Installment Loans BC
A low credit score or bad credit can be a tough obstacle to conquer when you’re in search of a quick loan, especially since banks and traditional lenders consider poor credit a red flag. For many financial companies across the country, working with this type of borrower is simply too risky. However, there is a solution!
When it comes to bad credit loans, BC residents can rest easy knowing that 514Loans can help. We provide short term and installment loans with need for a credit check. Even better, we often approve these loans the same day you apply!
If you live anywhere in British Columbia and need a financial boost, 514Loans can get you up to $3,000 by simply filling out our online form. Either that, or call us up to speak to one of our friendly staff members. We’ll answer your questions and help you achieve your financial goals in short order, often getting cash delivered directly into your bank account with very little delay!
What is an installment loan?
There is an important distinction between an installment loan and a payday loan. While they are similar, it’s clear that an installment or short-term loan is a much better option. While neither product requires collateral or a credit check, installment loans in B.C. and around the country have more flexible repayment schedules, lower interest rates and lower associated costs.
The Advantages of Installment Loans
In terms of flexibility, these loans are better than payday loans because the repayment terms are not as strict. Payday loans often require you to repay the full amount at one time, usually on your very next pay day.
Our BC online loans don’t have this same requirement. Instead, you can repay the total amount in installments, thus the name. As Vancouver residents are well aware, it isn’t just real estate that is expensive, but life on the west coast in general! Having the freedom to repay your loan the way you want is important.
514Loans gives you the choice! You can pay off your loan installments weekly, bi-weekly, or monthly. It’s up to you. British Columbians will appreciate that our loans can be paid back over years, not days or weeks.
In terms of costs, installment loans provide a significant benefit. The repayment flexibility helps you avoid penalties for late payment. Generally speaking, when a payday loan is not paid off in full, they are considered “unpaid.” And unfortunately, if you can’t pay it all off in one shot- sometimes in as little as two weeks – you end up with huge additional costs. The loan is then usually rolled over into a second payday loan, beginning a debt spiral that is hard to escape from. Not only will that further damage your credit score, it will also put you deeper in debt than when you started.
Instant Same Day Approval Even With Bad Credit
What Can Installment Loans Be Used For?
At 514Loans, our goal is to provide the short term loans BC needs, and to do it quickly. By streamlining the application process, we can help you start spending right away. We believe that you know your own situation best, and so we leave it up to you to decide how best to use your own money.
The following are just some of the examples of how you can use your installment loan:
- Eliminate credit card debt
- Get a new or used car
- Boost your small business
- Pay medical expenses
- Use it for school expenses
- Take a vacation
- Renovate your kitchen
- and more!
With some of the best BC loans online, you’ll get a great deal at 514Loans, along with low interest rates and flexible terms.
Customers since 2017
Apply Online and Get Cash Fast
1. Apply Online
2. Get Same Day Approval
3. Money in Your Bank Account
Easy Installment Loans
What Do I Need to Qualify?
In order to get an installment loan from 514Loans, all you need is to:
- Be a Canadian over 18
- Work full time
- Not be in bankruptcy
That’s it! To learn more about it or to speak to one of our customer service representatives, contact us any time and we’ll be happy to take you through the steps.
514Loans: The Right Choice
If you live in British Columbia and need a short-term loan, don’t get sucked into a payday loan provider’s debt trap.
Instead, get help from 514Loans! A low credit score is not a problem, and our online application form is quick and easy. We can process and pay you on the day you apply so you can get the cash you need right away. No delays, no hassles and no long waits.
Discover why Canadians are choosing us over other personal loan or payday loan providers more and more. For access to money right away, trust 514Loans. We have the no credit check loans that BC residents deserve.
How it works
Who we are
We are an online financial service provider. We work with licensed private lenders, to provide short term financial solutions, that are significantly less expensive and more flexible than a conventional payday loan. Good credit, bad credit, it doesn't matter. We will assist you in finding the financial product that suits your needs.
Fees and Interest
Depending on the risk associated with the application, Our lenders charge an APR ( Annual percentage rate) of 22% to 32%. Membership fees do apply. Please refer to our "Example Cost of Borrowing" section for more information.
Terms of Repayment
Our installment loans can be paid weekly, bi-weekly, bi-monthly, or monthly. The payment schedule depends on the customer's pay frequency. Unlike payday loan providers, our lenders offer loan terms of 90 and 120 days. Extended payment schedules are available for loans over $1000.
What Makes us better than Payday Lenders
Typically, Payday Loan providers require borrowers to finalize entirely on their next paycheck. The costs associated with payday loans vary from province to province.
The ABR (Annualized Borrowing Rate) for
- payday loans ranges between 390% to as high as 560%.
- installment loans range between 190% and 200%.
Our ABR includes all fees and interest associated with our installment loan product. Our cheaper ABR and more flexible terms make our product a better choice for Canadians in need of a short term financial solution.
Example Cost Borrowing
$300 borrowed over 3 months on a bi-weekly payment schedule, will cost the borrower 6 payments of approximately $75. The total amount reimbursed is roughly $450.00. This includes all membership fees as well as Interest and capital.
Our lenders charge a $50 fee for any returned payment due to NSF (Non-Sufficient Funds). The missed payment, as well as the lenders' fee, are added to the end of your payment plan schedule. Two additional payments are extended to the payment plan.
Our Lenders charge a fee of $35.00 to reschedule a payment and extend the payment plan.
The rules for rescheduling payments are the following:
- A client can not reschedule the first payment.
- A client can not reschedule two payments in a row
- A client can not reschedule more than two payments per loan term.
Borrow Money Responsibly
This type of financing is meant to be used as a bridge to solve an immediate financial crisis. Interest rates are relative to risk and may be higher than conventional banking institutions.
Please note that having Multiple Installment Loans or Payday Loans can result in long term financial burdens. Please give us a call if you are caught in a loan cycle due to predatory loan practices. Our agents will assist you in finding a consolidation product that will prevent costly collections procedures as well as a negative impact on your credit file.
Please borrow responsibly.
Applying Online is Safe with us
Your important personal information is encrypted and protected using Bank Level Encryption Security. We are HTTPS secure, and our users can expect a safe and private online experience when using our website.
How to Qualify for a Personal Loan
Our application process is simple and easy on PC, tablet, or mobile phone. The following is criteria is necessary to qualify for a loan:
- You must be a Canadian citizen
- You must be over 18 years of age
- You must be employed full time.
- You must have an active bank account.
- Must not be engaged in a consumer proposal or a bankruptcy process.
Frequently Asked Questions
What is a cash advance?
A cash advance is a short term financial solution, often used to cover car repairs, collection notices or any other type of unexpected expenses. Short-term cash advance services fulfill a need not met by traditional financial institutions, offering a less costly and often more desirable option for short-term loans.
A non-traditional cash advance is often the best way to receive a quick loan. Industry group CFSA reports that non-sufficient funds (NSF) cost consumers tens of billions of dollars each year from banks and credit unions. CFSA notes that millions of people each year “choose payday advance as a dignified, discreet, and often less costly solution for cash flow problems, without asking family for money or risking personal items as collateral.”
Many applicants also struggle to attain traditional financing despite having excellent credit. Many of them need quick access to working capital. Online lenders have emerged as a welcome alternative for borrowers everywhere. Online lenders are increasingly being used by consumers and businesses to get fast access to capital outside of banks. Also known as marketplace lenders, they “have leveraged low operating costs, minimal regulations, Big Data, and technology streamlined for a mobile generation to mediate terms between everyday borrowers who want quick access to cash.
What are the requirements to get a cash advance?
We like to keep things simple.
- You must be over 18 years of age
- You must be a Canadian citizen
- You must be employed full-time
- You must have an active bank account
- You must not be engaged in a consumer proposal
- You must complete an IBV (Instant Bank Verification)
I am Self Employed. Can I apply for a cash advance?
Absolutely! Just as long as our agents can verify a frequent source of income through your IBV (Internet Banking Verification).
How much money am I allowed to borrow?
Our loans range from $300 to $3000.
However, ou lender's credit risk may assign a different amount than originally requested. This assures that the borrower will be able to reimburse the loan without any negative impact on their budget and/or financial situation.
When can I expect the funds to arrive?
Your funds are deposited automatically as soon as we receive your signed electronic contract. Deposits typically happen on the same day; however, some deposits can take up to 24 hours to appear in your bank account.
What do I need to email or fax in?
You may fax or upload your documents during your application process.
The required documents are:
- A copy of your driver's license
- A proof of residence (any most recent utility bill with your name and address indicated on it)
Proudly serving Canadians with no credit check installment loans, the best alternative to payday loans and the go-to alternative financial services. Thanks to you, we are the fastest growing installment loans provider across the country.
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