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Unfortunately, unexpected costs and emergency expenses always seem to happen at the worse possible time. If this sound familiar to you, you may want to consider applying for an installment loan in. The more affordable and manageable alternative to a payday loan, an installment loan is a quick and easy way to gain access to the cash you need.
Read this before applying for a loan.
What Payment Plans Are Available?
Not all installment loans in Saskatoon Saskatchewan need to be repaid in the exact same way. There are different payment structures that can be set up, and the one you choose will come down to what you’re comfortable with and what your lender is able to offer you.
Generally speaking, your installments can be paid in any one of the following ways:
- Monthly (most common)
- Weekly
- Bi-weekly
- Accelerated bi-weekly
Do you live another part of Saskatchewan? Check out this article for information about installment loans in Saskatchewan.
What Credit Score is Needed to Secure an Installment Loan in Saskatoon?
In order to get approved for an installment loan in Saskatoon, lenders will assess your financial health. They want to make sure that you’re financially capable of making your payments every month without having to hound you for payment.
In addition to checking your current income, debt, and assets, your lender will also take a look at your credit score. Lenders typically require that borrowers have a high credit score – 650 or more – in order to agree to extend an installment loan.
That said, every lender will have their own lending requirements and credit score criteria. Further, the actual loan amount will also play a role in whether or not a certain credit score will be adequate enough for approval. Since a higher loan amount generally comes with more risks, a higher credit score is often needed.
Can You Get Approved With Bad Credit?
What if your credit score is less than 650? Can you still get approved for an installment loan in Saskatoon?
Yes, but you’ll have to know who to deal with. Traditional lenders and banks will probably deny an installment loan application if you have sub-par credit. Instead, you will have to work with alternative lenders who deal specifically with bad credit borrowers.
Rather than placing a lot of emphasis on your credit score, these lenders will focus more on your income, assets, and your monthly expenses.
They’ll also compare your debt to your income by calculating your debt-to-income ratio, which is basically a calculation of how much of your income goes toward paying whatever current debt you have. They’ll also have a look at your more recent financial activity.
What you may have done in the past might have lowered your credit score, but if you’ve made some recent improvements to your spending habits, this may fare well with these alternative lenders.
Secured Loans
Secured installment loans (which are backed by collateral) may be easier to get approved for when you have bad credit. That’s because the lender will have something of value to recoup if you happen to default on your installment loan in Saskatoon.
Installment Loan vs. Payday Loan
There are several differences between payday loans and installment loans in Saskatoon, including the following:
Repayment Term. Payday loans are named as such because they usually have to be paid back by the time the borrower’s next paycheck comes in. As such, the payment term for these types of loans is usually very short – no more than a couple of weeks. Installment loans, instead, have longer repayment terms. Borrowers have a few months to several years to repay their loan balance.
Payment Schedule. Installment loans are paid back in installments, hence the name. Borrowers can repay the loan balance in installments, whether it’s every month, every two weeks, or every week, as noted above. Payday loans are repaid in full in one lump sum, plus interest. Whatever amount was borrowed needs to be paid back all at once, including interest charged.
Loan Amount. Installment loans typically allow loan amount limits that are much higher than those of payday loans. The latter usually caps out at no more than $800, while installment loan amounts can be in the thousands of dollars.
How much to payday loans truly cost? Check this out.
Interest Rates. Payday loan interest rates are notorious for being extremely high. Sometimes they can be as high as 500%, and if borrowers continue to take out these loans, the interest will just compound, making these loans nearly impossible to pay off. Installment loan interest rates may not be as low as mortgage rates, but they’re usually nowhere near as high as those of payday loans.
Installment Loans to Consolidate Debt
There are several reasons why you may want to take out an installment loan in Saskatoon Saskatchewan, and consolidating your debt is one of them.
Debt consolidation basically means taking out one larger loan to pay off all of your smaller, higher-interest loans. By doing so, you will only have one loan payment to manage rather than several, which makes money management easier. Also, you can save quite a bit of money if you’re able to get a much lower interest rate on your installment loan compared to the smaller debts you might have.
Taking out an installment loan to consolidate your debt is a great option if you have a lot of high-interest debt and prefer to manage just one bill instead of many. Just keep in mind that debt consolidation loans typically require good credit so this is not the best option for all consumers.
Looking to pay down some debt? Click here.
What Do We Recommend Installment Loans in Saskatoon Saskatchewan For?
In addition to taking out installment loans to consolidate debt, they can be used for a host of other purposes, including the following:
- As an alternative to a payday loan
- To cover the cost of emergencies
- To make a large purchase that requires a bit of time to pay off
- To cover unexpected travel expenses
- To rebuild your credit
Apply For an Installment Loan With Loans Canada
Do you require a loan to cover a pressing expense in Saskatoon Saskatchewan? If so, then an installment loan may be just what you need to bail you out of a financial predicament. Loans Canada can help match you with the best right installment loan to fit your needs, Apply today!
