Installment Loans: Busting 5 Myths with Facts

February 28, 2022
Personal Installment Loans

The first point to learn about personal installment loans is that they provide fast cash. It’s easy to get Canadian Loans Online. You’ll typically have your money within 24-hours, which is a much quicker time than you’d get with a bank or credit card.

There are plenty of reasons you might want a Canadian Loans as it’s an easy way to get financial relief when you’re in a pinch. However, many people struggle with understanding what a Canadian personal installment online loan can do.

With the myriad of misconceptions making it seem like this type of Canadian online loan installment is confusing and inaccessible, the list below should debunk these loan myths and help you make more informed decisions moving forward.

Telling Fact from Fiction on Your Personal Installment Loans Online

Myth #1: You Can No Longer Qualify Again for an Installment if A Bank turns you Down

Fact: It can be easily turned down for a personal loan, especially if you’ve had a poor online credit history. However, you can easily apply to another lender to reapply, plus other available methods. These include peer-to-peer, instant, and credit cards.

Myth #2: You Need a High Income to Become Eligible for an Installment

Fact: It’s true that the higher your income, the easier it is to qualify for a loan. However, no rule stipulates a minimum or maximum income amount. As long as you can provide proof of income, you may be eligible for personal installment loans online.

Myth #3: Your Work Experience Needs to Show Years’ Worth of Stability to Get an Installment

Fact: With the unpredictable nature of today’s Canadian job market online, many people jump from job to job, which can cause instability in your credit history. However, as long as you have been working consistently with a steady income for at least three months, this shouldn’t deter you from being approved for a personal loan.

Myth #4: Loans are Impossible to Get With Poor Credit

Fact: Although having a poor credit history can make it more challenging to get a personal loan, it is still possible. Your Canadian income, employment, and credit history are all factors that can work in your favour or against you.

As long as you have a steady income and employment history, you may be able to get a loan despite having poor credit. There are also plenty of lenders who will work with you to help you get approved for a personal loan.

Myth #5: Loans Often Take a Long Time to Process

Fact: The time it takes for loan approval from one bank or lender to the next can vary significantly because each company has its lending process. However, applying for a loan doesn’t take too long.

You can usually have your loan approved within a day and have your cash the following day. It is an incredibly convenient way to have money deposited into your bank account, especially if you need it quickly.

The Bottom Line: If You Are Strapped For Cash, Then Installment Loans Will Make Life Your Life Easier

With these myths it seems like personal loans are hard to get. But it’s easy to see how many people are hesitant about applying for one. Loans can help you, if you’re in a tight financial spot and need to get yourself out of a bind.

It is vital to understand your loan installment options before you apply. Avoid dealing with the headache of applying to multiple lenders or even having your hard-earned money sent back to you.

If you’re thinking about applying for a personal loan and want to know more about the process, contact us today.

Do You Need Help Finding Trustworthy and Reputable Canadian Lenders for Your Instant Loan?

If you’re struggling with financial problems, it may not be easy to make educated decisions about your finances. We aim to make the process of finding a trustworthy lender for your instant loan easier in Canada. To find out more about the services we offer, visit today.