Installment Loans

What Is an Installment Loan?

An installment loan is a type of borrowing option where you receive a lump sum (usually up to $1,500) upfront and repay it through scheduled payments over a set period. Unlike other lending options where repayment terms can vary, these are clear and easy to qualify for, which is why they’re often referred to as no refusal installment loans.*

Depending on specific provincial regulations, repayment periods stretch from weeks to months. It’s a great option for many, because the fixed schedule means no surprises. Just consistent payments until the loan is fully repaid.

For Canadians managing tight budgets, this predictability can be invaluable. You know your obligation upfront, allowing you to plan other expenses without worrying about fluctuating payment amounts.

How to Apply for an Online Installment Loan

Applying for online installment loans is easy, because the entire process happens digitally, which means no paperwork and no in-person visits. Let’s take a look at what the process is:

Step 1: Complete the Application: Visit our website or download our mobile app to fill out a brief digital application form. You'll provide some basic information and will only need about 10 minutes to complete the actual form.

Step 2: Review Your Offer: Once submitted, we will instantly assess your eligibility. If approved, you'll see the loan terms including the amount, interest rate, repayment schedule, and total cost. Review these details carefully. Either way, you’ll see all the information you need before you agree to anything.

Step 3: Accept and Sign: If the terms work for you, electronically sign the agreement. 

Step 4: Receive Your Funds After signing, funds will be transferred directly to you by e-Transfer. Most recipients will receive the e-Transfer within 2 minutes.

The entire process operates with bank-level security, protecting your sensitive information throughout. No hidden steps, no unexpected delays, just an easy path from application to funding.

Installment Loans vs. Other Loan Types

There are both big and subtle differences between installment loans and other types of loans. Let’s take a brief look at what those differences are:

Payday Loans: Another Alternative Option

Installment loans work well for planned expenses with predictable repayment, but they aren't the only solution. Depending on your situation, other options might better match your needs.

Payday Loans: Fast Cash for Immediate Needs

If you’re experiencing a financial emergency that simply can’t wait to be dealt with, payday loans are generally a reliable, fast and safe alternative. They’re meant to be used for anything like unexpected car repairs, urgent medical costs, or other situations where waiting isn't an option.

Payday loans typically provide:

• Instant approval decisions with no documentation

• Same-day funding through a 2-minute e-Transfer, once approved

• Simple online applications that take less time than a coffee break

• Accessibility for all credit types, including those with past credit challenges

iCash focuses on current income rather than credit history, making approval possible even when traditional lenders say no. If you're employed or receiving regular government benefits, you likely qualify.

Payday loans work best when you need a smaller amount quickly and can repay it with your next paycheck. Rather than committing to multiple scheduled payments, you address the immediate crisis and move forward.

Key Factors to Consider Before Applying

Before deciding if an instant online loan is right for you, here are some key factors that are worth considering:

Interest Rates and APR

The Annual Percentage Rate (APR) represents your total borrowing cost, including interest and fees. Online loans can carry higher APRs than traditional bank products, particularly for borrowers with limited credit history. Compare rates across lenders to find competitive options.

Fees and Charges

Look beyond interest rates to identify all associated costs. There may be late payment penalties, NSF fees or early repayment fees. If you’re unsure, don’t be afraid to request a complete breakdown of costs from your lender before signing. On our side, we’ll happily provide you with any information you want or need, before you even apply.

Repayment Terms

How long will you be repaying? If you have the option, choose a term that balances affordability with efficiency. Can you comfortably manage the payments? Will completing repayment sooner save significant interest? These are good questions to ask yourself before applying.

Impact on Credit Score

Some lenders report payment activity to credit bureaus. Consistent on-time payments can gradually improve your credit profile, while missed payments damage it further. 

Some bad credit installment loans don't require credit checks for approval, but may still report payment behavior. Understand the lender's reporting practices before committing.

Always check your credit score to understand where you stand before applying.

Need quick approval and flexible terms? Start your application today and see how much you qualify for.