Overview
London, Ontario offers several advantages, including proximity to Toronto, Hamilton, and Mississauga as well as beautiful nature spots. However, the cost of living in London is high, and the job market is intensely competitive. Many residents are feeling the pinch.
Installment loans are small-dollar unsecured loans repaid over several installments. Intended to help cover immediate expenses, installment loans offer a simplified online application process without a credit check.
The Cost-of-Living Crisis in London, Ontario
The cost of living in London is 7% higher than the national average and 1% higher than the Ontario average. While the provincial minimum wage is potentially set to increase to $17.82 per hour on October 1, 2025, it is still short of the living wage in Southwestern Ontario, where London is situated. The living wage in the region was estimated at $19.85 per hour in 2024.
Who Installment Loans Are For
Subprime and near-prime installment loans can help borrowers pay for urgent expenses. Subprime and near-prime borrowers generally have credit scores below 660. Lower credit scores may be the result of the following factors:
- A high credit utilization ratio (exceeding 30%)
- Missed or late payments
- Consistently high credit card balances
- Only making the minimum payments
- Errors on your credit report
Traditional banks and credit unions may have stricter lending criteria, which often exclude subprime and near-prime borrowers. Therefore, alternative lenders fill an unmet need in the marketplace.
Below, we will consider the pros and cons of online installment loans.
Pros of Installment Loans
- Fast approval processes
- Simple and quick online application process
- No credit check during our simple online application process
- Fast access to funds
- Direct deposit
Cons of Installment Loans
- Higher credit risk results in higher interest rates and fees
- In addition, missed or late payments may result in additional charges and fees
Below, we will consider tips to improve your credit score and tips to improve your financial circumstances in London, Ontario.
5 Tips to Improve Your Credit Score
- Keep your credit utilization ratio below 30%
- Pay your bills on time
- Ask for a credit limit increase
- Don’t only make minimum payments
- Use services like Credit Verify to monitor your credit health
5 Tips to Improve Your Financial Standing
- Increase your income by retraining for a new career e.g. data science or UX design, taking on a part-time job, or selling your art online.
- Consider shared accommodations to reduce housing costs.
- Use public transportation instead of relying on car ownership with its associated high costs.
- Build an emergency fund – three to six months’ worth of expenses is ideal.
- Lower your variable expenses.
The Bottom Line
If you need to cover immediate expenses in London, Ontario, you may wish to apply for an installment loan online via OntarioCASH. We don’t check credit scores or credit reports during our simple and easy online application process.
Additionally, if you wish to monitor your credit score and automatically detect mistakes on your credit report, sign up for Credit Verify! The registration process is quick and easy and takes place online.
