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Getting financing in British Columbia is easy with an installment loan. Repairs for your car, unexpected bills, a business investment or even a vacation can be taken care of by exploring Smarter Loans to find the right loans in BC.
Approval has never been more readily available in British Columbia. Stacks of paperwork and long line-ups are a thing of the past. After a brief online application, the cash is deposited directly into your bank account within a couple days.
The hard work is already handled by Smarter Loans.
There’s a list of reputable companies who offer installment loans in BC awaiting you just below.
Compare installment loan lenders interest rates, terms, qualifications, reviews and other products offered. After finding the best fit for you, click, “Apply Now” to begin the online installment loan application on the lender’s site. Alternatively, you can pre-apply with Smarter Loans and we will connect you to a suitable lender within 24-48 hours.
An installment loan is any loan that you take at once, then pay back in installments. Personal loans, car loans, and home loans are all examples of installment loans.
Most of the loans you’ve gotten before have probably been installment loans. They are the most common type of loan.
A secured installment loan will require you to provide collateral to be able to take the loan. You can use any asset you have that a lender is satisfied will mitigate the risk of lending you money as collateral. Because secured loans are less risky for the lender, they usually have better rates.
Unsecured installment loans are less risky for you but riskier for the lender. So, the BC lenders will usually charge higher interest rates if you don’t provide collateral. They will also usually require higher credit scores to qualify for.
You can compare BC installment loan lenders online. Once you decide on an installment loan, you just need to send an application to the lender of your choice.
Your application will include some basic information, like your ID and proof of payment. The lender will use this information to assess you and come up with rates to offer you. When they are done, they will either reject you or send you an offer.
Once you accept an online installment loan, the lender will send you the funds. From that point, your first repayment is due, and the terms of the loan will be applied.
Yes, there are plenty of BC installment loans with no credit check required. You just need to find the lenders that offer bad credit installment loans.
These bad credit installment loan lenders won’t need to check your credit score. So, they will often charge higher rates than other lenders.
Qualifying for installment loans in BC is not difficult. You just need a source of income of at least $1,200 per month and some credit history. You might need to show your last 3 months of bank statements.
Qualifying for an installment loan with good rates is harder. A higher credit score and a higher, more stable income can help you qualify for better rates.
You can get installment loans from any British Columbian lender that accepts your application. Installment loan lenders include banks, credit unions, online loan companies and alternative lenders. It is easiest to qualify for online installment loans through alternative lenders though, as their requirements are less stringent.
Yes, there are bad credit installment loans in BC available for borrowers with bad credit. You will just need to find the lenders that offer these bad credit installment loans.
These lenders will usually accept applications from those with low credit scores. However, they will charge higher interest rates. They may also ask for a co-signer or some collateral to secure the loan against.
Installment loans can be used for many purposes. Any expense that you can’t afford to pay for right away can be paid for with an installment loan. Some of the most common reasons for an installment loan are:
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
