For someone with a bad credit score, something as simple as securing some much-needed financing can be a very difficult process. Fortunately, there are some lenders out there who will not hold your past against you.
Of all the options on the market for personal loans, installment loans are a great option for people with little to no credit history or bad credit. If you have been looking for a way to address some upcoming financial needs, look no further than online installment loans, Canada’s fastest source of financing.
What are Installment Loans?
An installment loan is a form of personal loan given to the borrower in a lump sum that is paid back over time. These loans are unsecured, which means that the borrower does not have to provide any form of collateral, and they offer great flexibility when it comes to repayment terms.
Installment loans have a short to medium-term repayment structure, usually ranging from 6 months to a few years. Borrowers get to choose a schedule that suits their situation (weekly, bi-weekly or monthly), and they get the peace of mind that comes with knowing exactly what to budget for and what to expect down the line.
The Advantages of Installment Loans
Installment loans are an excellent financing vehicle because they find a balance between the quick cash provided by payday loans and the flexibility of repayment you get with longer-term financing. Their advantages include:
Thanks to the speedy online application, you can get your installment loan very quickly so your financing is there when you need it.
Even if the results of your credit check puts a loan from your bank out of reach, you can still get approved for an installment loan. As long as you demonstrate your ability to repay your loan, your credit score will not prevent you from getting your loan.
Unlike the rigid structure of a payday loan, your installment loan will let you choose the terms that suit you best. Because you get to choose the loan term and payment frequency, you will always get the financing that suits your needs.
What Can I Use an Installment Loan for?
This financial support can be used to pay for unplanned expenses, like automotive repairs, dental bills, or anything else that comes up. They can be a true lifesaver when it comes to things like major expenses or unexpected developments. People tend to use their installment loans for:
- Major Expenses – Installment loans put everything from the cost of new appliances to wedding expenses within your reach.
- Vacation – Sometimes, a bit of relaxing time off is worth more than all the money in the world. Installment loans can be a great way to finance travelling or vacations.
- Seizing an Opportunity – Every now and then, we all hear about some investment opportunity that could pay huge dividends but is slightly beyond our reach. The quick cash provided by installment loans could help you get in on the ground floor of a life-changing investment.
What Do I Need to Apply for an Installment Loan?
When you work with Credit Arch, you get access to our pool of lending partners, which provides competitive interest rates and terms flexible enough to fit any situation.
To start your loan application, all you need to provide is a bit of basic information, such as:
- Proof of age
- The amount you want to borrow
- The reason you want to borrow
- A bank account
- Your credit score
- Your work situation and proof of income
Why Installment Loans for Bad Credit are Better Than Payday Loans
Your installment loan can be paid back at a lower interest rate than with a payday loan, and the transparent process will let you know just how much you need to budget per month to pay it back.
People often resort to payday loans because they wrongfully believe that they can’t qualify for other types of financing. But thanks to installment loans for bad credit, you can avoid the high cost of borrowing associated with payday loans and get your finances on track.
Credit Arch – Your Source for Online Loans
When you work with Credit Arch, getting your financing secured is as simple as it gets. All you need to do is provide some basic information through our online portal, and we will immediately match you with the right lender for your situation.
Because our lenders are competing for your business, you will get the most competitive interest rates and repayment terms possible, every time. It’s as simple as that!
Contact Credit Arch today, your financing is within reach!