If you need some money in the short term and don’t have it, but you can pay it back in the medium to long term, you might be interested in taking out installment loans in Toronto.

An installment loan is a set amount of money you borrow from a lender like us at Better Than The Bank, which you agree to pay back in fixed installments over a specified period.

However, here are some questions you should ask yourself before taking out an installment loan.

How Much Do You Need To Borrow?

At Better Than The Bank, we offer installment loans of up to $1 000. You might need to look at other loan options if this is insufficient. Bear in mind that the more significant sum you borrow, the more stringent terms and approvals will likely be. Ideally, you want to borrow as little as possible to minimize your debt burden.

How Long Will It Take To Pay The Money Back?

At Better Than The Bank, we offer a minimum 60-day repayment term and a maximum of 180 days. If you don’t feel you will be able to make the regular payments in this window, then perhaps you should consider other loan options. However, if you are confident that you can repay quickly enough, you will repay the loan at an annual rate of 109.50%.

When Will You Get Your Money?

If you’re taking out an installment loan, you no doubt want the money to be transferred to you as soon as possible. Thanks to Better Than The Bank’s efficient loan approval process, we can get your loan approved quickly and have the money in your account in no time.

How Will This Loan Affect Me In Future?

Sometimes, an installment loan is a great idea and a fast, easy way to get you onto your feet in a hurry. But, sometimes, taking out a loan might worsen your debt burden. Therefore, it would be wise to consider how repaying the installment loan will affect your financial situation down the line.

An installment loan in Toronto can be a lifesaver. Find out more about what other types of loans we at Better Than The Bank offer and get approved today. No credit checks!