​​​​Bad Credit Installment Loans in Ontario

Why Should You Consider a Bad Credit Installment Loan?

There are many reasons why bad credit installment loans are prevalent among Canadians. For one thing, they’re quick and easy to get. If you’re approved, you can get the money you need in as little as 24 hours. As well, you don’t have to wait for days or weeks for your bank to approve your application, which means you can get the money you need when you need it the most. 

Another reason why people like bad credit installment loans is because they offer more flexibility than a bank loan. You can use them for any purpose you need money for, from home repairs to medical bills. You can also use them for the purpose of paying off any of your existing debts, such as repaying your credit card bills or making a payment on your car loan.

Last but not least, getting approved for a bad credit installment loan is easy. In the past, people with bad credit had to deal with a lot of paperwork and a lengthy application process. That’s no longer the case. In fact, you don’t even have to leave your house to apply for a bad credit installment loan. All you need to do is fill out an online form, and you’re done. 

Companies That Offer Bad Credit Installment Loans in Ontario

There are a number of companies that offer bad credit installment loans in Ontario. Some of them are payday lenders, while others are peer-to-peer lending platforms. 

514 Loans

514 Loans offers installment loans to Ontario residents with poor credit scores. They offer installment loans ranging from $300 to $3,000 with an interest rate of 22% to 32%. Their repayment term lasts between 90 days to 120 days. 

Cash 4 You

Cash 4 You is a famous Canadian company that offers bad credit installment loans of up to $15,000. They charge an APR of 46.93% and offer a repayment term between 12 months to 60 months.

Urgent Money

Urgent money is an Ontario-based lending institution that offers bad credit installment loans of $500 to $1,500. Their loan maturity date lasts between 90 days to 120 days and charges $18 for every $100 borrowed.

ICash

If you are looking for a flexible bad credit installment loan, iCash is a good choice. They offer loans of up to $1,500 and charge $15 per $100 borrowed. Their repayment term lasts from 7 days to 62 days.

Conclusion

Although installment loans are a very popular form of financing, there are a few things you should know before you apply for one. High-interest rates, late payment fees, and strict repayment terms are just some of them.