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How Canada Installment Loans are better than Payday Loans?

Pay in Small Portions instead of One Large Repayment

Apply Online and Required Cash within 24 Hours

Online Payday Loans remain king of financial market for years. Their immediate service is what makes them most favorable among middle class consumers. However they are certainly shifting towards installment tradition. Online short term loans charge very high interest rates even if loan amount is just $100 and that too for very short term that is of 14 days. These loans are secured by one post dated repayment check signed by borrower, that’s why they are also known as cash advance payday loans. Interest rate can reach up to approximately for these loans and borrower is made to make one time repayment. It becomes very hard for applicant at times. That’s why people are considering installment loans over traditional payday loans.



Installment Loans

In installments loans, borrowers are supposed to pay off his debt in a fixed time frame in form of small installments that ranges from 3 to 18 months. But for these loans, borrowers need to undergo credit checks and income verification. These loans also help short term loan borrowers to stay away from debt traps.

Features of Installment Loans

When borrower takes up this loan, his entire debt is divided is divided into small portions that are supposed to be paid within fixed time frame of months. Other additional benefits that come with these loans are as follows:-

  1. Borrow loan amount from genuine lenders within 24 hours- Not only consumers but even lenders don’t want to suffer from any financial loss. Thus they will take every possible step to ensure that. Even if they do not perform any credit checks they will definitely perform some verification process to ensure that they will be paid back in time. After all these steps, processing time taken is almost one business day. Thus like online payday loans, borrowers can borrow required cash via these loans in 24 business hours.
  2. Safety of Borrower’s Personal Information- Application forms are available on lender’s website in which borrower is supposed to fill his basic personal and bank details. Do not worry your information stay safe with lenders. All genuine lenders follow a code of conduct that binds both borrowers and lenders to maintain confidentiality if deal.
  3. No Faxing required- These loans provide entirely hassle free cash solution on urgent basis to borrowers facing imperious economic needs. Every step in loan process is taken online. So, borrower does not need to get involved in any paper work or faxing formalities. An applicant is supposed to fill online application form and cash is transferred within just 24 hours in borrower’s bank account.

On a whole, online installment loans is best alternative to short term fast cash loans. When you are not sure to repay whole amount in one payment then they can serve you best. Don’t worry even if you have credit issues you can apply for bad credit installment loans.

Payday Loans Canada | 1922 Homer St,, Vancouver, BC V6B 6M3 | Phone: (000) 720-1296