Get Approved for a Loan Instantly: Bad Credit Okay
Instant Loans Canada
You never know when a situation may arise that calls for extra cash. Whatever the reason, taking out a loan is often the best option to get out of a pinch. However, if you have less than perfect credit or need the money that same day, it can be challenging to find a lender.
Instant loans are available for Canadians regardless of credit history, and some deliver same-day cash for your convenience.
At 514Loans, borrowing is made easier by an automated loan management system that allows for faster processing. You’re able to access borrowed funds right away, and you don’t have to waste your time with the hassle of faxing documents.
Nowadays, people are looking for an alternative to the age-old payday loan process. Those kinds of loans have sky-high fees and could end up affecting your credit if you aren’t able to repay in full on your next payday.
Instant loans don’t have to be paid in one large sum, and you don’t need to have good credit to qualify. You need to have a job and provide your details to get money in hand the same day you apply. These loans are the perfect alternative to high-cost payday lenders.
Online loans no credit check instant approval Canada
Instant approval online loans are a convenient and modern alternative to traditional payday loans. Lenders like 514Loans offer fully automated loan management software that makes the application process more comfortable than ever. This software allows them to process your request faster than other providers and get you your money more quickly.
Approval takes only minutes, not days like some other companies. You don’t have to fax any documents, and the loan automatically deposits into your bank once you sign online paperless agreements.
Instant Same Day Approval Even With Bad Credit
Instant payday loans Canada
When a situation arises that calls for quick cash, most Canadians look at financing to handle it right away. However, it can be challenging for people with poor credit to find a lender willing to take the risk. That’s why many people use an instant payday loan.
Instant loans are usually short-term that you can apply for without a credit check. The amount you can borrow is typically low, and you get the money immediately. Applying for an instant loan can be done online or in-person. While these loans are easy to obtain and offer instant approval, most have higher fees.
You’ll need to provide personal information like your income, Social Security number, and your bank account details.
Customers since 2017
Apply Online and Get Cash Fast
1. Apply Online
2. Get Same Day Approval
3. Money in Your Bank Account
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Installment Loans (No Credit Check)
Installment loans are one of the best loans when you have bad credit. Mainly because many don’t require a credit check with the application; since these lenders don’t decide based on your credit score, there’s no need to worry about poor credit history.
An installment loan describes all kinds of loans where you pay back the amount through scheduled payments. Some examples include mortgages or student loans. The repayment terms can be anywhere from a few months to 30 years. Depending on the lender, some require collateral, while others won’t.
Taking out this kind of loan has more desirable terms and conditions than most others. For example, the interest rates for an installment loan from 514Loans is between 22% to 32%, which is much lower than most payday loans.
One of the most significant benefits of an installment loan is it helps you rebuild your credit, opening the door to better opportunities.
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.
Online installment loans no credit check instant approval Canada
Online installment loans have many benefits over traditional payday loans. For starters, they’re 50%-60% cheaper and have longer repayment terms. These features carry less risk of default, which could negatively affect your already low credit score.
These loans have a straightforward repayment process so that you won’t end up in an endless cycle of borrowing. What’s more, taking out a no credit check installment loan in Canada means a stress-free payment plan with room to budget for your future.
If you find yourself wanting to reborrow, you can further benefit from increased credit and lower rates with every loan you successfully payback.
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Unsecured personal loans bad credit instant decision Canada
Unsecured personal loans in Canada often come in the form of a payday loan. This short-term financial option gets paid back in one full lump sum on your next paycheck. The Annualized Borrowing Rate (ABR) of a payday loan is 390% to 560%, considerably higher than an installment type loan. Many brick and mortar companies offer these loans, and you can also apply online.
The downside to payday lending is the expensive fees, which often keep you trapped in a cycle of borrowing to repay. Unlike other kinds of debt, you can’t pay off these loans in installments; the whole sum is due at one time. Because of this fact, more people have turned away from payday loans and look towards installment lending as a better short-term financial alternative.
easy payday loans
Payday loans are one of the fastest ways to get money the same day and are payable on your next check. These loans are helpful when you need to pay for an emergency or if you fall short on groceries. But they come at a price – shockingly high-interest rates.
To qualify for a payday loan, you must be employed, provide recent pay stubs, and usually a bank statement. This kind of loan gets paid back in one lump sum, unlike an installment. The fees are also much higher, and people sometimes find themselves stuck in a borrowing cycle because they can’t manage to get ahead with the steep costs. To avoid this issue, an installment loan gives you the same day, instant access to your money without the worry of massive fees.
No Credit Check LoansBenefit From Our Policy
Our applicants are not subject to credit checks. We use your banking transactions as well as other criteria to assess your request. We give you a clean slate. We believe in second chances, and we will take a chance with you when nobody else will.
What is a short term loan good for?
It should be considered as a bridge money to pay for urgent bills and not a method to increase your credit. Our rate are higher because we take a lot of risk with lending to someone with having done a credit check when issuing a customer a loan.
Short Term Loans
We understand that there are limits to how much you can stretch your paycheck in order to accommodate unforeseen expenses. Don't worry, we've got your back when it comes to installment loans in Canada.
Our Loan Rates
Our lenders charge an APR (annual percentage rate) of 22% to 32% depending on the risk score of the application.
A 300$ loan with an APR of 32% is refundable in 6 bi-weekly payments of approximately $75. This example includes all the fees associated with the borrowed capital over the three months.
Terms of Repayment
Our online installment loans are repayable within a period of 90 to 120 days. Longer loan terms are available for loans over $1000.
Abusing microloans can cause negative impacts to your financial well-being due to their higher interest rates. The interest rate on an installment loan is higher than conventional financial institutions and should be used only for emergencies.
Types of Loans
Call them whatever you want
We specialize in
Payday Loans are:
- Old news
- Extremely expensive
- Have a short payback of 14 days
- Being replaced by installment loans
Get your instant loan application started today. Our installment loan processing is optimized to provide you with your money when need it most.
Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).
Our installment loans do not require any guarantees nor liens. We do not offer title loans.
Our process is entirely done online.
- Apply today
- Get approved within an hour
- Receive your money in your bank account.
We offer personal loans to Canadians electronically. Apply today for your personal installment loan.
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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