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Personal Loans in Ottawa

What Does It Cost to Live in Ottawa?

Ottawa is the capital city of Canada, situated in the eastern portion of southern Ontario, near the city of Montréal and the U.S. border. Like most major cities, Ottawa has a high cost of living, including high rental and housing costs. The average one-bedroom apartment costs $1,712.22 per month to rent, which is cheaper than in Toronto but unaffordable for anyone making the Ontario minimum wage. The average home price is lower than in Toronto yet has nearly doubled in the last decade. The grocery prices have gone up significantly in Ottawa as elsewhere in Canada. Gasoline prices have risen across the nation, directly impacting drivers and shipping costs.

The cost of living continues to rise nationwide, and the living wage in Ottawa was estimated at $21.95 per hour as of 2023. This stands in sharp contrast to the new minimum wage set to come into effect in Ontario on October 1, 2024: just $17.20 per hour. This wage is still $4.75 per hour short of the estimated living wage in Ottawa. Many low-paid workers are struggling to pay their bills.

Help Cover Expenses with a Personal Loan in Ottawa

With the rising cost of living in Ottawa, it may be difficult to keep up. If you need to cover some urgent expenses, consider getting a personal loan. Offering a longer repayment term, a personal loan will help you cover expenses for longer, rather than just tiding you over until the next payday as with payday loans. Apply online with OntarioCASH today!

What You Need to Obtain a Personal Loan in Ottawa

There are several requirements you must meet in order to qualify for personal loans in Ottawa, Ontario:

  • You must be 18 years old or older
  • You must be Canadian citizen or permanent resident
  • You must have a valid Canadian bank account that has been active for at least 90 days
  • You must provide proof of a stable income
  • You must have a permanent address

Tips to Get Approved for a Personal Loan in Ottawa

While good credit is not a requirement to get approved, the below tips will help improve your chances:

  • Few or zero NSF transactions
  • Few or no payday loans or short-term loans
  • A consistent income source

Acceptable Sources of Income to Get a Personal Loan in Ottawa

  • Employment income
  • Self-employment income
  • Financial government assistance

Improve Your Financial Health in Ottawa

There are multiple different ways to measure someone’s financial health. These include their net worth, whether their cash balance is growing or not, whether they have a stable source of income, and whether their expenses change suddenly or rarely.

Improving one’s financial health may be a lifelong journey rather than a destination. It can involve a variety of approaches.

  • Follow a budget plan. This could be the famous 50/30/20 budget, whereby you allocate 50% of your income toward necessities, 30% toward wants, and 20% toward saving and paying off debt. This could be the pay-yourself-first budget, whereby you put some money into your savings account and toward paying off your debt first and then using the rest of the income each month to pay for your various needs and wants.
  • Increase your income. This could mean retraining for a new career or asking for a raise at your current job. You don’t have to go to a traditional school to learn new professional skills and build a portfolio. Nowadays, you can learn almost anything from the comfort of your own home, using the Internet!
  • Pay off your debts. You could use the avalanche method or the snowball method. The avalanche method has you putting the most effort toward paying off your largest and most problematic debt first while paying the minimum payments on the other debts. The snowball method has you paying off smaller debts first, so that you have the satisfaction of having at least some debts paid off in full, sooner. Either of these methods works. The method you choose will depend on your unique financial situation and preferences.
  • Monitor your credit score and credit report. This is always helpful as you may discover unexpected errors on your credit report. You also need a good credit score for many financial transactions, from rental applications to mortgage approvals, so make sure you make all your payments on time, to avoid a negative impact on your credit score. You can do all this with Credit Verify! Register online today.
  • Build an emergency fund. Life is unpredictable, so having a rainy-day fund is a must. Put some money into your emergency fund each month, even if it’s only a small amount. Aim to have at least three months’ expenses in your emergency fund.

Need a Bad Credit Personal Loan in Ottawa?

OntarioCASH is here to help! Complete a quick online application and get connected with our online installment lenders across Canada. We don’t review your credit score or credit report during the application. Apply online now.