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Tag: Private Lenders

Installment Loans Canada Is A New High Interest Loan For Canadian Consumers

Installment Loans Canada

Installment Loans Canada Is A New High Interest Loan For Consumers

Installment loans are relatively new loan product to the Canadian financial market but looked as it has been designed by the same school of private lenders that offer payday loans to the people often having lower income, less financially literate, struggling with bad debts and or bad credit; it come under same as an unsecured, subprime, high-interest, short-term loans with a twist of flexibility that generally suits most of the people looking for extended terms to pay off the loan over shorter or longer period of time, repayment options and indeed more cash. Installment loans Canada has been getting attraction of more and more lenders to take the place where payday loans have already been established and some of the lenders are setting up their offices or stores in many of the same depressed areas that once used by payday lenders.

Installment loan vs payday loan

Of course installment loans and payday loans are different kind of unsecured personal loans but both carries high interest rates. Unlike payday loans in Canada, which generally offer cash advances for a few hundred dollars like $100 to $1,500 that have to be repaid in next few weeks till payday, where installment loans allow you to borrow money that may be up to $15,000 with an option up to three years of repayment period.

What is installment loan?

According to Wikipedia:

”An installment loan is a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage, for example, is a type of installment loan.

The term is most strongly associated with traditional consumer loans, originated and serviced locally, and repaid over time by regular payments of principal and interest. These “installment loans” are generally considered to be safe and affordable alternatives to payday and title loans, and to open ended credit such as credit cards.”

Lenders are growing

Business opportunity to lenders seem quite attractive, that’s the reason more and more installment loan lenders are trying to get place in the market, it has already got good popularity in the UK and the USA market that makes not even Canadian lenders but other non-Canadian lending companies are also looking forward to explore more opportunities in Canada. Here is an excerpt from introductory message received through email from one of the lending company ready to begin installment loans Canada:

Installment Loans Canada New Lender“To provide a little background, we are one of the largest U.S./UK near prime consumer lenders and plan to expand to Canada in the coming months. We will offer unsecured personal loans between $1,500 and $30,000 for 12 to 48 month terms with APRs starting at 19% and going up to 49%. We are focused on providing our customers an exceptional experience through quick approvals, same day deposits and a large call center staff to help answer questions.”

Intention to invest billions of dollars to offer installment loans Canada by foreign lending company into relatively new market clearly indicate, there is a huge potential for the said loan.

There is no doubt it’s a high interest loan but in presence of Canadian legal restriction on maximum rate of interest on loans do provide protection to the borrowers, remember; anything over 60 per cent is treated as the criminal interest rate in Canada.

Although installment loans Canada is offered to consumers with a poor credit rating but taking these types of loans is not ideal for consumers having poor or bad credit because it will affect a risk factor that will determine your rate of interest over your loan, as high the risk as high rate of interest you will be charged on your instalment loan.

Marketplace Outcome

In relation to market critics an installment loans Canada is a new high interest loan for Canadian consumers. According to CBC; instalment loans the new high-interest danger for consumers, installment loans in Canada have been rapidly increasing recently, with a total of $132 billion owed – 8.7 per cent of Canada’s total debt distribution, the majority of which is held by major banks. CBC News investigation reveals true cost of borrowing by interviewing several Canadians with bad credit that have being turned away from banks to other lenders with hope to obtain a loan. According to Equifax, a credit monitoring company, instalment loans are the second fastest growing type of debt in Canada after auto loans.

Other options to installment loans Canada

Most of the people looking for unsecured bad credit personal loans seem really in hurry; all they usually wants quick cash, when they find out they are not qualified for a bank loan, they usually turn toward private lenders that generally charge high rates, getting out of financial trouble is good but if you can’t afford it then you should adopt other options to avoid a debt trap and further problems.

  • Try to improve your credit rating to get qualify for a bank loan.
  • Always take minimum loan that solve your financial need and you should definitely afford it.
  • Consolidating debt is a good idea only if you get it on lower interest rates.
  • Better way may be a credit counseling service that can often negotiate a lower interest rate.

If you need long term installment loans, cash loan over a longer period of time or may be looking for short term installment loans with poor credit rating; Installment loans Canada works great if you carefully take it once according to your need, think twice what you can afford, don’t try to roll over and or refinance your loan for more money. Before getting your loan find out exact difference between your loan and your payments to determine your true cost of borrowing.


Basic Loan Application Tips On How To Apply For Loans At Banks And Private Lenders

Your loan application is a legal document that entitles you to obtain credit facility of your choice that you have to payback including interest with the principle amount within a specified time. If you are looking to get any sort of loan like personal loan, car loan, debt consolidation, mortgage loan and else; you should know basics of dos and donts of financing before you get started. Already equipped with the basic knowledge of getting loans will don’t even help in obtaining best loan you need but save you from bad consequences. These basic loan application tips on how to apply for loans at Banks and private lenders are generally works for all kinds of loans, to find one of the best deals; you should have to follow these basic rules as follow:

Shop good around

As you are well aware of today’s market that has extended too much from offline to online, you have liberty to search more and more banks and non-banks private lenders that suits your loan requirement as a best deal. From your community banks and mortgage lenders to online lending facility, you can get chances to get their terms and rates. If looking through online, you will get plenty of lenders offering loan rates and terms that will help you to instantly compare loan rates and terms. Although you have to be very selective in choosing some from these lenders because when you ask to offer you a detailed quote on your required loan then that lender have to look at your credit report first and if you contact more lenders to get the loan quote for you then they all separately contact credit burrow to get your credit report and if more and more lenders are looking at your credit report, this will affects your credit report rating. That’s the reason its advised to mostly make general enquiries to reach one of the best lender to continue.

Don’t compare just an APR

Most of the borrowers look at APR, perhaps it’s mostly advertise by generally all the lenders. There is no doubt an APR rate and terms are important factors but you also need to know about your monthly repayments. If you are getting low APR rates from your lender, it looks like a best deal but again you have to find out about your interest rates, repayment terms and all those additional charges that will help you in getting through the loan process. You should know prior to signing your loan contract with your monthly payments; how much total interest payments you will be paying on the loan.

See how much you have protection

When taking loan, you should always try to protect yourself from incidents that can discontinue your loan payments. Determine the cost of covering up the loan process with your lender and other companies in case of you get an accident, ill or become unemployed. It’s better to ask your current employer first on what kind of such cover you are eligible for, as most of the employees generally get covered by sickness and accidents.

Avoid using collateral

Always prefer to borrow small amount of money as an unsecured loan and if you have good credit history then prefer to borrow without collateral. Although unsecured loans are high interest rates loans but are less risky in relation to secured loans because your property or home that you’re using as collateral will not make you at risk if you cannot make the payments.

Check and re-check until you understand

As loan agreements are written in legal languages beside it also highlight features in a way that can make you sign an agreement; Remember, before signing these loan agreements, check and re-check all of the loan terms including small print. Some of the lenders may put the most unfavorable clauses in the agreement in a way you might overlook. Always try to find out where you require more information and or you are unclear about the term. Most important question that you should see; what happens in case of late or miss payment, you should also know about extra penalties or any additional charges in case of early repayment.

Avoid long terms

Short terms loans are best in relation to your current financial situation that you know you can take advantage of the credit besides having satisfaction to pay it back on time. Taking long terms loans means more you have to pay back for longer period, may be risky because you can’t predict your financial situation after 10 years if taking a 10 years loan. Mortgage loans has a different kind of nature because it continuously help you build your equity in your favor over a long-term loan process but personal loans, car loans and different kinds of loans that cover expected or unexpected expenses should be taken out over the shortest period of time that you can afford.

Taking loan is always a beneficial way if you afford it and it will add up value in your life. You can get out any type of loan you need from Banks and private lenders of your choice because these loans are made for consumers. How to apply for loans at Banks and private lenders have become so simply because of the multiple options including offline and online. Basic loan application tips may help you to build confidence but your actual success will only come when you pay off your repayments on time until its completed while it also help you financially. If you are personally convinced you can afford it, you can apply to get any type of loan you need to get out.


Risks And Benefits Of Applying For Unsecured Personal Loans Online

An unsecured personal loan may be a right choice if you do not have any asset or collateral to secure your loan and it also works in case you have been suffering from a bad credit situation. Unsecured personal loans may also mean asking for a high risk unsecured personal loans or bad credit personal loans Canada. However, in the light of today’s consumer credit issues, there are so many lenders that also have developed high risk unsecured personal loan plans that protect their investment while servicing these kinds of consumers in the due course. Applying for unsecured personal loans online has become so easy and fast today that’s the reason it has increased numbers of online shoppers who want to benefit with these available fast and convenient loan services online. Following are some of the important points that you should consider before applying for a loan, there are some risks you should know prior to getting benefits will help you to successfully complete the loan process till paying it back.

Easy online access

There is no need to go to a lender physically to collect an application form to fill and apply because you can instantly get the application form to fill and submit online at once through your computer or even your cell phones these days. Beside you can access your application form 24 hour a day and 7 days a week. One thing you should always take care of and it’s the security issue, Internet is full of bad surprises too, that’s why you should always take care of your security issues, you should carefully confirm your loan application should provide a secure platform.

Simple application process

Your credit profile is what that can make it complex your loan request and if you have bad credit or even no credit history, traditional banks will most probably deny your application but when dealing with online private lenders offering unsecured personal loans like payday loans and other related online personal loans, an adverse or negative credit history does not affect your application process. That’s why asking for a payday loan make your application process simple as your regular income or salary is enough to satisfy your lender to keep it simple and going.

Fast loan approval

Its really a very hard to wait the loan approval process when an urgent need for a money is required. However, an online approval process is almost instantaneous. It will just take few minutes to fill it up application and submit then you will be notified in next few minutes about your application has been reviewed and in most cases accepted. On the other hand fast loan approval also means fast liability, so it should be your personal liability before accepting the loan to confirm yourself about paying it back accordingly before the due date.

Applying for online unsecured personal loans has a significant number of benefits over the traditional available methods; there are also some risks involve. Here are some key points that it holds as benefits and risks.

Risks of applying for unsecured personal loans

  • Unsecured personal loan often carries a high interest rate in relation to a secured personal loan.
  • In case you cant payback your loan payments, lender may directly ask the court for the collection of loan payments generally through your salary or income where an unsecured debt is secured against the collateral like equity in your home as a homeowner.

Benefits of applying for unsecured personal loans

  • You can spend your loan amount on anything you want.
  • Your quick loan repayment will increase your monthly payments, but decrease your interest charges.
  • As these types of unsecured personal loans don’t require any property to secure, it works for the people who are not homeowners and also who don’t want a secured personal loan.

Remember, unsecured personal loans are good to fund most of your small purchases such as paying bills, education expenses, home renovations, vacations or unexpected expenses. If you are suffering from a bad credit, an unsecured personal loan can be a great option for you to consolidate debts and to achieve a positive cash flow. Moreover, when applying for unsecured personal loans online, you will get variety of lenders with ease that’s why you will also get variety of loan options, rates and terms; select the right lender of your choice and when your application process begins you will generally find out its quick and simple, because you don’t require any assets to secure, and your cash loan is instantly transferred to your checking or savings account. If its not a payday loan Canada what you want to get then you can also go with the other option available as payday loan alternatives and else. As benefits of taking such simple and fast cash is huge but always consider precautions to safeguard your personal finances. Risks and benefits of applying for an unsecured personal loan online is written with an intention to reduce the hyped up behavior associated with the subject. Always check and care about: How much can you afford to borrow?


Canadian Payday Loans For People On Benefits

How and where to get Canadian payday loans for people on benefits? Can I get a cash loan on child tax benefit in Canada? Is there any lender that offers a payday loan against unemployment benefits? Insurance benefits? or people living on social assistance and disability benefits? On benefits, need loan? These are some questions that you will observe people are curious to find out on various platforms online but most of them are unanswered or having incomplete answers that mean there are lot of people who are not getting the right information they are looking for.

Payday loan has become the most favorite product of financial market today because of its fast approval and instant delivery of cash into a checking account of a borrower. Irrespective to the fact that payday loan is build only for the working class of people who are getting paid through their regular salaries. On the other hand people on benefits receive government grants to carry on with their livelihood. If we consider a regular salary with the regular government grant then, is it possible to get an instant cash loan or a payday loan against government grants? You may or may not, because you already have seen typical payday lenders will not provide you the payday loans for people on benefits in Canada but you can get it through the web based moneylenders, because here online you can find variety of lenders offering variety of solutions and they can even offer instant payday loans for people on benefits, some of such private lenders will offer you the cash while combining your salary with your receiving benefits and some times benefits alone.

Is it right way to treat a regular salary with the regular government grants or benefits? Logically yes, because both of these cash inflow brings a legal right of a receiver to spend on his/her obligation, investment and paying off debts. There’s one thing is in my view is very important perhaps that may be the reason of not being adopted by typical payday lenders and it is very debate-able thing too that every person is only entitled to spend its money that he/she is directly or legally entitled for and not for the benefits that are issued for his/her dependents like child benefits and these benefits should only be utilized without risking it, because it is exclusively offered for the benefits of the children only.

Payday loans for people on benefits with bad credit even, is getting popular in countries like USA and UK and some exclusive websites have been already established to provide online unsecured personal loans like same day cash advances to such class of people on government grants and benefits. Although such people on benefits get a limited assistance from government but it’s good in relation to having nothing in their pocket but some times emergency cash requirement makes it hard to survive even with the regular daily affairs. Under such needy circumstances, if they require more money in case of some emergency to meet their unexpected demands like medical expenses, traveling expenses, credit card bills and else. how can these people get the money they need?

Going through emergency cash crises to meet urgent and inevitable requirements might be a challenging task for all those people without having a reliable source of income. That’s why there is a need to be formulated by the reliable and already established payday loan companies to start working in providing cash loans for people on benefits.

Please note: “Payday loans for people on benefits is not available in Canada.”

Related posts:


Do you need cash fast? Pay Day Loan Is A Short Term Fast Cash Option

A payday loan is a financial helping hand to solve short-term or emergency cash-flow problems provided by private lenders and financial companies other than banks! If you ever find yourself in some short-term financial crises, a payday loan may be the answer and a better solution to your cash requirement. A payday loan is an instant cash loan, which helps you to regain control of your finances in an efficient way without taking on any long-term debt. Taking a payday loan has a great advantage because it doesn’t affect your credit history and also you don’t even need to tell your lender about your present credit situation. The loan should be repaid with interest on your normal paycheck, and all you need to supply limited information to fill the application that may be the name, address and your bank account details. You can even apply for a payday loan online that makes it hassle free and fast, the cash can often be in your account the very next day.

Payday loans always have a high interest rate because of its nature, as the lenders understand that people usually need them in an emergency and are used as a quick credit fix. Payday loans could very well save you money over a short-term like two or three weeks period before your upcoming paycheck, since pay day is a short term loan designed to get you out of that tough time, you probably won’t be able to get much more than $1000.

The high rate of interest means that payday loans should not be used for a long term lending, so using them over the long term make this credit opportunity into a great burden that could make your life miserable. Moreover, if you want to get benefit with this kind of fast cash loan, you should always try to pay it with your next paycheck.


Buying A New Car Or Repairing An Old One! What Makes Sense During Troubled Time

Summer always made skill labor shortage in Canada in relation to consumer direct response for domestic, household or business, because majority of people are busy doing their repairing and improvement work to their homes, offices, factories, machinery, buildings, fittings, fixtures, etc., although this car repairing goes all the year because we can’t afford to stay without the transport to run our daily life most importantly we need cars to get to and from our work. But this summer brings this car repairing to extra boost in relation to its normal practice. Automobile garages have seen a rise in business over the past few months due to this car repair phenomenon that brings the fact to enlighten, that this car repair business might be one of the few businesses that are recession proof.

According to a recent U.S. based survey prompted by AAMCO Dealers Association based on their study findings that “consumers clearly prefer maintaining and repairing their cars rather than buying new ones” (Reuters). It further states, “buying a new car is a major investment but it doesn’t seem to be a better option at this time for some consumers because of the troubled economy and uncertainty in the job market” (Reuters). For most of the consumers, repairing an existing vehicle is a much better option to afford during this global economic turndown because it requires fewer expenses than purchasing a new one.

Making necessary amendments, adjustments and repairing to existing automobiles makes a lot of sense during these tuff times. Canadian consumers are bringing their used cars to repair centers rather than purchasing new ones. Although car financing gives options of saving and affordability but for some consumers car repair financing is better solution. The good news is that some private lenders are now issuing car repair loans in Canada that proves to be lifesaving in this economy.

Most of the consumers’ take these Auto Repair Loans are typically for:

  • Emergency repairs and accidents
  • Last minute repairs such as brakes, exhaust, suspension parts and more
  • New tires purchase to keep your car safer on the road
  • Necessary repairs, alterations and improvements to your car’s engine, transmission or else

Car repair loans do not require a good credit history, even having a bad credit history brings you more than 50% of your car’s value in your hands most probably same day you apply, though they do often require a car ownership. Anyway, car repair financing looks to be a much wiser solution to an aging car problem. This doesn’t also mean that you can only get financing for your car’s repair but you can get repairing opportunity on your all sort of automobile like trucks, buses, yachts, mobile homes and etc.

More consumers are neglecting to purchase new cars. Instead, consumers are attempting to save money by repairing aging cars. Lack of cash flow now can’t turn you down because repairing one’s car is an all-around better option by paying less cash you can afford or adopt the unique car repair loans or car repair financing option against your used and old automobile without paying a single dime. These repairs loans are flexible and repayment can be based on your preferred payment schedule and payments amounts.  Repayment is done by pre-authorized debit to your existing bank account.  No need to run around paying bills and carrying cash.

My car parking lot consists of eleven cars from my neighborhood, from last few years it doesn’t exchange with the new car as usual, believe me from last three years only two new cars were added up, one was financed and other was purchased for cash. Last Sunday Uncle Tom, my neighbor teased me while looking at my vehicle “oh still you are driving an old one” I replied yeah, because I don’t think painting a different color will make a sense for me, yes I know you got your old car with a new color that your car company has announced for its upcoming new model which you have changed in advance, it’s a smart move but you still hold an old one! he replied nothing but “Oo oh hh yeah hh” while keep looking at his own car. 🙂

Get Car Repair Loans in Canada! Click here for immediate approval online


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