Installment Loans Canada

What are installment loans in Canada? 

Installment loans are types of loans where someone receives money as a lump sum at the beginning of the agreement and then pays it back over time in affordable biweekly or monthly installments. Installment loans in Canada are usually between $500 and $10,000. 

The terms of the installment can either be short- or medium-term, depending on your needs. This means that the repayment period would usually be between six months to about five years. Also, installment loans are unsecured and thus do not need any collateral from the borrower.

Fast Online Installment Loans in Canada

Getting approved for an installment loan in Canada is a simple process. You can skip the queue and stacks of paperwork and apply for online installment loans directly on our website. 

Our Installment Loan Process in Canada

At My Next Pay, we have made the installment loan process as simple as possible, and you don’t even need to submit any documentation with your initial application. We pride ourselves on processing applications quickly, ensuring that you don’t waste any time waiting on the outcome: 

• Apply online: our brokers will contact you to settle your installment loan in Canada
• Flexible terms: My Next Pay will adapt to suit your needs
• Speedy delivery: receive your funds within 24 hours! 

Apply Online

To apply for any of our loans between $300 and $3,000, click on the Apply Now button. There is no paperwork or need for any scanning or emailing with your initial application. Just complete the form with your details to submit your application.

Flexible Terms

We will give you the best flexible terms to suit your budget. You can decide what would work best for you, whether that is monthly or biweekly payments.

Speedy Delivery

Once you send in your application, we will have the result within one hour if you submit it during normal business hours. Then, if you’ve been approved, you will receive your funds within 24 hours.

Why Should You Take an Installment Loan in Canada

There are many benefits to taking an installment loan in Canada. Although the interest rate is slightly higher than that of a personal loan, the process is much faster, and it is not affected by your credit score. 

Also, an installment loan has a lower interest rate than a payday loan and allows longer repayment terms. 

Let’s look at a few more benefits of an installment loan in Canada.

A Fast Process

Personal loans require you to meet with a representative from a financial institution in person, followed by a sometimes lengthy evaluation process. 

To apply for an installment loan in Canada, you simply complete an online loan application, and you’ll hear back from us within an hour. Then, once you’re approved, you should receive your money by the next business day.

No Hidden Fees

Certain instalment loan providers charge hidden administrative fees; however, My Next Pay is a responsible lender. All of our fees are clearly set out in your contract, with no hidden costs or surprise charges.

All Credit Scores Welcome

If you are looking for installment loans with no credit check in Canada and you have debt, don’t fear. We have no credit check installment loans available to those with a bad credit score. 

Clients only need to demonstrate that they can afford to repay the principal and interest amounts. Conventional loans have much stricter lending criteria and will consider your credit score in the process. This means that applying with bad credit for long-term installment loans online, such as a personal loan, will be nearly impossible.

Improve your credit score with My Next Pay

Instead, try applying for installment loans with no credit check through My Next Pay. Installment loans for bad credit can even help you improve your poor credit score, as these unsecured loans are not lodged with the credit bureaus, so they don’t count against your credit score.

Easy Exit

The repayment term of an installment loan in Canada is much more flexible than that of a payday loan. A payday loan has to be paid back in full by your next payday, whereas with an installment loan, we allow you to choose the loan term that suits your budget. In some cases, you can even select the repayment frequency.

Repayment terms for installment loans in Canada

As with any loan that customers apply for, you need to be aware of the repayment. This includes payment terms, interest and more. 

If you cannot make the repayment at the agreed-upon date, you need to notify us at least 48 hours ahead of time. There will be a $40 penalty fee charged, which will be added to the end of the contract.

What Payment Schedules Are Available?

With a short-term installment loan in Canada from My Next Pay, you can pay back your loan within six months.

How Much Would I Be Paying in Interest?

For an installment loan in Canada approved through My Next Pay, you can expect a credit interest rate of 12%. 

How Is My Installment Loan in Canada Funded?

Funding your installment loan in Canada with My Next Pay is a simple process that we take care of entirely. We only work with lending companies that are in good standing with the Consumer Protection Bureau to provide customers with funding. 

Why Choose My Next Pay Installment Loans?

My Next Pay has been in the industry for more than 12 years, and we are committed to helping Canadians get approval for short-term loans fast. Our vision is to provide revolutionary products and services at the cutting edge of technology. As such, we are constantly working to make applying for a loan easier, smoother, and faster. 

If you need money fast, with a competitive interest rate from a safe and secure loan provider, then look no further than My Next Pay. Contact us now to see how we can help you with our installment loans in Canada.

Main Provinces Served in Canada | Installment Loans