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Installment Loans British Columbia 2019

Compare the best lenders in this region:
ProviderRating
Climb -
4 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
Easy Financial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
ProviderRating
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
Meridian Credit Union 5 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Dynamic Capital 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Evolocity 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada -
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

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?

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.

I Want To…

Do Installment Loans Require a Credit Check?

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, 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. 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.

Did you know these 7 people can check your credit?

Bad Credit Installment Loans in BC

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 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 in 2018.

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.

The True Cost of BorrowingDo 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.

Get The Installment Loan You Need

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.

FAQs

Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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Posted by
Lisa has been working as a freelance writer for more than a decade, creating unique content that helps to educate Canadian consumers. She specializes in personal finance, mortgages, and real estate. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. She enjoys sharing her knowledge and experience in real estate and personal finance with others. In her spare time, Lisa enjoys trying funky new recipes, spendin...

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