When you have to deal with a sudden expense and don’t have enough cash at the moment, installment loans can be life saviors. These loans are easily available, and you get to choose from a variety of private lenders. These are personal loans for bad credit that are even available to people who don’t have an excellent credit score or don’t have a credit score at all. To know more about installment loans, the process of getting them and the lenders who can help you, just keep scrolling.
What is an Installment Loan?
An installment loan is a type of loan that allows you to borrow a large amount of money for any expense. It usually has a fixed interest rate and needs you to make monthly payments.
Find Out Your Credit Score
Installment loans are a good option for people who want personal loans for bad credit because your credit score doesn’t carry much weight with the private lenders. They are usually interested in your ability to pay back the loan.
If you are not sure about your credit score, you should find out about it. You need to approach any of the two national credit bureaus in Canada, TransUnion Canada, and Equifax Canada to find your credit report. It will help you to decide whether you need personal loans for bad credit or not.
All Canadians are entitled to getting their credit report once a year at no additional costs. You can apply to any of the agencies above. To apply, you need to furnish various documents, like your identity proof. Once you submit the application for the report, you will get it online, in-person or via an email.
Can You Get an Installment Loan with Poor Credit?
Many people seek installment loans for bad credit. If you are one of them, you should know that getting this type of loan is fairly easy. Many private lenders offer installment loans for bad credit because they often don’t check your credit history.
They are more interested in ensuring that you have a stable income or you can offer collateral. As the private lenders offering installment loans for bad credit usually have more lenient lending policies than the banks, many borrowers prefer them over the banks.
Top Bad Credit Installment Loans Lenders in Canada
Now, if you are sure that you want the assistance of a private lender to provide you with a loan, you should weed out reliable lenders who offer a higher chance of guaranteed loan approval. One way of doing it could be to visit loansgeeks.com, a website where you get the list of lenders who provide guaranteed loan approval.
For that, you just need to submit some basic information and the website will customize the results for you. Another option could be to go through the following list of lenders who have better chances of guaranteed loan approval.
|Name||Loan Amounts||Loan Term||Interest Rate||Website|
|$500-$15,000||9-60 months||From 29.99%||Visit Website|
|$1,000 – $15,000||12 to 60 months||44.90%||Visit Website|
|$500 to $10,000||6 to 60 months||46.93%||Visit Website|
|$1,000 to $15,000||12 to 60 months||46.93%||Visit Website|
|$500 to $10,000||6 to 24 months||23% - 59.7%||Visit Website|
This lender can be trusted with providing loans for people with bad credit because the lender doesn’t judge you in your credit score only. The application process is paperless and has no hidden charges. The loans applications are reviewed 24 by 7, and if you get an approval for loans for people with bad credit, you will get the money in short time after signing the loan agreement. This lender even offers a cashback when you pay back the loan.
When seeking a large amount of loans for people with bad credit, you can trust this lender. It allows you to borrow up to $15,000. The loan will be approved swiftly, and the funds will be released as soon as your information is verified and you sign all loan documents. The company also makes repayments easy by deducting the loan amount from the bank account automatically according to a set schedule.
If you want bad credit loans guaranteed approval, this website might be your savior. Here you can get personal loans up to $10,000. This lender can be trusted if you want to repay the loan on your terms. There are no fees and penalties involved if you make the repayments a little earlier or later. The company charges 46.93% APR on a $1,000 loan that has a 12-month term. The loans can be availed from any retail store of the company or online via INTERAC e-Transfer.
Another website where you have higher chances of bad credit loans guaranteed approval is Cash4You. The company has more than 200 locations where you can submit the documents for a loan. You also have the option of submitting them online. The loan can be passed in as little as one day.
Some documents you need to offer are a photo ID, proof of income, proof of address, bank statement, property tax statement, mortgage statement or a void cheque. The company isn’t even asking for a credit score which means you can hope for bad credit loans guaranteed approval here.
At Magical Credit, they look beyond your credit history to determine if you qualify for a cash loan. If you have bad credit history or a non-traditional source of income, Magical Loans has got your back as well. This lender accepts government subsidies, including baby bonuses and pensions, maternity leave, workers comp and much more.
Why Should You Consider Getting an Installment Loan?
When you want bad credit loans Canada guaranteed approval, you should consider installment loans. These loans are easily available to people who have a steady source of income, no other big loans and re Canadian residents. You should consider getting an installment loan instead of any other loan option because it provides the following benefits:
- Small Installments
You should trust installment loans when hoping for bad credit loans Canada guaranteed approval because repaying these loans won’t give you a headache. Even if you have borrowed a large amount of money, you can break it down into easily payable and small installments.
- No Surprises
You should trust installment loans when you need bad credit loans Canada guaranteed approval because these loans have a fixed installment amount. When you know the amount you need to pay, you will plan your finances in a better manner and have no surprises like a sudden increase in interest rates.
- The Cost of Borrowing is Low
The cost of borrowing installment loans when you need bad credit installment loans guaranteed approval Canada is low as compared to other options. The rate of interest is usually low as you are spreading the payment over time.
How to Get Fast Approval on an Installment Loan?
Anyone who has ever taken out a loan or has visited various lenders to know about bad credit installment loans guaranteed approval Canada would know that getting a loan approved can be a time consuming and a tedious task. If you want to avoid that hassle, you should follow these tips.
- Connect with a Direct Lender
When you want bad credit installment loans guaranteed approval Canada, you should only connect with a lender who can offer that. The lender should be open to answering all the questions you might have and should never hide anything. If you suspect that the lender might levy hidden charges in the future, you should stay away from this company. Only trust a lender who is transparent about all the fees and is willing to put all the conditions in writing.
- Don’t Worry About a Collateral
Though having an asset to offer as collateral like a car or real estate can make the loan process easy, you can also get bad credit personal loans Canada guaranteed approval without offering collateral. These are known as unsecured loans.
The only side effect of such a decision would be that you will need to pay slightly higher interest rates. The convenience of getting unsecured bad credit personal loans Canada guaranteed approval is often worth the higher costs.
- Don’t Worry About a Guarantor Too
Though some lenders who promise to offer bad credit personal loans Canada guaranteed approval would require you to get a guarantor, many lenders won’t bother with it. Many people are looking for bad credit payday loans guaranteed approval these days, and hence lenders have removed the condition of having a guarantor from their terms & conditions.
Again, the cost of bad credit payday loans guaranteed approval will be higher than the loans in which a guarantor is present but the increase in cost would be low as compared to what it was a few years back. More and more lenders offering bad credit payday loans guaranteed approval understand that guarantors are not easily available.
It is quite clear that installment loans are meant for people who need bad credit personal loans guaranteed approval no credit check. Most direct lenders won’t bother with a credit check if you have steady finances now and can assure them of a steady income in the future.
The process of getting bad credit personal loans guaranteed approval no credit check is also becoming easier than ever. You just need to find the right lender. In case you need more advice on bad credit personal loans guaranteed approval no credit check, you should just seek the help of a financial advisor and seek personalized solutions designed just for you. Good Luck!