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Best installment loans of 2021

Compare APRs, terms and eligibility requirements of top lenders.

Installment loans are a type of short-term loan available to borrowers of all credit types. While they come with fewer eligibility requirements than your traditional personal loan, this comes at a price — rates can sometimes top triple digit APRs. Comparing different lenders you qualify with can help you find the best installment loan for your needs.

How we picked these providers

We considered eligibility requirements, APRs and repayment flexibility, as well as loan terms. We also looked at factors that might be important for different types of borrowers, such as the ability to consolidate high-interest debt.

Top installment loans

Best for longest loan term: Fairstone Installment Loan

560
Min. Credit Score
26.99%
Starting APR
$25,000
Loan Amount
Fairstone offers free no-obligation online quotes that don’t affect your credit score. You could be approved for a loan with a repayment period of 6 months – 5 years, depending on your application.
Min. Loan Amount $500
Max. Loan Amount $25,000
APR 26.99%-39.99%
Interest Rate Type Fixed
Min. Credit Score 560
Minimum Loan Term 6 months
Maximum Loan Term 60 months
Pros
  • Long loan term up to 120 months
  • Free loan quote
  • Quick application
Cons
  • Interest rate varies

Best for quick turnaround: Cash Money Installment Loan

560
Min. Credit Score
46.93%
Starting APR
$10,000
Loan Amount
Cash Money offers installment loans up to $10,000 which can be repaid over periods of 6 months - 5 years. Cash Money personal loans attract an annual interest rate of 46.93%.
Min. Loan Amount $500
Max. Loan Amount $10,000
APR 46.93%
Interest Rate Type Fixed
Min. Credit Score 560
Minimum Loan Term 6 months
Maximum Loan Term 5 years
Pros
  • No early payment fees
  • High lending limit
  • Line of credit loans available
Cons
  • Lower lending limit for online applications
  • Flat interest rate regardless of good credit history

Best for applying with a guarantor: LendingMate Installment Loan

LendingMate Installment Loan logo

700
Min. Credit Score
34.9%
Starting APR
$10,000
Loan Amount
LendingMate provides guarantor loans up to $10,000 to help Canadians cover a wide range of expenses.
Min. Loan Amount $2,000
Max. Loan Amount $10,000
Interest Rate Type Fixed
Min. Credit Score 700
Pros
  • Apply with a guarantor if you have poor credit

Compare more online installment loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
OFFER
Money Mart Installment Loan
29.90% - 46.90%
$1,000 - $15,000
12 - 60 months
No min. income or employment requirements
Min. credit score: 300
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More Info
Get a $100 eGift card when you apply online, connect your bank account using Express and make your first payment. To be eligible for an installment loan, you’ll need to be at least 18 years of age with a steady source of income and a chequing account.
LoanConnect Installment Loan
32.00%
$500 - $2,500
3 - 6 months
Currents debts must total less than 60% of income
Min. credit score: 300
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More Info
Get approved by different lenders in as little as 60 seconds with any credit score. Access resources to help you work toward better finances.
FlexMoney Installment Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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More Info
Apply online in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Installment Loan
8.00% to 46.96%
$500 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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More Info
An online broker with the largest lender network in Canada. Get matched with lenders for free through one quick application regardless of your financial situation.
Mogo Installment Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
SkyCap Installment Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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More Info
An online lender offering installment loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Fairstone Installment Loan
26.99%-39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments
Min. credit score: 560
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More Info
Receive a personalized no-obligation loan quote in minutes without affecting your credit score. Finalize your loan application online and receive your funds as quickly as the same day.
Cash Money Installment Loan
46.93%
$500 - $10,000
6 - 60 months
Stable source of income
Min. credit score: 560
Go to site
More Info
Cash Money offers installment loans up to $10,000 for Alberta, Manitoba and New Brunswick residents. Online installment loans are available in Alberta only. Residents of Manitoba and New Brunswick must apply in-store.
Loan Away Installment Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
Get approved for an installment loan in as little 20 minutes. Get affordable monthly repayments no matter your credit score.
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Compare up to 4 providers

5 questions to help you find the best installment loan

There’s no one “best” installment loan. What’s right for you depends on your personal financial situation and what you need the money for. Ask yourself the following questions to find a lender that best meets your needs:

3 red flags to watch out for with installment loan providers

Not all installment loan providers are legit lenders, and even some that are can have predatory lending practices. Look out for these red flags when comparing installment loan providers:

  • Guarantees. Legit lenders won’t guarantee approval or certain rates before looking at your application.
  • Pushiness. Stay away from lenders that pressure you into borrowing more than you need.
  • Add-on insurance. Some lenders might encourage you to take out unnecessary insurance, such as a life insurance policy that names them as a beneficiary. This is a common tactic to make your loan more expensive while avoiding provincial APR regulations.

How to spot a predatory lender

Bottom line

Available to borrowers of all credit types, installment loans offer more affordable repayments than shorter term payday loans. But many still come with triple-digit APRs, which can add up fast if you get a long loan term. Check out our guide to installment loans to learn more about how this type of financing works.

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