Bad Credit Long Term Installment Loans Online IN CANADA

Bad Credit Long Term Installment Loans Online

Needing money doesn’t have to be complicated. Perhaps an unexpected payment has come up, maybe you need to pay a few bills, or you just don’t have the extra cash to rent your moving truck right now. Sometimes, needing money doesn’t mean needing thousands of dollars either – a couple hundred might just do the trick.

Sure, it would be nice to have emergency funds tucked away at all times for tight situations, but that’s not reality. In fact, according to the Financial Post, of 2000 participants, 53% did not have any savings and debt was overwhelming for more than a quarter of the individuals.

Both having bad credit and needing fast money aren’t new situations and you definitely aren’t alone. The question is, who do you turn to for help?

Bad credit doesn’t have to rhyme with high interest and quick repayment. Many Canadian lenders offer long term installment loans for individuals with bad credit. Private lenders are easily accessible online!

What Is a Bad Credit Loan?

If you have poor credit or no credit whatsoever, this is the type of loan for you. Trying to obtain a loan for a bank or credit union is generally very difficult if not impossible with bad credit, which is why online lenders have come to the rescue. Bad credit loans can come in many different types, depending on your needs.

Usually, bad credit long term installment loans come at a high price. Just like with a bank, a private lender will offer better interest rates to someone with a good credit score rather than someone with a bad one. The difference here is that a private lender won’t refuse you due to your bad credit score, while the bank most likely will.

Do you know what a good or bad credit score is? Anything below 630 is considered bad and over 700 is considered good. Finding your credit score is quite simple too. If you don’t know it, you can probably access it from your bank account or on a bank statement.

Applying for an Online Loan is easy as 1-2-3

How it works?

Fill an online Application

Easy, safe and secure online application

Get Quick Decision

Get an almost instant decision on your application

Receive Money

Funds deposited into your account as soon as next business day

How Do Bad Credit Loans Work?

Although it might not seem completely fair, a private bad credit lender has no choice but to charge higher rates for someone with a poor credit score.

Let’s be honest – you have bad credit for a reason. Whether it be an issue with paying your debts, late payments or bad use of your credit card, you had difficulties handling your finances at some point in time. It’s thus safe to say that lending to you comes with a certain level of risk. A private bad credit lender can’t expect that you’ll repay them and therefore must cover expenses in the case you were to default.

To reduce losses, a private lender increases interest rate charges, allowing them to make more money on such a risky transaction.

At first glance, a bad credit long term installment loan looks rather appealing – especially when you’re desperately in need of a little money and can’t find any other solution. If you do your research though, you’ll find that in many cases, these types of loans are quite costly and can cause you to run into further problems in the future.

Who is Eligible?

A Canadian Resident

Applicant must be a legal Canadian National or a Citizen

18+ Years of Age

Must present a legal age with age proof

Stable Income

Must have a steady income source

Valid Bank Account

Applicant must have an active bank account

What is Long-Term Debt?

Long-term debt or receivable is debt with a maturity of more than one year. Long-term debt can be considered from two angles: the presentation of financial statements by the issuer and financial investments. In the presentation of financial statements, companies must record the issuance of long-term debt and all related payment obligations in their financial statements. On the other hand, investing in long-term debt means investing in debt securities with maturities of more than one year.

Needing fast money is a situation most of us will come across at some point in our lives, and it’s important that you know what solutions are available to you. If you have a poor credit rating, a bad credit long term loan may be a solution for you — just make sure you know exactly what you’re getting into!