Unplanned spending and unforeseen situations can lead to a financial mess, and this can happen unexpectedly in any month. The whole process of running after a bank loan manager doesn’t make sense, because you need money and must get it immediately. That’s exactly where installment loans can be useful. Installment loans are short-term loans, which are offered instantly and without an elaborate credit check.

Below we take a look at the basics.

Interest rate, repayment and more

Since installment loans are offered without collateral and credit check, the interest rate is high, which is also because you are getting a loan in no time. In fact, you can claim your cash now with BC Loans right away – a company that offers installment loans in Canada. They get you to the lenders, and you just need to pay the costs, which includes a transaction fee. Furthermore, the company allows you to extend the date, in case you are unable to repay as per schedule.

Things to know

Installment loans are kind of similar to payday loans, and therefore, the lender is usually interested in knowing the income of the applicant. You need to be of certain age and must have a stable job with a stable income, usually a minimum set by the lenders. Rarely an application for an instant loan is denied – for example if you have too many pre-authorized payments for your account or have an undischarged bankruptcy, your application can be denied. Installment loans come handy in your tough times, and you can expect to get quick approval. The criteria are mostly related to your income, which is a big plus too because you don’t have to take a long-term loan for a short-term financial crunch.

Borrow responsibly

Even too many short-term loans can lead to a debt situation, which you may want to avoid. Use the loans as and when needed, but don’t make it an alternative source of funding for your reckless spending. You may have additional charges to pay after the end of the term in case of a default, so check the possible situations. As mentioned, the overall interest rate is higher, and there are certain requirements that must be fulfilled.

Don’t shy away from talking to the lender, and if you are applying through a website, make sure that you choose a reliable one and check all the relevant facts and aspects in detail.