Company Information
Main Office: TekaLoan, 1021 West Hastings street – 9th floor, Vancouver, British Columbia, V6E 0C3
Business Hours: Monday to Friday: 8AM to 1AM | Saturday and Sunday: 10AM to 4PM
Email: [email protected]
Phone: 1-866-214-0079
TekaLoan’s mission is to offer Canadians a simple and straightforward way to access short-term loans without having to worry about their credit scores. TekaLoan understands that people with bad credit often have a hard time finding loans, especially when they need them quickly. That’s why they’ve created a loan program that can provide you with the cash you need in as little as one hour.
A quick glance on TekaLoan’s website will tell you that they solely specialize in bad credit installment loans. Bad credit installment loans are a type of installment loan that allows people to borrow money based on their ability to repay the loan rather than their credit score. These loans are perfect for those who have bad credit and need a quick loan to cover an emergency expense.
If you have a credit score of less than 600, you probably know how difficult it is to get approved for a personal loan from a Canadian bank or credit union. Luckily, alternative financial institutions like TekaLoan exist to fill in the gap that traditional lenders leave behind.
TekaLoan has revenue of less than $5M, making them a very stable and trustworthy company. They are known for their high level of customer service, which is a huge plus for anyone looking to get a loan. Their website also features a large selection of informative articles and resources that can help you get the most out of your loan.
Types of Loans
Unlike other lending companies that offer a lot of financial products and services, TekaLoan only focuses on becoming the best provider of bad credit installment loans in Canada. In fact, when compared to other similar lending companies, TekaLoan’s repayment terms and interest rates for their installment loans are among the most competitive in the industry.
Installment Loans for Bad Credit
Instead of discriminating against people with poor credit or no credit at all, TekaLoan looks at the applicant’s capacity to pay back the loan when evaluating whether or not to approve the loan application. This means that you can qualify for a TekaLoan regardless of your credit score for as long as you have a stable job/steady source of income.
Below is a detailed breakdown of some of the best features of TekaLoan’s bad credit installment loans.
- Loan Amount: $500 to $1,000
- Interest Rate: 23% plus extra 1.74% monthly (for late payments) until the loan is repaid
- Sample Calculation: For a $500 loan with a 12-week loan repayment period, you’ll need to pay $62.77 each week, for a total of $753.24 at the end of the loan term.
- Repayment Period: Up to 90 days
- Repayment Schedule: 3, 6, or 12 payment plan over a period of 3 months (90 days)
- Credit Check: Not required.
- Credit Score: No credit requirement. Bad credit and no credit accepted.
- Funds Availability: Same day fund transfer (upon loan application approval)
To qualify for a bad credit installment from TekaLoan, you need to meet the following criteria:
- You must be a Canadian citizen
- At least 18 years old
- Have been employed for the last three months
- Have a monthly income of at least $1,200
- Low ratio of NSF and payday loans
- Have an active bank account
Unfortunately, TekaLoan does not accept the following sources of income:
- Self-Employed
- Child Benefits
- CPP
- Welfare
- Student Loans
- Disability Benefits
TekaLoan reviews each application individually and makes decisions based on the information provided. You can still get approved if you don’t have a steady source of income, but the maximum loan amount that you can get is only up to $500.
In addition to applying online, you can also give TekaLoan a call because they also process loan applications via phone. Simply dial 1-866-214-0079 and one of their friendly customer service representatives will be more than happy to guide you through the loan application process.
TekaLoan will require you to provide proof of employment/income/assets to determine whether or not you’re eligible for a loan. However, the information that you provide is kept strictly confidential and will never be shared with any third parties.
The best part is that TekaLoan uses Interac e-Transfer, which means that you can receive your funds within minutes of submitting your loan application. It’s easy and fast. Plus, TekaLoan’s installment loans are unsecured, so you’ll don’t have to worry about putting up collateral as security for the loan.
Why Choose This Provider
In addition to being an established and reputable lending company in Canada, here are the top reasons why TekaLoan is the one of the best places to get a bad credit installment loan:
Direct Lender
Unlike loan brokers that charge a fee to match borrowers with lenders, TekaLoan is a direct lender, which means that you won’t have to pay any upfront fees or brokerage commissions to find a lender. By dealing with a direct lender, you are already cutting off the red tape that comes along with loan brokers.
Affordable
Compared to payday loans, bad credit installment loans from TekaLoan are much more affordable. The interest rate is only 23% plus extra 1.74% monthly if you fail to pay back the loan. This is in stark contrast to payday loans with APRs that can go as high as 400%.
Quick Approval
It’s easy to get approved for a loan from TekaLoan. All you need to do is submit your loan application online and if you meet the eligibility requirements, you can expect to get a decision within minutes. You can also expect to receive the funds on your bank account the same day if you apply during business hours.
Flexible Repayment Options
If you are having trouble managing your finances, TekaLoan offers flexible repayment options. They offer three different repayment plans for their bad credit installment loans for a total repayment period of three months. You can choose from 3, 6, or 12 payment intervals to find the repayment plan that works best for your needs and budget.
No Credit Check
One of the biggest benefits of getting a loan from TekaLoan is that they don’t require a credit check. This means that you don’t have to worry about a low credit score hurting your chances of getting approved for a loan. Whether you have a poor credit score or even if you don’t have credit at all, your chances of getting approved for an installment loan from TekaLoan are high.
Unsecured Loan
Unlike other lenders that require you to put up some kind of security for the loan, TekaLoan offers unsecured loans, which means that you don’t have to worry about putting up a car title, home equity, or any other type of collateral to get a loan from them. You only need to prove that you are capable of repaying the loan by submitting proof of employment/income/assets.
Longer Repayment Period
When compared to payday loans with a repayment period of only 14 days, TekaLoan offers a longer repayment period of up to three months. This means that you can take your time to repay the loan without having to worry about paying late fees or penalties.
How to Avail TekaLoan’s Services?
If you are interested in taking out a bad credit installment loan from TekaLoan, here’s a step-by-step guide to help you get started:
Visit TekaLoan’s website and look for the “Apply” button on the upper right hand corner of the screen.
Upon clicking the “Apply” button, you’ll be redirected to TekaLoan’s online application form. Simply provide the reason for the loan (debt consolidation, travel and leisure, car repairs, home improvement, bills and expenses, others), provide your email address and click the “Continue” button.
In the next window, you’ll be required to provide your personal information, including:
- Your Title
- First and Last Name
- Birthdate
- Cell Phone Number
- Phone Number
- Then, click “Continue.”
You’ll be redirected to another window where you’ll need to provide your residential information, such as:
- Address
- Address Since
- Residence Status
- Monthly Housing Cost/Rent
- Click “Continue.”
The next step is to provide your employment details, including:
- Employment Status
- Current Employer Name
- Activity Area
- Job Title
- Hiring Date
- Immediate Supervisor Name
Work Phone and Extension Number
Click “Continue.”
You’ll then be required to provide your salary details, including your annual salary, pay interval, next deposit date, bank, and references.
You’ll also need to agree to TekaLoan’s terms and conditions, then click “Continue.”
You’ll then be redirected to the loan agreement page. Read the agreement carefully, then affix your e-signature to proceed.
Follow the next steps below to verify your email address, and online banking details. You’ll also need to allow TekaLoan to get access to your online banking information.
The entire application process can last for about 10-15 minutes, so it’s best to prepare all the necessary information before clicking the “Apply” button.
Frequently asked questions
Why should you choose a direct lender?
How much can you borrow from TekaLoan?
Does TekaLoan accept loan applications from self-employed Canadians?
What is the biggest disadvantage of installment loans for bad credit?
What is considered as bad credit in Canada?
Conclusion
If you’re looking for an easy way to get a fast cash advance without having to worry about getting rejected by banks, then you should consider applying for an installment loan for bad credit. TekaLoan offers excellent installment loans for bad credit with competitive rates and easy terms and conditions. Plus, you’ll be able to avoid all the hassles of dealing with loan brokers, like processing fees and hidden charges.
Aunt Piggyy
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