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Get an Installment Loan in Alberta

Live in Alberta and need an installment loan? Use Borrowell to quickly compare installment loans available to you based on your credit score. Check your credit score for free, monitor your score weekly, and get tips to improve your score and achieve your financial goals.

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How to Get an Installment Loan in Alberta

When you apply for car loans, mortgages, or other types of installment loans in Alberta, lenders will qualify you based on your credit score. Over 230,000 Albertans have signed up for Borrowell to get their free credit score and find the right lenders that match their credit profile. Sign up for Borrowell and quickly find the best installment loan options for you today.

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Installment Loans Alberta: What You Should Know

An installment loan in Alberta involves borrowing a specific amount of money and repaying it incrementally within a specified loan term. In addition to paying back the principal loan amount, the borrower will also pay interest on the principal. Payments are generally made monthly until the full balance is repaid, but installments can also be weekly or biweekly. The payment amount made each month is determined by many variables, including the size of the loan, the interest rate, and the loan term.

Installment loans come in a variety of forms. In fact, common loans such as car loans and mortgages are types of installment loans. 

Finding an installment loan in Alberta has become a seamless, easy, fast process thanks to the growth of online lending platforms. With fewer requirements and loan qualification in hours, borrowers in Alberta have more options than ever before. 

Installment loans can be secured or unsecured, depending on the loan amount and the borrower’s financial profile. Short term or medium term installment loans are available, giving borrowers a variety of different payment plans to choose from. Interest rates for installment loans in Alberta can be fixed or variable, with rates ranging from 3-50%. Canadian law caps interest at 60%, including in Alberta.

In Alberta, getting an installment loan requires preparing several documents that attest to the applicant’s identity, citizenship, and financial situation. 

Whether you apply in person or online, you’ll need the following personal information:

  • Proof of a Canadian bank account
  • Proof of Alberta residency 
  • Personal ID showing that you are over 18
  • Banking statements
  • Credit history for some lenders
  • Employment deposit slips 
  • Other relevant financial documents

Getting approved for an installment loan in Alberta is easy to do online. Applying for an installment loan from an online lender is fast and easy, and often the requirements for qualification are flexible enough for borrowers with shaky credit profiles. 

All applicants need to do to apply for an installment loan online is fill out and sign the convenient form and submit the necessary documents. 

Online lenders will process the application within hours, and if the applicant qualifies and accepts the offer then the funds are typically transferred to the borrower’s bank account within a few days. 

Not sure where to start looking? Sign up for Borrowell to get your credit score for free and quickly compare installment loans available to you based on your credit score.

Each loan an individual takes is reflected in their credit report. Having a broader loan mix benefits credit health by demonstrating a varied repayment history. Since installment loans aren’t counted towards credit utilization the way that credit cards are, consolidating credit card debt and paying it off with an installment loan can also positively impact credit scores. 

Of course, these benefits only happen if you make on-time repayments towards your loan. Defaulting on payments can lower a borrower’s credit score, making it vital to manage debt responsibly.

Check Your Credit Score Before Applying

Lenders look at your credit score

Your credit score is one of the main criteria for qualifying for installment loans, whether you’re applying for a car loan, a mortgage, or other types of installment loans. To make the application process easier, you should know what your actual credit score is before applying for a loan. With Borrowell, you can quickly check your credit score for free to speed up the process.

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Applying for loans impacts your credit score

When lenders check your credit score, it is recorded on your credit report as a “hard inquiry.” Hard credit inquiries temporarily lower your credit score, and applying for many loans at once results in multiple hits to your credit score. To protect your credit score, you should only apply for loans that you’re confident you’ll qualify for.

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Borrowell shows you loans that you qualify for

To minimize impacts to your credit score, you want to make sure you apply for a loan that you'll likely get approved for. Borrowell helps protect your credit score by showing you your likelihood of approval for recommended loan offers, based on your credit score.

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Borrowell's Quick & Easy Loan Process

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When you sign up to Borrowell, you’ll get your free Equifax credit score free in just three minutes. Checking your score won't impact it, and you can see which loans you will be eligible for.

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Borrowell automatically matches your credit profile with the best loan products available based on your credit score. Select your offer and complete the online application.

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Once your personal loan is approved by a Borrowell loan partner, you can usually access your funds in just a few days.

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Yes, it's really free. Borrowell provides you with your Equifax credit score, free of charge. Based on your credit score, we provide you recommendations on the best loans, credit cards, and financial products that you are likely to qualify for. Knowing your credit score speeds up the loan application process and helps you get your money as quickly as possible.

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It is possible to get an installment loan even with bad credit. While interest rates for bad credit loans or no credit check loans might be higher, there are lenders that will consider applicants that would otherwise not be able to secure a loan at all.  

Lenders that work with bad credit can be found online and deliver fast approval and fund transfer, ensuring that borrowers get the money they need when they need it.

Installment loans in Alberta can come in a variety of plans. The repayment schedule and amounts will be determined by a number of factors, including:

  • Installment loan term – Shorter terms and medium terms offer lower interest rates but higher payment amounts, while longer term installment loans carry higher interest but lower payments. Short term installment loans begin at 6 months while long term installment loans can have up to a 5 year duration. 
  • Interest rate – Both fixed rate and variable rate loans are available in Alberta, however installment loans with fixed rates are more common.
  • Payment cycle – Installment loans can be paid back monthly, weekly, or biweekly. Depending on whether the interest rate is variable or fixed, the payment amount can fluctuate depending on the rate. 
  • Added fees – Some installment loans charge borrowers fees for origination or for services.

Interest rates on installment loans in Alberta range from 3-50%. Interest rates depend on the loan amount, loan terms, borrower’s credit health, and lender specifications. According to Canadian law, interest rates cannot go above 60%.

It's important to understand the differences between secured and unsecured loans before applying for loan. Some installment loans are secured with collateral. This entails offering an item of value as insurance against the loan. If the borrower defaults on payments, the collateral is seized. 

Unsecured loans do not require collateral. Most installment loans are unsecured, meaning that borrowers will not need to put up collateral. This can entail higher interest rates.

Payday loans and installment loans are both fast ways to get money in Alberta. However, these offerings are quite different. 

  • Payday loans have much shorter loan terms than installment loans. Typically, payday loans must be repaid by the next month. Installment loan terms can be up to 5 years. 
  • The loan amount for payday loans is lower than installment loans. While installment loans are paid off over time and can go as high as $35,000 or more, payday loans are often under $1000.
  • As the name implies, installment loans are repaid in installments. Contrarily, payday loans are repaid in full. 
  • The fees and interest rates for payday loans are often much higher than those charged for installment loans.

Failing to meet the repayment schedule for an installment loan can negatively impact the borrower’s credit score and make it less likely that they will qualify for additional loans in the future. For secured loans, defaulting on payments could result in having the asset seized to cover the loan cost.

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Find an Installment Loan in Alberta with Borrowell

Ready to find the right installment loan for you? Sign up for Borrowell to get your free credit score, receive personalized loan recommendations based on your score, and quickly apply for a loan today!

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