Bad credit installment loans guaranteed approval Canada is a borrowing option that you can look into when you have had credit issues in the past. You might think you don’t qualify for any type of loan because of past experiences. If your credit issues have impeded your opportunity to secure other loans in the past, then bad credit installment loans are a viable option for you.
What is bad credit?
This is when you have had financial issues in the past that have impacted your ability to make regular payments. These payments could be for:
- Utility or Service bills.
- Car or house payments.
- Credit card payments.
- Loans or payday loans.
If you defaulted on payments to any of these things, you will have a tarnished credit. No matter what caused you to default, the final result is that you ended up with credit issues.
Various reasons you might be in a bad credit situation:
- You or your significant other lost their jobs
- A family emergency
- Series of bad luck
When you have tarnished credit, this can make you skeptical of being approved for any type of loan.
What are installment loans?
These are loans you can get from a lender that will provide you with a lump sum of money upfront and you then pay it back on a monthly, semi-monthly, bi-weekly or weekly basis, depending on your pay cycle. You make these payments for a period of time called a “term” and there is interest that’s attached to it.
Bad credit installments loans guaranteed approval Canada is a great option for you when you are needing money that your budget just isn’t enough to cover.
There are a variety of things you may need to get an installment loan for. The options are endless.
- Pay for a large event such as a birthday party or wedding.
- Take a much-needed vacation.
- Secure a down payment for a car or home.
- Fill in the gaps in your day to day budget.
- Car or home repairs.
- Improving your credit.
Many get installment loans to help improve credit scores. This can be done by taking the loan and making regular, on-time payments on this loan. Even if you don’t need or use the money, it is a viable method to help turn your credit score around.
Trying to get installment loans when you have credit issues can make things very frustrating for you. You have both the means and the ability to make the regular payments, but you can’t secure the loan you are after because of some financial bad luck in the past.
When looking into bad credit installment loans guaranteed approval Canada, you can rest easy knowing these are loans that are designed specifically for people in similar situations like yours.
How are bad credit installment loans guaranteed approval Canada different from other loans?
What makes these types of loans different is that they were designed to help those who have tarnished credit secure the loan they are capable of paying back. The lenders who specialize in these loans recognize that bad things happen to good people and they are willing to help those who have had credit issues in the past secure a means of re-establishing that credit or getting financial support when necessary.
There are a few things you need to expect when applying for bad credit installment loans guaranteed approval Canada.
These things are
- Higher interest rates. Those with credit issues are considered higher risk, therefore the interest rates match the risk.
- You might not get the amount you want. Most high-risk lenders will gear the loan towards what they think you can afford.
- Sometimes, not always, the terms are a bit shorter than they would be otherwise.
When getting bad credit installment loans guaranteed approval Canada, you can expect there will be variations to your loan than what you might have heard from those with good credit. There are some differences as you can expect when you have tarnished credit.
You want to give it a chance and go for that bad credit installment loan guaranteed approval Canada. Now you need to know what it takes to get one.
Here are the standard things bad credit lenders will look for
- That you are over the age of 18.
- You have a verifiable source of income that is regular and arrives via cheque or direct deposit.
- Employment information or references.
- A verifiable bank account that is active and is used for income source.
- That you have an active phone number.
When looking for a bad credit lender, you will find oodles of information online that can quickly overwhelm you. That is where we come in. Our experts here at Bonsai Finance can help you find the lender that is best suited to you.
We will offer you only reputable lenders as options
- You will understand all the details that come with each loan. Including interest rates, length of the loans and what to do if you have any issues.
- There will be a clear line of sight into all the fine print details so that there are no surprises for you.
- Help with filling out the application so that nothing is missed and you get it perfect the first time.
Through our professional team, you will get all the support you need and be able to apply for the bad credit installment loan guaranteed approval Canada with ease and peace of mind.
Don’t let a tarnished credit history scare you away from trying to get a loan when you need one. Even if you want a loan to help improve your credit, you need not have fears. Our experts at Bonsai Finance are committed to helping you find the lender that will best suit your needs and budget.
Next time you are needing a loan but feel you won’t be approved, take the chance on a bad credit installment loans guaranteed approval Canada. You might be pleasantly surprised.