Overview
Installment loans are small-dollar, unsecured loans repaid over a series of installments. They are intended to help cover immediate expenses. We don’t check your credit score or credit report during our simple online application process.
The Cost of Living in Surrey, BC
While Surrey offers a mild climate and proximity to Vancouver, among other advantages, it is also an expensive place to live. Housing is the biggest expense, with the average three-bedroom detached home costing at least $1,000,000, while one-bedroom apartments and two-bedroom apartments average over $2,000 and over $2,500 in monthly rent, respectively. In 2024, the living wage in Surrey was estimated at $27.05 per hour, far higher than the provincial minimum wage of $17.40 per hour.
The Intended Borrower
Subprime and near-prime borrowers, who have lower credit scores, may have trouble accessing credit from traditional financial institutions like banks and credit unions. Alternative online lenders offer alternative borrowing options to individuals with lower credit scores.
Typical requirements may include:
- You must be at least 18 years old.
- You must be a Canadian citizen or permanent resident.
- You must have a consistent source of income.
- You must have a Canadian bank account active for at least 90 days.
Featuring more flexible lending requirements, installment loans provide access to credit for those who have less-than-ideal credit scores and histories.
Pros of Installment Loans
- Faster access to funding.
- Faster approval process.
- Simple and quick online application process.
- No credit check during the online application process.
- Encryption technology is used to safeguard personal information.
- More flexible lending requirements.
- Longer repayment period than payday loans.
Cons of Installment Loans
- Higher cost due to higher perceived credit risk.
- Risk of additional charges and fees in the event of missed or late payments.
How to Improve Your Credit Score in Surrey
- Pay your bills on time. This is the number one tip.
- Lower your credit utilization ratio. Keep it below 30%.
- Sign up for Credit Verify to monitor your credit score and automatically catch errors on your credit report.
- Ask for a credit limit increase. Do not increase your spending.
- Work with a credit repair service. Make sure it is legitimate and not a scam.
How to Improve Your Financial Situation in Surrey
- Increase your income by acquiring new skills e.g. UX design, data science, software development, and more.
- Read financial blogs, books, and take online courses to improve your financial knowledge.
- Lower your variable expenses.
- Set short-term and long-term financial goals and come up with a plan to achieve them.
- Consider more affordable housing options e.g. shared housing or living with roommates.
The Bottom Line
If you need funds quickly to help cover urgent expenses in Surrey, BC, apply for an installment loan online via LendProConnect. You may have funds deposited into your bank account in as little as 24 hours! We don’t check your credit score or credit report during our simple and quick online application process.
