Installment loans are a great way to pay off emergency expenses and manage mounting payments and debt. Canada offers many installment loan brands that offer a variety of credit products, loans, and installment plans for car repairs, home renovations, and unexpected dental costs.
It’s quick and straightforward to get approved for a loan online in Canada, as most installment loan brands offer online applications and support during the process. It takes no more than one to two days for a decision in most cases. If approved, funds are directly transferred to your bank account, making it easily accessible.
There are many installment loan brands in Canada that offer a variety of terms and loan amounts, from small, payday loans due on your next pay, to longer-term installments for one to five years. Installment payments are typically made monthly, making them easy to schedule with other bills and financial commitments. SkyCap Financial offers smaller loans, from $500 to $10,000, with terms between nine months and three years.
Eastern Loans focuses on smaller loans between $500 to $1,000, with various interest rates depending on your credit score and terms between three to six months. At the minimum, you can borrow $100 to $150 from some companies, such as payday loan businesses, which typically require a repayment of the total amount, plus interest and a fee, by your next pay.
Mogo is an excellent option for individuals looking for financial assistance and improving their credit scores over time. Mogo offers monthly credit reports so you can monitor your score while improving your financial situation.
If you’re looking for a loan between $20,000 to $35,000 or more, some lenders provide these amounts, such as Lendful, Magical Credit, and Symple Loans. Lendful offers a reasonable interest rate for customers with a good credit score and loans between $5,000 to $35,000.
Magical Credit offers loans between $1,500 to $20,000 for terms ranging between 12 to 60 months, and Symple Loans provide loans of up to $50,000 depending on eligibility and terms of up to seven years.
Most installment loan companies offer online applications, so you often don’t have to enter a retail location to apply, and all documents and information can be submitted online. If you’re concerned about the impact of a credit check before loan approval, it’s essential to check with the lender to determine if they perform a “hard” or “soft” credit check.
This typically isn’t an issue for smaller loans, whereas a significant amount of funding may result in a “hard” check, which can impact your credit score.
Installment loan brands are common in Canada, and there are plenty of great options to choose from, depending on your circumstances, credit score, and affordability. Many companies work individually with customers to find the right installment loan plan.
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It usually takes one to two business days at the most, though some companies provide instant approval, depending on the amount of the loan and your eligibility.
It’s important to negotiate an affordable repayment plan. If you’re suddenly out of work or experience a change in your financial situation, there is often an option to change the terms and amount of your monthly payments.
In most cases, this is an essential criterion that increases your chances of approval, though some loan companies offer smaller loans, sometimes with a higher interest rate, if you work part-time, work in the gig economy, or have poor credit.
There may be a fee, which can be more expensive and difficult to afford in the long term. If you’re concerned about making future payments, contact your lender in advance to review your options.