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Installment Loans With Guaranteed Approval in Ontario

If you live in Ontario and are looking for a way to get an instant cash advance, consider applying for an installment loan with guaranteed approval. This type of loan can help you pay your bills on time and provide you with the cash you need when you need it most. An installment loan is also perfect if you are having a hard time getting approved for a traditional loan, as they don’t require credit checks or collateral. Plus, you can apply for this kind of loan online without the need for unnecessary paperwork.

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Written by: Big Piggyy

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How Do Installment Loans Work?

 

When you apply for an installment loan, you have the option to pay it back over a set number of payments or pay it off over a set number of months. The longer your repayment term is, the lower your monthly payments will be, but the more interest you will be charged. Unlike traditional payday loans, installment loans don’t require you to repay your entire loan in one go. Instead, you’ll be able to make smaller payments that add up to the total amount you need to pay off, plus interest. 

The amount that you can borrow depends on your monthly income and not your credit score. Most of the time, online lenders won’t even bother checking your credit history when you’re applying for an installment loan. 

 

Ontario Lenders That Offer Installment Loans With Guaranteed Approval

 

There are several lenders that offer installment loans with guaranteed approval in Ontario. Here are a few online lenders that offer this kind of loan:

 

  • Payday Buzz
    Boasting an approval rate of 99.8%, PayDay Buzz offers guaranteed installment loans of up to $5,000 with a repayment term of 3 months, 6 months, 9 months, or 12 months. Their interest rates vary depending on the loan amount but giving you a rough idea; Payday Buzz charges an interest rate of 3.4% per month for a $1,500 loan.

 

  • 514 Loans
    514 Loans offers bad credit installment loans ranging from $300 to $3,000 with an APR of 22% to 32%. Their repayment term is between 90 days to 120 days.

 

  • Direct Loan Canada
    Direct Loan Canada promises that “no matter your credit score, you can be accepted” for their installment loans. You can borrow up to $1,500 with a repayment term ranging from 3 months to 6 months. They charge an annual interest rate of 8.95%, which represents 2.24% for a 3-month term.

Frequently asked questions

How to know if you are eligible for an installment loan with guaranteed approval in Ontario?

Generally speaking, you can apply for an installment loan if:

  • You are a Canadian citizen
  • You are 18 years old and above
  • You have a full-time job
  • You are not bankrupt

 

Are installment loans safe?

Installment loans are a safe and secure way of getting the cash you need. If you are having a hard time getting approved for a bank loan, installment loans with guaranteed approval are a great option. 

What if you miss out on your repayment date?

If you miss a payment, you may be charged a late fee. But don’t worry; most lenders have a specified grace period that allows you to make up for any missed payments without incurring any penalties. 

How can you avoid getting scammed?

The best way to ensure that you’re dealing with a legitimate lender is to read the fine print of the agreement you’re signing. You should also check customer reviews to get an idea of what other borrowers have to say about the service they received. 

Conclusion

As long as you have a steady income, an installment loan with guaranteed approval is an easy and secure way to get the cash you need. In addition, installment loans are ideal for people who are not eligible for a traditional loan and for those who have a negative credit history. 

Big Piggyy

"Show me the MONEY!!!" – Jerry Maguire

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