Sometimes you’re doing everything right, you’re working steady, budgeting, not overspending, maybe even seeing those savings grow and then something happens. Maybe your car breaks down or perhaps you end up have to pay an unexpected medical bill. Whatever the case may be, you suddenly see your financial situation slip from its uphill climb on to a slippery slope and now, instead of planning your next big expense, you’re wondering how you’ll make it to the next payday. This is where a short-term installment loan, such as what is offered by Tekaloan.com, can come in handy.
Why should I get this type of loan?
Payday loans are made for this
type of situation however, with a payday loan, you have to pay the full amount
borrowed (Along with fees and interest) on your very next pay day. Unless you’re
expecting a bonus, this will often leave you right where you started before you
got the loan and put you into a cycle of re-borrowing. Installment loans are an
interesting alternative in this aspect as you can receive your loan just as
fast but instead of repaying the full amount on your next pay day, the
repayment is extended over a few months and is paid in smaller installments on
each of your pay days.
How can I get an installment loan?
It’s easy to apply
and you can do so online or over the phone. Although it does not take long to
fill out an application, you may want to ensure that you are eligible first as
to not waste any precious time. Installment loan providers will require that
you be actively employed, that you receive your pay by direct deposit and that
you earn a minimum salary of a certain amount per month. To be eligible, you
must also be a Canadian Citizen or permanent resident and be of the age of
majority in your province. Click here
to view Tekaloan’s eligibility requirements to give you an idea. Once that’s
done, you can apply here or
call 1-866-214-0079 and fill out an application over the phone.
To get an installment
loan, you will often be asked to submit some documents such as your most recent
banking information, paystubs and a photo ID. Some loan providers, such as Tekaloan.com, now offer a paperless
application where you actually do not need to submit any documents at all. All
you need to do is sign an electronic contract and fill out a form to securely
submit your most recent banking information.
When will I receive the funds and when do I have to pay back?
Once you submit an
application, you can normally expect a response within the next hour. In most
cases, you will even receive your loan deposit on the same day that you applied
once approved. First time applicants with Tekaloan.com can get a loan of $500.
The loan repayment is then spread out over a 3 month period and a portion of
the repayment is debited from your bank account on each of your pay days. The
payments are made by pre-authorized debit so you don’t even need to think about
making a payment and since the payments come out on your payday, chances are
you will always have the funds to cover it. If you are paid on a biweekly basis
for example, you would pay back a $500 loan in 6 installments over a period of
If you do not have an excellent credit history or if you just need a loan faster and with less hassle than what your financial institution can provide, an installment loan with Tekaloan.com could be the right choice for you. If you’re not too sure if this is for you and would like to find out more, their customer service agents will happy to provide you with additional information. They can be reached at 1-866-214-0079. Don’t have time to call? Send them an email to email@example.com.