Overview
Online installment loans may provide quick funds to Burnaby residents. Intended to cover immediate expenses, installment loans are repaid over installments and feature a quick and simple online application process. You may apply via Friendly Lender. It only takes a few minutes.
Burnaby is facing a cost-of-living crisis. While it is a beautiful city featuring an abundance of parks and proximity to Vancouver, many residents are struggling to cover everyday expenses. This is where online installment lenders step in, offering alternative loan options.
In the next section, we will look at the factors contributing to the cost-of-living crisis in Burnaby.
The Cost-of-Living Crisis in Burnaby, BC
There are many reasons why residents may struggle to cover expenses. Here are a few:
- Housing crisis. The cost of a one-bedroom apartment may exceed $2,300 per month.
- Low/stagnant incomes. The median income in Burnaby was $38,400 in 2020 (source: Statistics Canada), which is not sufficient even to cover rent for a one-bedroom apartment. Income growth has not kept up with inflation.
- High cost of everyday essentials. Groceries may cost $400-500 per month per person.
The above examples are just a few reasons why Burnaby residents may struggle. In the next section, we will review the pros and cons of online installment loans.
Pros of Online Installment Loans
- Quick funds. Funds may be direct-deposited into your bank account in as little as 24 hours!
- No credit checks during the application process. Individuals with less-than-perfect credit scores may still qualify!
- Quick and simple online application process. The application process takes place entirely online, without credit checks, and requires no in-person appointments.
Cons of Online Installment Loans
- Higher credit risk = higher interest rates and fees.
- Missed or late payments = penalties.
We hope these pros and cons can help you weigh your decision carefully.
In the next section, let’s review tips to improve one’s credit score and financial situation in Burnaby.
5 Tips to Improve Your Credit Score
While Burnaby residents face stringent challenges when it comes to covering expenses, improving one’s credit score can significantly improve one’s situation in life. Let’s look at five tips to improve one’s credit score, despite the housing and cost-of-living crisis:
- Sign up for Credit Verify to monitor your credit health.
- Lower your debt-to-income (DTI) ratio.
- Pay your bills on time. Consider automating your bills.
- Keep older accounts open to build a longer credit history.
- Keep your credit card balances low. This may also help lower your credit utilization ratio.
Adhere to these tips over the long term to see the best results. While nothing is guaranteed in life, a positive outcome is more likely when you are mindful and deliberate in your approach to finances.
In the next section, we will review five tips to improve one’s financial situation more generally, beyond just the credit score.
5 Tips to Improve Your Financial Situation
The situation in Burnaby is difficult due to several uncontrollable factors: expensive housing, a high cost of living, low/stagnant incomes, and so on. Nevertheless, individuals may find ways to cope successfully with the ongoing crisis, given enough determination and ingenuity. Let’s review five tips to improve one’s financial situation:
- Follow a budget. For example, the zero-based budget has you allocate every single dollar of your income to a specific purpose.
- Lower utility costs. For example, use less electricity to save on hydro.
- Choose more affordable housing. For example, you may choose to live with roommates/housemates.
- Start a side hustle. This may involve a part-time job, an online business, and/or freelance work.
- Start an emergency fund. Setting aside even $10 per month is better than nothing.
Adhering to these tips may help ensure a positive financial outcome. However, long-term adherence is a must.
Final Thoughts
Burnaby residents are facing a high cost of living and a challenging housing situation. However, online installment loans may provide quick financial relief. Apply online via Friendly Lender. We don’t perform credit checks during the simple and quick online application process. Funds may be direct-deposited into your bank account in as little as 24 hours!
