The Cost-of-Living Crisis in Saskatchewan
Saskatchewan’s new minimum wage of $15.00 per hour will come into effect on October 1, 2024. However, it is still well short of the estimated living wage. For example, Saskatoon’s living wage in 2023 was estimated at $18.95 per hour, nearly $4.00 per hour greater than the new minimum wage.
In addition to low wages, many Saskatchewanians are struggling with the rising costs of food, groceries, and rents, not to mention the high interest rates that are crippling mortgage holders across the province. Inflation remains elevated, increasing the cost of goods and services across the board. Many residents are pushed to their financial brink.
How a Personal Loan in Saskatchewan Can Help
When in acute financial need, you may wish to take out a personal loan. It can help you cover emergency expenses or help get you to your next paycheck. LendProConnect offers a quick and easy online application process, which will allow you to get connected with online installment lenders across Canada, without a credit check. Try it today!
How to Get Approved for a Personal Loan in Saskatchewan
You do not need a high credit score to qualify for a personal loan in Saskatchewan. However, the following requirements are needed to qualify:
- Be 18 years of age or older
- Be a Canadian citizen or permanent resident
- Have a valid Canadian bank account that has been active for at least 90 days
- Have a permanent address
- Have proof of consistent income
While you do not need a good credit score to qualify, it is important to know your credit score for many reasons. For example, you may wish to know your credit score before applying for a rental or a mortgage. If you wish to check your credit score or credit report, register online with Credit Verify and access a wealth of personal financial information.
In Addition…
In addition to the above requirements, your source of income must be one of the following:
- Employment income
- Self-employment income
- Government benefits
Level Up Your Finances in Saskatchewan
Here are some tips for levelling up your finances in Saskatchewan, even with the cost-of-living crisis:
- Set goals. Don’t leaveyour financial future up to chance. Decide on your savings targets and develop a strategy for paying off your debt. Determine your target income and work towards achieving it, whether by asking for a raise at work or by changing jobs or careers. Having any goals is better than having none, as it will help steer you in the right direction. Without goals, you will not be able to measure your progress.
- Make a budget. This is important, as it puts you back in the driver’s seat. You take control of your spending and allocate your monthly income with deliberate purpose in mind. In this way, you avoid making costly mistakes, spending more than you can afford, or missing key payments.
- Pay off your credit cards. Otherwise, the interest will quickly accrue, increasing your overall debt load. Once you’ve paid off your credit cards, you can focus on more important expenses and saving toward your future.
- Watch your credit score. Credit scores are important for many reasons. For instance, when you’re submitting a rental application or applying for a mortgage, a credit score can make or break your application. Make your payments on time and make sure that there are no mistakes on your credit report. Register with Credit Verify to track your information.
Apply for a No Credit Check Personal Loan in Saskatchewan
Here at LendProConnect, we do not check your credit score or credit report. Your credit score will not affect your application with us, so apply online today. The process is quick and easy and only takes a few minutes.
