There are various options available to you if you’re looking to borrow money without going to a bank. At Better Than The Bank, we offer a couple of different options depending on your financial needs. Payday loans, short term loans and installment loans in Toronto are all options you could consider.
Let’s take a look at some of the benefits of installment loans and why you should perhaps consider pursuing that route.
Longer Repayment Term
Payday loans and short term loans generally require a short repayment term – typically less than 30 days (one month) and sometimes as short as one week. There are some benefits to this, such as getting the debt out of your hair quickly. However, sometimes you simply don’t have the means to repay the loan so quickly, which is the whole reason you need to borrow money in the first place.
Installment loans are repaid over a longer period. At Better Than The Bank, our installment loans typically offer repayment terms of between 90 and 120 days (three to four months).
The main feature of the installment loan is the fixed installment aspect, which sees you repay your loan over the agreed-upon period in equal, predetermined sums at regular intervals.
The benefit of paying off the debt in consistent installments is that it allows you to budget for it and therefore plan your finances better. When you know that you’ll be required to repay a certain amount at the end of the month, you are less likely to accidentally overspend and run into trouble.
The predictability of the system means that your interest rate will also likely be a little lower than with other types of loans.
Credit Check Not Required
As with our other loan offerings at Better Than The Bank, installment loans do not require you to undergo a credit check. Bad credit can often make it impossible for you to get a loan through a regular bank. However, if you want to get an installment loan from us, all you need to show us is that you have stable employment and a couple of other standard things, such as having a bank account.
When you apply, your application will be processed usually within 24 hours, and your payment will be made as soon as approval is acquired.
If you’re seeking to lend money, installment loans in Toronto are a good choice. Contact Better Than The Bank today to find out more!