Have you ever found yourself looking for a quick way to get some cash? Perhaps an emergency situation arose and you don’t have the needed money at that moment. Maybe you need to have your car repaired but a large amount is required. It’s hard when such situations occur and you have no idea about what options are available.
For most people, turning to a friend or to family members who can loan them a particular amount of money is the optimal choice. For some, dealing with a financial institution is better. There are several alternatives in handling a cash-strapped situation. Among the best choices available are installment loans online.
Installment loans online in Canada allow you to borrow a certain amount to be repaid in regular installments over a certain period of time. The payment terms are determined by the financial institution offering the loan. There are, however, options that the borrower can choose from to personalize his loan terms according to his capacity to pay and preferences. Of course, there are also penalties in case the borrower fails to repay his loan as agreed upon. As these loans are now available online, getting financial assistance is now more convenient for consumers.
To know if you qualify for installment loan, you simply have to look for a website that offers installment loans and get the information that you need. You can fill-up the application form. Some online loan service providers do not ask for an application fee. The form will usually ask for a valid email, phone number, address and zip code, social security number, employment details (specifically your paycheck schedule), and bank account details. Submit the completed application form and wait for it to be processed.
Applications are processed within a short period of time. The results are often relayed within a couple of hours or on the next business day. Approved applicants are either sent an email or called through their contact number.
As part of the application process, a representative may contact the borrower through the phone number provided in the application form provided to discuss the loan details. He will inform the borrower about the interest rates and the repayment terms. Most installment loans charge APRs of 25% up to 100% or higher depending on the amount of money borrowed.
The repayment terms are discussed to allow the borrower to decide if they are acceptable to him. Although clients cannot dictate the repayment terms they want, they can always decide to refuse the loan and find another provider who can offer repayment terms that are more convenient and suitable for them. When all the details are agreeable to both the financial institution and the borrower, the funds will be deposited to the borrower’s bank account.
As a rule, payments are required during pay dates. Installment loans can be paid even before the due date arrives. Some financial institutions offer discounts on interest charges for early payments depending on the loan terms. However, failure to pay on the required due date may incur penalties and be subjected to loan extensions, if loan extensions are allowed.
Failure to meet loan obligations will, of course, result in negative marks in the borrower’s credit record. Those who already have negative credit records or poor credit histories can still avail of installment loans as there are some financial institutions that do not consider credit scores in the loan approval process. A regular source of income is given more weight in the approval of installment loan applications.
Installment loans online is a dependable answer to urgent financial needs. You can avail of this type of loan quickly and without a lot of documentary requirements. The cost of taking out these loans is also smaller especially since the electronic process eliminates the overhead costs of maintaining premises and employing personnel. If you ever find yourself in a financial emergency, it would be wise to consider applying for installment loans.