What is the Difference between a Payday Loan and an Installment Loan?
Compared to a traditional payday loan, an installment loan is a more flexible type of loan that allows you to pay back the money in equal installments over a certain period. The repayment term can range from six to 60 months, depending on the lender. Some of them offer you the option to choose the length of the repayment period, while others only allow you to choose the number of installments.
On the contrary, a payday loan is a short-term loan that is designed to help you cover your expenses in case you get your paycheck late. The repayment terms of payday loans range between two to four weeks only, which means that this type of loan is not a good option for those looking for more flexibility and a more extended repayment period.
Online Lenders That Offers Installment Loans With No Credit Check in Canada
For the past few years, online lenders in Canada have become increasingly popular as they offer fast and easy installment loans without digging into your credit history. Here are a few lenders that can provide you with an installment loan without checking your credit score.
- 514 Loans
514 Loans is a popular online lender that offers installment loans between $300 to $3,000 with a repayment term of 90 days to 120 days. Their interest rate varies from 22% to 32%, depending on the loan amount.
- Urgent Money
Urgent money is another Canadian lender that offers installment loans with no credit check. They offer loans of up to $1500 with a cost of $18 per $100 and a repayment term of 90 days to 120 days.
- Cash Depot
Cash Depot offers installment loans that are perfect for people who are looking for a more flexible and longer repayment term. They offer loans ranging from $300 to $3,000 with an APR of 18%. In addition, they offer a 6-month repayment term for borrowers.
- Captain Cash
Captain Cash offers installment loans with no credit check of up to $750. They charge an interest rate of 22% and offer a repayment term between 90 days to 120 days.
Frequently asked questions
Can you apply for an installment loan even if you have a bad credit history?
How can you qualify for an installment loan?
Why should you choose an installment loan over a payday loan?
Can you repay your installment loan early?
Conclusion
Installment loans are a good option for those who are looking for more flexibility and longer repayment terms. These loans are an excellent alternative to payday loans, especially for those with an adverse credit history.
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