arrow-menu

Low-Cost Installment Loans for Bad Credit 

So, you want to get an installment loan, but you’ve got bad credit. This doesn’t exactly appear well for a person living in Canada, the obvious reason being that banks will barely take a second look at you with a below-average credit score.

Read more

Written by: Piggyy

Rating

4.9/5

Loan Term

4 - 60 months

Est. APR

% 2.9 - 46.96

Loan Amount

$500 - 35,000

Rating

4.4/5

Loan Term

9 - 120 months

Est. APR

% 19 - 36

Loan Amount

$500 - $45,000

Rating

4.2/5

Loan Term

6 - 36 months

Est. APR

% 19.9 - 45.9

Loan Amount

$500_5,000

Thankfully, there is a solution to this, in form of low-cost installment loans. However, a bailout concept like Low-cost installment comes with its own risk. Persons who wish to obtain these loans should be careful of the companies they obtain them from. Many shady “companies” online pose as loan providers, with the sole objective of ripping people off. You’d want to steer clear of those.

 

Here’s a List of Legitimate Low-Cost Installment Loans Providers

 

  • Loans Away 
  • easyFinancial 
  • Loans Canada 

 

Before proceeding into negotiations with these companies, it’s important to know that there are no freebies. Your terrible credit score will not magically disappear from the record. The only way by which it makes financial sense for these companies to take on the risk of loaning money to you is to jack up your APR to the maximum bearable level. 

 

And if your credit score is so bad that you would rather not have it checked, you should have in mind that the company will not loan you huge amounts of money. Taking up such a risk does them no good. 

 

This does not take away the advantage of these loans; compared to what most other companies (such as banks) offer, the loans offered by companies on this list are still low-cost compared to what other companies may offer.  Put simply, they have the lowest cost installment loans available for people with bad credit. Let’s proceed to examine each of them.

 

Loans Away 

 

If you need a loan for any amount between up to about $5000, Loans Away is the company to talk to. Not only do they have a high limit for bad credit borrowers, they also have a pretty impressive approval time. The loan terms are quite flexible too. Your repayment period with the company could range between a period of three months to three years. – which, you’d agree, is a generous range. 

 

With Loans Away, your chances of a successful loan application are quite on the up-side, as they accept up to 80% of all their loan applications. Little wonder why Loans Away is one of the biggest online lenders in the country.

 

The thousands of borrowers who benefit from the company’s services every month are enough proof that Loans Away is a pretty reliable loan provider.

 

easyFinancial 

 

easyFinancial offers loans ranging from $500 to $15,000. 

 

However, easyFinancial isn’t just your regular online loan company. In addition to providing you with the much-needed loan, they also help you rebuild your credit rating by reporting your timely loan repayments to the credit bureaus, to ensure that you’ll have better credit to loan money (and from better companies too) next time.

 

The company also allows customers to sign up for free credit score monitoring, a credit score simulator, and personalized tips to build your credit rating. 

 

Loans Canada 

 

With terrible credit scores and a need to borrow money, Loans Canada is certainly one of your best options, especially due to how cheap their services are. To give proper context, Loans Canada can loan you up to $300,000, with a repayment period that could stretch for up to 60 months, at interest rates beginning from 3%. That is as sweet as they come.

 

Loans Canada also makes this list is due to its rapid, fully online application and approval process.

Loan Term

4 - 60 months

Est. APR

% 2.9 - 46.96

Loan Amount

$500 - 35,000
Review

Loan Term

9 - 120 months

Est. APR

% 19 - 36

Loan Amount

$500 - $45,000
Review

Loan Term

6 - 36 months

Est. APR

% 19.9 - 45.9

Loan Amount

$500_5,000
Review

Be Alert! 

 

Clearly, there are still so many predatory online loan sharks, looking for ways to hook you up with unsustainable debt (it’s the internet, after all). Your low credit scores and desperation makes you an easy target, but you can avoid falling for these scams. Simply, take your time and research your options thoroughly, as well as the services they offer. The three legit companies we have examined are good places to start. 

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

Share this article: