How Installment Loans Work.
Urgent Money is not a lender. We match your application with lenders in our network that offer installment loans, including to Canadians with bad credit. Because these loans carry more risk, their rates are higher than at a bank. Definitely a better alternative to payday loans. Learn why here.
Representative example, for illustration only: a $700 loan at 32% APR over 98 days, repaid in 7 bi-weekly payments of about $104.98.
Total repaid: $734.86, of which $34.86 is the cost of borrowing. Lenders in our network typically charge 22% to 32% APR. Your lender sets the actual rate, fees and schedule, and shows you the full cost before you sign.
This information is given for descriptive purposes only and considers that the withdrawal made is refunded in full according to the agreed repayment schedule, without any new withdrawal or re-borrowing being made before full repayment.
Your lender may charge membership fees. These are set by the lender and are not included in the example above.
The example also does not include any administration fees, carry-forward fees, fees for withdrawals refused by your financial institution, re-borrowing costs, maintenance fees or any other fees that may be imposed in connection with the occurrence of a default or your management and use of your loan.
Favourable Criterias for Installment Loan
- Being a Canadian citizen
- Being at least 18 years old
- Having a steady job for more than 3 months
- Low short-term debt ratio
- Cleared of a bankruptcy
- Not planning to do a bankruptcy
- Not planning for a consumer proposal
- A monthly income of at least $1,000
- Provide bank statements for the last 3 months.
Situations Not Favourable for Installment Loans
- Being self-employment
- Having student loans
- On a private pension
- Getting a disability income
- Welfare
- On child tax credits
- Living off retirement savings
- Being a student