What Are Payday Loans?
Payday loans are a short-term borrowing option to be repaid on the following payday. Intended to cover immediate expenses such as car repairs, medical bills, groceries, rent, and more, payday loans have become more accessible thanks to the online application process at LendProConnect. Moreover, we do not check your credit score during the application process. Even with a low credit score, you could qualify for online loans via LendProConnect. Note: dependent on the details of your application, you may get linked with online installment lenders rather than online payday lenders. Apply online now.
Why Is Toronto So Expensive?
The high cost of living in Toronto is a result of many factors. Recent population increases, a high demand for housing, and a shortage of available and affordable housing have driven housing costs into the stratosphere. In addition, many people are experiencing low wages. Newcomers and other disadvantaged groups often fail to break into their desired professions and end up working low-skilled jobs. Over the last decade, the average rental rates for a one-bedroom apartment in Toronto have increased by more than $1,000. In many cases, house prices in the Greater Toronto Area have risen by 100-200% over the last 10 years. Canadian grocery prices have grown markedly since 2019.
In the meantime, wages have not kept pace with inflation for many Canadians. While the minimum wage is set to go up to $17.20 per hour this fall in Ontario, it is well short of the estimated living wage in Toronto. According to the Ontario Living Wage Network, the living wage in the GTA exceeds $25.00 per hour – nearly $8.00 per hour greater than the new minimum wage.
The Role of Payday Loans in Toronto
Online payday loans provide quick financial assistance in times of financial stress. Just submit a quick online application. It only takes a few minutes! We won’t check your credit score, and you will get an immediate response. Based on your application details, you may get linked with an online installment lender rather than a payday lender.
How Can I Improve My Financial Wellbeing in Toronto?
Despite the severe cost-of-living crisis, there are ways to improve your financial wellbeing in Toronto. Here are some possible avenues:
- Adhere to a budget. The classic breakdown is 50% toward needs, 30% toward wants, and 20% toward saving and debt repayment. However, your individual breakdown may be different, depending on your unique financial situation. Establish a habit of disciplined spending.
- Save and invest on a regular basis. Even $50-100 saved and invested every week can make a difference in the long run. If that seems out of reach, work on increasing your income. Put your money in a savings account and grow your cash balance over time via compound interest on your investments. The good news is that the compound interest will act on the total cash balance, including the gains made from previous interest.
- Build an emergency fund. Experts recommend saving a minimum of three months’ expenses in an emergency fund. Six to nine months’ expenses would be even better. Start small and build your emergency fund incrementally until you reach your targets.
- Monitor your credit score. Credit Verify allows you to track your credit score over time. Sign up now!
There are numerous ways to improve your finances, despite the widespread crisis of (un)affordability. Read our blog or discover additional resources online.
How Do I Qualify for Payday Loans in Toronto?
You must satisfy several criteria before you qualify for payday loans in Toronto:
- You must be at least 18 years of age.
- You must be a Canadian citizen or permanent resident.
- You must have a permanent address.
- You must provide proof of consistent income.
- You must have a valid Canadian bank account, which has been active for at least 90 days.
In an ideal world, you would also have as few NSF transactions and ongoing payday loans and short-term loans as possible.
Conclusion
Toronto is experiencing an affordability crisis across all income levels. Confronted by impossible choices, many Toronto residents require quick financial assistance. LendProConnect is here to help – we don’t check your credit score or credit report during our online application process. Apply online now.
