Alberta is a vast province of Canada with a diverse terrain containing deserts, lakes, mountains, and plains.
Like the rest of Canada, this province also has a vast number of lakes, around 600, spread across its region. According to the last census of the area, the population is estimated at around 4.3 million.
The residents of the province have been doing fairly well with a decent ranking on the happiness index. Experts opine that these satisfactory ratings are due to online payday loans which have played a major role in the development of the region.
Let’s have a look at exactly how payday loans have been a true blessing for the residents of Alberta.
Spike in loan eligibility rate
The scenario wasn’t always so prosperous for the residents of Alberta. Taking the loaning system into consideration, the residents faced a lot of rejection until a few years back.
The rejection rate was almost touching 45% at a point in time. Studies found that the major contributor to the rejection factor was the low or bad credit score of the people.
Soon some online companies launched online payday loans alberta no credit check schemes, where they connected a person directly to the lender who had an option to oversee the credit score of a person.
This meant that the rejection rate fell dramatically and people had a much better chance of actually getting financial aid in the form of loans.
Speed of processing helps
A society develops only when the different parts of it run smoothly and in a streamlined manner. Different services can prosper when people have the money to pay for them and also when the payments for these services are made on time. In a lot of cases, people incur high fines due to delayed payments.
All this leads to retardation of development. Online payday loans actually help tackle this problem by providing loans within 24 hours. If you’re wondering why banks weren’t being helpful then you should probably know that banks take a lot of time, (up to 2 weeks in certain cases), to deliver you the loaned money.
Mortgages aren’t a part of the deal
A while back it was very common for banks and traditional loaning companies to ask for mortgages against loans. This meant that a lot of people started losing their property and other things to these institutions.
Lengthy court cases and huge debts started making cracks in the societies of Alberta. Though things are quite different now. The residents could finally breathe a sigh of relief when private companies started providing loans without asking for any form of a mortgage.
People naturally stopped looking to banks and traditional companies for loans and gladly contacted private firms which were much more customer-friendly.
Overall living standards
When we talk about the ratings on the happiness index, we should know that the ratings are directly proportional to the living standards or the quality of life of the region in question. The living standards have a lot to do with the spending power of the people.
According to research, loans have a lot to do with the spending capacity. A person usually takes a loan to buy things that they don’t have the money for and then pay it back when they do.
Without the availability of loans, the spending power of a region would be less than half of what it is and there would be a noticeable dip in the quality of life.
Online payday loans have helped shape the scenario of the Alberta province since it became popular among the residents. It has helped bring about quite a distinct change towards the positive side with respect to development and the quality of life in the area.