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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Do you have a big expense to cover, but your bank account isn’t padded with sufficient funds to cover it? If so, you’re among thousands of other Canadians in the same shoes. Financial woes can be stressful when there’s not enough money in the pot to cover your bills. But there are ways to get your hands on the money needed to cover any one of your big expenses, including installment loans in Quebec.
Installment loans are a type of loan in which you repay the loan amount borrowed in installments, hence the name. Typically, payments are made in monthly installments, although, other payment arrangements can be made, such as bi-weekly, weekly, or semi-monthly, depending on what your lender offers.
What happens when you can’t make your loan payments? Find out here.
Loan amounts will differ depending on your financial health and the lender, as will the interest rate. The term of the loan can be as little as a few months to as long as 30 years. Each payment made will include both the principal amount and an interest portion. The amount paid at every installment will depend on the loan amount, the term of the loan, and the interest rate being charged.
Are Installment Loans Like Payday Loans?
No, they are two different loan products that are dissimilar in many ways. For starters, payday loans usually involve a much smaller loan amount, typically no more than $1,500, whereas installment loans can involve tens of thousands of dollars in some cases.
Payday loans must be repaid in a much shorter period of time, typically when the borrower’s next paycheck comes in, as opposed to installment loans, which are repaid over a much longer period of time. The repayment method also differs: while installment loans in Quebec are repaid in installments over time, payday loans must be paid back in one lump sum.
Interest rates with payday loans are usually much higher as well, some as much as 500% APR (annual percentage rate) or more.
Take a look at this infographic to know how the payday loan cycle could affect you.
Installments are much more affordable options that provide more money and easier repayment terms, which makes them a much more attractive loan option to residents in Quebec.
In order to qualify for an installment loan, borrowers must meet certain criteria that are similar to other types of loans, including the following:
Good credit score – Lenders will pull your credit report before extending a loan. Generally speaking, lenders like to see a credit score of at least 680 before they approve a borrower for an installment loan, though there may be cases where a lower score may still be eligible for approval.
Borrowers with a higher credit score will not only have an easier time getting approved for an installment loan in Quebec but will also be given a lower interest rate, which makes the overall loan much more affordable over the term. Lower credit scores make it more difficult to secure a loan and will result in a higher interest rate being charged.
Here’s how you can increase your credit score without increasing your credit card debt.
Income – It should come as no surprise that a borrower’s income plays an important role in the installment loan approval process. You will need to prove that you’ve got an adequate income to be able to repay the loan amount borrowed. Your lender may want to see proof of income in the form of pay stubs and employment letters.
Do you have a low income? Read this to learn how you can get out of debt fast.
Debt-to-income ratio– Not only does your income matter, but so does your debt load. You might make a very good living, but if your current debt load is already too much for your income to handle, adding more debt to the pile could put you over the edge. For this reason, lenders will want to know how much debt you currently carry relative to your income before approving you for an installment loan.
Want more information about credit scores? Take a look at this infographic.
Can I Qualify With Bad Credit?
As already mentioned, your credit score plays a key role in your eligibility for an installment loan. Conventional lenders usually only deal with borrowers who have good credit scores.
However, a bad credit score won’t necessarily take you out of the running for an installment loan in Quebec. There are alternative lenders out there who deal exclusively with bad credit borrowers to help them secure a loan.
In this unique case, the lender will consider other factors aside from your credit score to approve you for a bad credit loan. If you can prove that:
You make a good income
Have a steady job
That you don’t have too much debt
Alternative lenders may be willing to extend an installment loan to you without the need to have good credit.
Living in Montreal? Click here to learn about bad credit loans in your city.
The biggest drawback of a bad credit loan is that the interest rate will more than likely be higher than a loan provided by a conventional lender to a borrower with good credit. This interest rate can vary quite a bit from one lender to another and depend on your exact financial situation. In any case, interest rates on these types of loans are usually quite high and will make the loan more expensive.
If you have bad credit, you may want to consider taking steps to improve it before you apply for an installment loan in Quebec. There are credit counselling services available that can help educate you on making better financial choices and the measures that should be taken to give your credit score a boost. That way you will be able to secure a conventional installment loan much more easily and be awarded a lower interest rate.
Considering getting credit counselling in Quebec? Read this first.
Frequently Asked Questions
Are installment loans better than payday loans in Quebec?
Yes. In fact, Quebec has effectively banned payday loans by limiting the annual interest rate for all loans to 35%. Other provinces have maximums of between 400-650% for payday loans (60% for other types of loans). The lower rate in Quebec makes installment loans ideal for paying off a major purchase in small installments.
What’s the best payment plan for an installment loan?
The answer to this varies from person to person. The most important factor is when your direct deposits are scheduled. Lenders prefer that loan payments coincide with your direct deposit income. This lessens the chance of declined payments, increased fees, and headaches for both sides. Most payment plans are typically biweekly or monthly. If your direct deposits are neither, then choose the schedule that’s closest.
Is it possible to get a loan in Quebec with bad credit?
It is possible but will be a bit more difficult. Typically, banks and major institutions will not be willing to extend credit to borrowers with poor credit. Instead, you may need to seek out alternative lending firms. Seek out lenders that do not rely on a credit report alone. Some also look at your income, existing debts, and other factors to make a more nuanced decision.
Is an Installment Loan Right For You?
If you’re in a financial pickle and are in need of financial assistance to help cover some of life’s big expenses, an installment loan may be a great fit for you. However, it’s important to take a closer look at your financial situation before you apply for a particular installment loan in Quebec. If you are interested in finding out more about installment loans and where to get one, Loans Canada is here to help. Get in touch with us today!
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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.
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