Overview
Online installment loans may offer quick funds to help Burnaby residents cover urgent expenses. Repaid over installments, installment loans feature an online application process, often without a credit check. You could apply online via LendProConnect. We don’t check credit scores or credit reports during the quick and easy online application process.
Burnaby has been experiencing a profound cost-of-living crisis. In the next section, we will review the factors that contribute to the crisis.
The Cost-of-Living and Housing Crisis in Burnaby
Multiple factors converge to create the cost-of-living and housing crisis in Burnaby, including the following:
- Housing costs. According to the Housing Needs Report, rental housing is moderately or extremely unaffordable for most renter households earning the median income in Burnaby. Additionally, the report states that homeownership is beyond the reach of most households except those making very high incomes.
- Cost of everyday essentials. The cost of groceries has soared since the COVID-19 pandemic. While the rate of increase has slowed somewhat, the prices have not gone down. In fact, they continue to creep upward.
- Transportation. High gasoline prices and other costs associated with car ownership may cause some residents to opt for public transit.
- Income growth. The median income in Burnaby is not sufficient to cover rent or purchase a home and is associated with difficulties covering everyday essentials.
These factors may create difficulties for everyday residents. Online installment lenders step in with alternative loan offerings and more flexible lending requirements, allowing individuals with low credit scores to qualify. In the next section, we’ll take a look at the pros and cons of online installment loans, given the situation.
Pros of Online Installment Loans
- Fast and easy access to cash.
- Quick and simple online application.
- No credit checks during the application process.
- No need for in-person appointments.
Cons of Online Installment Loans
- Due to the higher credit risk, higher interest rates and fees may be common.
- Missed or late payments may result in additional fees.
Take these pros and cons into consideration. In the next section, we’ll review tips to improve one’s credit score and financial situation, despite the ongoing crises.
5 Tips to Improve Your Credit Score
While Burnaby residents face a difficult situation, there are possible ways to improve one’s credit score. In Canada, credit scores are calculated based on several predictable factors, which is why we can make plans to improve our credit scores, by positively influencing the relevant factors. Here are five smart tips to help you accomplish this:
- Sign up for Credit Verify. It may allow you to monitor your credit score and automatically find mistakes on your credit report.
- Lower your debt-to-income (DTI) ratio by paying off your debts.
- Pay your bills on time. You may consider automating all your bills for convenience.
- Keep your credit utilization ratio below 30%. Below 10% is ideal.
- Have a long-term mindset. Improving your credit score is a marathon, not a sprint.
We hope the above tips are helpful. Next, we’ll review five tips to improve one’s financial situation in Burnaby.
5 Tips to Improve Your Financial Situation
While the ongoing cost-of-living crisis makes it exceptionally difficult, there are potential ways to improve one’s financial situation in Burnaby. Here are five tips to consider:
- Earn online certifications to qualify for a higher-paying job e.g. cybersecurity, UX design, software development, and more. The competition may be tough, but opportunities exist.
- Start a side hustle e.g. selling art online, freelance writing, or ridesharing. It could become a reliable source of supplementary income, easing affordability challenges.
- To pay off debt, use either the snowball method or the avalanche method. The snowball method has you start with the smallest debt. The avalanche method has you pay off the highest-interest debt first.
- Sell items you don’t need on Facebook Marketplace. While not a silver bullet, it’s a way to make a quick buck and declutter your home.
- Move to a cheaper area. You may have better luck affording life’s necessities in a more affordable town.
While the above tips are not a perfect solution, adhering to them long-term may lead to a better outcome. Maintain a patient and persistent mindset.
Final Thoughts
If you need quick funds to cover urgent expenses in Burnaby, you may want to apply online via LendProConnect. We don’t check credit scores or credit reports during the online application. You may receive funds in your bank account as soon as the next day!
