The process on how to get online installment loans in Canada can be complicated – especially if you are a first-time borrower who doesn’t understand how the whole thing works.
Applications for online installment loans are more streamlined, demand more accessible qualification requirements, and are less personal than going to a brick-and-mortar establishment.
There are so many reasons why you should apply for an online installment loan. They have faster approval times, accept poor credit scores, and the money is deposited into your bank account within minutes.
If you want to get online installment loans in Canada, we will explain everything you need to know before you start your application.
What are Online Installment Loans?
Online installment loans are loans that you can apply for without submitting your application through a bank.
These types of loans, allow you to prequalify for assistance from several online lenders, without undergoing credit checks which could impact your credit score negatively.
Most online lenders provide a fee-free structure that reduces the total cost of borrowing.
When to Apply for Online Installment Loans?
Applying for online installment loans in Canada can be frustrating, but online lenders like GoLoans aim to simplify the process.
There are certain situations when you can apply for online installment loans:
You want to prequalify for a loan
Most online lenders allow borrowers to prequalify for installment loans with just a soft credit check based on credit score and borrowing needs.
If you don’t know how much money you will qualify for or whether you will qualify at a competitive rate, use an online lender that provides prequalification.
You are not a customer at the bank
Most banks offer their own customers more competitive interest rates or perks because they already bank with them. If you are not a customer, you can qualify for better loan rates through an online lender.
You need fast cash
Online lenders provide faster approval on loans and funding than credit unions and banks.
You have a low credit score or no credit history
In this case, most online lenders may use alternative data like utility payment history to make their lending decisions. This can also help applicants with less creditworthiness get approved.
Pros and Cons of Applying for Online Installment Loans
Applying for online installment loans is a convenient option, but it doesn’t work for borrowers with a borrowing history or banking relationship.
These are some pros and cons of applying for this loan:
Pros
- Most online lenders offer a prequalification process.
- Online applications are streamlined.
- Fast approval time and quick funding.
- Most online lenders charge a low fee or none.
Cons
- Your personal information is online.
- High risk of online lending scams.
- Interest rates may be higher than what in-person lenders offer.
Where To Get Online Installment Loans Canada?
If you are 18 or older, with a stable income and active bank account, you can qualify for online installment loans Canada with GoLoans.
We are a 100% online direct lender of installment loans:
Fast Cash
GoLoans supports many Canadians with getting a loan as fast as possible through e-transfer for their emergencies. We ensure that they get a loan exactly when they need one.
Quick Online Application
We offer a paperless and quick online application you can access 24/7. Our system directs you automatically to a lender with an available installment loan.
No Credit Check
We are a trusted Canadian lender that doesn’t do credit checks. It simply means that we would not run a credit check before approving your loan application.
You can get approved for our online loan even if you have bad credit.
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