There comes a time in everyone’s life when they need to apply for a loan. This could be due to a big-ticket purchase like a home or car or an emergency loan. We all know that life happens while you make plans, so an emergency loan is a perfect solution for those unplanned life hiccups! If you have never applied for an installment loan in BC before, fear not. Here are all the details you need to work through the process.

The Installment Loan Process Overview

The application for installment loans can be made online via this link. There is no need to visit any of our branches in Toronto, Ontario, Montreal, Quebec or Vancouver, BC. Feel free to call, though. We would be happy to help.

Next, our team will quickly process your loan verification documents and review them while you wait. That waiting period will not be days; it only takes a few minutes!

Once the approval has come through, your funds will be deposited in the account of your choice. Unfortunately, sometimes the bank may have a delay in their internal processes, which could delay the deposit. Our team always processes payments in the agreed period of time.

How Much Can You Borrow?

At Better Than The Bank, you can apply for a wide range of installment loans in BC, from $100 to $1,000. Our team of specialists will give you a loan limit based on the information you have supplied, and you can borrow up to the total amount. That limit will be calculated on the following data:

  • The income amount you stated
  • The various section of information supplied in the application
  • Any credit history existing via previous loans with our company
  • The data listed in a consumer report from a consumer reporting agency

The loan amount calculation can either be done using the range of $100 to $1,000 or via a factor of twenty-five percent of your gross monthly income. The lesser amount of range versus factor is chosen. If your gross income or other circumstances change, then the loan limit may change.

Number Of Payments Required

The number of payments required will depend on the loan amount to you and the loan’s length of time or lifespan. For example, if you have been approved for a $500 amount that attracts a 10% fee (acquisition charge) and a repayment term or lifespan of ninety-eight days, then the costs and repayments would look like this:

The total amount you would replay on a $500 loan will be $595. This is subject to change based on costs and interest rate changes.

The $95 is a finance charge comprised of the acquisition charge and three account handling fees. This is calculated on the presumption (for this example) that you have agreed to seven installments of $85 every fortnight. The Annual Percentage Rate (APR) of 118.25% is also included as a factor.

The APR of your loan will be affected by the amount loaned and the timespan of the repayments.

What Should Accompany Your Application

When applying for an installment loan, please have the following information ready to accompany your submission:

  • Your ID number
  • Your social insurance number
  • Your home address where you live more than six months
  • Your contact phone number
  • Your bank account details.

Now you’re set to apply for an installment loan in BC. Contact Better Than The Bank today to get started.