What Are Payday Loans?
A payday loan is a short-term loan repaid on the next payday and intended to cover immediate expenses. When you’re struggling to cover urgent expenses or are stuck without cash in between paydays, LendProConnect could help! To access quick financial assistance, submit our simple online application. Note: depending on the details of your application, you may get connected with online installment lenders rather than payday lenders. We do not check your credit score. Even with a low credit score, you may qualify!
The Skyrocketing Cost of Living in Oakville, Ontario
It’s no secret that everyday Canadians have been struggling with the rising cost of living. According to one report, nearly half (47%) of Canadians are living paycheck to paycheck. That means they are unable to save any money at the end of each month. About one-third of Canadians do not have an emergency fund, which means they’re left without a safety cushion in case of emergencies like a sudden job loss, medical problem, and more. To top it all off, almost one-third of older Canadians are nearing retirement age without any savings.
According to the Economic Research Institute, Oakville is even more expensive than both the national and provincial average, with housing and food ranked as particularly unaffordable compared to most places in Canada. In fact, it’s ranked among the top 14% of the most expensive cities in the world.
In sharp contrast, Ontario’s new minimum wage will be just $17.20 as of October 2024, leaving low-wage and minimum-wage workers unable to afford a comfortable life in Oakville or, for that matter, anywhere in the province.
How Payday Loans Can Help
Online payday loans can be a quick financial solution to help get you to your next payday. When faced with sudden expenses that you’re unable to cover, a payday loan can provide a fast solution. Make sure you are able to repay the loan. Apply online now via LendProConnect. It only takes a few minutes, and you will get an immediate response!
Tips to Improve Your Financial Health in Oakville
Maintaining good financial health has never been more challenging. With nearly half of us living paycheck to paycheck, it’s never been harder to build a nest egg and secure a good financial future for ourselves. However, there are a few strategies you can use to improve your financial health in Oakville:
- Maintain a good credit score. This can be easier said than done, but making your payments on time can help you build a good credit history. Sign up for Credit Verify to track your credit score over time.
- Follow a budget. The most commonly used breakdown is 50/30/20, whereby you allocate 50% of your income toward needs, 30% toward wants, and 20% toward saving and debt repayment. Ideally, you would save and invest small amounts on a weekly or monthly basis. This can lead to significant growth in the long term.
- Raise your income. There are multiple ways to pull this off. Whether you go back to school or complete online courses, there are more ways than ever to learn new skills, build a portfolio, create a professional website, and so on. Alternatively, you could ask for a raise at work.
What Are the Requirements to Obtain Payday Loans in Oakville?
There are a few basic requirements for obtaining online payday loans in Oakville:
- 18 years old or older
- Canadian citizen or permanent resident
- Permanent address
- Proof of income
- Have a valid Canadian bank account that has been active for at least 90 days
In addition, if you can avoid NSF transactions and minimize your number of ongoing payday loans or short-term loans, that’ll improve your odds of approval.
Conclusion
The cost of living has skyrocketed over the last several years, leaving many Canadians struggling to keep up. A combination of low wages, housing shortages, large population growth, and other factors is squeezing everyday Canadians. LendProConnect can help you cover unforeseen expenses. Apply online via LendProConnect. We do not check your credit score or credit report during our online application process.
