If you need money fast but would like lower repayments over a longer period, then you might be looking for instalment loans in Toronto. Better Than The Bank offers instalment loans online. Find out why an instalment loan might be right for you.
They’re Quick And Easy
Our instalment credit loans can be applied for online. You will never have to set your foot in an office or stand in long queues waiting to get approved. All applications are submitted online, and approval is processed as quickly as possible. When approved, the payout comes shortly thereafter.
Our instalment loans are easy to apply for as well. We won’t put you through a rigorous credit check, so you can rest assured that your unfavourable credit score won’t prevent your loan from being approved. We only require that you have proof of stable income and that you have a legitimate bank account.
They Can Be More Cash Flow Friendly
If you need that large sum urgently and, although you can’t afford it up front, you’re certain you can afford to pay it off in smaller amounts every month owing to your stable income and room in your monthly budget, then an instalment loan is the right choice for you.
When repayment terms are too high, it can present cash flow problems. Instalment loans offer lower monthly instalments over a longer period so that you can pay off your debt without running into cash flow issues along the way.
They Can Raise Your Credit Score
While at Better Than The Bank, we don’t require your credit score to offer you one of our loan packages, your credit score might still prove important later on if you want to apply for larger loans such as to buy a house or a car.
Taking out instalment loans can improve your credit score if you pay back consistently and timeously. As much as 35% of your credit score is derived from your history of payment behaviours. Good payment behaviour will raise your score and provide you with more credit options in future.
Moreover, an additional 10% of the credit score is based on your credit mix – the more diverse your credit accounts, the better your score will be. Ideally, you want a good mix of both instalment and revolving credit, and this gives you a way to add instalment credit to your portfolio at a relatively low risk owing to the size limitations on our loans.
For information and to apply for instalment loans in Toronto now, contact Better Than The Bank today!