Are you in search of some easy ways to get guaranteed bad credit installment loans in Canada?
Then you are at the right place as today we will be sharing some sure-shot ways to get bad credit loans Canada guaranteed approval quickly.
What is an Installment Loan?
An installment loan is a term given to a lump sum of money that is taken as loan by the borrower and is paid back over the duration of several months. The repayment duration of installment loans can vary anywhere from 2 months up to 30 months depending on the amount borrowed and the lender terms.
Mortgage loans, car loans, student loans, and home equity loans are all examples of installment loans.
Top Ways to Get Quick Installment Loan Approval for Bad Credits
Getting a loan approval isn’t quite easy. Lenders usually take a very deep look into your previous lending habits and credit history before approving your loan request.
Approach a Credit Union
A credit union is a financial institution that operate within an organization or corporation that provide financial services such as loans to people within the organization.
Unlike other lenders, credit unions do not focus very much on credit score and provide services to people on the basis of trust and employment record.
So, if you have a poor credit score and if a credit union exists within your network, then you have more chance of getting a loan approved than anywhere else.
Get Someone to Co-Sign Your Application
Another guaranteed way to get guaranteed loan approval is by getting someone else with a respectable credit score to co-sign your loan application. Getting someone with a good credit score to co-sign will definitely increase your chances of getting the loan approved.
You can get anyone from your family, office, or friends circle to co-sign the application for you. However, make sure that the other person has a better credit score than yours.
Get Assistance of a Professional Agency
There are several agencies out there that connect borrowers and lenders quickly so that borrowers can get their loan approved instantly.
Such agencies collect loan applications from interested borrowers and depending on the factors within the application connects the borrowers with lenders who are willing to provide loans for such candidates.
This way, borrowers can save a lot of time by not having to approach every lender around them and can easily find a company that offers loans without any hassles.
Apply for a Secured Loan
A secured loan is where you provide any asset that you own as a collateral to the lender. Institutions offering secured loans do not worry much about credit score or previous lending habits as they can always redeem the loan amount by selling off the collateral provided by the borrower.
However, the borrower is always at risk of losing their asset in case they fail to pay back the loan on time.
Hope you found this article helpful. In case you have any doubts about installment loans or getting loan approvals, then do feel free to get in touch with us by leaving a comment below.