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Installment Loans in Canada

An installment loan is a type of loan where the principal and interest can be repaid over time with multiple scheduled payments, rather than as a single lump-sum payment at the end of the loan term. Many familiar types of financial products can be repaid with installments, including home and auto loans, and most forms of business loans. However, this term can also refer to small personal loans, which have become increasingly popular in Canada today.

Like any loan, an installment loan in Canada provides funds to the borrower following loan approval. These funds must be repaid over time, along with an interest or finance charge. Typically, most short-term installment loans today offer 2 or 3 installment payments.

These loans may have a term of a few weeks to 62 days in length. By breaking the repayment up into installments, borrowers make smaller payments more frequently, rather than being hit with one large repayment at the end of the loan term.

Most short-term unsecured loans offer cash proceeds to borrowers of up to $1,500. These $1,500 installment loans don't require any collateral and don't charge extra for the multiple installment repayment options*. That's a critical factor since many banks and traditional lenders charge extra for the convenience of making various installment payments.

There are some key pros and cons of installment loans, depending upon a person's financial situation and the reason they may need the loan. It makes it easier to repay a loan when a borrower is working or earning money regularly so that they can continue to have the income to pay their essential bills and expenses while also repaying the loan. It's also advantageous for consumers to save them money on their loan repayment and spread it out over a more extended period.

On the other hand, borrowers who won't receive the money they need to repay the loan until the end of the loan term might do better with a single lump-sum repayment. It can also be more difficult to remember to make multiple loan repayments rather than a single repayment.

This, however, can be remedied with the best installment loans, as lenders automatically debit the borrower's bank account for repayment on the required dates.

The funds from payday installment loans in Canada are unrestricted, meaning they can be used by borrowers the same as cash – any way they please. Most people treat them as emergency loans and therefore use the funds for family emergencies, urgent auto or home repairs, to replace or repair broken appliances or other home improvements and to help manage their cash flow in between paychecks.

Today, $1500 installment loans are available from brick-and-mortar loan places in major cities, as well as across the country through modern, online lenders.

Installment Loans

Installment Loans Online

The convenience, speed, and accessibility associated with installment loans online have made them a favorite for many people seeking short-term cash to help improve their lives.

Unlike loan stores, there's no need to find and visit a store or branch office. Outside of major cities, quality loan stores can be few and far between, meaning significant travel and time required for a borrower. Online money lenders eliminate that problem, allowing customers to apply, get approved, and get their funds, all without leaving home.

Effectively, getting installment loans online means customers can apply from anywhere – all they need is a smartphone, tablet, or computer and a working internet connection, something almost everyone has these days. It doesn't matter if it's raining, snowing, 3 am or a weekend – the online application is always available. Thanks to AI-driven technology, approval and funding is also available 24/7/365.

One of the banes of borrower's existence with traditional loan store and bank loans is paperwork. With online installment loans in Canada today, there's no need for paperwork or documentation – nothing to scan, fax, or mail. The entire application is digital and made up of online form fields. They take most customers only minutes to complete. Rest assured, the application, personal and financial information and transactions are all safe and secure, as top lenders utilize encryption and other security technologies.

Some of the leading lenders in Canada help speed the borrowing process along by offering online installment loans with instant approval. Again, thanks to technology, a loan application can be evaluated on multiple metrics and a loan approval decision rendered in a minute or less. There are no long, stressful waits as with a loan store or bank loan.

That's ideal when people need money for an emergency or when time is of the essence. The entire lending process has been streamlined by lenders offering online loans so that people can get the money they need as quickly as possible.

At the same time, many online money loans that can be repaid with installments are among the easiest to qualify for on the part of applicants. No collateral requirements are just the start. Top lenders also have very easily-met requirements in other areas, often limited to residency, income stability, and a minimum monthly income requirement.

Additionally, leading lenders accept multiple forms of income towards meeting that requirement, allowing even those customers on retirement or pension accounts, social welfare benefits, or other income sources to qualify for a payday advance loan.

Of course, there's also customer service and support to help with loans online. From application to loan management and repayment, despite the entire process being automated and streamlined, there are always trained experts available to answer customer questions and help guide them through the process. In short, there's no faster or easier way to borrow money in Canada today than with quick installment loans online.

Installment Loans for Bad Credit

Perhaps most importantly, installment loans for bad credit customers in Canada are readily available. Many people with bad credit – or even average credit – and limited or no credit history struggle to obtain loans from traditional sources, such as banks or loan stores. Yet, they can often easily qualify and receive a loan from a modern online lender.

There are several reasons why this is the case. First, it's essential to understand that banks and conventional lenders are very risk-averse. They rely heavily on a person's credit score and credit history to determine their eligibility for a loan.

Many banks set their minimum lending criteria so high that 75-80% of all applicants are declined. With the average credit score in Canada being around 650, many banks won't lend to people with scores below 700 or even 750. However, that's not the case with online lenders offering installment loans for up to $1,500 for people with bad credit.

Instead, direct lenders rely on different criteria to determine borrower risk. Principally, they are concerned with whether or not an applicant has the income and stability to repay the loan successfully.

Installment loans for bad credit customers make this even easier by spreading the repayments over multiple installments rather than draining a borrower's bank account all at once. Coupled with the small loan amounts and short-term nature of the loans, this means that many people – even those with bad credit or no credit history – can qualify for one of these $1,500 cash loans.

The best payday installment loans for poor credit, from the top online lenders, have very low or even no minimum credit score requirements to qualify for the loan. Even customers who have been rejected at other lenders, including other banks and loan stores, can often be eligible for a same day loan from an online lender.

It's also important to reiterate that there are no collateral requirements associated with emergency loans for bad credit in Canada. When people are struggling financially, they often don't have the kind of assets that would be required for a secured (collateral needed) loan. That can further limit their available options.

Since short-term personal loans offered by online lenders don't have a collateral requirement, the lack of collateral availability isn't a problem. It also reduces the risk that a borrower faces – something on many peoples' minds when they need a fast cash loan.

All of these factors lead many of the best installment loan lenders for people with bad credit to have approval rates that are the opposite of banks. While they may reject 75-80% of applicants, online lenders approve 75-80% or even as high as 90%+ of the applicants for their loans.

While every lender reserves the right to reject certain applicants, most people find that their best chance of accessing up to cash – the same day – is through an installment loan company that accepts people with bad credit.

Installment Loans with No Credit Check

It's not uncommon for some firms to advertise installment loans with no credit check in Canada, either in-person at a loan store or online. However, consumers should be wary of these companies and claims – even if they are seeking a loan and have poor credit.

The reason people would seek out a lender that claims to offer personal loans with no credit check is that they fear the credit check will disqualify them and result in a rejection of their loan application.

That's reasonable fear and position to take, especially when someone knows that their credit score or credit history is less-than-stellar. Likewise, it's understandable if they have been rejected by other lenders in the past because of their credit history or credit score.

However, any reputable lender offering loans – whether through a bank, loan store, or online – will perform a credit check as part of the loan approval process. Leading online lenders are no different, which is why most advertising for loans with no credit check should be treated skeptically.

A credit check is used for more than just obtaining a person's credit score or credit history, which is why many utilities, landlords, and other groups perform credit checks. They are extremely useful for verifying a person's identity and residency.

Additionally, when it comes to applications for a loan online, a credit check serves as a way to validate some of the information provided on the loan application. This is especially critical when talking about online lenders offering loans with instant approval, at all hours – automation requires data, and a credit check helps to provide and validate that data.

With a conventional bank loan, it might take days to get approval. Loan agents can perform a credit check in addition to calling for references and validating information such as employment and income manually. That kind of lead time is not possible with online loans offering instant approval and same-day funding. So, that validation has to be done by software, as quickly as possible – and a credit check helps to feed that process.

Most people who would seek out no credit check installment loans in Canada do not need to fear a credit check, however. By choosing the right lender – one who offers online loans, even for people with bad credit. Indeed, leading online lenders, who often have no minimum credit score requirement to qualify, will never reject a loan based on credit score. Since no minimum credit score is required, the credit check is not something to fear.

Therefore, it's usually good practice to avoid companies advertising "personal installment loans with no credit check." This indicates they don't take verification of identity and application information seriously. It's best to go with a legitimate, reputable lender.

Installment Loan Providers

Customers in Canada have a choice of installment loan providers today. Banks typically don't offer these kinds of emergency loans. Conventional loan stores are available in major cities and may provide these loans – though it is rare. Many only offer "classic" short-term loans, with a single lump-sum repayment option. More often, online lenders are the best choice for customers seeking multiple-installment repayment loan options.

Among leading installment loan companies in Canada today, more and more customers choose iCASH for their loan needs. iCASH has established itself as a customer-focused, convenient, reputable lender, loaning out well over $100 million in cash to hundreds of thousands of Canadians in just a few short years.

Through our website, or via the money lending app on Android and iOS, customers can quickly and easily apply for an easy loan of up to $1,500 in unrestricted cash funds.

Customers can choose from a single lump-sum repayment option or 2 or 3 installment payments for their loan. No matter what option a customer may choose, the interest rate charged remains the same – customers don't pay more for installment repayments*. The primary purpose of this kind of loan, after all, is to make it easier for customers to repay and manage their loans – not to earn extra charges or fees.

We offer a loan application that can be completed by most customers in 10 to 15 minutes. After that, there's an instant approval step, cutting out the stressful waiting typically associated with loan approvals. Upwards of 90% of applicants are approved, giving iCASH some of the best approval odds for applicants among all installment loan providers available today.

After being approved, customers receive a digital loan agreement to review and sign with just a few clicks. It's immediately returned to us, triggering the release of customer funds. Money is released the same day for most customers via direct deposit to their bank account and can even be released within just a few minutes when customers choose the email money transfer option for funding their loan. Among leading small loan companies, there's no faster way to get a loan funded.

We also maintain a policy of no minimum credit score to qualify for a loan. That makes us an ideal choice of loan provider for customers with a bad credit score, limited credit history, or no credit history at all.

Put simply, iCASH is one of the best direct lenders for installment loans available in Canada today. In an hour or less, customers can have the cash they need to handle whatever life may throw at them.

We also provide installment loans in these provinces of Canada

in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, Prince Edward Island.

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How to Apply for Installment Loans in Canada?

Online Application

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Apply in a few simple steps and get the money today. Complete the quick and easy loan application on our website – provide some personal information about yourself, select the amount of money you need, and the loan repayment schedule*.

GET INSTANT DECISION

Instant Decision

As soon as you send us your online loan application. You'll receive instant approval on your online loan 24/7 so you can take care of anything that life throws your way. Quick, easy, trustworthy loans from a licensed Canadians lender.

GET YOUR MONEY

Get Fund

Your money will be sent to you via e-transfer in 2 minutes or less. Email money transfer means that the funds from a payday loan can be accessed anytime, day or night, 24/7. Safe, loans online with same day funding.

Minimum repayment period 61 days. Maximum repayment period 62 days. Maximum APR is 109,50%. For a $300 loan, the maximum total cost of borrowing is of $354. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $19 per 100, Ontario $15 per 100, PEI $15 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.

Installment Loan FAQs

What is an installment loan?

An installment loan is a type of loan in which repayment of the principal and interest takes place through multiple payments spread over the life of the loan. This contrasts with other types of loans where a single lump-sum repayment is made at the end of the loan term.

Installment payments are typically divided into equal amounts, spread equally over the loan term.

Where can I get an installment loan?

Loans repayable in installments may be available from banks, loan stores, and online lenders. Many kinds of loans can be repaid in this way. However, most people seeking installment loans, especially online, are looking for a particular type of short-term personal loan.

These are best obtained from online lenders like iCASH, who specialize in loans of up to $1,500, with terms of a few weeks to 62 days. Depending on the province you live in, you can repay your loan in one or multiple installments*, or a single lump-sum repayment. Regardless of which choice is made, the interest rate on the loan will remain the same.

How to get an installment loan with bad credit?

The best way to get an installment loan with bad credit is to choose a private lender with no minimum credit score required to qualify. Since iCASH won't reject customers on the basics of a poor credit score, you have the best approval odds to obtain your loan successfully.

It doesn't matter what your credit score may be, or whether or not you have a limited or even no credit history. So long as you meet the other eligibility requirements, odds are you'll be approved for a loan for poor credit.

What is an unsecured installment loan?

An unsecured installment loan does not require you to put up collateral to back up your loan. You don't need to wait for weeks to have collateral valued to obtain the loan. There's no risk of losing your home, car, or other collateral assets if you fail to repay your loan. That's why many people prefer unsecured loans over their secured counterparts.
20% CASHBACK
Payday Installment Loans
Get up to 20% in Cashback!*

iCASH offers a unique Cashback program to reward its customers in Canada. You can get back up to 20% of the cost of borrowing paid once your emergency loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real Money!*

Why Choose iCASH for your Installment loans?

Flexibility

Many Canadian lenders don’t offer very many options when you’re applying for an installment loans for bad credit. At iCASH, we believe everyone is different – we all have different paycheck cycles, billing cycles, and financial needs. So, we offer a wide range of multiple repayments options*.
Loan durations can be as short as 7 days, or as long as 62 days, to accommodate your income and expense cycles and better serve your unique financial needs.

Bad Credit Isn’t a Disqualifier

No Canadian lender can claim to offer no credit check installment loans. Responsible lending requires a credit check – but does not mean that the ultimate lending decision has to be based on that credit score. We believe you are more than just your credit score. We take a look at your history but also consider your income and several other data points.
The most important thing is that your credit history is not a disqualifier to get low cost installment loans from iCASH.

iCASH is a Fully Licensed Direct Lender

There are several bad credit installment loan companies in Canada. However, many aren’t licensed direct lenders – meaning consumers don’t have the same protections they would have from a traditional bank or lending institution.
iCASH, on the other hand, is a safe fully licensed direct lender. This means we are regulated by both Canadian and provincial laws which gives you peace of mind.

Quick and Convenient

Conventional loans can involve a lengthy process of office visits, paperwork, signing visits, follow-up calls, faxes, mail, and more. iCASH provides online installment loans with instant approval. The application process is simple, quick, and convenient, especially during the cold Canadian winter where you can apply for a loan from the comfort of your own home.
The loan application process can be completed online in just a few minutes. Your agreements are electronically signed, and you can get up to $1,500 in 5 minutes sent to you by e-transfer.

Ethical, Responsible, Transparent Lending

iCASH is committed to ethical, responsible, and transparent lending. All of our fees and charges are provided on our website, and during the loan application and agreement process, so that consumers can fully understand the charges and fees that are associated with their payday installment loans.
We also can’t approve you a second loan if you haven’t paid back the first in full – responsible lending regulations forbid it. We’re totally focused on doing right by YOU, our customers.

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