Simple Application, Quick Approval
Installment Loans Toronto
If you live in Toronto and are in search of a cash advance or other small loans, bad credit can be a difficult obstacle to overcome, particularly when dealing with banks and large financial companies. For many traditional lenders in Canada, loans to individuals with poor credit are often deemed too risky, and they often reject applicants after a long delay.
No more! When it comes to loans for bad credit, Toronto residents can breathe a sigh of relief. 514Loans is here to help! We provide installment loans (sometimes referred to as short term loans), no credit checks required! And the best part? We often approve installment loans on the same day!
If you live in Toronto and need financial help, 514Loans can provide you with up to $3,000. Just fill out ouronline form or speak to one of our friendly and knowledgeable staff members, and we can deliver cash directly to your bank account – sometimes on the same day, you apply!
What is an installment loan?
The first thing to understand is that an installment loan is not a payday loan. They are similar, but an installment (or short-term) loan is a vastly superior product. While both don’t require collateral or a credit check, installment loans in Canada have a more flexible repayment schedule, and they also have the benefit of having lower interest rates and associated costs.
The Advantages of Installment Loans
In terms of flexibility, installment loans are better than payday loans because the repayment terms are not as strict. Payday loans often require you to pay back the entire amount in one shot, and that payment is usually expected on the day of your very next paycheck.
Installment loans don’t require you to pay it all back at once, but instead allow you to repay the total amount in installments, thus the name. As Toronto residents are well aware, life is expensive, and having the freedom to pace your repayment plan in a way that makes sense for you is important.
Installment loans from 514Loans give you the choice! You can pay off the total amount weekly, bi-weekly, or monthly. It’s up to you. Our loans also have a much more generous repayment schedule, allowing you to pay the amount back over years, not days or weeks.
In terms of costs, installment loans provide a significant benefit because the flexibility mentioned above helps you avoid penalties for late payment. Generally speaking, when a payday loan is not paid off in full, they are considered “unpaid.” If you can’t pay it all off in short order – sometimes in as little as two weeks – you end up with huge additional costs.
In some cases, interest rates on payday loans can skyrocket to as high as 400% and 500%, trapping you into an unsustainable debt spiral, hurting your credit score, and putting you deeper in debt than when you started.
Installment Loans Toronto
Our loans are indeed called “Installment Loans“.
Please borrow responsibly.
Fast Approval Even With Bad Credit
What Can Installment Loans Be Used For?
At 514Loans, our goal is to provide the short term loans Toronto 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 Toronto loans online, you’ll get a great deal at 514Loans, along with low interest rates and flexible terms.
Fast Response
Customers since 2017
Hour Approval
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APPLY ONLINE AND SECURE FUNDS QUICKLY
1. Apply Online
2. RECEIVE SPEEDY APPROVAL
3. FUNDS DEPOSITED INTO 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 Toronto 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 Toronto 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.
Missed Payments
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 an installment loan?
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 for an installment loan?
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)
Can self-employed individuals apply for an installment loan?
Absolutely! Just as long as our agents can verify a frequent source of income through your IBV (Internet Banking Verification).
How much can I borrow with an installment loan?
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 will the funds be deposited?
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 documentation is needed for an installment loan?
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)
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Areas Served
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.
Where are you from?
Ontario
Toronto, Brampton, Mississauga, North York, Ottawa, Scarborough, Hamilton, Kitchener, London, Etobicoke, Windsor, Oshawa, Barrie, Richmond Hill, Brantford, Markham, Niagara Falls
Nova Scotia
Halifax, Cape Breton, Dartmouth, Truro, Sydney
New Brunswick
Moncton, Saint John, Fredericton
Prince Edward Island
Charlottetown, Summerside
514loans - Payday Loan Alternative
Toronto, ON
Payday Loans Service Areas
