Installment Loans Canada
Having difficulty making ends meet? Do you prefer online installment loans? We may have the solution for you!
With our online application now simpler and quicker than ever, you can get money in your bank account right away. With Canada’s Lend for All on your side, your credit history won’t hold you back.
What is an Installment Loan? How is it Different from a Payday Loan?
You may be familiar with the concept of payday loans. Installment loans are similar. Both don’t require collateral or a credit check. However, there are several advantages to using installment loans over a payday loan. Primarily, the difference between the two are threefold:
- An installment loan has a more flexible repayment schedule
- An installment loan has lower costs
- Installment loans allow you to borrow more money
Let’s discuss those in greater detail.
First, a payday loan – just like an installment loan, is a short-term solution to your financial needs. However, both loans do not have the same short-term repayment schedule. The terms of any payday loan agreement usually require you to pay the entire amount back in one lump sum payment. Not only that, the entire sum often needs to be repaid on your very next paycheck.
Installment loans are different, in that you get to pay the sum back in – you guessed it – loan installments. This type of loan comes with a weekly, bi-weekly, or monthly payment schedule, hence the name: installment loans. In that sense, installment loans are more flexible than other no credit check loans. In addition, the repayment period for installment loans is also much longer, allowing you a five-year payback period instead of one month. As an added bonus, should you be unable to make an installment payment for your loans, you can use collateral to temporarily offset the missing amount.
Second, installment loans have lower costs than payday loans. The costs are significantly lower based on the terms of repayment. Payday loans are designed to be paid off in full, or they are considered “unpaid.” When a borrower signs a loan agreement with a payday loan company and doesn’t repay the entire amount quickly in one lump sum, you are penalized. If you are not able to make the entire payment within a very short period of time – usually two weeks – you end up getting hit with huge ABRs (annualized borrowing rates) on those loans.
In some cases, these rates are usurious, with companies charging between 400% and 500% interest in the amount, however small. When borrowers cannot pay back the payday loan in full, they are forced to roll the unpaid amount into a new payday loan, and this often creates dangerous loan cycles that trap people into debt. In the end, an unpaid payday loan won’t just hurt your credit score, it will force you to pay back much more than the original amount. Payday loans are dangerous financial products, and they are that way by design.
Third, with installment loans you can borrow more money. In many cases, the limit for a payday loan is something like $1,500. With Lend for All’s installment loans, you can receive as much as $10,000 in your bank account in no time, all without a credit check. With a simple application process, these short term loans can get you the money you need when you need it.
Why Use Installment Loans?
Installment loans offer you the chance to handle sudden expenses.
These can be any sort of expenses, such as car repairs, utility bills, home renovations, or money for medical care. But you can use installment loans in Canada for much more than emergency repairs. You can fund a much needed vacation, help pay for a wedding, put down money to pay for continuing education, or even invest in a start-up business.
Do you need money to travel somewhere for a funeral? Would you like to lend money to a family member in desperate need? If your bad credit (or poor credit score) have put you at a disadvantage with banks and other traditional lending institutions, Lend for All might be the solution. From British Columbia to Newfoundland, Lend for All is Canada’s #1 solution for short term loans.
How is Lend for All Different?
Lend for All uses of Canada’s first Artificial Intelligence lending platform.
We use AI to help us process loans faster, which in turn helps us keep our costs down so we can pass the saving on to you. Having Lend for All’s AI on your side will give you a greater chance of approval in just six fast and easy steps. Our loan application is so simple that anyone can do it!
When submitting your loan application to Lend for All:
- You get the best customer service, and access to Canada’s most reputable lenders.
- Your financial security is better protected , since installment loans allow you to make small payments over a longer period, reducing the stress on your day-to-day financial situation.
- You save money, and no matter what, your Annual Percentage Rate (APR) will remain fixed.
- Installment loans in Canada can help you build (or rebuild) your credit. And there is an added bonus: By improving your credit score, your chances of approval for other types of loans will skyrocket!
Trust Lend for All
Is your bad credit score weighing on your mind? Would you like to avoid filling out a complicated application process? Loans in Canada have never been easier. There is no better choice when it comes to no credit check installment loans. Bad credit or not, we want to help you get the loans you need.
In the end, “Lend for All” is not only our company name, it’s our ideology and guiding philosophy. We offer installment loans for bad credit to anyone in need in Canada. Through our simple application process, you can get the money you need in the short term so you can achieve your goals in the long term.
If you or someone you know needs no credit check loans to make their money problems disappear, contact our friendly staff online or get in touch by phone today by calling 1-800-532-4505. It’s a toll-free call!
We’ll be happy to guide you through our loan application process if need be, and help you get your hands on one of our short term installment loans before you know it!