Overview
Nova Scotians are reeling from an ongoing housing crisis and high inflation, a problem exacerbated by stagnant wages. The minimum wage falls short of the living wage throughout the province. Installment loans are designed to provide quick funds to Nova Scotians who are struggling to cover everyday expenses.
Who Are Installment Loans For?
Installment loans are intended for subprime and near-prime borrowers whose credit scores fall below 660 or those who have a limited credit history. The quick funds can help cover immediate expenses in the short term.
Lower credit scores may be the result of several factors:
- High credit utilization ratio (above 30%)
- Consistently high credit card balances
- An inconsistent payment history
- Defaulting on payments
Banks and credit unions may not lend to subprime borrowers and near-prime borrowers, so borrowers with lower credit scores may turn to alternative lenders.
Pros of Installment Loans
- Fast access to funds
- Quick approval
- Easy and simple online application process
- No credit check during the simple online application process
Cons of Installment Loans
- Higher perceived credit risk = higher interest rates and fees
- Late or missed payments = additional charges and fees
The Bottom Line
Need to cover urgent expenses in Nova Scotia? Consider applying for an installment loan online via LendProConnect. To monitor your credit score and automatically detect mistakes on your credit report, sign up for Credit Verify.
