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📅 Last Updated: October 4, 2021 ✏️ Written By Kale Havervold 🕵️ Fact-Checked by Caitlin Wood
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Unfortunately for those in Saint John and the rest of New Brunswick, the province is among the lowest when it comes to the median household income compared to all provinces.
However, even though their incomes are lower, they are still responsible for purchasing the same sorts of things that everyone else is across the country. They still need a home, likely still need a vehicle and might be interested in getting an education. Thankfully, installment loans exist and can help those with limited cash or low income make large purchases.
An installment loan is simply a loan in which the borrower will pay back the loan, piece by piece, on a predetermined schedule for a predetermined amount of time. There can be a wide variety of different types of installment loans such as mortgages, student loans, auto loans, and personal loans.
Can You Get an Installment Loan If You Have Bad Credit in Saint John?
It would be great if everyone in Saint John that is interested in getting a loan had the best credit to be able to get the best rates, but this isn’t always the case. However, even if you have bad credit, you still have options. While getting the same interest rates as people in Saint John with a 750+ credit score might be tough, that doesn’t mean all installment loans are unattainable.
Want to know how lenders set their interest rates? Find out here.
In order to get an installment loan with bad credit, you may need to work with an alternative lender in Saint John who won’t check your credit to qualify you for a loan. These lenders in Saint John will often use things like bank statements, collateral, or your debt to income ratio when deciding whether to approve you or not. Now, because your score is low and you are risky, don’t expect to get the best rate, but at least you’ll be able to secure a loan.
What Payment Plans Are Available in Saint John?
Other than the interest rate of your installment loan, one of the most important things to consider is the payment plan and schedule. Your payment plan will not only determine when you pay, how often you pay and how much you pay but also how much interest you pay. In general, there are three different payment plans:
- Weekly – You will make a payment to your lender every week
- Bi-Weekly – You will make a payment to your lender every two weeks
- Monthly – You will make a payment to your lender once a month
Of course, certain lenders in Saint John may use other terms or ranges, but in general, these three are the most common that you will see. Also, some lenders in Saint John might only provide a single option, so be sure to examine the options a lender has before agreeing or signing anything.
Can’t make your loan payments on time? Take a look at this.
So How Do You Choose Which Option is Best?
Well, that all comes down to how comfortable you are with making frequent payments and when/how much money you have coming in. For example, if you would rather keep things simple and are okay with large payments, opting for a monthly payment plan is a good idea.
Whatever option you choose, be sure it works with your lifestyle in Saint John and won’t put you in a bad financial situation.
Make sure you read this before you apply for a loan.
What Can You Use an Installment Loan for in Saint John?
Now that you’re aware of what an installment loan is and the fact that you can likely get one, even with bad credit, what can you use them for? Well, the answer is essentially anything. Installment loans are quite versatile and they can help you in a number of different ways in Saint John. You can use an installment loan for:
- An alternative to an expensive and potentially-predatory payday loan
- Large purchases such as homes, cars, or RVs
- To cover the cost of an emergency, like an accident or injury
- To help to rebuild your credit
- To cover the cost of unexpected travel that you need to make
Of course, no matter what you use your installment loan for, you should be sure to only take out a loan that you can afford to pay back. Taking out a giant loan can put a real strain on the rest of your finances, so be careful.
Installment Loans vs. Payday Loans
Finding the Best Installment Loan for Your Needs in Saint John
Looking for an installment loan and don’t know where to turn? If so, be sure to reach out to Loans Canada as we are confident we can find you the best installment loan in Saint John for your needs.
