and get them corrected. You can request a free copy of your credit report from Canada’s main credit bureaus. Knowing where you stand is the best way to start your search with a clear picture of your financial situation.

Step 2: Compare Your Lender Options

Not all lenders are created equal, especially when it comes to bad credit loans. It’s important to shop around and compare what different lenders offer. While some lenders focus heavily on credit scores, others use different criteria. At ECash2Go, for example, we look at your stable income and employment history, not just your credit past. You can review our simple requirements to see if you qualify for a loan with us. When comparing options, look at the interest rates, any potential fees, and the repayment terms. Choose a lender that is transparent and provides a solution that fits your specific needs.

Step 3: Get Your Paperwork Ready

To make your application process as smooth and fast as possible, it’s a great idea to gather your documents ahead of time. Having your personal and financial information organized and ready to go can significantly speed things up. Typically, you’ll need a government-issued ID, your most recent pay stubs to show proof of income, and recent bank statements. With an online lender like ECash2Go, our automated system makes the process incredibly fast, but having your information handy still helps. You can see exactly how it works on our site. This simple preparation step puts you in the driver's seat.

Step 4: Complete and Submit Your Application

Once you’ve chosen a lender and have your documents ready, it’s time to fill out the application. With many online lenders, this is a quick and secure process you can complete from home. Be sure to fill out all the information accurately to avoid any delays. It’s important to know that many traditional lenders will perform a hard credit check at this stage, which can temporarily lower your score. However, a major benefit of applying with a lender like ECash2Go is that we offer loans with no credit check, so your credit score won't be impacted. You can get a loan through our simple online form in just a few minutes.

Step 5: Carefully Review Your Loan Offer

Before you accept any loan, take a moment to carefully read through the entire agreement. This is your opportunity to understand all the details and make sure there are no surprises. Pay close attention to the interest rate, the total repayment amount, and the payment schedule. The loan agreement should clearly outline all terms, fees, and costs associated with the loan. Understanding these details is crucial for responsible borrowing. We believe in full transparency, which is why you can learn more about our loans and our clear, upfront terms before you even apply. Make sure you are comfortable with the agreement before signing.

Common Mistakes to Avoid with Bad Credit Loans

When you need cash quickly, it’s easy to rush into a decision. But taking a moment to understand the common pitfalls of bad credit loans can save you a lot of stress and money down the road. It's completely understandable to feel pressured when you're in a tight spot, but a hasty choice now could lead to bigger problems later. The world of lending can feel complicated, especially when your credit isn't perfect, and some lenders might take advantage of that urgency. Being aware of these potential mistakes is the first step toward finding a solution that helps, rather than hurts, your financial situation. Think of it as looking both ways before you cross the street; it's a simple check that makes all the difference. Let’s walk through the three biggest mistakes people make: falling into high-interest traps, getting stuck in a debt cycle, and skipping the fine print. By learning how to spot and avoid these issues, you can approach borrowing with confidence. Being a savvy borrower means you can get the funds you need without compromising your long-term financial health. This section is all about empowering you with the knowledge to make the best choice for you.

Avoiding High-Interest Traps

It’s a reality that loans for bad credit often have higher interest rates than those for people with top-tier credit scores. Lenders see it as a higher risk. However, there’s a significant difference between a reasonable rate for a bad credit loan and a high-interest trap. Some lenders charge extremely high rates that can make the loan incredibly expensive. On top of interest, watch out for hefty origination fees, which are charges for processing your loan. These can sometimes be a large percentage of your total loan amount. Always look for lenders who are upfront about their cost of borrowing and offer clear, transparent terms.

Breaking the Debt Cycle

The whole point of a short-term loan is to solve a temporary cash flow problem, not to create a permanent one. A huge mistake is getting caught in a debt cycle, where you have to take out a new loan just to pay off the first one. This often happens with loans that have unmanageable repayment terms or sky-high interest rates that cause the balance to balloon. To avoid this, look for a loan with a clear and flexible repayment plan that fits your budget. Understanding exactly how it works from application to final payment is key. A good loan should be a bridge to financial stability, not a revolving door of debt.

Always Read the Fine Print

I know, I know. Nobody enjoys reading the terms and conditions. But when it comes to a loan agreement, you absolutely must read every word before you sign. This is where you’ll find the exact interest rate, all potential fees, the repayment schedule, and the penalties for late payments. Some lenders, often called "predatory lenders," intentionally hide unfair terms in the fine print. A trustworthy lender will have nothing to hide. They will provide clear, easy-to-understand information about their loans so you know exactly what you’re agreeing to. Don’t let anyone rush you; take the time to understand your commitment fully.

How to Manage Your Loan Responsibly

Getting approved for a loan is the first step, but how you manage it afterward is what truly shapes your financial future. Handling your loan responsibly not only ensures you pay it back without stress but can also be a positive step toward building a stronger financial foundation. Here’s how you can stay in control and make your loan work for you.

Create a Budget for Repayments

Before you even accept a loan offer, it’s smart to look at your finances and create a repayment plan. This doesn't have to be complicated. Simply list your monthly income and subtract all your essential expenses, like rent, groceries, and utilities. The amount left over is what you can realistically use for loan payments. This simple exercise helps you make a budget and confirm you can afford the payments without stretching yourself too thin. By planning ahead, you turn your repayment from a source of anxiety into a manageable part of your monthly financial routine, giving you peace of mind.

Prioritize On-Time Payments

Making your payments on time, every time, is one of the most important things you can do. It’s the key to avoiding late fees and keeping your account in good standing. For certain types of loans, consistent, on-time payments can be reported to credit bureaus, which may help improve your credit score over time. Think of each on-time payment as a small win for your financial health. Setting up automatic payments or calendar reminders can be a huge help. This simple habit ensures you never miss a due date and keeps you on a positive track with your finances.

Avoid Taking on New Debt

While you’re focused on paying back your current loan, try to avoid taking on any new debt. Juggling multiple payments can quickly become overwhelming and may lead to a difficult debt cycle. Give yourself some breathing room by putting a temporary pause on new credit applications or large, non-essential purchases. Focusing all your efforts on one repayment at a time makes the process much more manageable and helps you reach your goal of being debt-free faster. This discipline is a powerful way to protect your financial stability and build healthier spending habits for the long run.

Talk to Your Lender if You Face Challenges

Life happens, and sometimes unexpected situations can make it hard to stick to your repayment plan. If you think you might have trouble making a payment, don't wait. Reach out to your lender right away. A trustworthy lender will have clear communication channels and be willing to discuss your situation. At ECash2Go, we understand that things can change, and we encourage you to contact us if you’re facing difficulties. Being proactive and transparent is always the best approach. It shows you’re responsible and allows us to explore potential solutions with you before a problem gets bigger.

Can a Loan Help Rebuild Your Credit?

It’s a great question: can taking on debt actually help your credit? The short answer is yes, but it’s not automatic. The right kind of loan, managed responsibly, can be a useful tool for rebuilding your credit history. The key is that some lenders report your payment activity to Canada’s major credit bureaus, Equifax and TransUnion.

When you consistently make on-time payments for a loan that reports, it can have a positive effect on your credit score. Your payment history is one of the most significant factors in your score, so showing you can handle payments reliably is a big win. However, many short-term cash advances are designed for immediate financial needs and may not be reported to credit bureaus. Before you apply, it’s important to understand the purpose of the loan. If your primary goal is to build credit, you need to confirm with the lender that they report payments. If your goal is to handle an urgent expense, a fast-funding option like an e-Transfer loan might be the priority.

Keep Your Credit Utilization in Check

While "credit utilization" is a term most often used for credit cards, the principle behind it applies to loans, too: don't take on more debt than you can comfortably handle. Before you borrow, take a hard look at your budget. A loan is meant to relieve financial pressure, not add to it. High monthly payments can eat up a large portion of your income, making it difficult to keep up.

A loan with a payment that stretches you too thin can lead to missed payments, which will hurt your credit and defeat the purpose of rebuilding. Choose a loan with a repayment schedule that fits realistically within your income, ensuring you can make every payment on time without stress.

Diversify Your Credit Mix

Lenders like to see that you can responsibly manage different types of credit. This is called your "credit mix." If your entire credit history is just one or two credit cards, adding a different type of credit, like an installment loan, can show you have broader financial skills. This diversification can be a positive signal and contribute to a stronger credit profile over time.

You might also come across different kinds of loan structures. For example, some loans are "secured," which means you offer an asset as a guarantee for the loan. While this can sometimes make it easier to get approved, it also adds risk. Understanding the different types of credit available is part of building a solid financial foundation.

Monitor Your Credit Report

If you’re working to rebuild your credit, your credit report is your report card. You can’t fix what you can’t see, so checking it regularly is essential. This allows you to track your progress, celebrate the wins as your on-time payments get recorded, and quickly spot any potential issues.

You are entitled to get your free credit report from both Equifax and TransUnion. Take advantage of this. Review it carefully to fix any mistakes and check your score regularly. Errors on credit reports are more common than you might think, and they can unfairly drag your score down. By staying on top of your report, you ensure that your hard work is reflected accurately and you can address any problems before they grow.

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Frequently Asked Questions

How quickly can I get a loan if I have bad credit? The speed really depends on where you apply. Traditional banks can take days or even weeks to give you a decision. However, many modern online lenders in Canada are built for speed. With a streamlined, automated process like ours, you can often get an approval decision instantly and receive the funds via INTERAC e-Transfer in just a few minutes, even if your credit isn't perfect.

Will applying for a loan lower my credit score? This is a great question and a common worry. When you apply with many traditional lenders, they perform a "hard inquiry" on your credit report, which can cause a temporary dip in your score. The good news is that not all lenders operate this way. Some, like ECash2Go, don't require a credit check for you to apply, so your application won't impact your credit score at all.

What's the difference between a bad credit loan and a payday loan? Think of "bad credit loan" as a wide category that includes different types of financing for people with challenging credit histories. A payday loan, or a cash advance, is a specific type of loan within that category. These are short-term loans designed to be repaid around your next payday and are often very accessible for those with low credit because they focus more on your income and job stability.

What happens if I have trouble making a payment? Life can be unpredictable, and a good lender understands that. If you think you're going to have difficulty making a payment, the most important thing you can do is contact your lender right away. Ignoring the problem will only lead to late fees and more stress. Being proactive shows you're responsible, and it opens the door for your lender to discuss potential solutions with you.

Do I need to own an asset or provide collateral to get a loan? You don't always need collateral. While some loans, known as secured loans, do require you to pledge an asset like a vehicle, many options for bad credit are unsecured. This means you can get approved based on your income and ability to repay, not on the assets you own. The cash advances we offer are unsecured, making them an accessible option for many people who need funds without wanting to risk a personal asset.