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Get an Installment Loan in Ottawa

Looking for installment loans in Ottawa? Borrowell can help! Use Borrowell to quickly compare loan offers available to you based on your credit profile. Check your credit score for free and see what rates you’re able to qualify for.

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The Best Way to Find an Installment Loan in Ottawa

To qualify for the best installment loans available in Ottawa, you should have a good idea of what your credit score looks like. That’s where Borrowell can help. Over 46,000 Ottawa residents have signed up for Borrowell to get their free credit score. With Borrowell, you can check your credit score and compare the best loan options available to you based on your credit profile. Sign up today to get your free credit score and easily apply for an installment loan with confidence.

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Installment Loans Ottawa:

What You Should Know

In Ottawa, you can use an installment loan cover costs, expenses, and purchases such as:

  • Debt consolidation
  • Unexpected or emergency expenses
  • Car payments 
  • Home renovation or repair
  • Car purchase or repair
  • Other large purchases
  • Unpaid bills or back taxes
  • Travel or vacations

To qualify for an installment loan in Ottawa 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 (usually a score of 650+ is ideal)

If you don’t know your credit score, you can sign up with Borrowell to get your free credit score. You can also see what installment loans you qualify for based on your credit profile. Sign up to quickly get qualified for an installment loan.

Whether you apply online for an installment loan or in-person at a bank, most lenders require certain documents to process your application. To speed up the approval process, make sure to have the following ready:

  • Valid form of ID: For example, an Ontario 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

Applying online for an installment loan is the quickest method. It takes only a few hours for lenders to process and qualify your application. If you’re approved, you can receive your money in just a few days. 

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. Once you’ve found the right loan, you can begin your application through the platform.

Applicants with a credit score of 650 and above have the best chances of qualifying for an installment loan in Ottawa. If you don’t have a credit score within that range, lenders are less likely to provide you with an installment loan at a favourable interest rate.

If your credit score is below 650, there are still installment loan options available. With Borrowell, you can quickly find lenders that specialize in working with lower credit score individuals. Sign up for Borrowell and see which lenders you qualify for.

Installment loans may help reduce your credit utilization, improve your debt to income ratio, and just generally help you pay off your debts, so long as you use them right. If you are paying your installment loans in full and on time, they can definitely help improve your credit score!  In addition to paying off your loan on time, there are a couple of other things you can do to help improve your credit score that may be worth investigating. 

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 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

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.

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Still Have Questions?

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Installment loans in Ottawa offer both short terms and long terms. Long term loans offer lower monthly payments over a longer period of time, but borrowers often end up paying more interest on these loans over time. Short term loans, on the other hand, accumulate less interest over time, but you are required to make larger payments towards your loan on a monthly basis than with long term loans.

Yes, it is possible to get an installment loan in Ottawa with no credit check. Installment loans that don’t require credit checks, however, usually have much higher interest rates than regular installment loans. Lenders will need to rely on other information to determine a borrower’s eligibility, such as income, assets, and debts.

When possible, you should try looking for installment loans that require credit checks, even if your credit score isn’t perfect. These loans will have much more favourable interest rates, and lenders may still be willing to work with you if your credit score is less than excellent.

Not sure what your credit score is? Sign up for Borrowell to check your credit score for free and see what loans and rates you can qualify for.

The typical interest rates for installment loans in Ottawa range from 5%-25%. Interest rates are determined by many factors, including the loan term, the loan amount, the lender’s specific requirements, and the borrower’s financial background. Like all types of loans in Canada, interest rates on installment loans in Ottawa are capped at 60% by law.

You can receive $500-$35,000 from installment loans in Ottawa. Keep in mind that the amount you get will depend on the lender you apply with, how you plan on using your installment loan, your financial situation and history, and debts.

You can compare different installment loans available in Ottawa by using the Borrowell platform. You can sign up for free to check your credit score and access the platform. Once you’re on the platform, you can quickly compare and find loan options that you qualify for based on your credit score. 

To make the search process easy, Borrowell will do the work for you and provide you with loan recommendations to compare. These recommendations are specifically tailored to your credit profile and allow you to see loan amounts, term lengths, interest rates, and more.

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 Ottawa 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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