A Kitchener installment loan offers many advantages over other forms of credit. As an example, you’ll have more time to repay than if you get a payday loan. Plus, you interest rate will probably be much lower.
Additionally, a Kitchener installment loan has a fixed interest rate and fixed payments. That’s certainly not the case with a credit card, since people often add to the balance and pay compound interest on top of that. Plus, an increase in the prime rate can mean you’ll pay more.
However, the greatest advantage of a Kitchener installment loan may be its’ flexibility. It can be used for so many purposes it’s hard to think of any other credit product that can do more. Here are just a few ways one could help you.
Consolidate Multiple Debts
Juggling multiple debts is often stressful and time-consuming. You must keep track of many payment due dates and they don’t always align with your pay days.
Luckily, a Kitchener installment loan can consolidate your debts into a single payment. Paying off multiple credit cards and other small debts also looks good on your credit file. Lenders love to see accounts paid in full.
Additionally, taking out an installment loan can increase your credit score if you’ve never had one before. Your credit mix accounts for up 10% of your overall credit score, because it shows lenders you can manage various forms of credit well.
Finally, choosing a Kitchener installment loan means you don’t need to battle compound interest. That’s the interest the credit card company tacks onto your unpaid balance every month. Essentially, you end up paying interest on the balance and interest on the interest. That adds up quickly.
A Kitchener installment loan uses simple interest. That basically means the lender establishes how much you will pay in interest when you take out the loan. This interest amount is divided into equal payments. Consequently, every payment you make pays a portion to your outstanding balance and a portion to interest. Interest does not accumulate on your unpaid balance.
Make Home Repairs or Improvements
Most lenders offer home equity loans which rest on the value of your property. However, lenders place a lien against your home to ensure they get their money back.
While this might not bother some borrowers, many do not want to unnecessarily put their home at risk. After all, you could potentially lose your most valuable asset for a relatively small amount of money.
Luckily, a Kitchener installment loan works differently. Approval rests on your income, not the property itself. This means you are free to do whatever you want with your property, because there’s no lien on the title.
A Kitchener installment loan could be the ideal solution if you’re looking to do small repairs or renovations to your home. Generally, these loans offer a lower maximum, but you still may be able to borrow as much as $15,000 through the right lender.
Buy on Your Terms
A Kitchener installment loan makes it possible to buy a used car, boat, motorcycle, or RV, without a deposit. Plus, the lender does not place a lien against the title.
If you want to buy another major item such as a new television, computer, or refrigerator, you can do so. There’s no need to charge it on a card or empty out your savings. A Kitchener installment loans allows you to set up affordable, regular payments.
Many treatments and procedures aren’t covered in Canada. Some are considered cosmetic, while others aren’t deemed necessary care under the Canada Health Act.
As a result, you could find yourself in a position where you want or need medical care that you must pay for yourself. However, anything medical-related is notoriously expensive and hard to pay in one shot.
Luckily, a Kitchener installment loan can fund treatments and procedures outside of our healthcare system. Borrow to pay for new glasses, dental care, or even a face lift.
The urge to travel has never been stronger, but it is also harder to secure and more expensive now. Consequently, you will probably have to book early and pay upfront.
Luckily, a Kitchener installment loan can ensure you get the best possible price and the dates you need. Since you pay regular scheduled payments, you can also pay down your balance well before you go.
The best thing about repayment is that you can choose how long you want to take to repay. If you need less than a year, a good lender may offer a six-month term. However, you can also choose 1,2.3,4, or even 5 years. It’s up to you!
Tie the Knot
Weddings are always expensive, but even more so since the pandemic. Supply chain issues, inflation, and skyrocketing material costs mean everything will cost you more.
Additionally, there’s a huge shortage of availability. You have fewer venues, caterers, florists, and wedding supply companies to choose from. You may be forced to pay more than anticipated, because there is so much demand.
Luckily, you can use a Kitchener installment loan to book and lock in prices now, before they go up even further. Pay affordable payments and stop worrying about your plans.
Cope with Unexpected Expenses or an Emergency
Unexpected expenses or an emergency can crop up at any time. Perhaps you need to fly across the country to see an ailing relative. Maybe your vehicle needs expensive repairs that aren’t covered under warranty.
Whatever the case, these are problems you can’t ignore. However, you may not have savings or you may not want to put the costs on a credit card. Fortunately, a Kitchener installment loan can provide you with the money you need to cope.
A Kitchener installment loan through a good lender also offers flexible terms, without extra fees or penalties. You can set up a free account and pay extra on your loan at any time.
Small Business Seed Money
Obtaining a business loan through a traditional bank is very difficult. They want to see financial statements, excellent credit, and years of stability.
Unfortunately, many entrepreneurs don’t fit into the traditional credit mode. They may have moved or changed banks in recent years. Perhaps they’re self-employed or earn income from a pension. Whatever the case, this can mean that a person with a great idea and drive, simply can’t get a business loan.
Luckily, if you earned a steady, recurring income paid by direct deposit for at least the last three months, you could qualify for a Kitchener installment loan. A good lender considers many factors too, not just your credit.
Few people live in the same place their entire life. It’s normal to move for a better job, a better home, or a better life.
However, instability is often a red flag for lenders. They may consider you less creditworthy, even if you’re moving to improve your financial situation.
Fortunately, this isn’t the case when you choose the right Kitchener installment loan. You can borrow to move, buy supplies, pay deposits, or outfit your new home.
A Kitchener Installment Loan Through FlexMoney
FlexMoney is your best choice for a Kitchener installment loan. We make the borrowing process quick, easy, and safe. Here are some of the reasons our loans are better than the competitors:
- Fast Application Process – we accept applications 24/7. Most people complete our simple application form in less than 15-minutes.
- Loans of Between $500 and $15,000 – 6 month to 5 year terms available
- Digital Income Verification – we verify your direct deposits through bank statements. There’s no need to upload or drop off documents.
- Quick Decision – our artificial intelligence system provides a decision within minutes.
- No Fees or Penalties – we set up your account without an origination fee. You can also pay extra on your loan or you can pay it off at any time, without penalty.
- 100% Digital Process – you never need to visit an office. Sign your loan contract digitally and receive your money faster.
- Fast Funds Release – get your funds the same or next business day.
- Great Customer Service – toll-free number, Ontario business hours, chat, email, website support, and FAQ page.
Our Basic Loan Requirements
If you’re considering a Kitchener installment loan, the following are our basic loan requirements:
- Canadian citizen
- At least 20-years old
- Minimum net monthly income of $2,000 from the same source for at least three months (we consider income from employment, self-employment, pensions, and other steady income streams)
- Active account with a Canadian financial institution showing at least three months of transactions
- Paid by direct deposit
- Active cellphone or home telephone number
- Valid email address to confirm your identity
Sorry, we can’t consider your application if your income source is Employment Insurance or COVID-19 relief benefits. Please do not apply if you’re currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program either.
Find Out More
Our process is fast and easy and our Kitchener installment loan is flexible and multifunctional. Discover why so many Ontarians say we offer the top Kitchener installment loan available.