Installment loans are a form of online loans that are provided to the borrower in a lump sum at the beginning of the transaction and then paid back over time at monthly or biweekly intervals. These loans are generally larger than payday loans, but smaller than the personal loans issued by financial institutions.
The terms of an installment loan can range from short-term to medium-term durations, but most fall within the range of 6 months to under 5 years. However, these loans also come with a higher interest rate than personal loans as they are primarily targeted to borrowers with lower credit scores.
The installment loan is less regulated than a payday loan, and can be used for any purpose that the borrower wishes to channel the funds into. However, because of the higher rates that the loans have, they are best used for emergency needs such as:
Installment loans can be issued to cover the costs of these repairs that are typically paid out in a lump sum either prior to or directly after completion of the repairs depending on the vendor.
In cases where the borrower finds themselves unable to pay off an impending hydro, cellphone, or other type of basic utility bill, the installment loan can be used to keep the lights on – literally and figuratively.
Unforeseen medical expenses that arrive unexpectedly often cannot be met by income and savings. If this is the case for a borrower, then the installment loan can be a lifeline that provides lump sum payment at the outset.
When searching for an online installment loan, most vendors will typically ask for the same basic requirements at the minimum in order for you qualify for a loan. These are:
This can be a tax slip, employer verification letter or other such document. However, a full-time job is not a criteria for the proof of income requirement. Part-time jobs, disability income, pension income, and social welfare benefits count too.
In most cases, online installment loan providers ask for a valid and active bank account to deposit the funds into. However, it is also possible to obtain cash loans from a physical branch location in some cases, albeit rare.
In most provinces and territories, the minimum age for receiving an installment loan is 18. For this reason, installment loan providers will ask for government-issued ID.
Installment loans are typically extended only to Canadian citizens or permanent residents.
We understand that when you have a cash emergency, you need money fast. We also understand that when it comes to your finances, you want to work with a company you can trust. That's why Cash Money is here to provide answers to your questions, so you can feel comfortable with your decision – whatever that may be. Select a topic below to learn more.
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Upon receipt of your contract our systems will automatically process direct deposit request to your account.
Borrow Instantly, Repay Slowly
Flexible Payback options enable you to plan for your future
Canada offers multiple financial solutions to its residents. With growing burdens of life, financial issues have become common. However, it becomes easier to manage one's expenses by availing of the provided solutions.
Loans are a common option for Canadians when there is an urgent need for money. There are a variety of options to be availed depending on your needs and eligibility.
What's an installment loan? An installment loan allows you to pay off a personal loan through a series of manageable payments over time. Choose the plan that is right for you, and easyfinancial will help you get back to bank rates with flexible payment terms.
Online installment loans : - Apply online for an installment loan and get approved in minutes
Short term installment loans : - Pay off a personal loan in a short period of time and rebuild your credit
Long term installment loans : - Take the time you need to pay off your personal loan
Bad credit installment loans : - Improve bad credit with an installment loan
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta, Newfoundland and Labrador and British Columbia, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.