Installment Loans Canada
Do you have a cash emergency that’s going to cost you a pretty penny? Taking out a loan might just what you need. There are different types of loans to consider but in this case, installment loans Canada are an ideal choice. This is because they are designed to cover huge one-time expenses that require a quick fix. At Bonsai Finance, we make these kinds of loans accessible from reputable lenders. Want to find out more? Here’s what you need to know beforehand:
What exactly are Installment Loans?
Installment loans are generally types of loans that come in a fixed amount, which are then repaid plus applicable fees and interest in regular payments over a pre-agreed period. Car loans, student loans, and personal loans are technically installment loans. Although installment loans are generally smaller than average personal loans, they usually come in much larger amounts and longer repayment terms than payday loans do.
What are the Benefits of Installment Loans Canada?
Flexible eligibility criteria
Lending requirements for these types of loans are to some extent more relaxed, which makes it possible for borrowers with bad credit to obtain them. If you have less than stellar credit, we can help you access “no credit check installation loans with ease. This is because the lenders we work with base their installation loans on verifiable income, not on credit scores.
Longer repayment period
Unlike payday loans that are to be repaid on the next paycheck, installment loans Canada come with flexible terms that enable you to repay the loan over the next couple of months or even years. We work with many different lenders with flexible repayment terms, thus can link you to the one with the most favorable terms.
Prevents you from a lifecycle of debts
With a payday loan, almost all your earnings for the month may end up covering your loan, leaving you with almost nothing to get by the next month. This may force you to take out another payday loan to cater for your needs. This isn’t usually a problem with installment loans Canada. The fact that only a small percentage of your income will go towards repaying the installation loan every month helps eliminate the problem of being caught in a lifecycle of debts.
Can be used for any legitimate purpose
Installment loans Canada can be used for any legitimate purpose. Nonetheless, it’s best to apply for these types of loans to cater for emergencies as they attract higher interest rates compared to other personal financing options. You can use an installment to address urgent car repairs, pay overdue utility bills, cover medical expenses not covered by insurance, or to build or rebuild credit.
Features to Consider When Applying for Installation Loans Canada
One huge advantage with installment loans is that most lenders will allow you to take out the exact amount you need as long as you have the potential of repaying it. It’s advisable to take your time to compare different lenders to see their loan amount limits and find the one that is capable of availing the amount that you need.
It’s good to note that installation loans, especially no credit check installation loans Canada, come with slightly high interest rate. Therefore, it is imperative that you compare the rates of different lenders carefully so as to pick the best available and affordable option. The lenders we work with offer loans at very competitive rates, so we have practically done the assessment for you already.
The key feature of installment loans Canada is the longer repayment term that’s attached to them. Your loan term determines two things – how long you will have to repay your loan, and how much you will pay in interest. Depending on your situation, we can help you find a loan product that allows you to divide total payment into small installments that easily fit in your budget.
When applying for an installation loan, it’s important to check whether the loan product you choose requires you to pay any certain fees. For instance, some lenders require borrowers to pay application fees, and others require you to pay some additional fees in case you make late payments. Be sure to ask about any fees beforehand so as to avoid awful surprises during the repayment tenure.
A lender may offer a loan package that guarantees zero fees and low interest rates, but how will that sweet deal help if you can’t get the cash you need right away? If you have a pressing need for cash, it’s important to review the lender’s approval speed so you can know if you’ll get the cash you need, when you need it. We can help you access instant approval loans from lenders who respond to loan applications immediately and fund borrowers’ accounts within a few hours.
What to Keep in Mind when Applying for Installment Loans Canada
Longer loan terms aren’t always ideal
While a longer repayment tenure seems more manageable, it can turn out to be quite expensive because you will pay more in interest. If you take a high-interest loan with a longer term, you may end up paying double the amount you borrowed. Therefore, the faster you can repay your loan, the more money you will end up saving in interest payments.
Pay attention to the APR
While the interest rate is one of the key features to consider when taking out an installation loan, it’s also crucial to pay attention to the annual percentage rate (APR) of the loan. This is because the APR takes into account both the applicable fees and interest rates, thus gives you a better idea of the true total cost of the loan.
Compare lenders for best deals
How can you find the best deal if you don’t look at multiple lenders? For you to find the most ideal loan product for your financial situation, you need to compare different lenders. Once we assess your financial situation and need, we will provide you with a list of loan products that are best suited for you.
Figure out what’s more important
Is the approval speed crucial to you? If you need a quick loan, then you might want to apply for an installation loan from an online lender. Do you care more about the overall cost of the installation loan? Then you might want to apply for one at your local bank or credit union. Once you figure out where your priorities sit, you can then go ahead and apply for the loan from the appropriate lender knowing that your expectations will be met.
There are alternatives
You need to ask yourself, would a credit card make more sense? While credit cards generally have higher interest rates compared to personal loans, there’s always a chance that you could obtain credit at a lower cost and with less risk by taking out a credit card. If you are applying for a credit card in order to assist with your debt, you can consider applying for a balance transfer credit card. Some credit card issuers are always willing to offer a balance transfer card even to borrowers with poor credit.
Loans are provincially/territorially regulated
It’s important to note that the loan amount and terms are factors that will probably depend on local laws. This is because installation loans Canada are provincially/territorially regulated. Also, the lender you choose and the province you reside in will probably have an effect on the amount you will have to pay in fees. Therefore, it’s prudent to ensure that any lender you chooses abides by the laws of the place you reside in. We work with lenders who abide by local laws to ensure that the borrowers that obtain loans through us are protected.
Why You Need to Apply for Installment Loans Canada Through Bonsai Finance
Simple and quick online procedure
With our assistance, you can obtain the most ideal loan package effortlessly and quickly. Once you provide the relevant and complete information required by the lender, you are guaranteed of a quick approval of a deal that accurately matches your overall financial situation.
Risk-free financial support
While there are many genuine lenders online, we cannot overlook the fact that there are many predatory lenders out there too. As a borrower, you might have a hard time trying telling legitimate and illegitimate lenders apart. That’s where we come in handy. We have identified legitimate lenders so that you can be spared of the painstaking process. With our risk-free financial support, you can have peace of mind knowing that you are not being scammed.
Do you think installment loans Canada are an ideal option for you? We can link you to a legitimate lender. We can help you find the most ideal loan product with the most manageable loan term and competitive interest rate.