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May/13

How To Compare Mortgage Rates? Bank Of Canada Report Discounting In Mortgage Markets

by admin under Banking, Finance, Mortgages

Mortgage rate comparison seems to be a hectic job although there are various places online where you can get all the current mortgage offers to compare Canadian mortgage rates from best mortgage companies, banks, credit unions and brokers on a single place. To make sure you are getting the best mortgage rates, you should research lot of such places to reconfirm and compare mortgage rate along with the features and benefits of some of the great companies of your choice.

Why should I compare mortgage rates?

Homebuyers who compare mortgage rates and interact with the loan officer while explaining their financial situation to find out the best option accordingly during the pre-approval process are more likely to secure an affordable and competitive financing option. Usually all the mortgage seekers get the different rate on their mortgages. As mortgage interest rate can be affected by individual’s personal situation and particular needs, and if you are looking to get best mortgage for you, you should compare all of your options. According to The Bank of Canada: “those who compare mortgage rates do get better deals on their mortgages”, that’s why always shop around to get savings on your mortgages.

How can I get best mortgage rates?

Bank of Canada has already laid down its findings for the general public, according to its report Discounting in Mortgage Markets in which it examined insured Canadian mortgages from the 1990 to 2004 and concluded the difference between the discount rates consumers received was always increasing. Here’s the study that shows how homebuyers and refinancers can improve their chances of securing a low mortgage rate:

Customers got the best rates by working with a qualified mortgage broker.
Asking mortgage lenders about preferential rates based on loyalty, age and finances.
Purchasing a home in a neighbouring community (those who live outside cities usually get better deals).

When you’re looking to buy or refinance home, you should always spend some time to research, Discounting in Mortgage Markets study clearly states; posted bank mortgage rates are best options as these offers mostly same rates but it’s the negotiating that enables mortgage brokers to provide their customers lower rates on their mortgages.

How to compare mortgage rates online is just a click away, give some time to the online environment to get the power to make an educated decision. After rate comparison, you may select some of the mortgage brokers to contact them personally. It will help you in getting best mortgage deal while negotiating the deal, talk to a mortgage expert to improve your chances of getting an affordable mortgage loan product.

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Apr/13

Federal Budget Canada 2013 Highlights

by admin under Banking, Finance, Investing, Mortgages, Taxes

Canadian ruling Conservative government tabled its new federal budget for 2013 on Thursday, March 21, 2013. According to the Finance Minister Jim Flaherty latest budget will boost Canada’s economy. Flaherty says he is emphasising on top three main pillars that are skills training, manufacturing and infrastructure.

Here are some of the highlights from the federal budget Canada 2013:

2013-14 forecast; revenues at $263.9 billion, spending at $282.6 billion and deficit at $18.7 billion, where deficit is projected to drop to $6.6 billion in 2014-15 and become $800-million surplus in 2015-16.
Development of a new Canada Job Grant program next year to train workers, it will be negotiated with provinces by next year to replace existing $500-million labour market agreements. $241 million over five years for First Nations skills training. New programs will promote apprenticeship and also measures will be introduced to improve skills training for the disabled.
$900 million in new spending, no new taxes or tax cuts.
$400 million in revenue from closed tax loopholes and enforcement.
An improved and expanded tax break on expenses for families adopting children.
Special tax break for first-time charitable donations to encourage young people to come up.
Super tax credit to encourage young Canadians to donate.
Snitch line and rewards to catch international tax cheats.
Gas tax fund for cities to increase two per cent each year.
2 year extension of an accelerated capital cost allowance to help manufacturers.
New 10-year, $14.4 billion infrastructure fund starting in 2014.
$1 billion over 5 years for aerospace industry and research.
Infrastructure spending of $47 billion over 10 years, starting next year (2014).
Refund for veterans’ funerals and burials doubled to $7,376.
For small business, extension of EI credit for new hires.
$119 million over five years to transition homeless off the streets.
$100 million over two years to support housing construction in Nunavut.
Tariffs eliminated on baby clothes and sports gear, including skates, hockey sticks, skis and golf clubs.

Flaherty says it’s not a budget but an economic action plan on what he was optimistic about achieving the government’s economic agenda. As most of my blog readers wants to know about its impact over mortgage market, here’s an interesting article from FinancialPost that may help them in finding out their concern on major financial product mortgage loan; the federal government is once again cracking down on Canada Mortgage and Housing Corporation (CMHC) and the mortgage insurance sector.

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Mar/13

Ontario Payday Loans Act, 2008 Enforcement Action

by admin under Finance, Loans

The Criminal Code of Canada was amended in 2006 that allow provinces to regulate the payday loan industry, since then three provinces; Ontario, British Columbia and Saskatchewan have legislations to deal with payday loan restrictions. Cost of payday loans capped, and any rate of interest charged above 60% per annum considered criminal. After more than two years of provincial effort Ontario payday loans Act was passed in 2008 to provide better consumer protection for users of payday loan services.

Enforcement Action Scenario

Consumer protection concerns about payday loans have been in the CBC News of Feb 5, 2013 in which Ontario government is attempting to revoke the license of one of the country’s biggest Edmonton-based cash advance stores, The Cash Store to operate in the province due to violations of the Act.

Ontario Canada enacted the Payday Loans Act, 2008 to limit the fees charged on loans in the province. Ontario Payday Loans Act, 2008 provides additional protection for users of payday loan services, as a borrower you have number of rights and protections under a payday loan agreement.

The Ontario Payday Loans Act, 2008:

Requires payday lenders and payday loan brokers to be licensed by the Ministry of Consumer Services and comply with the provisions of the Ontario Payday Loans Act, 2008.
Prohibits certain industry practices, including “rollover” loans
Gives payday loan brokers a two-day “cooling off” period to cancel a loan with no reason without incurring a penalty.
Maximum total cost of borrowing cap for payday loan agreements in Ontario is set on $21 per $100 borrowed.

Ontario Ministry of Consumer Services clearly indicates all the points that protect consumers taking payday loans in Ontario, before taking out a payday loan; you should know your consumer rights:

As a borrower, you cannot be charged more than $21 for each $100 you borrow. This is called the maximum cost of borrowing.
All fees charged when obtaining a payday loan are included in the maximum cost of borrowing. Fees cannot increase your cost of borrowing to more than $21 for each $100 you borrow.
You are entitled to receive the full amount of your loan without deductions for any fees or other charges.
You are entitled to access the payday loan in cash immediately upon entering into a payday loan agreement. The payday loan lender may offer to provide your loan to you by cheque or debit card. However, they cannot charge you additional fees to do this if the fees increase your cost of borrowing to more than $21 for each $100 you borrow.
You have two business days to change your mind and cancel the payday agreement without a penalty.
You cannot get a second payday loan from the same payday lender until you pay off the first loan in full.
The lender cannot offer you other goods or services (on their own behalf or on behalf of another person), such as insurance, in connection with your payday loan agreement.

Demand of payday loan in Ontario Canada is higher in accordance with the other Canadian provinces and territories so do there are number of stores operating in Ontario are also high. Thats the reason enforcement of payday lending rules can make a big difference with such kind of news action. According to the Government officials it’s a “major consumer protection enforcement action” on what they will release more information. These kinds of news will not even bring good result in achieving best practice while controlling Ontario payday loan rates but it will help in other provinces and territories to discourage such predatory payday lending companies that are charging exorbitant interest rates or hidden fees when lending money to the moderate, limited and low income class of working individuals.

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Feb/13

Get Ready To File NetFile Canada Tax Return For 2013

by admin under Finance, Taxes

Canada Revenue Agency (CRA) will be opening the NetFile-program today on Monday, February 11, 2013 to facilitate transmission process of your Canadian 2012 tax return online, submission is free through electronically filing of your personal income tax and benefit return, and it will be open until November 30, 2013 (available 21 hours a day for 7 days a week).

NETFILE?

How to file taxes online for free? Net File brings the solution! “NETFILE is an electronic transmission service that is fast, secure and an easy way to file taxes online, has been used by most of the Canadian taxpayers as one of the best tax-filing options, NetFile allows you to file your personal income tax and benefit return directly to the Canada Revenue Agency by using the Internet.”

How to file your NetFile Canada Tax Return over the Internet?

NetFile-certified products are required to prepare your Tax returns to submit via the NetFile program! First of all prepare your tax return with any of the NetFile certified software solutions of your choice, and then it will prompt (Certified Tax Software Program you are using) your complete return ready to submit for filing your tax return online with NETFILE. You simply required to accept the invitation, and go ahead with the easy to follow on-screen instructions. If you are filing your income tax return for the first time with the CRA, please verify the restrictions available on the official website of NetFile to ensure that you are able to use one of NetFile-certified software. There are free NETFILE certified products available for Canadian taxpayers to file their income tax return online by using various platforms in your own use like Windows, Macintosh, online and mobile devices, you can get updated list of these tax software products for the 2013 NETFILE Program for filling 2012 tax return.

Netfile Access Code not required for Tax Year 2012

As it was the requirement set by the NetFile before the year 2013 to get the four digit personal NETFILE access code to file your personal income tax return online. According to the latest amendment, the NetFile access code is no longer required. That’s the reason you will not get mail invitations from CRA now that used to send all the tax payers, eligible to use NETFILE to file their T1 personal income tax return that contain Netfile access code. Now your social insurance number and date of birth is required to establish your personal identification.

Save 10% on TurboTax 2012 Editions! Choose Canada’s #1 Best Selling Tax Software and get your maximum refund! Guaranteed.Save 15% On Any TurboTax Canada Online Edition! Offer ends February 18th, 2013.

Filing tax returns in Canada? Get ready to file NetFile Canada Tax Return 2012! TurboTax is one of the best income tax software Canada and a certified Canadian tax software for 2013, prepare your Tax return to get your refund in few days. Get access to the NetFile for filing your 2012 tax return online.

Reminder: The RRSP contribution deadline is coming up on March 1st, 2013.

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Feb/13

Bank of Canada Rate Hold Continues (2013)

by admin under Banking, Finance, Mortgages

According to the Bank of Canada’s 23rd January, 2013 Monetary Policy announcement; BOC lowered its economic growth forecast to 2% for 2013 besides keeping lending interest rate unchanged at 1%. Bank of Canada rate hold has been followed same from last 27 months and it is not expected to rise until third quarter this year. Further to the recent announcement which the Bank published this morning, The Central bank says our economy has not performed according to our expectation that has been forecasted in the second half of 2012. The next rate decision is scheduled by the Bank is March 6, 2013.

The Bank of Canada is once again keeping its benchmark interest rate unchanged surprisingly indicates about future rate hikes that are less imminent than previously anticipated. According to the statement noted by the Bank of Canada that “in Canada, the slowdown in the second half of 2012 was more pronounced than the Bank had anticipated, owing to weaker business investment and exports,” that “caution about high debt levels has begun to restrain household spending,” and that “core inflation has softened by more than the Bank had expected, with more muted price pressures across a wide range of goods and services, consistent with the unexpected increase in excess capacity.”

The Bank of Canada expects economic growth to pick up through 2013, where “the 3 main upside risks to inflation in Canada relate to the possibility of stronger-than-expected growth in the U.S. economy, higher Canadian exports and renewed momentum in Canadian residential investment” and “the 3 main downside risks to inflation in Canada relate to the European crisis, more protracted weakness in business investment and exports in Canada, and the possibility that growth in Canadian household spending could be weaker.” For more information about release of the January Monetary Policy Report and the opening statement by Mark Carney, Governor of the Bank of Canada, you are advised to follow the link to get complete overview of this discussion.

Financial concern:

Everyone having a financial concern is surprised on the frozen low rates that is being forwarding from a long time and still continues to be same for the first quarter of 2013, low rates may be bad for an economy; “Prime Minister Stephen Harper has expressed his concerns as slow growth will deliver a negative impact on employment in the long term”, where low rates environment favours homeowners to enjoy this extended lower interest rate opportunity to pay off their mortgage and other debts faster beside buying a new house on 10-year fixed rate may be a good option to enjoy today’s low rates for the long term. There is no rate change expected for the first quarter of the 2013, as the prime rate for most of the lenders should stay at 3%, exactly where it has been in September 2010. Moreover, as for the fixed rates, keep on enjoying historical low rates for all those who are looking to purchase or refinance.

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Jan/13

Dons De Bienfaisance: Comment Les Déduire Dans Ses Déclarations De Revenus

by admin under Finance, Investing, Taxes

Donations: Making A Claim During Tax Time

Dons de bienfaisance : Comment les déduire dans ses déclarations de revenus (via ImpotRapide)

Si vous songez à faire un cadeau un peu différent cette année, aider les autres et contribuer à des œuvres de charité pourraient vous intéresser. Si vous avez versé des dons pour une bonne cause, les gouvernements veulent bien vous récompenser pour votre générosité. Vous pouvez réclamer…

(continue reading…)

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Dec/12

New Year’s Resolutions! I Wish I Could Get Financial Comfort and Joy

by admin under Finance

Are you ready to make New Year’s resolutions for 2013 to improve finances? Learning from mistakes is an excellent way to land on a right path but what happens if we don’t stick to the objective; in deed we will lose another year without getting financial comfort and joy. According to a recent survey that has been conducted through Credit Canada and Capital One which states: majority of Canadian men and women shows good concern to agree on money making resolutions but when it comes to practically go forward to carry on, they don’t. It means large majority of such individuals can easily get out of the financial worries if sticking with their commitments.

According to Wikipedia (what is resolution): “A New Year’s resolution is a commitment that a person makes to one or more personal goals, projects, or the reforming of a habit. A key element to a New Year’s Resolution that sets it apart from other resolutions is that it is made in anticipation of the New Year and new beginnings. People committing themselves to a New Year’s resolution generally plan to do so for the whole following year. This lifestyle change is generally interpreted as advantageous.”

Financial resolution is the most important among various common resolutions that don’t even directly effects our personal commitments to improve finances, good credit score, credit repair, get out of debt and save money but also indirectly effects our everyday life related to non-financial resolutions because organising our personal habits, goals and achievement programs, not even help us to get best results for these but also improve personal finances.

New Year’s financial resolutions may be different with different age groups, early age requires to concentrate more specific goals related to education and career enhancement programs, mid age requires to concentrate on such goals that help to boost income and streamline your investments and savings programs and old age is the time to get retirement benefits for all of your accomplished goals. Moreover, check your credit occasionally to get a clear picture about your financial status to enhance creditability by eliminating problems and mistakes.

Following are few of the suggested personal financial resolutions that you can keep to consider in the New Year:

Establish your credit rating, it will help those individuals who are new and have not initiated their credit file yet to achieve good credit score in advance to get loans on best interest rates when in need.
Repair your bad credit rating; it will help you in getting your normal financial life back to enjoy all the benefits and savings that good credit history does.
Pay off credit cards and loans; get out of debt, debt load reduction and settlement.
Make an emergency fund.
Get insurance to protect your life, business and assets.
Make a retirement plan, open and contribute to a Tax Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP).
Consider saving for education.
Reduce credit cards and use it responsibly.
Reduce spending to save more; make a budget to track your spending.
Make a savings plan, set up an automatic system.
Start tax planning for 2013 now.
Enhance your financial literacy and or find the right financial advisor.

As we are all planning to celebrate great events on this holiday season while spending lot of money, organising entertaining programs for family and friends and getting gifts for our love ones. But before you get started for your holiday shopping, you should first make a list of your spending; make a budget within your means and if there is something you want on credit then don’t take expensive loan or extra spending through your credit cards that you can’t payback in full. If you didn’t fulfil your previous year’s resolution then it’s a best time to continue with your new year’s resolution by entering into new year without carry forwarding any financial liability to the next year, it will definitely help you in sticking with your commitments from the beginning and keeping up with the same trend can bring up success in accomplishing your new year’s resolution next year. It’s a productive self-commitment to get financial comfort and joy as it will help you in saving and making money many times over in the years ahead.

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Nov/12

How Credit Cards Are Used To Build Your Credit Score?

by admin under Credit, Finance, Loans

How to build your credit score fast, easy and cost effectively? If you ask online for the same question, it will highlight majority of solutions that depend on credit cards because it been using for the purpose from a long time that can cost you a credit card application charges, annual fee and or security advance to settle your credit limit in case of secured credit card to begin. To build your credit score, you should require adopting an economical and easy to follow financial way, there are people who may think a loan on lower rates will help them to build their credit score, although they can do it with their credit cards without paying any interests. Yes, if you spend money on your day to day expenses through credit cards and pay back in full before the due date, you will save the interest amount beside your financial transaction keep building up your positive credit history with every transaction you complete.

Calculating a credit rating depends on FICO scoring model set by the credit reporting agencies working in the country, as it’s a standard system in the USA and Canada, it bring same effects while determining different factors of contribution on the FICO scale in both the countries. Two of the major factors that can boost your credit score, holds 65% effect on your credit rating; 35% of your credit score is based on your Payment History and 30% on your Debt to Credit Ratio, and if you can manage to handle these 2 credit rating factors successfully, it will help you in maintaining a good credit history for you. Moreover, if you are practicing good care of your credit liabilities for a longer time than you can also awarded with the 15% contribution on the FICO scale for your Credit File Age that makes your total contribution of 80% towards FICO credit score range to get advantage of boosting your credit score, where credit cards are the easiest approach to be used to build your credit score.

If you have credit cards and using them to purchase your everyday expenses while paying off your credit card bills on regular bases for the full amount each month, it will help you in establishing your good payment history to enjoy the 35% advantage on your credit score and if you have maintained your credit cards usage history same way for a longer time, it will award you extra 15% positive increase on your credit score. Moreover, keeping up with the regular payment history of your credit cards bills may deliver some portion of your remaining balance to the credit bureaus because of the nature of difference between the billing dates and payment due dates but it will not affect negatively because you are not responsible for any interest charges that’s the reason keeping up with the regular payment history will also help you in maintaining your debt to credit ratio lower as possible to award your 30% credit boost to your credit score from this head.

Credit cards and credit rating have a great relationship with each other as most of the people used to hold credit cards that’s the reason they are aware of the fact; how fast it can make an impact on their credit rating. Credit cards debt is the most swear kind of debt that lot of people want to get rid of due to its high rates and quick reporting to the credit bureaus but on the other hand it’s been used from a long time as a traditional method to build credit score. Although there are alternate ways to build your credit score today (Credit Repair Canada) but most of the people still want to go with this traditional method because it’s simple, fast, and easy to follow. Credit cards are not even used to build but also considered as an effective credit instrument to rebuild bad credit rating. Credit building credit cards Canada offers lot of secured and unsecured credit cards for bad credit and or no credit in the market today, although your chances to qualify for an easy credit cards to get in Canada between these two options mostly depend on applying for secured credit cards because they generally don’t require a credit check but it doesn’t make any difference on your purpose of building your credit score and or rebuilding credit, you can easily get one according to your choice.

Remember; Always pay off your balance in full each month! primary purpose of the credit cards bring a safer way to shop without carrying cash and are built for people with good to excellent credit scores that keep up with their regular payment history. It’s highly effective nature of reporting to the credit bureaus to determine your time to time credit history and score have brought up a need to use it for a purpose of building credit scores. That’s the reason lot of credit card companies come up to offer credit cards to people with no credit and bad credit rating. Credit cards for rebuilding bad credit and or building no credit score are specially designed to fill up the need of such applicants who’ve had no credit history, past payment issues, loan default or bankruptcy. As best credit card build your credit score fast, most of the applicants put this same question; What is the best credit card? It’s deficult to answer because there are plenty of good names and brands that are availble to get advantage of their service for the same purpose and on the other hand it depends on your financial status to get approval for one of the best credit card for you. You can get a list of lot of credit cards ready to go with your approval crieteria to compare and find one of the best credit card for you. Apply and get approved for one of your desired credit card to start working to build your credit score today.

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Oct/12

Bad Credit Loan Is Not A Loan But A Situation

by admin under Credit, Finance, Loans

Once I was working online on my financial portal, my neighbor’s kid come up to see me and when he observed I am busy, he placed himself with me silently watching what I am doing. After a while his developed curiosity pushed him to break the silence as he was looking on the screen that were showing commercials of bad credit loan, what he asked make me surprised a lot because I was not expecting such an intelligent question from at least a junior school kid;

“I know about variety of loans and credit instruments like mortgage, car loans, personal loans, home repair loans and credit cards because my parents have got these all and I usually heard their conversation every month while making our home budget that holds payments for these loans but I don’t know about the bad credit loan. What kind of loan is this and can my parents take it?”

I was thinking we are living in a highly advanced society that have a great impact of such financial instruments but most of the people think best to discuss with the teens; Although knowledge of loans, mortgages and other credit types are not meant for the young people being as a hard subject, but at least high school students should get the primary knowledge about what it means to borrow. Moreover, we should not wait for the time that our kids get these kind of information from their school but financial literacy should start at home with our kids as soon as it’s possible with an intension to build responsibility, confidence and power of good decision making, and when they start asking you questions on this financial subject, don’t hesitate because it’s a right time to begin.

Anyway, I replied him bad credit loan is not such kind of any loan product that can fit into any specific category offered by banks and other non-banking institutes because it’s a situation that can turn individual or business from good credit into bad credit rating and these people when require some kind of loans, say if it’s a personal loan then they can’t get the loan from personal loan lenders but from those lenders who offer bad credit personal loans. Do you know your parents are enjoying their loans and credit facilities on best rates and terms because of their good credit history that they have achieved through their regular timely payments without a break or delay? Let’s say your father have got a car financing that require monthly payment towards the car dealer or lender until its completely paid off, if he doesn’t pay his liability in form of monthly loan payments on time and don’t keep up with the regular payment schedule, his credit score will drop, in this kind of situation if he needs another type of loan then he will have to apply that loan to the specific lender that accept bad credit applications. That’s the reason if your credit history has turned into bad credit because of your negligence or have been lost your job and, or you can’t afford to pay off your liabilities on your existing loans then there is an only way to apply for your next credit that you need a lot to survive your life is bad credit loan. He was listening me very carefully and I was expecting another question that may have definitely build up in his mind; if we can get loan with bad credit and good credit history both then why should we care about responsible lending? As he didn’t find words to put another question because it may be a lengthy topic for that age but my responsibility is compelling me to tell him at least what’s good and what’s bad. So I added bad credit loans taken for any reason that may be car loan, home loan, credit cards or else are expensive kind of loans beside these loans are hard to get and; would you tell me if your parents credit history turns into bad credit one then what happens if they want any kind of credit after and while I was just paused myself he replied me an intelligent answer that everyone will definitely enjoy here, in his own words, he said “they will fight while making their home budget”, and this was an excellent answer that make him a genius among other junior school kids. As it were not completely understood by this young fellow but he knew his parents will get hard feelings because they have to spend more money to adjust their previously tight budget.

This was an interesting conversation between an adult and kid but completely different in form of discussing especially interesting topics of kids in which they usually don’t stop asking questions and it make environment so funny when an adult want to escape out from a situation, anyway but one thing that admire me about my neighbour’s kid, he is so concerned with the financial affairs of his parents that he want to do something that help them releasing their pressure.

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Sep/12

Credit Repair Canada? Credit Repair Loan Vs Secured Credit Card

by admin under Credit, Finance, Loans

Looking for the best option to get credit repair in Canada in between Canadian secured credit card and credit repair loan? An individual need a good credit rating to get loans on best rates, insurance, or even apply for a job! Credit repairing companies can erase your bad credit rating and help you in getting back your good history. Credit repair Canada have become a big industry, there are plenty of companies offering their services to clean up your credit report for a fee beside you can also use credit repair software that enable consumers to correct errors and inaccurate information in their credit reports to boost their Credit score. Secured credit cards have been used most as a reliable way to erase bad credit and building up good credit history beside credit repair loan is getting attention of various people in Canada who require opportunities that cannot achieved with the secured credit cards.

Secured credit cards have been one of the best dealt credit repair services by most of the people in Canada because these are easy to get and bring up a simple way to build or rebuild a credit rating. Secured credit card application requires a predetermined amount of cash deposit (usually $500.00) where your credit card deposit works as your credit limit against your new credit card (MasterCard or Visa). The lender or a credit card issuing company may increase the credit limit or return the initial security deposit back to borrower on looking at his/her discipline when keeping up good record of regular payments history over a period of time.

Whereas the credit repair loans are concern, these are offered for fixed amounts and time. There are plenty of examples of borrowing to build your credit Canada like getting a loan for a Registered Retirement Savings Plan (RRSP) or a Registered Education Savings Plan (RESP) are good place to start. These kinds of loans are offered usually for a short period of time, until an income tax return comes in beside money stays with the lender (providing them security). As you are saving for your future goals like your retirement or for your child’s education, it will also highlight you are exercising good money habits. It will make your future borrowing easy as you have increased your assets and have developed a good track record like a normal person. As Lendit loan brings great acceptable way of credit repair loan that can offer great advantages to erase your bad credit rating and enhance your credit rebuilding process. Here is how you can compare credit repair loan with the secured credit card:

Credit Repair Loan vs Secured Credit Card
Compare and find solution to get a perfect credit repair Canada!

Title	Credit Repair Loan	Secured Credit Card
Deposit	No deposit required	Minimum deposit (usually $500)
Interest Rate	12.99%	14.90% – 19.50%+
Turnaround Time	Same day approvals and funding	It take time to process paper application (usually weeks)
Credit Check	No credit check required	Credit check required
Credit Reporting	Reports as “I” Instalment Tradeline	Reports as “R” Revolving Tradeline
Credit Amount	$2,300 to $5,500 sizes	$500 to $10,000 (based on deposit)

Source: LenditFinancial Inc., Newsletter August, 2012. How a Lendit Loan measures up…

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