In Canada, many individuals turn to installment loans to meet their financial needs, whether it's for unexpected expenses, home improvements, or other significant purchases. Installment loans offer a structured and predictable repayment plan, making them a popular choice for borrowers. In this guide, we'll delve into the key aspects of installment loans in Canada . 1. What Are Installment Loans? Installment loans are a type of personal loan where borrowers receive a lump sum of money upfront and agree to repay it in fixed monthly installments over a set period. These loans often come with a fixed interest rate, providing borrowers with the advantage of knowing exactly how much they need to pay each month. 2. Types of Installment Loans In Canada, there are various types of installment loans tailored to meet specific needs: Personal Loans: Unsecured loans that can be used for a wide range of purposes, such as debt consolidation, medical expenses, or travel. Auto Loans: Financ...