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Installment Loan

iCash is a Canadian direct lender that specializes in safe, fast and easy access to short-term loans. They provide up to $1,500 in instant loans and e-transfer in minutes, regardless of your credit history. iCash features One of the benefits you can access...
  • Services: 2
  • Rating: no reviews
Nyble values fairness and transparency to allow Canadians access to a linen of credit despite their credit history. Whether you have bad credit or not, you can access a line of credit to cover living expenses and upcoming bills. Nyble features For as little...
  • Services: 3
  • Rating: no reviews
SkyCap Financial provides financial solutions such as money lending to help Canadians without affecting their credit negatively. Their primary focus is on people with poor credit, so they can still access PayDay Loans, Cash Loans, Car Loans, Bad Credit Loans,...
  • Services: 4
  • Rating: no reviews
Friendly Lender offers a financial service platform where people can search for loans and compare services. What makes Friendly Lender unique is its quick emergency cash, easy approval and next-day availability. Friendly Lender Features Friendly Lender offers...
  • Services: 2
  • Rating: 5.0
Meridian is a credit union based in Ontario that provides quality banking services such as personal banking, business banking and wealth advice. With over 365,000 members, they strive to continuously find ways to innovate their products for Canadians to...
  • Services: 5
  • Rating: 2.5
CIBC is a North American financial institution dedicated to providing high-quality client experience and shareholder returns through its personal, business and commercial services. With over 11 million clients in Canada, the United States and around the...
  • Services: 7
  • Rating: 5.0
Loanz is an online lender that provides instant access to funding such as car loans, emergency loans, wedding loans, personal loans and home improvement loans. They aim to support Canadians with a simple requirement and easy approval process. Loanz Features...
  • Services: 3
  • Rating: 5.0
LendDirect is an online-based financial service that provides personal loans, with the belief that every person is perceived as a human rather than just a credit score. LendDirect Features One of the benefits you can access from LendDirect is their...
  • Services: 2
  • Rating: 5.0
LendingMate provides guarantor loans by offering loans to people despite being rejected by financial institutions. Join now to borrow up to $10,000 with no credit checks. LendingMate Features LendingMate knows exactly what it’s like to be rejected for a...
  • Services: 4
  • Rating: 5.0

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Top Installment Loan Brands in Canada

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.

Popular Installment Loan Brands in Canada

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.

Longer-Term Installment Loans

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 Summary

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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Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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FAQs about
Installment Loan Brands

How long does it take to receive approval or a decision on a loan application?

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.

Can installment loans be renegotiated if I can’t continue payments?

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.

Do I need a full-time job and a good credit rating to be approved for an installment loan?

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.

What happens if I can’t make a payment?

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.

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