Overview

Online installment loans may provide quick funds to Chatham-Kent residents. Repaid over installments, including applicable interest and fees, online installment loans feature a simple and quick online application process. They are intended to help cover immediate expenses and do not involve a credit check during the application.

Located in Southwestern Ontario, Chatham-Kent features beaches, fishing, hiking trails, and conservation areas. However, the cost-of-living and housing crises have not left the small town untouched. In the next section, we’ll look at the factors involved in the crisis.

The Cost-of-Living and Housing Crisis in Chatham-Kent

Several factors contribute to the ongoing cost-of-living crisis in Chatham-Kent, like elsewhere in Ontario:

• Housing costs. The average rent for a one-bedroom apartment ranges from $1,400-1,500 in Chatham-Kent. On average, the home prices are in the mid-$300,000s. While these numbers are lower than the provincial average, they are still far higher than they were five years ago.
• Cost of everyday essentials. Since the COVID-19 pandemic, grocery and gasoline prices have climbed, compounding affordability challenges.
• Low/stagnant incomes. The median income is close to the provincial average, but it is not sufficient comfortably to afford the average one-bedroom apartment or house.

Many individuals may have trouble covering everyday expenses. Those with lower credit scores may not qualify for loans with traditional financial institutions. This is where online installment lenders come in, offering alternative options.

In the next section, we will review the pros and cons of online installment loans, and how they may help out in Chatham-Kent.

Pros of Online Installment Loans

• Fast access to funds.
• No credit checks during the online application process.
• No need for in-person appointments.

Cons of Online Installment Loans

• Higher credit risk may be associated with higher interest rates and fees.
• Missed/late payments = fees.

In the next section, we’ll review tips to improve your credit score and/or financial situation, despite the ongoing crises in Chatham-Kent.

5 Tips to Improve Your Credit Score

Despite the ongoing problems in Chatham-Kent and elsewhere in Ontario, there may be potential ways to improve one’s credit score. A good credit score can be the gateway to more favourable loan terms and even higher-quality rentals or mortgages. Here are five tips to improve your credit score:

• Register for Credit Verify. You will be able to monitor your credit score and automatically catch mistakes on your credit report.
• Pay down your debts to lower your debt-to-income (DTI) ratio.
• Automate your bills to avoid missing payment due dates.
• Dispute mistakes on your credit report.
• Learn more about the factors that affect your credit score, including payment history, credit utilization ratio, and more.

The above tips may provide a good starting point for improving your credit score. However, long-term effort and persistence are required.

5 Tips to Improve Your Financial Situation

In addition to your credit score, many other factors influence your financial outcome. Let’s review five smart tips to improve your financial situation, despite the crisis in Chatham-Kent:

• Earn certifications online to qualify for a higher-paying job. Examples include UX design, cybersecurity, digital marketing, and more.
• Stick to a budget. Determine the percentage of income you can allocate to needs, wants, and savings/debt repayment.
• Lower your variable expenses e.g. buying coffee outside.
• Start an emergency fund. Setting aside even a small amount of money per month will help.
• Track your expenses for a few months to see which expenses may be cut.

The tips may provide initial guidance on how to improve one’s credit score and financial situation. They are not a quick fix. Over the long haul, adhering to these tips may lead to a more desirable outcome.

Final Thoughts

Like many places in Ontario, Chatham-Kent is experiencing a cost-of-living crisis. Online installment loans provide much-needed funds to cover emergency expenses. If you need quick funds, you may wish to apply online via OntarioCASH. We don’t check credit scores or credit reports during the simple and quick online application process.