Can I Get an Installment Loan With Bad Credit?

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.

Can I Get an Installment Loan With No Credit Check?

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.

What are the Benefits of Installment Loans?

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.

Get an Installment Loan Fast With Spring Financial

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!