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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If you have a pressing need to access money quickly in order to cover a major expense in Alberta, then an installment loan may be the right option for you. While there are several different types of loans out there that you may want to consider, an installment loan is just one way to get your hands on funds quickly while taking advantage of convenient repayment terms.
An installment loan is simply a type of loan that involves taking out a specific loan amount that will need to be repaid within a specified loan term. During this repayment period, the loan amount will be paid back in installments, usually in the form of fixed monthly payments until the full outstanding balance is repaid.
Want to know how your payment history affects your credit score? Read this.
Each payment made will include a principal portion as well as an interest portion. The exact ratio will depend on the loan amount taken out and the interest rate charged by the lender.
What’s the Difference Between an Installment Loan and a Payday Loan?
While payday loans and installment loans are both convenient ways to get access to cash fast in Alberta, there are significant differences between them. Most predominantly, the main differences are:
The length of the loan term
The loan amount
The repayment terms
The fees
Payday loans usually come with very short loan terms. Typically, the loans need to be paid back by the time the next payday rolls around, hence the name. Payday loans also have to be paid back in one lump sum as opposed to in installments.
These types of loans are also only for limited amounts, usually no more than $800 or so, while installment loan amounts can be much higher, depending on the credentials of the borrower. Furthermore, payday loans usually come with extremely high-interest rates and fees, which isn’t necessarily always the case with installment loans in Alberta.
Interested in more information about the payday loan cycle of debt? Click here.
Do Installment Loans Have to Be Used For a Specific Purpose?
There are various types of installment loans in Alberta. For instance, auto loans, home loans, and student loans are all versions of installment loans. In these cases, the loan amount given is to be used for one specific purpose, which is either to pay off a car, a house, or college tuition, respectively.
However, you can also take out a personal installment loan, in which case you can use the money for any purpose you see fit. For instance, common reasons for taking out these types of loans in Alberta can include:
Home improvement projects
Car repairs
Medical or dental purposes
Vacations
Rent payments
Large purchases
The list can really go on and on. As long as you are able to make your regular monthly payments on time and in full every month, your lender in Alberta shouldn’t care what you use your loan for.
Check this out to see what happens when you can’t make your loan payments on time.
What Credit Score is Required to Get Approved For an Installment Loan in Alberta?
A credit score is an important factor that lenders consider before approving borrowers for installment loans in Alberta. Typically, lenders like to see credit scores of at least 650 before approving loan applications, though the number should ideally be even higher than that.
Borrowers in Alberta who have a credit score in the 700s are more likely to not only get approved for an installment loan but also get a lower interest rate, which makes the overall loan more affordable.
On the other hand, borrowers in Alberta with a score of less than 650 will be less likely to get approved. If they are approved, they will probably be stuck with a higher interest rate in order for lenders to be more protected in case the borrower defaults on the loan.
Trying to understand your credit score and credit rating? Look at this.
What About Bad Credit Installment Loans?
However, there are bad credit lenders in Alberta who work specifically with borrowers with bad credit, so it is certainly still possible to secure an installment loan with a score that’s considered less than par.
That said, borrowers in Alberta with poor credit should make the effort to improve their credit scores in order to improve their chances of securing an installment loan at more favourable interest rates.
Check out this infographic to learn how the credit bureaus calculate your credit score.
What Kind of Payment Plans Are Available in Alberta?
Installment loans have several different payment plans for borrowers to choose from. The monthly payments will vary depending on specific factors, including the following:
Loan term – Installment loans can vary in terms, with shorter terms and longer terms available depending on the needs of the borrower and what lenders are willing to offer.
Interest rate – Lenders may offer both fixed-rate and variable-rate loans, though it is more common for installment loans to come with fixed rates.
Payment type – Installment loans typically come with fixed payments as mentioned above, making each payment the same every billing cycle. If the interest rate is variable, then each payment could fluctuate based on changes to the rate.
Fees – Many installment loans come with upfront fees that borrowers must pay right out of the gates, some also charge monthly servicing fees.
Frequently Asked Questions
What kind of income is accepted for installment loans in Alberta?
The primary concern for most lenders is that you have a recurring source of income. Installment loan payments are best scheduled along with your direct deposits to avoid declined payments. Lenders will consider many forms of recurring income that aren’t employment income. These can include different government financial programs such as CCB, EI, and CPP. The lender will typically require you to submit documents with your loan application. These will prove that you are receiving recurring income into the account where loan payments will be taken from.
What’s the difference between an installment loan and a payday loan?
Payday loans are not the only option for those with bad credit. Installment loans are generally a better option since they have much lower interest rates. Payday loans can charge up to 600% annual interest, whereas installment loans cannot charge more than 60%. Installment loans can also be repaid over a longer period of time, making them much more flexible. Payday loans are typically due by your next paycheck.
What kind of payment plans are available for installment loans?
The most common installment plans are typically monthly or biweekly payments. Weekly or semi-monthly plans are also sometimes available but less common. Which payment plan you choose can be just a matter of preference. Ideally, you’d like your loan payments to coincide with your income deposits. This minimizes the chance of a payment being rejected and incurring penalties from your lender and your bank.
An Installment Loan That Works For You
Installment loans in Alberta can come in really handy when a major expense needs to be covered but your bank account isn’t equipped with enough money. If you’ve got a decent credit score and a steady income, getting approved for an installment loan with a reasonable interest rate shouldn’t be a problem. If you live in Alberta and are in the market for an installment loan, Loans Canada can help.
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