Intro
Installment loans are designed to provide financial relief in an emergency. Repaid over installments, including applicable interest and fees, installment loans offer an online application process, often without a credit check. You can apply online via Friendly Lender!
Known for its picturesque waterfront and lively arts scene, Barrie is an attractive destination in Central Ontario. However, it’s been grappling with a significant affordability crisis, especially when it comes to housing and groceries. Moreover, many residents struggle with low and/or stagnant wages, which have not kept up with the rising cost of living.
Who Can Benefit from Installment Loans?
Online installment loans may benefit subprime and near-prime borrowers. Banks and credit unions may have stricter lending requirements and require higher credit scores. Online installment lenders may have more relaxed criteria, allowing individuals with less-than-ideal credit scores and histories to qualify for installment loans online.
Factors that Lead to Lower Credit Scores
Lower credit scores may result from several different factors, which may include the following:
- A high credit utilization ratio (above 30%).
- Consistently high credit card balances.
- Missed or late payments.
- Mistakes on your credit report.
- Lacking a credit history.
The above factors may result in lower credit scores, but online installment lenders may have more flexible lending criteria.
Below, let’s consider the pros and cons of installment loans in Barrie.
Pros of Installment Loans
- Faster approvals compared to in-person applications.
- Faster access to funds.
- No credit checks during the online application process.
Cons of Installment Loans
- Higher credit risk priced accordingly.
- Late or missed payments may result in additional fees.
5 Tips to Improve Your Credit Score
Let’s review five tips to help improve your credit score. These are not a quick fix but a matter of long-term adherence:
- Sign up for Credit Verify! You will be able to track your credit health.
- Keep your credit utilization ratio low (below 30%).
- Ask for a credit limit increase. However, don’t increase your spending.
- Make micro credit card payments to lower credit card balances.
- Pay off the credit card with the highest interest rate first.
The above tips may help you achieve a higher credit score.
5 Tips to Improve Your Financial Performance
In addition to the above five tips, the following tips may help you improve your financial performance in Barrie:
- Consider debt consolidation. This may help you simplify your monthly debt payments and obtain a lower overall interest rate.
- Automate bill payments. This can keep you from missing bill payments.
- Automate savings. You won’t have to think about it.
- Retrain for a new career. You may take an online course to learn new skills.
- Increase your financial literacy. Read financial books and blogs and take online courses.
Adhering to the above ten tips may help improve your financial outcome in the long term.
Final Thoughts
Need quick funds? Apply for a personal loan online via Friendly Lender. We don’t check credit scores or credit reports during the simple and quick online application process.
