Installment loans in Canada
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You can get approved for an installment loan, even if you have low credit, with a trusted lender like Spring Financial. Your loan approval just might come with a higher interest rate to offset the lender’s risk.
As you work hard and raise your poor credit score, you’ll notice that getting a loan approval is easier and comes with lower interest rates.
Apply in 3 easy steps
Fill out our secure online application
Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.
Get approved
Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.
3. Receive your funds!
Once approved, receive your funds swiftly through a convenient e-Transfer directly to your bank account!
Getting an installment loan without a credit check is possible, but lenders who promise guaranteed approval without performing credit checks usually don’t have your best interests at heart. They’re known to target people with poor credit and use predatory tactics, such as hidden fees, to put the borrower at a huge disadvantage.
It’s also best to avoid a payday loan if one of your goals is to build credit. In most cases, payday lenders don’t send your payment history to credit bureaus, so the loan will not help your credit rating, even if you repay it on time.
Even if you have poor credit, you don’t need to find a lender who does credit-check-free installment loans. Instead, find one that offers bad credit installment loans. These lenders are used to working with individuals with poor credit and can get most people approved. Online lenders are typically a safe bet, as they offer online installment loans to people with all kinds of credit scores.
Let’s find out what your loan payments could look like
Installment loans come with many benefits, including:
- Predictable monthly payments. Credit cards can be hard to manage, as the amount on your statement can change depending on how much you spend. With installment loans, you’re on fixed payments, so you know exactly how much you owe every month. This offers more predictability and makes it easier to budget. Most installment loans also use fixed interest rates, providing peace of mind so you don’t have to worry about possible rate increases. You can choose the loan terms so you’re only dealing with affordable fixed payments.
- Flexible repayment options. You have lots of installment loan options. Repayment plans usually have some flexibility, so you can choose what works best for you. For example, you can pick a longer loan term if you want to make lower monthly payments or agree to a shorter period to save on interest.
- Quickly access funds. When a dire financial situation occurs, you’ll most likely need money quickly. Most lenders understand this, which is why you’ll normally receive funds within 24 hours or less upon approval, so you have instant cash access.
- Relaxed eligibility requirements. It’s easy to qualify for an installment loan in Canada with a trusted lender, especially online. You need to be a Canadian resident, be at least 18 years of age, possess an active bank account and have proof of your income, residence and expenses.
- Credit building. Unlike payday loans, installment loans can help you build credit if you use them wisely. Every on-time payment will be reported to the credit bureaus, and this activity will help you get one step closer to a good credit score.
You have questions,
we have answers.
How Do I Pay Off an Installment Loan?
Flexible repayment schedules are one of the best things about personal installment loans. You can rebuild your credit by paying off a loan in a short amount of time or take up to 60 months if you need it. However, note that it’s critical to stick to payment schedules once you agree to a repayment plan. Even one missed payment can negatively impact your credit and lower your credit score by several points.
Where Can I Get an Installment Loan?
Trusted online lenders are emerging as a top option for the best installment loans if your credit isn’t great and you need money quickly. These lenders offer online loans so you can shop around for the best rates and apply for an online installment loan from the comfort of your home.
How Can an Installment Loan Help My Credit Rating?
Do you have credit card debt? Moving it to an installment loan can benefit your credit rating because it decreases your credit utilization ratio. Credit utilization accounts for 30% of your credit score calculation. A low credit utilization rate indicates you’re responsible with credit and don’t have a habit of overspending. Your credit utilization ratio must be below 30% to avoid hurting your credit score. At 35%, payment history has the most significant impact on your credit, and most installment loan lenders report this activity to credit bureaus. This means your credit score will increase if you consistently send your payments before the due date.
From car repairs and unexpected expenses to education expenses and dream vacations, Spring Financial is here to support you at every stage of your life and with every major purchase. We’re committed to helping you improve your credit by providing stress-free installment loans with fixed interest rates and flexible terms.
Here’s what makes Spring Financial one of the top lenders for Canadian installment loans:
- Convenient installment loans. Getting installment loans online is easier than ever before. You can get approved for a loan amount of up to $35,000 without ever having to step inside a bank. Just fill out the online form.
- Fast funding. You can fill out the installment loan application online in minutes, and funds will be sent directly to your bank account the same day or within 24 hours. It’s a much easier and more straightforward loan application process.
- Customizable repayment schedules. Payment plans are flexible, with terms between 9 and 60 months. Your payment plan details will be outlined in the loan agreement.
- Trusted lender. Spring Financial is trusted by Canadians nationwide—just check out the glowing reviews on Trustpilot and Feefo.
- No hidden costs. You’ll never have to worry about hidden costs like application fees or maintenance charges.
- No-hassle installment loans for everyone. Whether you’re new to credit, have filed for bankruptcy, or are low income, Spring Financial can help.
What are you waiting for? Apply online and get approved for an installment loan today.. The entire online application form will only take you a few minutes to fill out!
Why choose Spring Financial?
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Bank Loans
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Credit Cards
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Payday Loans
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Max Amount
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$35,000
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$50,000
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$10,000
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$1,500
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Interest Rates
From |
9.99%
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9.99%
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$19.99%
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200-450%
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Fully Online Application
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Fast Approval
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e-Transfer
Delivery |
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Max Amount
$35,000 |
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interest Rates From
$9.99% |
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Fully Online Application
|
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Approval within
Hours |
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Same-Day
E-Transfer |
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Bank Loans
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|---|
|
Max Amount
$50,000 |
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interest Rates From
9.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Credit Cards
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|---|
|
Max Amount
$10,000 |
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interest Rates From
$19.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Payday Loans
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|---|
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Max Amount
$1,500 |
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interest Rates From
200-450% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
*Information is based on avarages and may vary by institution or lender. It is not intended to address specific circumstances or any individual case.
About Spring Financial
Apply From Your Device and Say Goodbye to Financial Stress
Experience the most convenient and hassle-free loan application, specifically designed for Canadians, by Canadians. Apply, get approved, and receive the funds via e-Transfer, all from the comfort of your device. Say goodbye to long queues and tedious paperwork! Our process is intentionally designed to be simple, fast, and straightforward.