How Installment Loans Work.
We give out installment loans at higher interest due to the risks involved without a credit check. We service customers that typically have bad credit. Definitely a better alternative to payday loans. Learn why here.
Loan Example: $700 loan with bi-weekly payments of $153.41
Total You Repay: $1227.28
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.
The example above assumes a weekly membership fee, which must be paid by the client as long as there is a balance owing on the loan.
The amount of the membership fees may change at any time, and Urgent Money reserves the right to modify them, their allocation, computation and the terms and conditions relating to any new loan granted.
The above example 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
- On child tax credits
- Living off retirement savings
- Being a student