- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
Living in any major Canadian city can be pricey and Montreal is no exception. Paying for all your regular expenses using just your savings or credit cards can also be costly, inconvenient, and leave you with no money left to live your life. On the other hand, getting an installment loan in Montreal might be of great help, giving you an easy and affordable way to cover your expenses without forsaking all of your hard earned cash.
More interested in a personal loan in Montreal? Take a look at this.
An installment loan is a type of financial product that’s provided by the majority of lending sources in Canada, including banks, credit unions, alternative, private, and bad credit lenders. These types of loans come in lump sums of money and are deposited straight into your bank account, usually a few business days following your approval. You’ll then pay that money back through a series of equally divided payments, including an interest rate until the full loan sum has been returned.
When you apply, your lender is likely to examine elements such as:
Once approved, you can pay your loan through using one of several payment options:
Not all lenders offer each of these payment options. Some may only allow for one payment on a monthly basis, so make sure to ask your lender about this, as well as the elements above. That being said, the option that works best for you will depend on what your income and savings look like, as well as what’s comfortable for you.
For example, if you work a wage-based job that affords you one paycheck every two weeks, you might want to choose the bi-weekly option. However, if you don’t have a steady income (freelance, part-time, etc.) you might be safer with monthly or bi-monthly payments, as they won’t be so frequent, giving you time to save up.
Read this before you apply for any loan.
During your search for financial solutions in Montreal, you may have discovered payday loans and thought that, in certain ways, they might be a better choice than installment loans. Not so fast! There are a few significant details that you should know about payday loans, including but not limited to:
Click here for even more differences between payday and installment loans.
When you’re applying for an installment loan in Montreal, having good credit can be a huge advantage.
Having Good Credit (credit score of 660 or higher)
In Canada, credit scores may range from 300 to 900. The closer your score is to 900, the less risky a potential lender will consider you and the better your approval odds and interest rates will be. Having good credit shows that you’ve had little to no problem keeping up with payments for your existing or past credit products. Essentially, good credit will make your loan more affordable and allow you to secure a larger amount of money if you wish.
Check out these surprising perks of having a good credit score.
Having Bad Credit (credit score of 560 or lower)
Bad credit will have the opposite effect when it comes to any kind of loan or credit product. A bad credit score may mean that you’ve been late or short on, or even worse, missed a bunch of payments completely, ultimately turning you into a risky borrower. Being that, in your lender’s eyes, you have a larger chance of not paying them back on time, they’ll often charge you a higher interest rate and won’t allow you to borrow as much money.
Generally speaking, a score of 650 or higher will secure you a decent loan amount at a reasonable interest rate. Nevertheless, if your credit score is lower than that or you qualify as having bad credit, you can still get approved for an installment loan in Montreal. You can do this by applying with an alternative or private lender, or one that deals specifically with clients who have bad credit. There are even some lenders out there that don’t use your credit at all during their application process.
Things to know about bad credit installment loans:
Need more information about bad credit loans in Montreal? Click here.
Remember, an installment loan is going to show up directly in your bank account as cash that you can use for pretty much anything. That being said, it’s best to take your time and think about why you really need the money. For example, unnecessary items, such as consumer goods are better left to your credit cards.
On the other hand, apply for an installment loan in Montreal might be a better option when:
If you’re looking for a reliable source of installment loans in Montreal, we can help you find it. Contact Loans Canada today or fill out an application below. It’s simple, quick, and effective!
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