Overview
Installment loans offer quick funds and a simple online application process without a credit check. Repaid over installments, including applicable interest and fees, installment loans provide financial help in emergency situations.
Sarnia residents have experienced significant challenges when it comes to housing affordability, inflation, and a difficult job market. More than ever, it’s important to have financial relief at your fingertips. If you need quick funds, apply for an installment loan via Friendly Lender. We’re here to help!
In this article, we will review the pros and cons of online installment loans as well as tips to improve your credit score and financial situation.
Factors Impacting the Economy in Sarnia
There are many reasons why Sarnia residents may be experiencing challenges. Here are just a few factors affecting the economy in Sarnia:
- Expensive housing market. Housing prices have generally increased over the last five years.
- High grocery prices. Food prices have been on the rise.
- Low/stagnant incomes. While the average wages have grown in Sarnia (source), the minimum wage remains $17.20 per hour as of right now. This is far short of the living wage anywhere in the province.
- Precarious employment. Like most places, Sarnia has seen growth in part-time and gig employment as opposed to full-time permanent employment with benefits.
It’s increasingly difficult to get ahead due to the above factors, which compound and complicate the overall situation. Many residents may need some help covering their expenses.
Below, we will review the pros and cons of online installment loans and how they may be of assistance.
Pros of Installment Loans
- Fast access to funds. You may get funds deposited into your bank account as soon as the next day.
- Simple and quick online application process. Simply submit an application via Friendly Lender. It only takes a few minutes.
- No credit check during the online application process. Individuals with less-than-ideal credit scores may still qualify for installment loans.
- Cover urgent expenses. The quick funds may help you cover almost any expense.
Cons of Installment Loans
- Higher credit risk = higher price.
- Late or missed payments = additional fees.
Below, we will review some tips to help improve your credit score and financial situation in Sarnia.
How to Improve Your Credit Score
Despite the challenging economic situation in Sarnia, you could adopt certain strategies to help improve your credit score. Here are five possible ways:
- Sign up for Credit Verify to check your credit score and automatically detect errors on your credit report.
- Keep older credit accounts open. This may enable you to build a longer credit history.
- Pay off your debts to lower your debt-to-income (DTI) ratio. The avalanche method has you pay off the highest-interest debt first. The snowball method has you start with the smallest debt.
- Pay your bills on time. This is one of the biggest factors impacting your credit score.
- Pay more than the minimum balance. Paying only the minimum balance could adversely impact your credit score.
Adhering to the above tips may help improve your credit score, but it requires long-term persistence and perseverance. Positive change won’t happen overnight.
How to Improve Your Financial Situation in Sarnia
While Sarnia, like much of Ontario, is experiencing an affordability crisis, there may be ways potentially to improve your financial situation there. Here are a few ideas:
- Consider ways to increase your income e.g. by asking for a raise, earning new credentials to qualify for a higher-paying job, or earning a promotion.
- Automate your bill payments and never miss a payment again! Just make sure you have sufficient funds to cover every transaction.
- Buy index funds when possible. Build long-term savings and investments the traditional way by buying index funds if possible.
- Consider debt consolidation, as it may help you simplify your debt payments and achieve a lower overall interest rate.
- Follow a budget. Pick a method such as the zero-based budget, which assigns every single dollar of your monthly income to a specific purpose.
Following the above tips long-term may help you achieve a more favourable financial outcome. While the economy may be in a difficult spot right now, it’s important never to lose hope. The future may not always be like the past.
Final Thoughts
While residents of Sarnia may often face high prices along with low/stagnant incomes, there are ways to cover urgent expenses. Consider applying for an installment loan via Friendly Lender. We don’t perform credit checks during the simple and quick online application process. Funds may be deposited into your bank account in as little as 24 hours!
