📅 Last Updated: October 4, 2021
✏️ Written By Bryan Daly
🕵️ Fact-Checked by Caitlin Wood
Filters
Loading...
Loans Canada
Loans Canada
Amount
Up to $50,000
Rate
Prime to 46.96%
Term
3-60 months
Fora
Fora
Amount
$1,000 - $10,000
Rate
19.69% - 46.9%
Term
Varies
Spring Financial
Spring Financial
Amount
Up to $35,000
Rate
9.99% - 46.96%
Term
9 - 78 Months
Fairstone Financial
Fairstone Financial
Amount
Up to $60,000
Rate
19.99% - 39.99%
Term
6 - 120
Bree
Bree
Amount
Up to $350
Rate
No Cost!
Term
-
Mogo Finance
Mogo Finance
Amount
Up to $3,500
Rate
9.9% - 47.72%
Term
-
easyfinancial
easyfinancial
Amount
$500 - $100,000
Rate
9.99% - 46.96%
Term
Varies
Cash Money
Cash Money
Amount
$1,500 – $10,000
Rate
Varies by province
Term
Varies
LoanMeNow
LoanMeNow
Amount
$500 - $1000+
Rate
28% to 32%
Term
3 Months
Nyble
Nyble
Amount
$150
Rate
No Cost!
Term
-
goPeer
goPeer
Amount
$1,000 - $25,000
Rate
7.5% - 31.5%
Term
36 - 60 months
Unfortunately we couldn't find you a provider with the given filters

As one of Alberta’s largest cities, Lethbridge is constantly growing in size. This increase in popularity has also caused the average cost of living among residents to rise. So, if you live in the area, chances are you’ll need access to some proper financial tools.

Although your income and credit cards may currently suffice, it’s often a good idea to add an installment loan to your repertoire. Keep reading if you’re curious to know how this kind of product can diversify your credit and financial profile.

Wondering if you made a mistake on your loan application? Find out here.

Payment Plans

While most lenders in Lethbridge offer a variety of loan types, an installment loan is a more traditional product that can help you access a lump sum of liquid cash. If you apply and get approved, that sum is typically sent to your bank account via direct deposit, though some lenders can also offer you the funds through cheque or e-Transfer.

Depending on how much money you borrowed, what your finances look like, and the conditions of your particular plan, you’ll then repay your loan through scheduled installments with interest, over several months to several years.

Lenders may offer one or more installment options, such as:

  • Monthly (12 payments per year)
  • Semi-monthly (24 payments per year)
  • Weekly (52 payments per year)
  • Bi-weekly (26 payments per year)
  • Accelerated (extra payments per year)

How to find the best personal loan for your needs this year, click here.

Choose Your Payment Plan Wisely

There are plenty of ways that you can use it to your benefit. That said, an installment loan is also a significant responsibility that may cause you financial strain if you can’t afford your payments, interest rate, and any other fees your lender charges. As these costs can add up quickly, it’s essential to carefully consider the conditions of your upcoming payment plan before you apply.

For instance, a weekly payment plan can be less affordable and put you under unnecessary stress, especially if you don’t have a steady income. Then again, making more frequent payments means you’ll be out of debt faster, assuming you’re paying on time and in full. At the same time, monthly payments can extend your debt period but are often accompanied by lower interest rates, often making them cheaper overall.

Personal Loans Application Check List

Bad Credit Installment Loans in Lethbridge

Every lender in Lethbridge has different standards for the candidates they can and can’t approve. Typically, prime lenders in Lethbridge like banks can have very strict regulations, meaning borrowers who apply with low incomes or bad credit may not be approved, at least for favourable installment loans. On the other hand, subprime sources in Lethbridge like private, alternative, and bad credit lenders may have more lenient standards.

That said, the general consensus is that the worse your credit is, the riskier lenders will consider you. The riskier you are, the less likely you’ll be to get approved for a larger installment loan with a good rate. In fact, having a credit score that’s under 600 can get your application totally rejected by many sources.

Don’t worry, there are still many lenders in Lethbridge that can offer you a bad credit loan. Even though this would likely be a smaller amount of money with a higher rate, any responsible payments you make will gradually improve your credit. Then, once your bad credit loan is complete, you’ll be free to apply for one with better conditions.

Strengthening Your Application

The key to gaining approval for an installment loan is to apply when you have the best financial strength possible. After all, lenders are likely going to examine your finances income, credit, and current debt load.

To increase your odds of approval and receive a more affordable interest rate, try taking some of the following steps before you apply for a loan in Lethbridge:

  • Find steady employment and save as much income as you can
  • If necessary, take on a second job or work overtime hours
  • Organize any bank statements or other proof of income your lender requests
  • Lower your debt-to-income ratio (consolidate your debts)
  • Provide collateral (optional but helpful)
  • Find a cosigner (also optional but helpful)

Read this to find out what your debt-to-income ratio is.

No Credit Check Installment Loans

Generally speaking, most lenders in Lethbridge will approve you for a reasonably sized and priced installment loan if you have a good credit score of 650 – 900. However, you can also find plenty of lenders that don’t perform a credit check as part of their approval procedure and will instead focus the status of your income, as you would see with a payday loan.

All this said, if you are planning to apply for a no-check loan, it’s important to do proper research and compare lenders in Lethbridge. Unfortunately, this is because there are many scam artists and predatory lenders in Lethbridge and Canada, in general, that are looking to cheat you. Whether it’s by overcharging you or by stealing your identity to commit fraud, these scammers often prey on those with bad credit and have a hard time getting approved.

Do not trust any supposed lender that promises to guarantee your approval no matter what your finances look like or attempts to charge you “loan insurance” in exchange for an installment loan. If they don’t have good credentials, whatever deal they offer is probably too good to be true.

To discover more ways of avoiding a loan scam, check this out.

Payday Loans vs. Installment Loans

While we’re on the subject of installment-style loans that don’t involve credit checks, it’s a good idea to discuss the idea of payday loans which, as we mentioned, are readily available for those with bad credit and low financial health.

Unlike more traditional installment loans, payday loans are very easy to get approved for and come in relatively small amounts of $100 – $1,500. To be approved, you simply need to be past Alberta’s age of majority, have a steady job and active bank account, and provide proof that you’re a permanent resident.

The biggest difference, however, is that payday loans have extremely short payment terms of only 14-days following approval. And, rather than being able to finance your loan over many months, the full cost will be automatically withdrawn from your bank account on its due date, which is risky if you don’t have the adequate funds.

Essentially, a payday loan only outweighs a traditional installment loan if you have very bad credit and weak finances, or if you have a dire financial emergency on your hands.

How to Break The Payday Loan CycleTake a look at this infographic for a better picture of the payday loan cycle.

Using Your Installment Loan Responsibly

Remember, an installment loan is a serious responsibility, no matter what circumstances you apply under. Defaulting on any payments can lead to worse credit, penalty charges, and higher interest rates, so it’s best to draw up an appropriate budget to make sure you can comfortably afford all costs associated with the loan.

Despite the fact that an installment loan can be used for whatever you’d like, it’s also important to make a proper spending plan and only use the funds for things that are essential, such as:

  • Debt consolidation
  • Car accidents, house floods, and other emergencies
  • Groceries and household supplies
  • New furniture and appliances
  • Vacations and unexpected travel costs
  • Credit improvement
  • Various bills (internet, utilities, cell phone, etc.)

Need a loan to finance your travel plans? Try reading this.

Find Your Installment Loan in Lethbridge Through Us!

If you’re looking for an installment loan in Lethbridge, there’s no better network to choose than Loans Canada. It’s our goal to connect you with the best lenders, loans, and rates in Lethbridge Just call us today or apply below!

More From Our Experts

Home Equity Loans For Seniors
Home Equity Loans For Seniors

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...

Debt Consolidation Loan Rejection: Reasons And What Can You Do?
Debt Consolidation Loan Rejection: Reasons And What Can You Do?

You applied for a debt consolidation loan to finally start tackling your debt but then you got denied. Now what?

What Happens When I Can’t Make My Loan Payments?
What Happens When I Can’t Make My Loan Payments?

Are you missing loan payments? What happens If you can't pay your loan? Finf out what happens and what you can do.

Borrower Rights: High-Interest Loan Legislation In Canada
Borrower Rights: High-Interest Loan Legislation In Canada

To better protect vulnerable borrowers, provinces have enacted legislation that sets boundaries on what alternative lenders can and can’t do.

Need Money Today? Find Out Where You Can Get It
Need Money Today? Find Out Where You Can Get It

Do you find yourself saying "I need my money today" often? Here are some simple and quick ways to get money quickly.

Best Bad Credit Loans in Canada 2024
Best Bad Credit Loans in Canada 2024

These are the best bad credit loan options in Canada right now. An easy list to make an easy choice. Here is everything you need to know!

How Does a Line of Credit Work?
How Does a Line of Credit Work?

A line of credit is a less rigid credit option. You only pay interest on what you use. That means flexibility. Read this article to get the

easyfinancial Loan Alternatives
easyfinancial Loan Alternatives

If you've been rejected a loan from easyfinancial, you'll be happy to know that there are plenty of easyfinancial loan alternatives in Canada.

5 Loans Like Fairstone You Should Know
5 Loans Like Fairstone You Should Know

If you are looking for loans like Fairstone, you can find them on Loans Canada. These Alternative lenders offer secured and unsecured loans.

easyfinancial vs. Fairstone
easyfinancial vs. Fairstone

easyfinancial vs. Fairstone? What is the difference? If you have bad credit, you can get a loan from this one faster

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers
Caitlin Wood Priyanka Correia Lisa Rennie Bryan Daly Cris Ravazzano Margaret Johnson Kale Havervold Liz Enriquez Sean Cooper Veronica Ott Corrina Murdoch Chrissy Kapralos

A Team of Experts

Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card