PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
No Credit Check Loans Ontario
11 Mar 2019

What the Basic Income Experiment Tells Us About No Credit Check Loans Ontario

If you’ve been following the news in and around Ontario, you have no doubt heard of the landmark basic income experiment that was carried out recently. Although it did not address lending directly, the results of this experiment had some interesting implications concerning the need for no credit check loans Ontario. Keep reading to learn more about what this experiment was and why it’s important to consider its findings in the context of the province’s lending market.

What Was the Basic Income Experiment?

Ontario’s basic income experiment began in 2017 and was intended to test the effectiveness of giving money to poor people directly as a way to reduce poverty in the province. The trial was open to residents of Hamilton, Lindsay and Thunder Bay, and an estimated 4,000 people participated overall across these three locations. Each person who participated received just under $17,000 per person per year, rising to about $24,000 if that person had a disability. Couples who enrolled in the program together got about $24,000 as well. These payments were split into monthly installments to better accomodate budgeting. The only requirements for signing up for this pilot program were that you had to be living in one of the pilot sites and living on a low income as well (as defined by the low income cut-off measure, or LICO, that is used in other parts of social policy).

The idea was to evaluate whether or not the extra money could help people achieve positive outcomes in terms of improved mental and physical health, better food and housing security, increased participation in education and the labour market, and many other indicators of an improved quality of life. If it had shown promise in any of these areas, Ontario’s liberal government had promised to consider implementing it on a province-wide basis. Though it was supposed to last a full three years in order to provide enough time for these potential effects to fully play out, Ontario’s new conservative government prematurely ended the study in early 2019.

What Did It Show Us About Ontario’s Budgets?

The basic income experiment may not have lasted long enough to make any definitive conclusions about the things it was trying to study, but there are still many things we can learn from how it played out. It was intended to study the effects of poverty, or in other words, a lack of money – this is the exact problem that loans also attempt to solve in a different way. The fact that people were so eager to participate in something like this points to a deeply entrenched problem with the common person’s finances. Virtually all of the participants were deeply financially troubled; more than half of the participants had been behind on their bills for at least 2 consecutive months in the year prior to the experiment beginning.

Now that the program has ended and the participants are sharing their stories, there is a burgeoning recognition that much of Ontario is in this same boat. People are having a lot of difficulty making ends meet in this province, and in that context, the groundswell of support for a program that gives out free money with very few conditions is perfectly understandable. People are stretched very thin, and they need some sort of solution that allows them to live their daily lives under less financial pressure than they are currently facing. Now that the basic income experiment has been cancelled and seems unlikely to be implemented on a wider basis, that relief seems to still be a long ways away. However, the people’s need is as acute as ever, and there’s no reason to think that that’s going to change any time soon.

Where Do No Credit Check Loans Fit In?

If there’s one thing that this whole experiment makes clear, it’s that Ontarians occasionally need some help getting on track with their expenses for the month. No credit check loans Ontario are not free government money like the basic income would have been, but they do allow you to grasp a bit more of your potential spending power now in exchange for giving up more of it later. They can help you to get through a difficult time financially by allowing you to cover some vital expenses right away – expenses such as, for example, some overdue bills. You can get them no matter what your credit history might look like at the moment, and they can spare you some very unpleasant short-term suffering while you work on hopefully getting your finances to a better place.

With this information to provide context for us, it is clear that no credit check loans Ontario are more important to have around than they have ever been. They are a handy, accessible potential solution to the problems that keep many people from leading their lives to their full potential. These products will never make a good long-term solution, but they are far better than nothing and may help you to bridge the gaps in a very uncertain situation. Judging from what came of the basic income experiment, there is a lot of demand, both open and hidden, for this kind of help for the budgets of residents of Ontario.

It’s No Hassle To Find No Credit Check Loans Ontario

While it would be nice to think that the govenrment will some day intervene in the clear hardships that Ontarians are facing, right now we can only rely on ourselves. Products like no credit check loans Ontario are your best bet for stretching your money for now, and you can find multiple versions of them to choose from through Bonsai Finance. There’s no reason to ever choose a loan on your own again; we’ll gladly hold your hand through the whole process and help you to come out satisfied on the other side.