Legit Installment Loans for Bad Credit

What are Installment Loans for Bad Credit?

Installment loans for bad credit are a special type of installment loan that’s specifically designed for people with poor credit or no credit at all. They are also known as “personal loans,” “short-term loans,” or “cash advances” for bad credit. Instead of looking at your credit report, alternative lending providers will look at your income and employment to determine whether or not you qualify for an installment loan. This means you won’t have to worry about being denied a loan because of your credit score.

Installment loans for bad credit are typically offered by lenders who specialize in alternative financing. These types of lenders are often referred to as “non-bank” lenders, because they don’t operate out of traditional banking institutions. Instead, they work with businesses and individuals to provide them with fast and convenient cash.

Pros and Cons of Installment Loans for Bad Credit

While it may seem like there are more pros than cons when it comes to getting a legitimate installment loan for bad credit, there are actually a few drawbacks. The main drawback is that you will usually pay higher interest rates than if you had a better credit score.

However, this is a small price to pay if you’re in desperate need of some quick cash. Plus, you can usually choose from a variety of different repayment options, including monthly payments, bi-weekly payments, and even weekly payments. With fast approval and fund transfer in as fast as 24 hours, these loans are the perfect solution for Canadians with poor credit.

Basic Requirements to Get a Legitimate Installment Loan for Bad Credit in Canada

While loan requirements vary from one lender to another, the following are the basic criteria you’ll need to meet in order to qualify for an installment loan for bad credit:

• You must be a Canadian Citizen or legal permanent resident
• You must be at least 18 years old
• You are not bankrupt
• You have an active bank account
• You have a steady source of income

A lot of alternative lending companies will delve deep into your employment details/source of income because that’s their only guarantee that you’ll be able to repay the loan.

Companies That Offer Legit Installment Loans for Bad Credit in Canada

If you are in the market for a legitimate installment loan for bad credit, you should start by looking at the following lenders:

Urgent Money

Urgent Money offers bad credit installment loans ranging from $500 to $3,000 with a repayment period of up to 120 days. They charge $18 for every $100 borrowed. 

My Next Pay

My Next Pay is a popular Canadian lending company that offers installment loans for bad credit between $300 and $3,000. They charge an interest rate of 18% and offer loan maturity dates of up to 6 months. 

Captain Cash

Captain Cash is an online lending company that specializes in bad credit installment loans. They offer loans ranging from $500 to $750 with an interest rate of 22% and a transaction fee of $0.50. Their loan repayment period lasts up to 120 days.

Simply Cash

Simply Cash offers installment loans of up to $2,500 to Canadians with bad credit. They charge $15 for every $100 borrowed and offer a loan repayment period of up to 24 months. 

The Bottom Line

Getting a legitimate installment loan for bad credit is a great option for Canadians with poor credit or no credit at all. They are available in a variety of different repayment options, and they are generally easier to obtain than other types of loans. However, they do come with a higher interest rate, which can add up over time. But, they can be the perfect solution for Canadians who need some quick cash.