What is an Installment Loan without a Credit Check?
An installment loan without a credit check is a short-term loan that does not require a credit check. It is an unsecured loan that can be used for various purposes. The most common purpose of this type of loan is to pay off credit card bills. It is usually for a period of a few months, and it can be used for a wide variety of purposes. For example, you can use this type of loan to pay for your car repairs, vacation, emergency bills, and many more.
Companies that Offer Installment Loans with No Credit Check in Ontario
Numerous lending companies offer installment loans with no credit check in Ontario. However, it is essential to do your homework to learn about the lending company of your preference. This is because some lenders are using unscrupulous practices to scam customers.
Let’s have a look at some of the firms available to you before you apply.
Urgent Money
Urgent Money is a lending institution that offers installment loans to Canadians with no credit check. They have the same-day approval, and borrowed money is deposited directly to your bank account. They offer installment loans ranging from $500 to $1,500, and they charge $18 for every $100 loan. The installment loans at Urgent Money are payable within a period of 120 days and not less than 90 days.
Simply Cash
Simply Cash is a Canadian-owned and operated alternative financial service provider. They offer quick cash services that banks refuse to provide to Ontario residents. Their installment loan offer is up to $2,500 and with a repayment term of up to 24 months. Simply Cash charges $15 per $100 loan.
514 Loans
514 Loans is an online financial service provider that offers installment loans with no credit checks ranging from $300 to $3,000 with an interest rate between 22% to 32%. They have flexible repayment terms, which can be weekly, bi-weekly, bi-monthly, or monthly. 514 Loans offers lenders a loan term of 90 and 120 days and an extended payment schedule for loans over $1,000.
Frequently asked questions
Is it advisable to get an installment loan with no credit check?
How to determine whether a lending company is not a scam?
Conclusion
It is quite easy to get an installment loan with no credit check in Ontario as long as you know where to look. Ensure the legitimacy of the lending institution of your choice by doing thorough research. In the end, it is essential to understand your current financial situation and make sure that you are able to pay the installments on time before you apply for a loan.