Get an Installment Loan in Calgary
Looking for an installment loan in Calgary? Use Borrowell to quickly compare loan options from trusted Canadian lenders. Check your credit score for free and see what installment loans are available to you based on your credit profile. Plus, monitor your credit score weekly and get tips to improve your financial health.
How to Get an Installment Loan in Calgary
Lenders look at your credit score when you apply for car loans, mortgages, or other types of installment loans in Calgary. That's where Borrowell can help. Over 68,000 Calgary residents have signed up for Borrowell to check their credit score and quickly compare loan options. Sign up to get your free credit score and find the best installment loans available to you.
Installment Loans Calgary: What You Should Know
In Calgary, you can use installment loans for quite a few things. Some types of installment loans are used for specific purchases, like a car loan when purchasing a new vehicle, or a mortgage when purchasing a house. In general installment loans can be used for many things, including:
Trips or vacations
University or tuition costs
Although payday loans are technically a specific type of installment loan, the defining difference between the two is the payment term. Payday loans have a much shorter payment term than installment loans. They also generally don’t require a credit check, are lent for smaller amounts of money, and have much higher interest rates. If not managed responsibly, a payday loan can turn into bad debt because of sky-high interest rates and the likelihood they will increase rather than alleviate your overall debt.
There are many financial institutions in Calgary you can contact to apply for an installment loan. These range from traditional brick-and-mortar lenders, who may have longer processing times and stricter qualification criteria, to online lenders, who can process digital applications and may have more lenient qualification criteria.
Before applying for a loan, the best thing to do is compare lenders online. With Borrowell, you can quickly compare lenders and their loan offers, including their interest rates and term lengths. You’ll also see your likelihood to qualify for their products based on your credit score. This will help you find the best lender that matches your credit profile and ensures that you get an installment loan that you can afford.
To qualify for an installment loan, you must meet the following criteria:
Be at least 18 years old
Be a Canadian citizen or a permanent resident with a valid Canadian address
Have proof of income
Have a working bank account
Be able to provide a credit score
Not sure what your credit score is? You can get your free credit score from Borrowell and see what installment loans you can qualify for based on your credit profile. Sign up for Borrowell today to get qualified for an installment loan.
Just like anywhere else in Alberta, you can apply for installment loans in Calgary either in person or online. Each lender has a different loan application process, but most lenders in Calgary will ask for the following personal information:
Valid form of ID: For example, an Alberta driver’s license
Proof of residency: For example, utility bills or a tenancy agreement
Proof of employment and income: For example, bank deposit slips, bank statements, or a letter of employment
Social Insurance Number
With many lenders, you can start your loan application quickly by completing an online form.
Not sure where you should apply? Use Borrowell to quickly compare loans, rates, and lenders that you are likely to qualify for based on your credit profile.
As long as you are making on-time payments towards your installment loan, they can definitely help improve your credit score! Your credit score is made up of five main factors:
Your payment history and credit history combined account for 50% of your score.
If you manage your installment loan properly, you’ll build up your payment and credit histories, which will improve your credit score. This only happens, though, if you remember to make your payments on-time. Late payments can have a big impact on your credit score — even up to a 150 point decrease.
You should also make sure that your lender is reporting your loan payments to a major credit bureau (either Equifax or TransUnion) to ensure that there is an official record of your loan on your credit file.
Receiving an installment loan may also help reduce your credit utilization and diversify the types of credit you have, which are factors that also help improve your credit score.
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.
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.
Borrowell shows you loans 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.
Borrowell's Quick & Easy Loan Process
Sign Up & Get Your Score For Free
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.
Check Rates & Choose Your Offer
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.
Get Your Loan
Once your personal loan is approved by a Borrowell loan partner, you can usually access your funds in just a few days.
Is Signing Up for Borrowell Free?
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.
Still Have Questions?
Get More Answers
With an installment loan, you can typically receive anywhere from $500 to $35,000. The amount you can qualify for depends on many factors, including the lender you work with, your financial history, and your credit score.
The typical interest rates for installment loans in Calgary range from 5%-30%. But, it’s important to keep in mind that these rates vary by lender and may depend on your credit score.
It is possible to get an installment loan even if you have bad credit. Your credit health will determine the terms of your loan, including the interest rate and term length. For instance, if you have bad credit, you’ll likely have stricter payment terms because you could appear as a more “risky” client to lenders.
Luckily, lenders may also look at things such as your employment history and monthly income to help determine your loan eligibility.
A general guideline is that credit scores over 660 have the best chance of getting approved. If your credit score is below 660, there are still installment loan options available. Sign up for Borrowell to see what loan options are available based on your credit score.
Installment loans in Calgary can be both secured or unsecured. The specifics of your loan terms and the lender you get your loan from will determine this. Keep in mind that interest rates on unsecured loans are higher than the interest rates on secured loans.
The main difference between secured and unsecured loans in Calgary is that a secured loan involves guaranteed repayment through the use of collateral. With a secured loan, you would use an asset like a home to guarantee that you will repay the loan. That means that if you default on your debt obligations, your home could be seized by the loan company. Because of this collateral, secured loans tend to be available in bigger amounts and feature much lower interest rates than unsecured loans.
With an unsecured loan, you don’t guarantee repayment, so you don’t have to worry about losing your home if you default. However, with an unsecured loan, you will have to pay higher interest rates throughout the entire course of your loan term.
How Borrowell Can Help with Your Financial Goals
Monitor & Track
Sign up and get your free Equifax credit score in just 3 minutes. Checking your score won't hurt it!
Understand & Improve
Receive weekly updates on how your credit score has changed. Get personalized tips on how you can improve your credit health.
Find the Right Product
Get matched automatically with the right loan products and trusted lenders that match your credit profile. Select your offer and complete the online application through the platform.
Find an Installment Loan in Calgary 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!