Installment Loans for Bad Credit
Nowadays, you don’t have to look hard to find a loan provider that will offer you a bad credit installment loan. In fact, there are a lot of online lenders who offer cash assistance to those who have poor credit scores. Unlike traditional banks and credit unions, these online lenders are not bound by the same strict rules and regulations. They focus more on your income and repayment ability instead of your credit history.
Pros and Cons of Installment Loans for Bad Credit
While you can get a bad credit installment loan with guaranteed approval in Canada, there are some things that you need to be aware of. Here are some of the benefits and drawbacks of this type of loan:
Pros
- Bad credit accepted
- Easy application
- Fast access to cash
- No strict requirements
Cons
- High-interest rates
- Predatory lenders
- Higher chance of getting scammed
- Long-term repayment term
If you are in a financial crisis, you can always get a bad credit installment loan to help you pay off your debts. But, beware of the high-interest rates. These loans are usually designed to last for a longer period of time. And, the longer the loan term, the higher the interest rate will be.
Companies That Offer Bad Credit Installment Loans With No Credit Check in Canada
Here are some of the companies that offer bad credit installment loans in Canada:
Refresh Financials
Refresh Financials is an online lender that offers loans with no credit check in Canada. You can loan between $1,250 to $10,000 with a maturity of 36 to 60 months. They charge 43% APR annually.
LendingMate
Lending Mate is another company that offers bad credit installment loans in Canada. They offer loans of up to $10,000 with a term of 9 to 36 months. They charge interest rates between 12.99% to 39.99%.
Cash 4 You
Cash 4 You is a popular online lender that offers fast cash without checking your credit score. You can get up to $15,000 with a repayment term ranging from 12 months to 60 months. They charge a flat rate of 46.93% APR annually.
Frequently asked questions
How long do I need to wait to get my application approved?
How do I know if I qualify for a bad credit installment loan?
Are no credit check loans safe?
What are the risks associated with applying for bad credit installment loans?
Bottom Line
Applying for a bad credit installment loan is easy. All you need to do is fill out an online application form and send it to the lending company. The application process will take less than 30 minutes, and you can receive the approval within a few hours. Of course, the amount of money you will receive will depend on your income and repayment ability.
Piggyy
״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
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