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Installment Loans (No Credit Check) in Ontario

People with bad credit are often turned away by banks when they want to borrow money, and this is the same with many other financial institutions in Ontario. Thus, many people turn to non-traditional lenders to get the fast cash they need to settle an emergency situation or pay for an unplanned purchase.

No credit check installment loans are one of the best ways to borrow money when you find yourself in a pinch. However, before applying for an unsecured installment loan, there are many things to be aware of before you apply.

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Written by: Pig Daddy

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What are No Credit Check Installment Loans?

 

As the name suggests, no credit check installment loans are fast cash loans that do not require a credit check. This means that you can get a loan even if you have bad credit or no credit at all. You only need to fill out a simple application form, and you can have the money in your account in as fast as 24 hours. 

No credit check installment loans are a type of unsecured, short-term loan that is usually used to cover an unexpected expense. You can use the money you get from no credit check installment loans for many things, including paying for medical bills, repairing a broken appliance, or buying a gift for a friend or family member. 

 

Basic Requirements to Qualify for a No Credit Check Installment Loan

 

In order to qualify for a no credit check installment loan, you must be at least 18 years old and above. In addition, you must be a Canadian citizen or a permanent resident with an active bank account. You also need to have a steady source of income to demonstrate that you are capable of repaying the loan. Installment loans are unsecured a loan, which means that you don’t have to provide any collateral as security for the loan.

 

Companies That Offers No Credit Check Installment Loans in Ontario

 

For the past few years, the number of companies that offer no credit check installment loans in Ontario has increased significantly. Here are some of the companies that you can choose from if you are looking for some quick cash in Ontario:

 

Better Than The Bank

Better Than The Bank is a famous Canadian loan provider that offers no credit check installment loans in Ontario. Their loans range from $100 to $1,500, with loan maturity dates is in between 1 month to 6 months. Their interest rates range from 30% to 32%. 

Simply Cash

Simply cash offers Ontario residents with no credit check installment loans of up to $2,500 with a repayment period of up to 24 months. Depending on the amount borrowed and the repayment term, they charge an interest rate of 35% to 59% per annum.

Dash Loans

Dash Loans is an Edmonton-based lender that offers installment loans without credit checks in Ontario. They have an APR of 18% to 32% with a repayment term of 90 days to 120 days. You can get no credit check installment loans from Dash Loans ranging from $300 to $750.

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Frequently asked questions

How do installment loan interest rates compare with payday loans and traditional bank loans?

The interest rate of an installment loan is typically lower than a payday loan but significantly higher than a traditional bank loan. 

How long does it take to get a no-credit-check installment loan?

The time it takes to get a no-credit-check installment loan will depend on your lender and the amount of money you need. Typically, you can get the money in your account within 24 hours. 

What is the main difference between an installment loan and a payday loan?

There are many similarities between installment loans and payday loans. Both are short-term loans that you can use to pay for an unexpected expense. However, no credit check installment loans are more affordable and flexible than payday loans. 

How much can you borrow with a no credit check installment loan?

In general, lenders look at the applicant’s monthly income to determine the maximum amount that can be borrowed. 

Are there any hidden fees when applying for an installment loan?

Some lenders charge a small transaction fee when applying for an installment loan. Penalty fees and late payment fees also apply when you fail to repay your loan on time. 

If you find your back against the wall, know that you can turn to no credit check installment loans to get you out of your financial jam. It is a quick, easy, and convenient way to get the money you need when you need it most. However, you must make sure to repay back the loan on time, or you’ll end up paying even more money in penalties and interest.

Pig Daddy

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