Overview
Nova Scotians are facing a cost-of-living crisis and an ongoing housing crisis. According to one report, more than 65% of Nova Scotians experienced a housing challenge in 2024. Low and stagnant wages exacerbate the situation, as the minimum wage falls short of the estimated living wage throughout the province. Installment loans can provide quick financial relief for those who are experiencing a cash shortfall between paycheques.
You can apply for installment loans online and, in many cases, get fast access to funds, deposited directly into your bank account. As the name implies, installment loans are repaid over a series of installments and a longer period than payday loans. The cost of the loans includes the interest rate and associated fees.
The Intended Borrower
Installment loans can benefit subprime borrowers and near-prime borrowers whose credit scores fall below 660. Many factors may lead to lower credit scores. The factors may include the following:
- Missed or late payments
- Consistently high credit card balances
- Payment defaults
- Consistently high credit utilization ratio (above 30%)
While these factors may result in lower credit scores and higher perceived credit risk, installment loans can provide subprime and near-prime borrowers with much-needed funds to cover urgent expenses. Before you take out an online installment loan, you might want to consider the pros and cons.
Pros of Installment Loans
- Fast access to funds
- Fast approval times
- Quick and easy online application process
- No credit check
- Encryption technology is used to safeguard personal data
Cons of Installment Loans
- Higher perceived credit risk may lead to higher interest rates and fees
- Late or missed payments may lead to additional charges and fees
Conclusion
Installment loans are designed to help Nova Scotians cover immediate expenses. Apply online now via Crediteck. We don’t check your credit score or credit report during our simple and quick online application process. To monitor your credit health, you may want to sign up for Credit Verify! The registration process is quick and easy.
