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📅 Last Updated: December 7, 2023 ✏️ Written By Lisa Rennie 🕵️ Fact-Checked by Caitlin Wood
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How many times have you struggled to come up with a lump sum of money to cover an expense that was thrown at you? Unfortunately, many consumers living in New Brunswick face this financial dilemma. The good news is that there are many tools available in New Brunswick to help pay big bills that your bank account just isn’t adequate enough to take care of, including installment loans.
To learn more about loans in New Brunswick, click here.
Installment Loans – What Are They?
There are different types of loan products in New Brunswick, including installment loans. These types of loans can be made for as much as a few thousand dollars, depending on your needs, your financial health, and what lenders are willing to extend. They are named “installment loans” because borrowers repay the loan in installments, whether they’re monthly, semi-monthly, bi-weekly, or weekly.
Each installment covers both a principal portion and the interest portion, and the exact amount will depend on the loan amount, interest rate, and loan term. Installment loans can be a great way to finance a vehicle, college or university tuition, home repairs, and other expenses you come across in New Brunswick.
Take a look at this infographic to learn all about the true cost of borrowing.
Types of Installment Loans in New Brunswick
Many loans fall under the umbrella of installment loans, such as:
- Car loans
- Student loans
- Home equity loans
- Personal loans
- Debt consolidation loans
All of these loans can be taken out to pay for any number of big-ticket items that you probably wouldn’t be able to pay for upfront. Installment loans make these types of purchases and payments much more feasible.
Qualifying For Installment Loans in New Brunswick
Lenders in New Brunswick will ask a number of questions and will want to see some proof that you are financially capable of keeping up with your payment installments every month. As such, lenders will want to know how much you make, who your employer is, how long you have been employed there, what your job status or position is, how much debt you have, and what your credit score is.
Can’t make your loan payments on time? Here’s what to do.
Not only will these factors determine whether or not you will be approved for an installment loan, they will also help to determine the interest rate that you will be charged should you be approved.
Can You Qualify With Bad Credit in New Brunswick?
If your credit is not perfect, you may have a harder time qualifying for an installment loan in New Brunswick with a conventional lender. In this case, you may want to seek out loan products from alternative lenders who work with bad credit borrowers.
These lenders in New Brunswick place more weight on other factors to assess your ability to repay the loan instead of your credit score. In order to make up for bad credit, the lender will place more emphasis on your income and your debt-to-income ratio. If you can prove that your income is strong and your current debt load isn’t too high, you may be able to get a bad credit installment loan in New Brunswick.
It should be noted, however, that loans from alternative lenders will result in higher interest rates as a result of your bad credit score. While it’s still possible to secure an installment loan this way, you may want to consider improving your credit score first before applying for an installment loan.
There are credit counselling services available in New Brunswick that can help educate you on what you need to do to improve your credit score and boost your chances of loan approval in the future.
Check out this infographic to learn how your credit score is calculated.
Can You Get an Installment Loan Without a Credit Check in New Brunswick?
As mentioned earlier, conventional lenders will want to do a credit check on borrowers in order to find out their credit history before extending a loan. But there are alternative lenders out there who don’t conduct credit checks on borrowers, which is good news for those who have poor credit scores.
If you have bad credit or no credit, you likely would prefer not to have a credit check done. Having one conducted would only reveal the fact that your credit score is either poor or nonexistent, which isn’t something you’d want any lender to know about when applying for an installment loan in New Brunswick.
If this is the case for you, then applying for an installment loan with an alternative lender who does not conduct credit checks might be something to consider.
Want to know about loans with no credit check in Canada? Look here.
What About Debt Consolidation Loans?
As previously mentioned, debt consolidation loans fall under the category of installment loans because they involve payments in installments in order to repay the loan amount in full over a specific amount of time.
A debt consolidation loan is a loan that is taken out in order to pay off several smaller loans or debts that borrowers are currently making payments on. By taking out this type of loan, borrowers basically bring all of these other debts together into one bigger loan with one monthly payment.
This is a great option if for New Brunswick borrowers who have a lot of other high-interest debt, such as credit card debt. Loans with high interest can be difficult to pay down, especially if you’re only able to make minimum payments every month. In this case, taking out a debt consolidation loan at a much lower interest rate can make all of your debt much more affordable. In turn, you can effectively pay down your debt load faster while only having to manage one payment instead of many.
Did your debt consolidation loan application get denied? Here’s what you can do.
Frequently Asked Questions
Can I pay my installment loan off early?
This depends entirely on the type of installment loan you have. There are two types: open-end and closed-end installment loans. Open-end installment loans allow the borrower to repay the loan before it’s due to save on interest. Common types of open-end loans are credit cards or lines of credit. Closed-end loans are fixed to a certain period of time where the loan is expected to be repaid. Examples of this are mortgages and car loans. While the borrower can pay off the loan earlier than agreed upon in the contract, they may be subjected to prepayment fees.
What kind of income is accepted for installment loans in New Brunswick?
Installment loans require repayments to be made regularly. As such, a regular stream of income is required by most lenders in order for them to extend credit to a borrower. This does not necessarily always mean employment income. Some lenders will accept income from government programs, such as CCB, CPP, and EI. In order to validate this alternative income, they may ask you to provide bank statements and government documents.
What type of payment schedule is best for an installment loan?
While it can be a matter of preference, there are some considerations to make here. Schedule your installment loan payments around the same day you receive your income as a direct deposit. This will ensure that there are funds in your account and you avoid paying fees for declined transactions. Most payment plans are typically biweekly or monthly, but you could ask your lender to change the frequency of payments to your needs. More frequent payments will tend to be smaller, whereas more infrequent payments will tend to be larger.
Apply For An Installment Loan Today
Installment loans in New Brunswick can certainly be convenient financial tools if an expense is thrown your way that you can’t easily cover on your own without a little outside help. You can take out varying amounts of money depending on your exact needs and your financial history. Make sure you know what your credit health is like before going into the application process and get in touch with Loans Canada today to find an installment loan that meets your needs.
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