Overview
Nova Scotians are confronted by rising rents, a high cost of living relative to income, and limited housing availability. The living wage in Halifax has risen to $28.30 per hour, which far exceeds the provincial minimum wage. Installment loans can help Nova Scotians close a gap in cashflow and cover urgent expenses.
Who Can Benefit?
Installment loans can provide quick financial assistance to subprime and near-prime borrowers in Nova Scotia. Subprime borrowers typically have credit scores below 620 while near-prime borrowers typically have credit scores between 620 and 660.
Factors that may lead to lower credit scores include the following:
- Consistently high credit utilization ratio (above 30%)
- Late or missed payments
- Consistently elevated credit card balances
- Maxing our credit cards
Lower credit scores may result in higher perceived credit risk. Banks and credit unions may be unwilling to lend to subprime and near-prime borrowers, who may therefore opt for alternative lenders.
Pros of Installment Loans
- Fast approval times
- Simple and straightforward online application process
- Fast access to funds
- No credit check during the online application process
- Encryption technology helps safeguard personal data
Cons of Installment Loans
- Higher credit risk is associated with higher interest rates and fees
- Late or missed payments may result in additional charges and fees
The Bottom Line
Nova Scotians are dealing with an ongoing cost-of-living and housing crisis. Online loans can help Nova Scotians cover immediate expenses. Consider applying for an installment loan online via Friendly Lender. We don’t check your credit score or credit report during our simple and quick online application process.
