How an Installment Loan Can Help You Build Credit in 2020

Are you looking to take your credit score to the next level in 2020, but aren’t sure how? As a Top Rated National® money lender in Ontario, Cash 4 You is here to help you optimize your financial profile by building good credit. That’s why we’re committed to offering more than just loans to our friends and neighbors all across Ontario. Along with our installment loans, you can enjoy the CreditBoost™ benefit, which is designed to help you transform your credit standing and financial well-being one payment at a time. Keep reading to learn more.

What Is an Installment Loan? 

Installment loans are some of the most accessible and practical personal loans that can benefit people of all credit standings and from all walks of life. At Cash 4 You, we offer installment loans in amounts ranging from $1,000 up to $15,000. They are called installment loans because borrowers repay the loan in sensible installment payments over the course of 60 months or less, depending on the terms of the loan. Because this loan is considered an unsecured loan, there is no need to put up any collateral for the loan. What’s more, we look at more than just your credit score when you apply, which is why you will never need a co-signer. We make getting instantly approved for your installment loan fast, easy, and stress-free. Plus, you’ll get your money the same day you’re approved. 

Now that you know what an installment loan is, you’re probably wondering how this loan can help you build your credit. Check it out.

Make On-Time Payments

Paying your installment loan on time is one of the best ways to improve your credit score. By making your regularly scheduled loan payments on time and according to your pay frequency, you show that you are a responsible borrower who is attentive to paying your loan. Unlike other money lenders, Cash 4 You notes each on-time payment in our system. We then report all of your timely payments to major credit bureaus like Equifax so that you can begin accumulating positive notations on your credit history.  

Pay the Full Amount Due

Paying the full amount due on your loan payment can also improve your credit score. For one, paying less than what is due can put you further and further into the hole, which will hurt your credit at the same time. But by paying the full payment amount due on your installment loan, you show that you are responsible, trustworthy, and financially capable of repaying your loan. This can help you improve your credit score while strengthening your purchasing power. Additionally, this reflects positively on you as a borrower that could make it easier to get approved for future personal loans, car loans, mortgage loans, and more.

Get Approved for a Loan Now

Are you ready to unlock your financial potential? There’s no better time to start than now. At Cash 4 You, we have funded more than $1 billion in loans for hard-working Canadians just like you. With an installment loan, you can get access to cash money while building your credit and strengthening your purchasing power. Connect with us today to get started!

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