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.

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.

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.

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.

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.