Overview
Victoria, British Columbia boasts a mild climate and beautiful gardens. However, it is also known for its high cost of living relative to income. Installment loans can help Victoria residents cover immediate expenses.
The Cost of Living in Victoria, BC
In recent years, there’s been a sharp increase in the cost of living throughout Canada, and Victoria’s cost of living is 21% higher than the national average. The wages have not kept up with inflation – the living wage in Victoria is estimated at $26.78 per hour, while the minimum wage is set to increase to $17.85 in June 2025.
Who Can Benefit?
Installment loans are designed to provide quick funds to subprime borrowers and near-prime borrowers. Subprime and near-prime borrowers generally have credit scores below 660. Factors that lead to lower credit scores may include the following:
- Payment defaults
- Late or missed payments
- Consistently high credit utilization ratio (above 30%)
- High credit card balances
- Maxed out credit cards
- A high number of hard inquiries
- A short or absent credit history
- Errors on your credit report
- Having debt sent to collections
- Only making the minimum payments on your credit cards
Traditional banks and credit unions may have stricter lending requirements. Alternative lenders may be more willing to lend to subprime and near-prime borrowers.
Pros of Installment Loans
- Fast approval times.
- Fast access to funds.
- A simple and quick online application process.
- Flexible eligibility requirements.
- Subprime and near-prime borrowers may qualify.
- The use of encryption technology to safeguard personal data.
Cons of Installment Loans
- Higher credit risk may result in a higher interest rate and fees.
- Late payments or missed payments may result in additional fees.
Tips on Improving Your Credit Score
While you may have a less-than-ideal credit score or credit history, it is possible to improve your credit score. It will require time and dedication on your part, but it is doable. Consider the following tips to elevate your credit score and credit history in Victoria, BC:
- Pay your bills on time.
- Keep your credit utilization ratio below 30%.
- Request a credit limit increase.
- Keep older accounts open.
- Pay off your debts.
- Don’t just pay the minimum payments.
- Take the long-term view – improving your credit score is not a quick fix.
Tips on Navigating the Cost-of-Living Crisis in Victoria, BC
In addition to improving your credit score, you may wish to consider the following tips to help you deal with the cost-of-living crisis in Victoria more efficiently:
- Find more affordable housing alternatives e.g. shared accommodations.
- Use public transit to avoid the costs associated with car ownership e.g. car insurance and fuel costs.
- Shop at discount stores/thrift stores.
- Use less electricity to lower your hydro bill.
- Increase your income by taking on a side hustle, retraining for a new career e.g. programming, data science, or UX design, or taking on a part-time gig.
- Reduce frivolous expenditures e.g. buying coffee at large coffee chains.
- Improve your financial literacy by reading blogs, books, and taking online courses, many of which are available for a small fee or even for free!
The Bottom Line
Navigating the cost-of-living crisis in Victoria, BC is more challenging than ever in the year 2025. The cost of living in Victoria is significantly higher than the national average, while the wages have not kept up with inflation.
Accordingly, subprime and near-prime borrowers, in particular, may benefit from online installment loans in Victoria, BC. Installment loans offer a simplified online application process and faster approval times as well as faster access to funds. The funds may be deposited directly into your bank account in as little as 24 hours! You can apply for installment loans online via Friendly Lender. We do not perform credit checks during our simple and easy online application process.
To improve your credit score, you may also consider signing up for Credit Verify. The registration process is quick and easy, and you will be able to monitor your credit score and automatically catch mistakes on your credit report.
