If you’ve run into some cash flow problems and need access to emergency money, then you might be considering an installment loan. We’ll walk you through the different options for installment loans in Nova Scotia and help you decide on the right option for your financial situation.
How do installment loans in Nova Scotia work?
An installment loan is a type of personal loan offered by online lenders. It doesn’t need collateral and comes with higher rates and more lenient eligibility requirements than traditional personal loans from banks and credit unions. It is designed for people with fair or bad credit below 660.
You can typically borrow between $$500 and $10,000 for 3 - 60 months.
What are the requirements for an installment loan?
You can apply for installment loans in Nova Scotia if you have bad credit or are on a lower income, as long as you are able to afford the repayments. Generally, lenders will look at your income, credit history and employment information to determine your eligibility for a loan.
Here are the basic requirements for installment loans in Nova Scotia:
- Meet the minimum income. Some lenders accept non-employment income such as disability, Canada child benefit or a pension.
- Provide valid government-issued ID. Lenders ask for ID to verify your age and identity. You will typically need to be the age of majority in your province or territory, which is 18 or 19 years of age.
- Be a Canadian citizen or permanent resident.
- Have an active bank account.
Applicants with good to excellent credit scores are more likely to get a good deal on online installment loans. That’s because many lenders use underwriting software that rely heavily on your credit history when determining your eligibility.
What can I use an installment loan for in Nova Scotia?
You can generally use an online installment loan for any legitimate purpose. However, it might be best to save them for emergencies, since they can come with higher interest rates than other types of personal financing. You can use installment loans for:
- Medical expenses. Sometimes healthcare providers don’t provide financing that all patients can qualify for. An installment loan can help make paying off medical bills more manageable, although more expensive.
- Building or car repairs. Got a car that needs urgent repairs? Installment loans can help you cover that cost, no mater what your credit type is.
- Overdue utility bills. An installment loan can help you keep the lights on, water running and phone line working when you don’t have the funds to make your utility payments on time.
- Building your credit. Taking out an installment loan can sometimes help you rebuild your credit if you make payments on time. If this is your primary goal, however, you might want to consider applying for a credit building loan at a local financial institution like a bank or credit union. These which typically comes with lower interest rates and have low credit requirements.
How much does an installment loan in Nova Scotia cost?
The cost of installment loans in Nova Scotia depend on the loan amount, loan term and interest rate. Let’s say you need a loan to pay for unexpected car repairs. You then decide to borrow $5,000 and commit to paying it back over 3 years with a 25% interest rate. Based on these factors, you can expect your monthly payment to cost $198.80, which amounts to $2,156.77 in interest and a total cost of $7,156.77 for your installment loan.
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How to compare installment loans in Nova Scotia
There are plenty of options for installment loans in Nova Scotia. It’s easier to find the best deal if you know which factors to compare before settling on a lender.
- Interest rates. Finding low interest rates can save you thousands of dollars over the term of your loan. Ask your lender if it’s willing to price match or negotiate better rates for a shorter term.
- Fees. Some lenders will bury hidden fees and charges in your contract. Make sure to read the fine print thoroughly and ask for a full breakdown of costs and fees for your loan.
- Total amount. Many lenders have set minimum and maximum amounts they’re willing to give out. Find out how much your lender can shell out and make sure it offers a suitable term for repayment, no matter the amount.
- Length of term. If you want to keep your payments small you should aim for a longer-term loan. If you want to pay it off quickly, look for a shorter term with an affordable repayment plan.
- Conditions for repayment. Look for a loan with flexible terms and find out what will happen if you default on your loan, especially if it’s secured with collateral.
Are you eligible for installment loans in Nova Scotia if you have bad credit?
Installment loans are well suited to Nova Scotians with bad credit. Many installment loan providers offer loans to borrowers with bad credit. Minimum credit score requirements for installment loans tend start at 300 to 560. With lower interest rates than payday loans, installment loans are worth considering if have bad credit. You can learn more about your credit score, including how to check it, in our full guide to credit scores here.
Looking to cover emergency or unexpected expenses with an installment loan in Nova Scotia? Compare lenders today to find a loan with interest rates, fees and conditions of repayment to suit your financial situation.
Frequently asked questions about installment loans in Nova Scotia
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