Installment Loans

When in need of fast cash such as installment loans and looking for a no credit check option due to a history or no credit at all, it can be difficult to find options available. 

An installment loan is unlike online payday loans, since it allows you to make regularly scheduled payments of the interest and amount owed, as opposed to the entire sum next payday. It’s for this reason that more in need of fast cash turn to installment loans, since it is much easier to make a series of payments than a large amount all at once. 


What is an Installment Loan?

An installment loan is a short term loan that you would repay with scheduled payments that take care of the amount owed along with the interest and any fees if applicable. The rates can vary according to the lender, but installment loans typically involve multiple payments with set amounts in which yourself and the lender have agreed upon. Even with bad credit installment loans can be an option. While some might use for unexpected expenses of different kinds, some might use to consolidate debt so they might start improving their credit rating. There are dozens of ways you could use installment loans and you have the freedom to choose what is right for you. The terms do not dictate how it’s to be used and it’s your choice.

Online Installment Loans No Credit Check

Every lender has a credit check, and a lender not could survive without doing this. But some of them do not check your credit in the traditional means such as through a bureau like Experian or Equifax. Many lenders of personal installment loans will evaluate the risk what your loan request could mean to them by looking at other details, such as whether you are employed, how long, how much you make, when you get paid, whether you have a bank account, and a few other details. Some looking for guaranteed installment loans for bad credit should be aware that there is no such thing as a guaranteed loan, since lenders need to review your application to determine how much risk there is for them, and how likely you are to repay the loan.

Since there are many that need money now and have bad credit it should come as no surprise to learn  there are lenders which specialize in this type of borrower. While it would be incorrect to call these no credit check installment loans, technically, you could say it is very similar. Allow us to explain further.

When a lender runs an applicant through a credit bureau, this is referred to as a hard credit check. When applying through us, in most if not all cases, the lenders we work with are not using the hard credit check method usually. While direct lenders can change their process or methods at any time, it has been our experience that most do not rely on this type of means to evaluate a borrower.

The no credit check for installment loans online has become fairly standard with direct lenders, which cater to clientele that might otherwise not have other options to borrow money. Installment loans are short term loans that often come with a higher interest rate but are fairly quick and easy to apply for. 

Note that online installment loans are not for everyone. If you have other options available to you for quick cash, it can be in your best interest to explore those first. If you decide installment loans no credit check is right for you, then you want to be sure that you are able to repay on each due date as stipulated in the agreement with the lender. Unlike online payday loans which require repayment in full on your next payday, installment loans allow you to repay over a few payments as agreed to with the lender.

Small Installment Loans With No Credit Check

When you could use quick cash such as a $500 loan to make ends meet until you see your next payday then a small installment loan might be for you. Choosing small installment loans with no credit check for those with bad or no credit is often a preferred option as a temporary financial solution. If you use such loans often it might be signs of a bigger personal finance issue and you should explore getting a more long term solution. 

Borrowing small installment loans with no credit check is best used when you live within your means. In other words, you should only borrow what you can afford to make payments on, so you don’t find yourself in a debt spiral and taking additional loans to try and pay off previous ones. But small installment loans with no credit check is often a great way to get through tough times when having a small personal finance crisis and you need cash now for temporary assistance until payday arrives. It’s easy to get started, simply complete the application to apply for online installment loans and you could have the money you need deposited in your account as soon as the very next day.

When looking for options, even with bad credit installment loans can still be possible to get approved for. Your credit score will often determine what interest rates you might be eligible for with installment loans. The higher your score, the less it will cost to borrow. This is one of the many advantages to having a decent score. Most Canadians will have a time where they need a loan. Many will do so more than once. It might be an installment loan, or for a car or something else. Monitoring and maintaining a good credit score helps when you need an installment loan or similar.

Every direct lender does some kind of credit check. This is a fact, regardless of whether you are looking for installment loans, payday loans or something else. You might come across mention of installment loans  no credit check from time to time, and these are sort of a myth and misleading. Once you understand how direct lenders do in fact review your application and the different credit check methods often used it will start to make sense. 

While there is no such thing as guaranteed approval there are plenty of options. You should still apply if looking for funds and know that a bank would not consider you. Online lenders don’t have the same criteria much of the time so it can sometimes be an easier way to borrow, and get approved. Unless you try, you won’t know. Most options are easy to apply for and only takes a few minutes. Most installment loans also provide quick decisions and funding as well. 

If you have other concerns you can check the frequently asked questions page for more info.