Installment Loans Canada
Installment loans no credit check Canada- Apply & Manage easily!
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Quick Summary
An installment loan is a long-term form of credit where the borrower is required to paying back the loan amount into small and regular monthly installments.
Each installment is a combination of principal and interest on the loan.
The amount of each installment depends on various other factors, such as loan amount, interest rate, and duration of the loan.
There are many situations occurred in our life when we need immediate need of cash, but what if you need extra time for repayments? If this case relates to you, bad credit long-term installment loans online is a perfect choice!
Such types of online installment loans in Canada help you to solve your urgent financial strains and give you the power to repay the whole loan amount at your convenient time.
According to ACORN Canada 2020 report, there is a 70% surge in people to take installment loans which is in 2016 was only 11%. This report clearly shows that there is a 45% growth in the demand for installment loans in Canada. Let's discuss it further below:
What are installment loans?
Installment loans are a financial product that enables you to borrow a large and fixed amount of money and that can be repaid over time in small installments. Such loans come with fixed interest rates and fixed monthly repayments.
As we know that in payday loans, borrowers need to pay back the whole loan amount in full on their next payday. In some odd situations, these short-term loans help a lot by providing instant cash. But the problem is that, if you can't handle them with care, this might resultant more financial pressure on your budget.
On the other hand, installment loans in Canada are a longer form of credit that facilitates you to repay the loan in monthly installments. You can split your loan repayments into easy-to-manage 3 or 6 month monthly installments. So, there is no need to pay back the loan amount in a full single repayment.
Due to this facility, the total repayment might be higher than payday loans, but such online installment loans are easy to manage and didn't affect your monthly budget. Even if you have an adverse credit rating, still installment loans no credit check is a cash option for you. These loans are approved on various other factors such as income, rather than your past credit history.
Are installment loans good idea?
As we all know that life is full of uncertainty. Sometimes circumstances are striking when you need an immediate source of cash. Urgent car repair, unexpected medical bills, or household expenses are some events where you need money as soon as possible. In this situation, guaranteed installment loans in Canada are what helps you.
There are many benefits of taking installment loans, but one of them is easy and flexible repayment options.
Unlike payday loans, installment payday loans Canada offers you the power to repay over small installments. Due to this repayment option, such loans are easy to borrow and more manageable to repay.
Usually, these online installment loans no credit check with instant approval in Canada, are paid monthly, generally around the borrower's salary date. Lenders don't ask you why are you applying for installment loans. Even not about your loan amount. However, Whizz™ always advises to borrow that loan amount; which you can easily afford.
The reason behind the popularity of installment loans Canada online is due to its new mode of loan repayments. Unlike traditional bank loans and payday loans where you need to pay the full amount in a single repayment, with installment loans you can spread the repayments.
Installment loans direct lenders give you longer repayment time through smaller and more manageable monthly payments without straining on your budget.
Types of Installment Loans
Mainly there are three types of installment loans available and they are:
1) Mortgages
Mortgages are a type of secured long-term loans that are borrowed to purchase a house. These loans are offered for the periods of 15-30 years and borrowers need to make monthly payments until the loan is not fully paid.
2) Auto loans
Same as Mortgages, auto loans are a type of installment loan that is borrowed to buy a new vehicle. Usually, the loan term is 12 months, or more, depending on the lender and the loan amount you borrow.
3) Personal loans
Personal loans are a type of online installment loans that can be borrowed to pay-off the urgent and huge expenses, such as college fees, wedding costs, or critical medical expenses. The loan duration of personal loans might be from 12 months or more. Most of the personal installment loans come with fixed interest rates, and borrowers need to repay the loan by making monthly payments.
Can i get installment loans with bad credit?
The most important factor to get smooth loan approval is to obtain a good credit score. But in reality, it is very hard to maintain your credit history as good, and not every borrower has this. Today we show you a specific type of installment loans for bad credit people.
These loans are fantastic cash options for those borrowers who have adverse credit scores but need to obtain a loan quickly. Although the interest rate of such loans is a little bit higher, it can be a viable option for bad credit borrowers who need fast cash access.
At Whizz™ you can explore lots of trustworthy lenders, who can process the loan application without checking their previous credit history. They only check the ability of the borrower that they can able to afford loan repayment or not. If the applicant has a stable income and a valid Canadian bank account, a bad credit factor can't affect your loan.
What to do before applying for an installment loans?
If you want to apply for long term installment loans bad credit online, make sure to keep the following points in your mind:
- First of all, check the eligibility criteria,
- Try to compare 2-3 or more lenders to crack a good loan deal,
- Set aim to repay your loan on due date,
- If possible, choose short term installment loans,
- Plan your monthly budget before apply and,
- Choose repayment date around your payday.
Avoid applying for a loan if you have any point mentioned below:
- Avoid applying for many loans, it affect credit score.
- If you feel you can't afford loan, then never apply,
- Avoid installment loans if you can fully repay loan in single payment and,
- If you are thinking that you might unable to make the loan repayments, avoid applying.
How are installment loans calculated?
Installment loans direct lenders in Canada calculate the cost of installment loans on a number of factors. These factors for online installment loans with instant approval in Canada are:
- How much money you need to borrow,
- How long you need to borrow the money,
- At what interest rate you agree to get an installment loans,
- How much income you earn and,
- What is your past credit history and score.
Although, all these factors not only affect your loan amount but also decide the interest rate. The more you seem like a risky borrower to the lender, the higher they might charge as an interest rate. This is just to cover the loss of missed payments.
What should I need to get installment loans?
Firstly, you need is to complete the online application for guaranteed installment loans in Canada. This form requires you to fill in your personal and banking-related information. These details help the lenders to know more about their applicants and to make a loan decision.
At Whizz™, you need not worry about your data shared with us because your information is handled with full leak-proof security. We are dealing with installment loans for bad credit from direct lenders only, so they provide both instant approval and data protection.
Requirements for successful installment loans application:
- Your age must be 18 years or over;
- You must be a citizen of Canada,
- You must earn a regular income or government benefits and,
- Must have a valid bank account in Canada on your own name to get funds.
Once we receive your application, our lenders review your loan application and make a fast decision for your installment loans in Canada. So, you don't need to wait for a longer time to get loan approval. Whizz™ understands that the world is not perfect and like this, nobody can maintain a perfect credit score.
Usually, we deal with people with a low credit profile, and if you think you have a bad credit score, don't worry and apply for installment loans in Canada with bad credit. You still have a chance to get a loan, and if your application will be approved, you will get funds directly into your bank account within few minutes.
Our lenders offer e-Transfer® installment loans in Canada 24/7 that provide same-day transfer of funds even on weekends and bank holidays. You can use Whizz™ for loans 24 hours a day, 7 days a week and we'll happy to serve you and solve your cash problems.
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