Installment Loans for Bad Credit

Need a loan with flexible repayment option? But have bad credits? For that reason are you hesitating to approach loan providers? Then we can help you out through 1 Minute Payday Loan by offering installment loans for bad credit. Here lenders will accept your low credit scores and will issue required funds for you. Not only this will you also be allowed here to refund the borrowed sum of loan via installments. Thus here you will get sufficient time to allocate funds for successful reimbursement of funds.

These loans have been made available to be accessed by any Canadian national no matter if he or she have sustained poor credits like arrears, defaults, insolvency, bankruptcy, foreclosure, missed payments, late payments etc. Despite bad credits short term funds will be granted here for the loan seeker.

Loan application is devoid of any complicated formal tangles and hectic procedures and has been made easy and simple for you. From your comfort zone you will be able to drop completed application drafted with relevant information at 1 Minute Payday Loan. No hefty paperwork needs to be done here by for application purpose.

Even tenants and other non possessors can obtain these loans. This is because these loans are sanctioned in unsecured manner thus no costly valuables should be risked here by the loan seeker.

The age of the applicant should not be less than 18 years, he or she should be holding an active bank account which accepts direct deposit and should be employed with stable income of at least C$ 1000. Once these criteria are met, you can approach the loan provider for desired sum of loan.

Here funds are allocated in speedy manner to the borrower. Thus you must choose a suitable amount of loan varying from C$100 to C$1000 taking in to account your needs. Through small easy installments you must payback the loan sum.

How Does an Installment Loan Work?

Whenever you are in need of extra funds with easy repayment an installment loan can be a good solution. You can quickly access the loan amount and repay it back in easy and equal installments. This allows borrowers more flexibility in repaying the borrowed money and makes the repayment manageable. So, no matter what sort of emergency you are facing, you can at any time apply for this loan and get hold of the cash you are running short of.

Credit Check Process

Installment loans can be applied for even if you have bad credit or you have lower income as long as you are able to afford the repayments. Lenders offering this loan shall never perform any hard credit checks that will get reported to the credit bureau. Thus, you will not have to worry about rejection. Generally, lenders will check your income, past credit history by running soft credit check, employment and checking account information to determine your eligibility for this loan.

Eligibility

Qualifying for this loan is easy if you can fulfill the preconditions set forth by the lender. You will need to confirm about your citizenship, age, employment and bank account details. Lenders will typically consider income and credit history in order to determine your eligibility and how much you may borrow. The minimum and maximum loan amount offered may also be based on laws in the state where you live.

APR Example

When you apply for installment loan you will be charged with an interest rate by accruing a certain percentage of the outstanding principal amount over a certain period of time. The most common kind of interest rate charged by the lenders offering this loan is a yearly interest rate. You can also find lenders who will charge you an annual percentage rate instead of yearly interest rate. This rate includes other charges like additional fees and charges on the loan and all these makes the APR a better measure of a loan compared to simple interest rate.

Required Documents

To apply for this loan you will need to complete an online loan application and submit it to the lender along with some additional information such as identification, verification of employment and income, and checking account information. The required documents may vary depending on the lenders. So, do read the loan agreement to know more about the other required documents.

Other Charges

There may be several other charges, though not all apply to every borrower. For instance, if for any reason you are unable to repay back a loan as per schedule, you can opt for rollovers. Lenders will charge extra fee for such services. Besides, not all lenders may offer loan extensions. So, carefully read the loan contract to know more about such charges.

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