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?
Are installment loans safe?
What if you miss out on your repayment date?
How can you avoid getting scammed?
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.