Benefits of Bad Credit Installment Loans
In the past, people with bad credit had minimal options when it came to financing. However, today, installment loans are an excellent option for people with bad credit, allowing them to borrow money for any purpose and for any length of time.
There are a number of other benefits to bad credit installment loans, including:
- You can get approved even if you have bad credit or no credit at all.
- You don’t have to worry about paying back your loan on your next payday.
- You can choose to repay your loan over an extended period of time.
- You don’t have to provide collateral to get an installment loan.
- The loan application process is fast and straightforward.
- More flexibility and options than you get with a payday loan.
Bad credit installment loans are a great way to finance almost anything, from home improvements and car repairs to significant purchases and debt consolidation.
Lenders That Offer Bad Credit Installment Loans in Canada
With a bad credit installment loan, you don’t need to go to a traditional brick-and-mortar store to apply for a loan. Instead, you can apply for it online and get a loan decision almost instantly. Some of the most popular lenders offer bad credit installment loans in Canada.
24 Cash Canada
If you need a small amount of cash to cover a short-term expense, 24 Cash Canada offers quick personal loans ranging from $500 to $850. They charge an APR of 26% and a repayment term between 90 days to 150 days.
Alterfina Canada
Alterfina Canada offers bad credit installment loans ranging from $500 to $2,500 with a repayment period of 3 months to 6 months. They charge an interest rate of 18.99%.
Cash Go
Cash Go is another Canadian lender that offers installment loans to people who have bad credit. They offer loans ranging from $300 to $1,500 with a repayment term between 90 days to 160 days. Cash Go charges an annual interest rate of 24% to 32%.
Instant Funding
Instant Funding is a Quebec-based lender that offers bad credit installment loans of $300 to $1,300 with interest rates is in between 14.98% to 46.98%. They offer repayment terms of up to 1 year.
Frequently asked questions
Why choose an installment loan over a payday loan?
How fast can you get approved for a bad credit installment loan?
Do you need a bank account to apply for an installment loan?
Do you need to have a stable source of income to qualify for a bad credit installment loan?
What if I'm bankrupt? Can I still get an installment loan?
Conclusion
Bad credit installment loans are a great way to get the cash you need without worrying about your credit score. However, not all lenders are created equal, so it’s important to compare a few of them to ensure you get the best loan term and the lowest interest rate.
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