Overview
The cost-of-living crisis is especially pronounced in Toronto. The average rent for a one-bedroom apartment exceeds $2,000, while the average rent for a two-bedroom apartment in the city exceeds $3,000. Such rental prices far exceed the minimum wage, despite recent minimum wage hikes. Torontonians are continuing to face a growing mismatch between wages and the cost of living.
Installment loans can help Torontonians deal with short-term, urgent expenses and provide valuable financial assistance in difficult times.
The Intended Borrower
Installment loans can provide quick funds to subprime and near-prime borrowers in Toronto, who may lack access to traditional financial products and services due to lower credit scores.
Featuring a quick and easy online application process, installment loans may come with fast approval times and fast access to funds. Designed to help cover everyday expenses and urgent costs, installment loans can assist those with lower credit scores and less-than-perfect credit histories.
Lower credit scores (below 660) may result from several factors:
- Late or missed payments
- A high credit utilization ratio (above 30%)
- Payment defaults
- Consistently high credit card balances or maxed-out credit cards
- Having debt sent to collections
Subprime borrowers and near-prime borrowers may access much-needed funds via online installment lenders in Toronto.
Benefits of Installment Loans
Online installment loans may offer several potential benefits to Toronto borrowers:
- Fast access to funds.
- Fast approval times.
- Simple and straightforward online application process.
- No credit check.
- Flexible eligibility criteria.
- Installment loans offer longer repayment periods and greater flexibility than payday loans.
Drawbacks of Installment Loans
However, online installment loans may also have drawbacks:
- Higher credit risk may result in higher interest rates and fees.
- Late or missed payments may result in additional charges and fees.
The Bottom Line
While taking out an installment loan is never ideal, it can be an option for subprime and near-prime borrowers seeking to meet urgent expenses in Toronto – Ontario’s most expensive city. If you need an installment loan, apply online via OntarioCASH. We don’t check your credit score or credit report during our simple and quick online application process.
If you wish to improve your credit health, sign up for Credit Verify. It will allow you to monitor your credit score and automatically catch mistakes on your credit report.
