When the unexpected happens, it can feel overwhelming. Where do you come up with extra
money when your budget is already stretched almost to its limit? For unforeseen expenses like
car repairs, major purchases, medical bills and more, online installment loans can help.
What is an installment loan?
An installment loan is a repaid over a pre-determined amount of time, with pre-negotiated
interest rates and terms. Unlike payday lenders, installment loan providers work with qualified
lenders across Canada to secure the best possible interest rate and the flexibility to pay over
time. Read on for just a few of the reasons why an installment loan is an excellent option to help
you get back on track when life throws you a curveball.
1. No credit check
If your credit is less than stellar, a reputable installment loan company can offer you the same
borrowing rights as customers with higher scores. There is no impact to your credit score when
applying for an installment loan, and you can be approved in a matter of minutes for a flexible
loan that meets your needs.
2. Fast access to funds
With a fast, secure approval process, you can access funds from your installment loan in as little
as one business day through direct deposit into your checking or savings account. When you
are faced with a financial emergency, you don’t have time to wait for days or weeks for the
money you need. An installment loan is a fast, convenient alternative to other tedious lending
processes. You can apply online or from your mobile phone and get an answer in minutes–
without the piles of paperwork that other lending sources require.
3. Manageable payments
With full visibility of loan terms up front, you can plan your payments into your budget. Unlike payday loans, which typically require fast repayment in one lump sum, installment loans are repaid in manageable amounts over a pre-determined amount of time. The result is far less strain on your finances and a smoother path to regain your financial footing.
4. A higher loan amount
Because you repay the loan over time, installment loans often offer a higher loan amount than other short-term loan options. For larger purchases and expenses, an installment loan can provide more money, accessible in a shorter amount of time.
5. Build a positive credit history
Even though installment loans don’t require a good credit history or a hard credit check, they can help you build a credit history. They are designed to help good people cope with unexpected expenses with manageable payments over time. An added benefit of paying on time is a better credit rating if your lender reports your payments to the credit bureaus.
Don’t let emergencies throw your finances off track. Work with a reputable online installment loan provider to access the funds you need, when you need them.