Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed.Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.
Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly.With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.
Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.
If you’re short on cash, Bree offers cash advances of up to $350 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $10,000 and approve applicants in as little as 24 hours. Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals who strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
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There are many expenses in life that can require a lot more money than what you may currently have available. Whether it’s to pay for a car repair, complete a major renovation in your home, or pay for your children’s braces, sometimes a little financial help might be required. That’s why installment loans were developed: to help consumers in British Columbia get the money needed to cover a large expense.
Want to learn about some more loan types for credit users? Read this.
How Do Installment Loans Work in British Columbia?
Installment loans can vary based on the exact needs of the borrower. Basically, they involve any type of loan that is paid back in regularly scheduled payments or installments. Every payment on an installment loan includes a portion of the principal amount – which is the loan amount borrowed – as well as an interest portion based on the rate agreed upon. Usually, these payments are made on a monthly basis and are set amounts that are paid until the loan is paid off within the agreed-upon loan term.
Click here to find out what happens when you can’t make your loan payments.
The amount that must be repaid at every billing cycle will depend on the loan amount, interest rate, and the term of the loan. Just about all installment loans come with fixed interest rates, which means the interest rate charged will remain the same throughout the term. Therefore, the payment amount will also stay the same throughout the term of the loan.
Do Installment Loans Require a Credit Check in British Columbia?
A common question that consumers may have regarding installment loans in British Columbia is whether or not a credit check is required to get approved. While most installment loans do require a credit check in British Columbia, which means your credit score would have to be in relatively good shape in order to get approved, there are options for those with bad credit.
It’s always a good idea to check your credit score before applying for any type of loan in British Columbia. You can pull your credit report with any one of the two major credit bureaus in Canada, including Equifax and TransUnion. Knowing what your credit score is before you apply will give you a better idea of where you may stand in the approval process. It will also let you know if improvements should be made to your credit score before you apply for an installment loan.
Bad Credit Installment Loans in British Columbia
If you know you have bad credit and need the money from an installment loan before you have a chance to improve your score, there are installment loan products available in British Columbia that are specifically geared towards bad credit borrowers. Further, a larger unsecured installment loan will usually require a higher credit score, so if you plan to borrow a large sum of money, you may want to take the time to boost your score first before applying.
Read this to discover some ways of improving or fixing your credit score.
Secured vs. Unsecured Installment Loans
Installment loans in British Columbia can be secured or unsecured. That means some loans may require some form of collateral – such as a house, car, or another valuable asset – while others don’t require any collateral to back up the loan.
Secured installment loans place less risk on the lender because they have something of value to recoup if the borrower defaults on the loan. Installment loans without collateral – or unsecured loans – pose a bit more of a risk to lenders because if the borrower defaults on the loan payments, there is nothing of value to recoup in order to cover their losses.
For this reason, installment loans that don’t require any collateral will usually require that the borrower has a higher credit score and a higher income. This will help show that the borrower will be capable of paying back the loan and making payments on a regular basis. In addition, unsecured installment loans may also come with a higher interest rate compared to secured loans.
Do you know what the true cost of borrowing is? Take a look at this infographic to find out.
Pros and Cons of Installment Loans
While installment loans can help consumers in British Columbia out of financial jams, deal with personal emergencies, or make large purchases, they can come with their own set of drawbacks too.
Pros:
Flexible
A quick and easy application process
Easily customized to the borrower’s needs
Allow borrowers to obtain financing at a lower interest rate compared to credit cards or payday loans.
Cons:
A credit check may be required
Higher interest rate compared to the prevailing market rate
Borrowers are locked into a long-term financial responsibility
Before you choose to take out an installment loan, be sure to consider all the advantages and disadvantages of this financial product first.
Thinking about getting an emergency installment loan? Watch this first.
Frequently Asked Questions
How are installment loans different from payday loans?
Installment loans have much lower interest rates than payday loans. Typically, the maximum annual interest rate is 60% in Canada, but payday loans are allowed to have rates of 500-600% because of the shorter repayment terms of usually 2 to 8 weeks. Installment loans are more flexible since you can pay off your loan in smaller payments over a longer time period. Their significantly lower interest rates make them much more manageable than payday loans.
What’s the difference between secured and unsecured installment loans?
Secured installment loans have some form of collateral. The lender can keep it in the event that you cannot repay the loan. Unsecured installment loans have no collateral. If you have bad credit, you’re much less likely to qualify for unsecured loans. This is because the lender has limited recourse should you default on your debt. By offering a form of collateral, you are securing your loan and giving the lender confidence in extending credit to you. Typical forms of collateral include vehicles and home equity.
How are open-end and closed-end installment loans different?
In general, it’s much better to have an open-end installment loan than a closed-end installment loan. It could potentially save you hundreds of dollars in penalties. If you pay off a closed-end loan early, you may have to pay a significant prepayment penalty. In some cases, this means you save no money by paying your loan off early. An open-end installment loan has no such penalties and allows you to pay off your loan early to save on interest.
Get The Installment Loan You Need in British Columbia
Installment loans in British Columbia can certainly come in handy and fill a pressing need when a major financial obligation is thrown your way. These loans can be taken out in varying amounts depending on exactly what you need the money for. Be sure to check your credit score, consider your current finances, and contact Loans Canada today to find an installment loan that perfectly suits your situation.
As a senior, getting a loan can be more difficult due to lower income and age restrictions. Thankfully, there are many home equity loans for seniors i...
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