Installment Loans for Bad Credit $2,500 Canada

What Is an Installment Loan for Bad Credit?

An installment loan is a type of personal loan typically offered by online lenders. With this type of loan, you can expect the following key features:

• No need for collateral, so you won’t have to risk any assets to secure your loan
• The repayment method will be in installments, meaning that you’ll have to pay back set amounts in a specified time period (usually on a monthly basis)
• Relatively high-interest rates due to the fact that lenders will be taking a higher risk because of your bad credit score
• Small amounts, typically ranging from $500 up to around $15,000, although some can be higher
• Short terms, so these loans will usually need to be paid back in full within a few years, maximum
• Lenient requirements, allowing people who have poor credit scores and bad credit status to still get the $2,500 they need

What is a Bad Credit Score?

In Canada, credit scores range from 300 to 900. If you have bad credit, your credit score will be in the 300 to 574 range. While the exact requirements for getting a loan will vary depending on the lender, people with bad credit generally find it harder to get approved for a loan than people with good credit. This is because lenders are taking a higher risk when they are lending money to people with bad credit, and are therefore more likely to require collateral, or some other form of security.

Lenders Who Offer $2,500 Installment Loans for Bad Credit in Canada

If you’re looking for $2,500 installment loans for bad credit in Canada, here are several lenders who you can turn to:

Money Mart

Money Mart offers installment loans ranging from as low as $1,000 all the way up to $15,000. You can apply for a loan term ranging from between 12 months and 60 months, with interest rates ranging from 29.9% up to 46.9%. The minimum credit score required for this loan is 300, so even those with very poor credit can apply and be successful.

Loan Connect

Loan Connect offers short-term installment loans for bad credit. One of the best parts about working with Loan Connect is their speedy application process. With the help of this loan broker, you can be approved in a matter of minutes, regardless of your credit score or history. Total amounts range from $500 up to $2,500, with terms ranging from three to six months and interest rates fixed at 32%.

Loan Away

Loan Away is another lender that does offer bad credit installment loans of $2,500 in Canada. In fact, you can apply for an installment loan of any amount between $1,000 and $5,000 with loan Away, with terms ranging from as short as six months to as long as three years (36 months). Interest rates range from 19.9% up to 45.9%, and the application and approval process is very fast; Loan Away can have your loan approved in under half an hour.

Conclusion

In the past, people with poor credit had a hard time getting approved for a loan. However, with the help of online lenders, it is now possible to get approved for a loan in a matter of minutes, regardless of your credit score. But, do your research and be extra vigilant when choosing your lender to avoid scams and frauds.