Those with poor credit may think installment loans cannot be a reality for them. However, installation loans come in handy for anyone regardless of bad credit. If you need money for an unplanned emergency, installment loans no credit check in Canada could just be the thing for you. Check out ways an installment loan can be ideal for you.
Lower periodic payments
Installment loan payments are way affordable than payday loans. They offer you an extended loan payback period meaning the periodic payment is much lower. Some lenders will even allow you to pay your installments as quickly as you can without penalties. You can opt to pay the loan before the stipulated time or maintain the regular payment plan.
Simple application process
Traditional loan processes can take up to weeks to conclude but not with installment loans. The application process is simple and may take only a couple of minutes to fill out. What’s more, you can fill out any time you want. You won’t be limited to office hours or require an appointment anymore.
Many people have a low credit score and have trouble getting loans through banks. Installment loans got you covered. Many installment lenders have no problem giving loans to people with low credit scores, and some lenders may not even run a credit check on you. All they need is proof of income or a legit bank account from you. Choosing a payment method and sticking to it may affect your score to traditional banks and other moneylenders.
For most loans, you have to spend the loan for its intended purpose. For example, if you get a loan for your car, you will have to spend the loan on the car. Installment loans don’t work the same as you have the freedom to use the loan as you like.
Instant funding to your account
It’s improbable to get a fast loan service when you approach banks or moneylenders. There is always some delay for the approval because they have to adhere to their policies. However, with installment loans, you don’t have to wait for ages to get the money. It can be processed in a few hours, and have the money funded in your account in no time.
Flexible and predictable payment plans
Installment loans have flexible payment plans to cater to your financial needs. Your pay date will define your payment plan, whether weekly, bi-weekly, and even monthly. In addition, since your monthly installment amount is determined once your loan commences, you know just how much you need to pay every month. This amount remains the same, so you are never caught off guard by the bill.
Your income determines the amount you receive on your installment loan. While some people may be tempted to loan way beyond what they can afford, installment loans use predetermined algorithms to limit the amount you can borrow. The advantage of this is you avoid a cycle of debt that many people find themselves in.