Overview
Installment loans are small-dollar, unsecured personal loans that are repaid over a series of installments. Intended to help cover immediate expenses, installment loans offer a simplified online application process. No credit check is performed during our simple and quick online application process.
The Cost of Living in Surrey, BC
While Surrey boasts a somewhat more affordable housing market than Vancouver, proximity to Vancouver, and a fast-growing economic sector, the cost of living in Surrey may present significant challenges. The living wage in Surrey was estimated at $27.05 per hour in 2024, which greatly exceeds the current minimum wage in British Columbia ($17.40 per hour). While the minimum wage is projected to increase to $17.85 per hour on June 1, 2025, it will still fall short of the estimated living wage.
Installment loans can help Surrey residents cover immediate expenses and overcome a cash shortfall between paycheques.
Who Can Benefit from Installment Loans in Surrey, BC?
Installment loans can benefit subprime and near-prime borrowers in Surrey. Subprime and near-prime borrowers typically have credit scores below 660. Lower credit scores may be the result of several factors:
- Consistently high credit card balances.
- High credit utilization ratio (above 30%).
- Maxed-out credit cards.
- Payment defaults.
- Inconsistent payment history.
Traditional banks and credit unions may be unwilling to lend to subprime and near-prime borrowers. Alternative online lenders step up to fill an unmet need in the market.
Pros of Installment Loans
- Fast approvals.
- Fast access to cash.
- Flexible eligibility requirements.
- No credit check during the online application process.
- The use of encryption technology to safeguard personal data.
- Easy and simple online application process.
Cons of Installment Loans
- Late or missed payments may lead to additional fees.
- Due to higher perceived credit risk, a higher interest rate or higher fees may be required.
Let’s review seven smart tips to help you improve your credit score in 2025 as well as seven tips to help improve your financial situation.
7 Tips to Improve Your Credit Score in Surrey in 2025
- Keep your credit utilization ratio below 30%.
- Pay your bills on time.
- Automate your payments to avoid missed or late payments.
- Ask for a credit limit increase.
- Don’t only make the minimum payments.
- Keep credit card balances low.
- Sign up for Credit Verify to monitor your credit health and automatically catch mistakes on your credit report.
7 Tips to Improve Your Financial Situation in Surrey in 2025
- Consider more affordable housing alternatives e.g. shared housing.
- Consider using public transportation instead of relying on car ownership with its high fuel costs and high car insurance.
- Lower your utility costs by a more judicious use of electricity etc.
- Lower your variable expenses such as dining out or buying new technology.
- Set aside money regularly – even $10 set aside per week would result in $500 saved over 50 weeks.
- Build an emergency fund to be able to deal with unexpected setbacks like a job loss or car repairs.
- Improve your financial literacy by taking courses, watching tutorials, and reading blogs and books.
The Bottom Line
Surrey, BC is dealing with a critical mismatch between wages and the cost of living. Subprime and near-prime borrowers are particularly hard-hit. If you need quick funds to cover urgent expenses, apply for an installment loan via Crediteck. We don’t check your credit score or credit report during our simple and quick online application process.
