Overview

Installment loans may provide quick funds and are repaid over installments, including applicable interest and fees. Orillia residents may apply for installment loans online via OntarioCASH. We don’t check credit scores or credit reports during the application process. Funds may be deposited in as little as 24 hours!

The Economic Situation in Orillia

Known as the Sunshine City, Orillia features a large, beautiful waterfront and a number of annual festivals. However, beyond the fun and games, we find a complicated and difficult economic reality. A combination of negative factors may adversely affect residents who are just trying to make ends meet:

• Low/stagnant incomes. The median income in 2020 was just $37,200 per year, while the average rent for a one-bedroom apartment in Orillia is $1,730 per month. The median income is insufficient even to cover the cost of a one-bedroom apartment. Whatever wage growth has occurred, has been offset completely by inflation.
• Underemployment/job instability. Orillia has mixed employment prospects. The growth in service jobs and part-time work may offset any full-time, permanent opportunities, leading to lower incomes and less security.
• Housing crisis. Given the sky-high rents and home prices in Orillia, many workers earning low to modest incomes cannot comfortably afford rentals or homes. This leads to growing discontent and a mismatch between income and expenses.

The above factors combine to create a daunting and complicated economic picture for Orillia residents. However, installment loans may offer a financial lifeline in times of need. Let’s review the pros and cons of installment loans.

Who Could Use Installment Loans in Orillia?

Installment loans may be more accessible to individuals with lower credit scores due to more relaxed lending requirements, compared to banks. Banks may require higher credit scores, shutting out subprime and near-prime borrowers. This is where online installment lenders step in, helping those with less-than-ideal credit scores to cover immediate expenses. These may include the following:

• Car repairs.
• Medical bills.
• Utility bills.
• Rent.
• Mortgage payments.
• And more.

If you need to cover immediate expenses quickly, you may consider online installment loans, accessible to Orillia residents via OntarioCASH.

Now let’s review the pros and cons.

Pros of Installment Loans in Orillia

• Quick funds. Funds may be deposited in as little as 24 hours!
• No credit checks during the application process. Individuals with subprime and near-prime credit scores may still qualify.
• A simple and quick online application process. It only takes a few minutes!
• No paperwork. Just fill out the online form.

Cons of Installment Loans in Orillia

• Subprime and near-prime loans may be riskier, which may lead to higher pricing.
• Missed or late payments may result in additional charges, which is why it’s important to pay on time. If you need to defer a payment, reach out to your lender.

The above pros and cons may help you decide whether an online installment loan may be right for you.

Next, we will consider five tips to improve your credit score and/or your financial situation in Orillia.

5 Tips to Improve Your Credit Score in Orillia

While the economic situation in the city may be challenging, let’s consider five potential strategies to improve our credit scores.

• Pay your bills when they’re due. This is one of the most important factors.
• Register for Credit Verify. You will be able to monitor your credit health.
• Make payments throughout the month to lower your credit utilization ratio.
• Keep your credit utilization ratio below 30%.
• Fix mistakes on your credit report promptly to avoid a negative impact on your credit score.

These tips require persistent effort over the long term and are not a quick fix.

5 Tips to Improve Your Financial Situation in Orillia

In addition, let’s consider five tips to improve our personal financial situations in Orillia, despite the housing crisis and other crises in the city:

• Consider ways to increase your income e.g. obtaining a higher-paying job, earning a promotion, or asking for a raise.
• Earn extra cash by taking on side hustles, selling unused items on Facebook Marketplace, etc.
• Pay off your debts using the avalanche method or the snowball method. The avalanche method has you tackle the highest-interest debt first. The snowball method has you start with the smallest debt.
• Learn all about personal finance by reading blogs, books, and taking courses.
• Follow a budget. Track your expenses and adjust spending accordingly.

The above tips may help you achieve a better financial outcome in Orillia, despite the economic and financial crises.

Final Thoughts

While there are no quick fixes or perfect solutions, we hope we’ve helped you evaluate the pros and cons of online installment loans in Orillia as well as giving you tips on improving your credit score and other aspects of your financial life.

If you need fast funds, apply online via OntarioCASH. We don’t perform credit checks during the application process, which takes place 100% online. Funds may be deposited within 24 hours!