Tag: Saving

Requirements For Bad Credit Loans Canada

Requirements For Bad Credit Loans CanadaMost banks and other lenders in Canada often shut off people with poor credit who try to secure loans. However, you can still get bad credit loans from some lenders. So, getting a loan even if you have poor credit is still possible. Before any lenders in Canada grant you bad credit loan, you will have to meet the following requirements:

Steady income

Banks and other lenders in Canada who gives out bad credit loans might not approve you for a loan if you do not have a stable income. This is one of the general requirements. With a successful small business as a sure source of regular income, a lender will consider giving you a loan even with a poor credit score. If not a business, a job that proves to provide you with a steady flow of income will be helpful.
You should be ready to provide your lender with a rent receipt or utility bill receipt to prove that you are able to pay your monthly fees. These are actually enough to prove that you have a steady income.

Bank account

Banks and other lenders in Canada will require you to have a bank account before they approve you of getting a bad credit loan. After all, where would they deposit the money anyway if you have no bank account? Having a bank account with a bank you are seeking to get loan from is usually an added advantage. Apart from being their client, the bank can also retrieve your history as far as saving, borrowing and repayments are concerned.
Remember that you can also take bad credit loans from online lenders, and the only way they can get you the money is by depositing the same on your bank account.

You must be 18 and above

For banks and other lenders in Canada to approve you of bad credit loans, you must be 18 years and above. No lender would even consider your loan application if you are younger than 18 years.
What to consider

Before applying for bad credit loans Canada, it’s advisable that you consider the following:

The amount you need

While you are still able to get loans even with a bad credit, you should only take the amount of money you really need rather than taking more. Otherwise, repaying the loan might prove to be very difficult or impossible. Take what you need, and put it into the right use.

Interest rate

Banks and other lenders in Canada offer bad credit loans on different interest rates depending on policies of a particular lender. Choose the lender with the most-friendly interest rates.

Other options

If you asked any financial expert, he or she would advise you to take a loan only after exploiting all the possible means of getting the money you need. In other words, taking a loan, whether you have bad or good credit, is never the best option. In more often than not, it doesn’t solve any of your financial problems. In fact, it can make things worse for you.

eLoan Canada extend it’s best wishes for a happy holiday season and a New Year filled with Peace, Joy and Financial Success!.


Tips To Getting Car Loans Canada

Tips For Getting Car Loans CanadaWhether you want to buy your first car, a second one, or you just want to add to the list of your existing cars, making such a big purchase is often hard without taking a loan. In more often than not, saving enough money to buy a car in cash is never attainable for most people. In such a case, going for car loans Canada is usually one of the options you might consider. So, what do you do when you get to this point? Well, the following tips will help you a great deal.

Understand your finances

When you are preparing yourself for any loan process, you should start by knowing your finances. This way, you will have a good defense to help you with the process. For instance, take a close look at your monthly income, how much you have saved and how much money you owe. In other words, it’s good to re-evaluate your finances before you start the loan process. If you understand your finances, you will definitely know your financial capabilities. You will know whether you will be able to service the loan and still pay for maintenance, insurance, repairs and to cater for fuel costs.

Compare car loan providers

Getting car loans Canada is not a complicated affair. However, it’s advisable that you do a thorough research and find out the lenders whose terms and conditions are most favorable. Instead of applying for a car loan with the first bank you come across, you should come up with a list of the top five lenders with the best terms and conditions. After which, compare their interest rates, conditions of loan approval, and repayment period. That way, you will be in a position to choose the bank with terms and conditions that favor your financial situation and expectations.

Develop a good savings plan

Few months before you order for your first or new car, you should develop a good savings plan with an aim of raising the down payment. This way, your car expenses will be more manageable. When you make a down payment, the amount you owe your lender will reduce. A down payment also minimizes the monthly payments. This way, it will be easier for you to repay your loan, which will also help you build a good credit.

Do a thorough research

Do research on the type of car you would want to buy based not only on your personal wants, but on needs as well. This will help you have a shorter list of cars to choose from. Find out more about these cars and research where you can buy them. Research on the dealers and sellers that offer the type of car you want to buy, and their prices. Comparing prices may help you save some extra money.

Doing a thorough research on the type of car you want to buy, the dealers/sellers and comparing prices will help you know exactly how much money you need. The process of getting car loans Canada would be easier after doing a thorough research because you will know the exact amount of money you need to borrow.

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Save More And Spend Less In 2017

Save More And Spend Less In 2017 - Earning vs SpendingYou may be expecting 2017 to be a stress-free year; why not, you can achieve your goal as being a financially strong individual for the next 12 months, most of the people do it and why not you, right. You won’t have to worry so much about because once you would do your financial planning right, you would always would do it right in future.

Save more and spend less, and or save more to spend money without being worried of the cash shortage on getting basic and important things of life; this is what most of the people use to think after spending the holiday season. December is the last but an expensive moth in relation to spending, Christmas, New Year and above all big discount offers of various kinds make it confusing to the general public that didn’t properly make, care and follow their budget. Ending year moments in the last month sometimes also create financial worries for those who strictly obey their yearly household budget but due to festive eve spending environment these people easily supersede their spending; after all it’s a moment of happy get together with the family and love ones, moreover, big sales over the very important and basic household products make over spender to even a budget abiding families.

Your credit card may become the major reason of being over spending; being in a credit card debt is the thing you should properly control, don’t over cross your spending because of the reason you have more cash limit over your credit card, only spend that portion of the credit you can afford paying back. Getting into credit card debt can lower your credit score. Try to pay off your credit card payment in full and within the time limit. Moreover, if you already had dropped your credit score due to your debt, it’s critical that you work to get it up again. Remember, your credit score is an important factor that determine your success in having any sort of loans and on the best rates because having a bad credit score means you can easily turned down your credit request, and or you will be asked to pay a high interest rate over your loan. What if you need to borrow a large amount of money? You can’t because it’s the lender that will determine.

Everyone should save more and spend less! When it comes to make a budget there is only one magical phrase “save more and spend less” and the only person that can follow it accordingly is ‘you’. If you have debt then create a post-debt budget for next 12 months, it’s not difficult, you know how you are doing each month and if some of the months require more money to spend then divide your income accordingly among all the months but don’t forget have some savings every month. Spending more money because you have more disposable income is not right. You may have some of the financial goals for the year 2017 but don’t forget about the uncalled and accidental expenses, create a financial plan that holds emergency funds to cover up all sort of financial crises, what so ever. Moreover, you should make a financial plan for you in advance by yourself or consult an accounting and financial adviser to get professional guidance to have the right direction.

I wish you could follow the save money concept, manage and maintain your cost of living, control your spending habit in relation to your earnings and have a credit balance that you would carried forward next year and continue the same every year.  eLoan Canada extend it’s best wishes for a happy holiday season and a New Year filled with Peace, Joy and Financial Success!.


How Can Mortgage Prepayments Save You Thousands On Your Mortgage

How Can Mortgage Prepayments Save You Thousands On Your Mortgage?How to save thousands of dollars on your home mortgage? Mortgage prepayments can save you thousands of dollars over the years! If you’re unsure ask your lender about your eligibility, you are allowed or not. A prepayment or lump sum is an amount that you pay extra to your regular payments to reduce your liability or pay off the debt balance. It’s like getting down your interest rates over your payment for the term by making your payments earlier. Increased mortgage payment vs lump sum is nearly same and depends on your circumstances and or financial condition, whatever you consider, should be wise and beneficial. How can mortgage prepayments save you thousands on your mortgage? Following is an article especially selected from official website of Financial Consumer Agency of Canada for your consideration and better results.

Mortgage prepayments can save you thousands on your mortgage—but check first

Making prepayments on your mortgage could save you thousands of dollars over the years—as long as your mortgage lender allows them.

A mortgage prepayment is any amount you pay in addition to your regular payments. This can include increasing the amount of your regular mortgage payments or making a lump-sum payment to reduce or pay off your mortgage balance.

The sooner you can make prepayments, the less interest you will pay over the long term.

For example, consider a 25-year mortgage of $150,000 with a 5.45% interest rate. Assuming the interest rate remains the same over the life of the mortgage, the monthly payments would be about $911. Increasing the payments by $50 per month would pay off the mortgage two years sooner and save $14,000 in interest.

A one-time lump-sum payment of $15,000 in the second year of that same mortgage would result in paying off the mortgage more than four years earlier and saving over $33,000 in interest.

Check your mortgage agreement first, because not all mortgages have prepayment privileges. A closed mortgage may require you to pay a penalty or fee for any prepayment.

Federally regulated financial institutions, such as banks, must show your prepayment options in an information box at the beginning of your mortgage agreement. It will specify whether you can make prepayments, when you can do so, plus other related terms and conditions. Read your mortgage agreement carefully, and before signing ask the lender to explain anything that you don’t understand.

When shopping for a mortgage, ask the following questions:

  • How much can I prepay without penalty or fee?
  • Is there a minimum amount for a prepayment?
  • When can I make prepayments?
  • Are there any conditions or limitations?
  • If there are fees or penalties, how much are they, and how are they calculated?

The Financial Consumer Agency of Canada has more information on this topic at itpaystoknow.gc.ca.

Source: Financial Consumer Agency of Canada (FCAC)
Date modified: 2015-06-25

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