Pay back your loan in multiple installments over time with flexible terms.
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An installment loan has a fixed rate and is payable by installment over an agreed period. This makes it simple for the borrower and their budget to plan to pay the required amounts. Each payment must include the repayment of a portion of the principal borrowed and the payment of interest.
In Canada, most types of loans are considered installment loans, since they are paid back in multiple payments. Auto, mortgage, personal, and student loans are all typical installment loans. Most of them have fixed rates, except for mortgages, which can have varying interest rates throughout the term.
Flexible installment loans Canada can be customized to meet the borrower's instant needs, including the amount borrowed and the repayment terms. They are flexible, quick, allow you to plan ahead by knowing your payment amounts, and allow you the option of reducing interest costs by paying the loan off early.
Late or missed installment payments can cause credit damage, and it’s possible that you will end up paying higher interest than market rate since you have a fixed rate. When applying for an installment loan, it’s also possible that applicants borrow more than is necessary since the repayment is done over time. An installment loan is a long-term financial obligation, so it’s important to take it seriously and read through terms carefully.
An installment loan generally won’t hurt your credit unless you fail to pay or miss payments. On the other hand, making consistent installment repayments on time can actually help to increase your credit score over time.