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Installment Loans

Get an affordable installment loan even with bad credit.

Loan details

Amounts from:

$500 - $75,000

Rates starting from:


Terms from:

9 – 240 Months

Not sure which loan to apply for?

View all of our loans to see the one that’s right for you.

Most commonly used for:


Bill Payments


Debt Consolidation


Home & Auto Repairs

What is an installment loan?

An installment loan is a type of loan which can include a personal loan, auto loan, student loan, or mortgage. An installment loan allows you to borrow a specific amount of money at a fixed rate over a set time period. As a borrower, you receive your funds immediately and repay your loan with regularly scheduled payments that cover a portion of the principal and interest on the amount you borrowed.   


How does an installment loan work?

Installment loans are typically made up of fixed payments comprised of principal and interest. With each payment, the amount of principal balance owing gets reduced until it’s at zero and the loan has been repaid in full.

At easyfinancial, we offer various types of installment loans, including unsecured and secured loans. An unsecured loan does not require you to provide any collateral to get your loan, whereas a secured loan requires you to provide some form of collateral such as your home or vehicle to secure your loan. The benefit of a secured loan is that it allows you to borrow more money at lower rates and often has longer terms associated with it.


Can I get an installment loan if I have bad credit?

It may be harder to get a loan with ‘bad credit’, but there are solutions. Getting a loan with bad credit depends on several factors including your credit score, how much debt you currently have and the lender you turn to. At easyfinancial, we help people with lower credit scores get access to credit because we look at your full credit profile and not just your credit score.

We help you get approved for the loan that is right for you and work with you to help you improve your credit score and graduate to lower rates. We report each on-time payment you make against your loan to the credit bureaus which can help you improve your credit score.




What’s the difference between a Payday loan and an installment loan?

If you are like more than one-third of Canadians living paycheque to paycheque, you may have very little money in savings, and an unexpected life event can throw you into a financial crisis.

Something like an unexpected car repair or a medical expense that’s not covered, can put a big strain on your finances. You may think that resorting to payday loans can act as a quick fix to help you through your financial situation, but it can have negative consequences on your financial health. These short-term loans have to be paid off quickly (usually in two weeks, which is why they are called payday loans), which can make them hard to pay back.

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How long will I have to pay back my installment loan?

Installment loans have a fixed term, which means that you make regular payments towards your loan for a set amount of time. If you make all of your loan payments when they are due, you will have paid off your outstanding debt at the end of your term.

Most installment loans carry terms of 12 to 120 months. The length can depend on things such as the type of loan (unsecured or secured) and the amount borrowed. As an example, a Personal Loan is usually a smaller loan amount at a shorter term, whereas a Home Equity Loan (a type of secured loan) is often a larger amount with a longer term.



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How is an installment loan different from revolving credit?

An installment loan provides borrowers with an amount of money that is repaid over a fixed period of time at a fixed rate until the loan is paid in full.  It can be easier to pay off and can help you establish or improve your credit score.

Revolving credit which includes credit cards and lines of credit, allows you to borrow more money as often as you want, as long as you do not exceed your limit.  It has no end date for when you pay off your debt and often has low minimum repayment requirements, which can leave you owing more and more money as the interest charged on the unpaid balance adds up.  

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Have questions? We can help.

What credit score do I need for easyfinancial?

This is determined on a case-by-case basis. We use many factors to approve applicants for a loan, including monthly income and credit score. We factor in your debt-to-income ratio (50%), debts in collections, car payments, and monthly debt obligations. Those with bad credit (300-720) are encouraged to apply.

What is a soft inquiry and how is it different than a hard inquiry?

A soft inquiry is when your credit report is pulled for informational purposes and does not affect your credit score. A soft inquiry is simply a review of your credit report that's used to determine if you are eligible for a pre-approved offer and may be used to verify who you are.  When a company conducts a soft inquiry, this is only visible to you, and is not seen by other lenders therefore it will not negatively affect your credit score. 

A hard inquiry is when a credit report is requested from the credit bureau for the purpose of evaluating you as a borrower. A hard inquiry can affect your credit score and can be seen by other lenders. However, keep in mind that hard inquiries are only one of the five major factors that help determine your credit score.  Other factors such a payment history and credit utilization play a much bigger role in determining your credit score. 

What documents are needed to get an approval?

We require the following documents:

2 recent pay stubs

  1. Last 90 days of banking information 

  2. 1 recent bill addressed to your current home 

  3. A piece of government photo ID