Overview
Installment loans are designed to provide short-term financial relief for Barrie residents. Repaid over a series of installments and featuring an easy and quick online application process, installment loans may help Barrie residents close a gap in cashflow. Apply online via OntarioCASH.
Featuring natural beauty and many waterfront activities, Barrie can be an attractive place to live. However, like most of Ontario, it’s faced a growing affordability crisis in recent years.
Who Are Installment Loans For?
Subprime borrowers may have credit scores below 600, while near-prime borrowers may have credit scores between 600-659. Typically, subprime borrowers have a history of missed payments, a high debt-to-income ratio, and a limited or no credit history. Meanwhile, near-prime borrowers might be recovering from past financial issues or may be younger adults or newcomers to Canada.
Online installment loans may benefit individuals with lower credit scores, as banks and credit unions may require a higher credit score before giving out a loan. Online installment lenders may be more flexible with their lending requirements, which may include the following:
- You must be 18 years of age or older.
- You must be a Canadian citizen or permanent resident.
- You must have a consistent income.
- You must have a permanent address.
- You must have an active and valid Canadian bank account for at least the past 90 days.
Adhering to the above criteria may improve your chances of approval.
Below, let’s review the pros and cons of online installment loans.
Pros of Installment Loans
- Faster access to funds. You may get funds deposited directly into your bank account in as little as 24 hours!
- Quick and easy online application process.
- No credit checks during the online application process.
- More flexible lending requirements.
Cons of Installment Loans
- Higher credit risk may mean a higher interest rate and fees.
- Missed or late payments may incur additional fees.
Now that we’ve reviewed the pros and cons of online installment lenders, let’s consider possible ways one could improve their credit score and/or financial situation in Barrie.
5 Tips to Improve Your Credit Score
We all experience situations that are outside of our control. There are many reasons why someone might end up with a lower credit score. However, it’s important to look at potential strategies to improve our credit scores over the long term, such as the following:
- Sign up for Credit Verify. This will allow you to check your credit score and automatically detect mistakes on your credit report.
- Lower your debt-to-income (DTI) ratio by paying off debts. Use the snowball method or the avalanche method. The snowball method involves paying off your smallest debt first. The avalanche method involves paying off your highest-interest debt first.
- Paying your bills on time may be the single biggest strategy you can use to improve your credit score. Automating all your bills may help with that. Most service providers offer a pre-authorized debit option.
- Build an extensive credit history. This one may take long-term persistence and perseverance, rather than a clever short-term move.
- Request a credit limit increase but don’t increase your spending in order to lower your credit utilization ratio.
The above tips are all great ways to improve your credit score but require dedication and persistence on your part.
5 Tips to Improve Your Financial Outcome
While the above tips may help, the tips below may further solidify your progress. Consider the five tips below to improve your financial outcome in Barrie:
- Debt consolidation. This may help you simplify your monthly debt payments as well as achieve a lower overall interest rate.
- Increase your income by retraining for a new career such as graphic design, project management, UX/UI design, cybersecurity, data analytics/data science, etc. You can often start by earning online certifications and be job-ready in months!
- Build an emergency fund slowly but surely. According to one survey, almost half of Canadians don’t have emergency savings. Even $10 per month would make a difference. Stay consistent.
- Automate your bill payments. You may never miss a bill payment again!
- Automate your savings. This way, you won’t have to think twice!
The above strategies may work but require discipline and persistence over the long term. They are not a quick fix.
Final Thoughts
Many Barrie residents are facing a large gap between income and expenses. If you need quick funds, simply apply for an installment loan via OntarioCASH. We don’t check credit scores during the simple and fast online application process. You may have funds deposited in your bank account as soon as the next day!
