What are Installment Loans?

When you need money for one of life’s many emergencies, you don’t have time to wait and want the money you need as soon as possible. Emergencies are a key driving force behind many different types of loans. If you have a bad credit history, can’t get a bank loan or don’t have credit cards it can be difficult to get the money you need for emergencies. Common issues include automobile problems, home repairs and other sudden events. When you need money, installment loans can prove very useful indeed. Plus they are not only for emergencies as an installment loan can also be used when you need to cover other expenses and a bank loan is unavailable. What follows is a brief explanation of what installment loans are, how you can qualify for installment loans and who to get them from.

What Is An Installment Loan?  

Installment loans are loans with a set time table of monthly payments. They can range from as little as a month to as long as several years. A home mortgage is one type of installment loan many of us are familiar with. However, not all installment loans are for as much or as long as one you get for a property. You can easily get shorter installment loans to cover random emergencies or simply because you need the money to cover some kind of expense. Installment loans are often better than payday loans as the former is often only advisable to cover bills and basic life expenses in short term lower cost emergencies. Installment loans have lower fees and interest rates and are more suited for long term or more expensive projects. To give an example, a payday loan can be useful for groceries and to cover utilities in a financial pinch, while an installment loan is useful when having home repair work performed or an automotive repair done. In general an installment loan can be from $500 to $5,000 dollars.

Requirements

To get an installment loan you need to meet a few basic criteria. In general, you need to provide proof of a stable work history and earnings, proof of residence and have a checking account. Note: these are general rules and may not apply to all lending institutions and are specific to Fast Access Canada.

  1. First you have to be at least 21 years old to be eligible.
  2. Second you have to be a citizen of Ontario for Fast Access Canada’s service and be employed by an outside business for full time work (35 or more hours weekly). Basically, no self-employment and no part time work
  3. You have to have been employed by your current company for at least 180 days or 6 months. Also, your earnings must exceed $10.25 per hour to show you have the financial stability needed to make monthly payments
  4. Have a valid checking account for your loan to be deposited into.
  5. You cannot apply if you’re on any of the following government or insurance programs Pension, ODSP, Social Benefits or Employment Insurance.
  6. Lastly you cannot be under any form of credit or financial counseling or under bankruptcy procedures.

As you can see an installment loan can be useful to you and can be acquired with very little hassle. If you live in Ontario, then Fast Access Canada can help you with your loan needs. If you meet the above listed criteria contact us today for a quick loan approval that will be direct deposited into your bank account within 48 hours.