Pros and Cons of Applying for Installment Loans
While an installment loan can be a convenient and cost-effective way to get money fast, there are some things you should be aware of before you apply. Here are some of the pros and cons of getting an installment loan:
Pros
- Unlike a bank loan, you don’t need to provide collateral for an installment loan. Instead, you only need to have a job, and you’ll be able to apply for an installment loan online.
- Most installment loans in Quebec don’t require you to provide a credit check. This means that you don’t need a perfect credit history to qualify for an installment loan.
- Installment loans are fast and convenient, and they’re very easy to get approved. You can get the money in as little as one day.
Cons
- You’ll have to pay a higher interest rate than you would with a bank loan. Some lenders also charge application fees for getting your loan approved.
- An installment loan is only a short-term solution. It’s not a loan that you can use to pay for the huge home construction or to cover the cost of your child’s entire college tuition.
- There is a chance that you can get scammed. There are a lot of scammers out there who pretend to be an installment loan company but only take your personal information.
Lenders That Offer Installment Loans in Quebec
In Quebec, you can find several non-traditional financial institutions that offer installment loans. Here are some of the most popular ones:
Easy Financial
Easy Financial offers installment loans for as low as $500 all the way up to $45,000 with an APR between 19.99% to 46.96%. Their repayment term ranges from 9 months to 120 months.
Fairstone
Fairstone is another famous lending company that offers installment loans across all regions in Canada. For example, in Quebec, they offer loans of up to $30,000 with an APR of 19.99% to 39.99%. Their loan maturity date can last between 6 months to 120 months.
Go, Peer
Another company that offers installment loans in Quebec is Go, Peer. Their installment loans range from $1,000 to $25,000 with a repayment term of up to 60 months. They charge an APR of 8% to 33.92%.
Lending Mate Canada
If you are looking to apply for an installment loan in Quebec, Lending Mate Canada is worth checking out. They offer installment loans of up to $10,000 and charge an interest rate of up to 43%. Their repayment term ranges from 12 months to 60 months.
Frequently asked questions
What is the main difference between an installment loan and a payday loan?
Do I need to have a full-time job to qualify for an installment loan?
Can I get an installment loan without a credit check?
How much can I borrow with an installment loan?
Conclusion
Getting an installment loan in Quebec is simple and straightforward. This loan is an excellent choice if you are looking to get money fast but can’t get approved for a traditional bank loan. It is also a good option if you have bad credit or poor credit history.
Big Piggyy
"Show me the MONEY!!!" – Jerry Maguire
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