A Canada installment loan could be the ideal solution for your financial needs, because it offers so much flexibility. On top of flexibility, it is also unsecured, which means you don’t have to back it with collateral such as a car or home.

When you take out a Canada installment loan, your lender gives a lump sum of money. You repay what you borrowed in equal monthly payments over a set number of months. These payments include the principal amount borrowed and interest.

You can use a Canada installment loan for almost any reason. Let’s take a look at some of the most common uses of a Canada installment loan.

Use a Canada Installment Loan to Consolidate Credit Card Debt

Credit cards offer convenience, but it can also be too easy to rack up debt. The worst part is that many credit cards also have high interest rates making it difficult to pay down what you owe.

A Canada installment loan makes sense if you can obtain one with a lower interest rate than what you’re currently paying. When you have balances on several high interest credit cards, it can hard to stay on top of payments, never mind make a dent in the balance.

However, a Canada installment loan can pay off all these irritating credit cards debts so you’re left with a single monthly payment. This can alleviate stress and inconvenience and when you meet your loan repayment terms it could also improve your credit.

Consolidate Multiple Debts

Perhaps you have several outstanding balances on other loans or loans and credit cards that you would like to combine into one payment.

A Canada installment loan could help you pay off your bills on a set schedule and if you choose the right lender they won’t charge you an origination fee to set up an account either. Some lenders charge as much as $500, or a percentage of between 0.5 – 8% of your total loan cost.

Consolidating multiple loans can also help you save interest if you decide to pay a higher monthly payment. It also gives you the option of spreading your debt over a longer period to free up cash flow.

Do Home Renovations

Many people are using their increased time at home during the pandemic to add value to their home. However, home renovations are costly and not everyone has equity in their home for a home equity loan.

Even if you do have equity, you’re leveraging your home as collateral which also means you risk losing your home to the bank if life throws you a curveball and you’re unable to repay your loan. Since a Canada installment loan does not require collateral, you’re never at risk of losing your home to a bank.

Make Large Purchases

A Canada installment loan can help you break up large amounts into small, manageable payments. It is often the best choice if your refrigerator starts acting up and you don’t want to risk it breaking down. You may not have enough money in savings or you might be reluctant to charge it on your credit card with a 19.99% interest rate.

You may also want to consider a Canada installment loan if you’re buying a car, boat, RV, or ATV vehicle. Almost all auto loan lenders want a down payment of between 10 and 20% when you want to buy.

If you would prefer to finance the entire amount, a Canada installment loan could be a better solution. Plus, a car, boat, RV, or ATV loan is secured with collateral. If you default, you’ll lose your vehicle. That’s not the case with a Canada installment loan. Plus, if you have good credit you might even be offered a lower interest rate than through an auto loan.

Manage Business Expenses

Most business loans have very exacting requirements. Lenders typically won’t consider a loan unless you’ve been in business for at least six months and have a business credit history. They may also require financial statements and sometimes collateral. Clearly, this may pose a problem for many entrepreneurs and startups.

Once your company grows, you could potentially qualify for a traditional business loan. However, a Canada installment loan could help you pay your initial business expenses to help you get up and running.

Pay for a Wedding

Weddings are usually very costly as they involve so many things. You must pay for the venue, flowers, the caterer, wedding rings, a wedding dress and tuxedo, and don’t forget the honeymoon.

Even simple weddings can cost tens of thousands of dollars, which few people have lying around in their bank account. A Canada installment loan can help you break the cost of a wedding into timed payments that are much easier to handle.

Pay for a Funeral

Few people plan for their funeral. Consequently, relatives can suddenly find themselves wrestling with final expenses when their loved one doesn’t have life insurance or sufficient assets.

Don’t underestimate the cost of a funeral today. A simple cremation costs on average between $2,000 and $5,000 and a casket funeral averages $10,000. These are just averages and the cost could easily be more.

If you’re not prepared to cover these expenses, a Canada installment loan could help. It can provide quick money you need during a time when you have plenty of other things on your mind.

Move & Setup New Home

Moving is something we usually plan well in-advance, but life might throw you a curveball. Perhaps you’ve been hired for that dream job across the country that you never though you would get. Maybe your company has downsized and it is either move or you’re out of a job.

Moving can be surprisingly expensive, especially if it is long-distance. Even if you pare things down to the necessities, you’ll still need to set up your new home. You’ll pay hookup fees, a damage deposit if you’re renting, and other move-related expenses. A Canada installment loan can provide that extra capital you need until you’re running full steam again.

Take a Dream Vacation

Considering the current situation, we will all be ready for a long vacation when this over. However, travel doesn’t come cheap and if you’re hankering for a relaxing holiday it will cost plenty.

Whether you want to visit the Acropolis, scale Machu Picchu, or lounge on the shores of some sparkling sea, a Canada installment loan can help fund your dreams. Pay it off when you return, relaxed and worry-free.

The FlexMoney Advantage

FlexMoney is a competitive lender that makes obtaining a Canada installment loan easy. Enjoy a simple, fast application process and funds in your account quickly too.

No Minimum Credit Score or Documentation

FlexMoney will not ask you for proof of income or a financial statement. Our only requirement is that you have actively worked at the same employer for at least three months. You must also earn a minimum income of $2,000 per month and have a cellphone to verify your identity.

We do not require a minimum credit score either. We use artificial intelligence to help us make a fully-informed decision. However, we cannot approve your application if you’ve had a bankruptcy within the past seven years.

Our AI assessment tool looks at overall risk, so ordinarily a single negative factor won’t lead to a refusal of your Canada installment loan application.

No Hidden Fees or Penalties

FlexMoney does not charge an origination fee to set up your loan. As mentioned, lenders may charge between 0.5 – 8% of your total loan cost. That’s a lot of money.

If you want to double up payments or pay off your Canada installment loan early, we will not penalize you either. This is not the case with many other lenders.

Upon approval, you’ll be provided with the exact payment amount and Canada installment loan end date. We will never charge you a cent more than what is written in your loan documents.

Competitive Interest Rates

We review every case carefully. If you provide us with accurate information and you have a solid source of income, chances are you’ll be offered a highly-competitive rate.

Read through our offer and compare us to the competition. We’re not afraid of scrutiny. You are under no obligation to borrow from FlexMoney.

Regrettably, we cannot guarantee 100% approval. If we refuse your application you may need to reduce your debt or find a secured loan with a co-signer.

Quick Funds Release

FlexMoney strives to have your Canada installment loan funds in your bank account within 24 hours of approval on a weekday. If you apply on a weekend or holiday, it may take until the next banking day.

Find Out More

If you’re interested in exploring a Canada installment loan through FlexMoney or you have more questions, please visit our website. We take the hassle out of borrowing and offer a range of options for your Canada installment loan.