Overview
Online installment loans offer quick funds to help cover immediate expenses. Repaid over installments, installment loans can often be accessed via a simplified online application process, without a credit check. If you need an installment loan, apply online via Crediteck.
Installment loans may help residents in Burnaby due to the high cost of living there. Burnaby is British Columbia’s third most populous city, features many parks and open spaces, and is home to the main campuses of Simon Fraser University and the British Columbia Institute of Technology. However, it’s experiencing an ongoing cost-of-living crisis.
The Cost-of-Living Crisis in Burnaby
Living alone in Burnaby is a pricey endeavour, to say the least. You would need to spend at least $2,350 to cover the rent for a one-bedroom apartment, along with more than $400 to buy groceries (source: Daily Hive). Transportation costs are similarly high. For individuals earning a low to modest income, such a lifestyle is all but unattainable.
For those who are struggling to cover everyday expenses due to the high cost of living, online installment loans may be an appropriate short-term solution. In the next section, we will review the pros and cons of online installment loans to help you make a balanced decision.
Pros of Online Installment Loans
- Fast access to funds.
- No credit check during the online application process.
- Quick and easy online application process.
- Predictable repayment schedule.
Cons of Online Installment Loans
- Higher credit risk is typically associated with a higher cost to offset the risk.
- Missed or late payments may result in penalties.
In the next section, we will review five tips to improve one’s credit score and five tips to improve one’s financial situation in Burnaby, despite the crises.
5 Tips to Improve Your Credit Score
The situation in Burnaby has never been more challenging. Multiple factors collide to increase the cost of living for everyone. Here are five tips to improve your credit score despite the crisis in Burnaby:
- Pay your bills on time. This will likely have the biggest impact.
- Register for Credit Verify.
- Pay off your debts, thereby obtaining a lower debt-to-income (DTI) ratio.
- Proactively fix mistakes on your credit report.
- Lower your credit utilization ratio. Spend less than 30% of your available credit at any given time. Less than 10% is ideal.
We hope you find these tips helpful. Next, we will review five tips to improve your financial situation in Burnaby, despite the cost-of-living crisis.
5 Tips to Improve Your Financial Situation
Now let’s review five tips potentially to improve one’s financial situation in Burnaby, despite the housing and cost-of-living crises going on there:
- Increase your income by retraining for a new career, asking for a raise, or earning a promotion.
- Lower your variable expenses e.g. buying coffee outside or dining out.
- Stick with a budget e.g. the zero-based budget, in which you assign every single dollar of your income to a specific purpose.
- Consider debt consolidation. It may allow you to simplify your monthly debt payments and obtain a lower overall interest rate.
- Limit big purchases such as vacations or gadgets.
We hope the above tips have given you a starting point for thinking about how to improve your financial situation. These tips are not a quick fix and require long-term adherence.
Final Thoughts
The cost-of-living crisis in Burnaby is difficult to escape. Many residents are struggling with the high cost of housing and other everyday essentials. If you need quick funds to cover immediate expenses, consider applying for an installment loan via Crediteck. We don’t check credit scores or credit reports. Funds may be deposited in as little as 24 hours.
