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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.


Canada EU Free Trade Agreement Credit Goes To Harper

Prime Minister Stephen Harper and European Commission President Jose Manuel Barroso shaking hands after signing Canada-EU Free Trade Agreement on Friday 18, October 2013 at the European Commission in Brussels, Belgium.On 18 October 2013, Canada and the European Union have reached a political agreement in Brussels on the key elements of a Canada-EU free trade agreement; Canada-EU Comprehensive Economic and Trade Agreement (CETA) that will eliminate over 98% of tariffs on wide range of products between the two economies and establish a sizeable new market opportunities to access in the services and investment sectors; according to our federal government that could boost Canadian annual income by $12 billion annually and bilateral trade by 20% beside it will help lessen down our reliance on the U.S. as a trading partner.

Prime Minister Stephen Harper has spent more than four years to reach the Canada-EU free-trade deal, but he could face another great challenge in getting it approved by the European Union and some provinces. While the free trade deal is not expected to be ratified for at least two years to draw the claimed benefits because details of the deal haven’t been yet released to compare the conclusion, but according to the federal government it will benefit Canadian companies, entrepreneurs, service providers, investors, manufacturers and professionals to enter into EU economy approaching $17 trillion to access 500 million new consumers that could create 80,000 new Canadian jobs and it will affect Canadians in every region of the country and sectors such as technology, forestry, chemicals, plastics, metal, mineral, fish, beef and seafood products, and value-added wood products, advanced manufacturing, agriculture, agri-food, telecommunications companies and automobile industry.

Some of the highlights from the free trade agreement include:

  • Canadian auto manufacturers will be able to export 100,000 cars a year that’s 12 times more on their existing limit.
  • Full access to EU markets for Canadian fresh and frozen fruit and vegetables, or processed foods, wheat, oats, barley, rye and canola oil, dairy farmers, with both sides excluding poultry and egg sectors.
  • No more tariffs for many seafood products, including cooked and peeled shrimp, live lobster, frozen lobster and frozen scallops, metals and mineral products, including iron and steel, European wine and spirits entering Canada.
  • Canada will allow import of 29,000 tones of tariff-free cheese from the EU that’s up from 13,000 tones.
  • The Canadian government is considering to allow compensation for Canadian dairy farmers in case they lose money due to the Canada-EU trade agreement although it still require some clarification whether compensation is being considered for small cheese makers or not.
  • Canadian beef producers can sell an additional 50,000 tones of beef where the their current quota is 15,000 tones.
  • Canadian pork producers will be allowed to export 75,000 tones where the their current quota is 6,000 tons.
  • The government of Canada is also considering to communicate with the provinces and territories on compensation issue if the provision to extend drug patents by 2 years increases their costs. Patents would get only extended in case if there were delays in the drug approval process.

The government of Canada is trying to do better things for the Canadian consumer by negotiating the free trade agreement with the Europe. Such kind of trade deal with the world’s largest economy will enhance opportunities for exporters and bring lower prices for consumers. Prime Minister Stephen Harper called it historic win for Canada, he said; “This is a big deal, this is the biggest deal Canada has ever made. Indeed, it is a historical achievement”. He was really trying it hard to get it done from last 4 years that negotiations were launched in May 2009 and the content of the CETA and its general modalities were agreed in June 2009. He further expects the deal to be in place by the next election in 2015; “The agreement as it now stands is not going to change,” he said. “I am certainly confident of its adoption in Canada. I think anyone who opposes it will lose and will make a big historic mistake in so doing.

Canada-EU Free Trade Agreement will impact Canadians positively but Harper also acknowledged deal will hurt some of the Canadians in the due course but compensation is being considered to outweigh any problems. “There are some negative effects on a few sectors in the very short term; this is not just a big deal, it is a very, very positive deal for Canada.

Will the free-trade deal will bring new savings for Canadian consumers? Businesses only wins when they offer right price to consumers they can afford! Consumers look to get benefit from lower prices in everything; household, health, food, clothing, electronics, furniture, automobiles etc. It will bring down the prices of dairy and automobiles but pharmacy prices are expected to rise due to an additional 2 years of patent protection on brand-name drugs.

Former prime minister Brian Mulroney (Progressive Conservative Party) says; “Canada-EU trade deal is a big deal but not as big as NAFTA”, the Canada-European Union trade agreement is “significant but it’s not in the same league” as the Canada–United States free trade agreement he negotiated with the United States 25 years ago.

As every free trade deal has some potential winners and losers, and the much-anticipated Canada-Europe trade agreement is no exception. Free trade agreement is getting lot of criticism but also considered a right move in the right direction according to many. According to Prime Minister Stephen Harper, the free trade agreement should be in effect before the 2015 federal election that would eliminate import taxes on great variety of goods on both sides. Consumer may see savings due to the Canada-EU free trade agreement but some of the dependable combination may surprise consumers looking for savings, like you may get food on cheaper price but medical expenses may cost you high due to high cost medicines, you may get European cars like Mercedes and BMW on less price but it will cost you high on its fueling. Anyway, lets see what’s our businesses and consumers will really get when its approved and practically implemented in 2015. Lets also see if the Conservative Party of Canada reap the credit of being reelected for the 42nd Canadian federal election is tentatively scheduled for October 19, 2015 to face and go with the changes practically or just use it as a comparison credit statement in an action against new government’s different political party’s workouts.


How Do Factory To Dealer Incentives Work

How Factory To Dealer Incentives WorkHow Factory Incentives Work?

There is how factory incentives work for consumers buying a new car in Canada? This article will assist you in finding out about; how to get a great deal on a new car, it explains what factory to dealer incentives are, how factory dealer incentives work and how to find out if your vehicle has factory incentives?

What Is a Factory-To-Dealer Incentive?

A factory incentive is a rebate the factory offers to the dealer on certain models due to a number of reasons. These incentives are not advertised to the general public and usually won’t be passed on to the customer unless they know about it. Manufactures will offer these incentives to boost sales on models that aren’t selling well, when a set sales target has been reached or to encourage dealers in selected regions to move more cars. These rebates can be anywhere from $500 to $5000 which thereby makes the cost of the vehicle much cheaper for the dealer.

How Factory Incentives Can Help You?

If you know about the current incentives available on the vehicle you are purchasing you can use that information as a bartering tool to obtain a better price. For example, if you are buying a $25,000 car and there is a $5000 factory-to-dealer incentive currently in effect you could effectively buy that car for $20,000 if the dealer passes that rebate on to you. Technically the dealer isn’t losing any of his/her money by doing this because it’s coming directly from the factory. On the other hand if the customer didn’t know about the incentive the dealer would be able to pocket the $5000 which is why they are quite reluctant to tell customers about these offers.

How to Find Out if Your Vehicle Has Factory Incentives?

Currently there are only a few places to find out about factory-to-dealer incentives. Depending on whether you live in Canada or The United States there are a few companies that provide this hidden information at a nominal fee. In Canada there is www.CarCostCanada.com a company that provides factory incentive information along with their new car invoice pricing reports. In the US there is FightingChance.com, a site that emphasis’s on factory-to-dealer incentives. Last but not least is Consumer Reports, a company known for delivering relevant information to consumers of every industry. Their website, ConsumerReports.org, offers reports to both US and Canadian customers.

What is a good price? It’s a difficult question that no one can answer right away. The right price depends on supply and demand at the time you purchase that specific car you want. The key to get a good price is through your engagement call to the car dealers to bid competitively for your business.

Car Buying vs. Car Financing? Most of the car manufacturers offer special financing plans as an alternative to cash rebates. Comparing a better deal in between financing and cash rebate depends on the size of the customer’s rebate, the car manufacturer’s offered APR, APRs available from other auto lenders, the borrowing amount, and the borrowing terms. As no one want to lose the benefit of getting a good price on a new car by paying too much on financing, check the annual percentage rate (APR) offered by banks and other lenders to determine your financial suitability on your car loans in relation to savings as a cash rebate customer.

Anyway, the new car buying information you need to get the best possible price on your new car is out there, the choice of using it is up to you being a customer. But when educated buyers are saving four, five or $6000 off their purchase, why wouldn’t you want to be one of them?


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