Overview
Designed to cover urgent expenses, installment loans are small-dollar, unsecured loans repaid over installments. To obtain an installment loan, you can submit a simple online application form and receive an immediate response. Friendly Lender will only connect you with responsible and reputable lenders in Surrey, British Columbia.
The Cost-of-Living Crisis in Surrey, BC
The living wage measures the amount of money a worker needs to earn to cover basic living expenses such as housing, food, and transportation. The living wage varies by city and region. In Surrey, BC, the living wage was estimated at $27.05 per hour in 2024. The current minimum wage in BC stands at just $17.40 per hour. While it is set to increase to $17.85 per hour on June 1, 2025, that still falls short of the estimated living wage. Therefore, many workers may struggle to cover their living expenses in Surrey.
Who Can Benefit from Installment Loans?
Installment loans present an alternative borrowing option to subprime and near-prime borrowers, who may not qualify for loans from traditional banks and credit unions due to lower credit scores. Alternative online lenders may have more flexible lending requirements and accept borrowers with subprime and near-prime credit scores (typically below 660).
Lower credit scores usually result from a variety of factors, including the following:
- A high credit utilization ratio consistently exceeding 30%.
- Consistently elevated credit card balances.
- Late or missed payments.
- Payment defaults.
- Maxing out credit cards.
- Only making the minimum payments each month.
These factors may lead to elevated credit risk, which is why traditional financial institutions may be less willing to take on borrowers in this credit category.
Pros of Installment Loans
- Faster approval processes.
- Faster access to funds.
- Simple online application process.
- Encryption technology used to protect personal information.
- Repayment period is longer than that of payday loans, allowing for more flexibility and to cover a longer period of expenses.
- More relaxed eligibility requirements. Typically, you must be a permanent resident or Canadian citizen, at least 18 years of age, and have a valid Canadian bank account that has been active for at least 90 days.
Cons of Installment Loans
- A higher perceived credit risk may result in a higher interest rate and fees.
- Missed or late payments may result in additional fees.
Consider the following tips to improve your credit score and financial situation in Surrey in 2025, despite the ongoing cost-of-living crisis.
5 Tips to Improve Your Credit Score in Surrey
- Sign up for Credit Verify to monitor your credit health.
- Lower your credit utilization ratio. Keep it below 30%.
- Pay your bills on time.
- Don’t only make minimum payments.
- Request a credit limit increase.
5 Tips to Improve Your Financial Circumstances in Surrey
- Improve your financial literacy by reading personal finance blogs, books, and taking online courses.
- Consider debt consolidation. It may simplify your monthly debt payments and come with a lower overall interest rate.
- Speak with a financial advisor about your unique financial situation.
- Adopt a strict budget and stick with it.
- Increase your income by asking for a raise, earning a promotion, taking on a side gig, or retraining for a new and more lucrative career e.g. data science or UX design.
The Bottom Line
While the current economic challenges may seem overwhelming, you can take proactive steps to try to improve your financial situation. If you are unable to cover your immediate expenses, apply for an installment loan online via Friendly Lender. You may get fast access to funds. Make sure you familiarize yourself with the terms and conditions and the cost of the loan and make a realistic repayment plan.
