Online Installment Loans: A Guide For First-Time Borrowers

Online installment loans with no credit check and instant approval are fast becoming a popular choice for Canadians looking for financial assistance. When faced with unexpected expenses or a financial emergency, these loans are the perfect stop-gap to help you out of a sticky situation. They are both convenient and accessible.

Entering into a loan agreement can be daunting for first-time borrowers. This guide will provide all the information you need to get started in Canada with online installment loans with instant approval.

What is an online installment loan?

With an online installment loan, you can borrow a set amount of money and pay it back over a fixed period in regular installments. These loans are suitable for smaller sums, like when you have a financial crisis and need quick access to funds.

A traditional loan application can be a lengthy process, requiring extensive paperwork and a long wait to find out if you are approved.

Online installment loans are almost the exact opposite. Applications are completed online, and copies of relevant documents can be submitted hassle-free. Once your loan is approved with Signature Cash, the funds are transferred directly to your bank account. The whole process can be completed within 24 hours.

Why choose online installment loans?

Besides being quick and easy to apply for, online installment loans are incredibly flexible. The loan amount and repayment period can be adjusted to suit your specific requirements and budget. For example, you can make your repayments weekly, bi-weekly or monthly to match your income schedule.

Instant approval is a huge plus, as you don’t need to wait for an answer. We consider your ability to manage debt rather than focus on your credit history. This means that even if your credit rating is not in the best shape, you can still be considered for a loan.

With online installment loans, you can look forward to a clear and direct borrowing experience. All information is provided upfront, including interest rates and repayment schedules. Most importantly, there are no hidden costs, so what you see is what you pay.

Why We Don’t Do Credit Checks

Many people, especially given today’s brutal economy, need a break. Life is getting increasingly expensive, and money is in short supply. Covid-19 did a number on numerous people’s incomes, causing many to default on loans they were previously able to afford.

It’s no wonder that plenty of well-meaning people have bad credit records due to circumstances beyond their control.

We believe that credit checks are inherently unfair, as they disadvantage people with no context or explanation provided. To make matters worse, this is often done without their knowledge.

It’s not uncommon for someone to apply for a loan only to find out, to their shock, that their credit score has taken a knock because of an unpaid bill that they might not even have been aware of.

Moreover, credit checks unfairly judge people based on their past, not their present. A person who couldn’t afford a loan during the pandemic might very well be able to afford one now. However, traditional lending institutions don’t care, focusing only on a somewhat arbitrary rating scale instead of assessing a person’s accurate and current financial standing.

Therefore, having an option whereby applicants can be judged on their current ability to afford a loan rather than their past successes and failures seems much more fair. As a lender with integrity, we believe treating people fairly is crucial.

This is why, here at Signature Cash, we assess a person’s current income and expenses to determine whether they pose a high risk, rather than delving into their past. Moreover, cutting out the credit checks makes the entire process much quicker. Running a credit check is one of the key reasons why traditional lenders take so long to approve loans.

By only assessing an applicant’s current financial standing and forgoing the arduous and admin-heavy process of running a fully-fledged credit check, we are able to process applications much quicker.

Therefore, offering online installment loans with no credit check and instant approval in Canada is not just fair but also quick. We endeavour to serve our customers faster and with greater dignity than other lending institutions.

Tips For Managing Your Loan

Once approved for one of our instant-approval online installment loans and the funds deposited in your account, you become liable for the loan repayment at the agreed-upon interest rate.  

Failure to repay can lead to higher interest and legal ramifications. Some people fall into the trap of taking out another loan to pay off the first and end up in a downward spiral of never-ending debt.

Thankfully, this can all be avoided through careful planning and a little self-discipline.

Make A Budget

Before you accept a loan, make sure you have a plan for repaying it. This means having a properly conceived budget with a realistic repayment schedule incorporated. 

Too many people take chances and take out a loan without planning how they will pay it back and end up digging themselves into a hole. Without a budget in place, you won’t have a clear picture of what you can afford, which can land you in trouble.

With a clear budget, you can manage your payments while still ensuring you have enough money to cover your other obligations and needs.

Cut Back

To maximize your ability to repay and get out of debt as fast as possible, cut out a few luxuries for the time being and funnel those excess funds towards repayment of the loan so that you can be relieved of it as soon as possible. Look at your budget and see what things you can live without until the loan is repaid. Every little bit helps.

Automate Payments

If you can, it’s a good idea to set up an autopayment with your bank so that your installments are paid upfront automatically. 

Doing so poses two advantages.

First, automated payments help remove the temptation to spend the money to repay your debt. With that temptation removed, you can rest assured that your debt will be paid off quickly and responsibly.

Second, automated payments make it impossible to default on payments when you forget about them. Sometimes, when life is so busy, it can be easy to forget things like this. Unfortunately, that can land you in trouble. The money should be deposited automatically so that it’s taken care of even if you fail.

Signature Cash is your trusted partner in Canada for online installment loans with no credit check and instant approval. Apply online and get the funds you need when you need them.