Blog

Short-Term Financing: What Are the Advantages?
April 18th, 2019 6:52 pm

Short-term financing is generally criticized because it’s accompanied by high interest rates. However, it’s often the only solution to get out of an emergency situation and avoid making your finances and—consequently—your credit rating any worse. Here are the main advantages of short-term financing.

A way to deal with an emergency

When you have bad credit and you need to deal with an enormous energy bill, repairs to your car, medical expenses, or loan or credit card due dates, short-term financing is generally the only accessible solution. Obviously, this type of loan is accompanied by significant interest, but it lets you avoid making the situation worse by preventing:

  • Service cut-offs

  • The deprivation of your means of transportation to get to work

  • The aggravation of a medical condition that requires treatment

  • Bounced cheques

  • Unpaid loans or credit card balances by the due date

  • The payment of penalties...

4 Ways to Get a Personal Loan
March 8th, 2019 8:10 pm

There are several ways to borrow money personally that should be evaluated according to your credit rating, the amount requested, and the urgency of getting a personal loan. Here are the 4 main ways.

Talk to your bank

Banking institutions grant personal loans and lines of credit to their clients, but usually only after they verify that the applicant has a stable situation, an account free of payment incidents, a debt rate of at most 30%, and a good credit rating. Once the application is initiated and all these conditions have been met, you need to wait at least several days to get approval from the organization and – often – to get the funds in your account. If the bank determines that the client’s profile is too weak, it will reject the file or demand a mortgage guarantee on their house, a life insurance contract, or a pledge on their car to secure the loan.

Go through a broker

In Québec, there are brokers who specialize in getting personal loans. As they work wit...

Loan Repayment: 5 Tips for Avoiding Late Payments
February 11th, 2019 4:52 pm

Due to certain difficult circumstances, a borrower may encounter difficulty paying the monthly installments of their personal loan despite the fact that it was contracted with hindsight of their finances. To avoid aggravating their situation, they should take certain steps quickly, because a late payment can have unfortunate consequences and even lead to penalties.

Late loan repayment: beware of the consequences

If the borrower is late paying the monthly installments of their loan, the lending agency has many recourses. If the monthly installments are not paid, the lending company will add fees to the amounts due. If the payment delay persists, the institution will charge interest at an annual rate of 20%. In the event of a formal notice, action, request, demand, and/or legal proceeding, the client will have to pay an additional amount equal to 20% of the principal due as damages.

Our tips for avoiding late payments

1 - Establish a provisional budget

To do thi...

No Credit Check Loans: When to Use Them?
January 11th, 2019 7:56 pm

Hard knocks can happen to anyone, often when we least expect them. If you’re in this situation right now, you should act fast rather than letting your situation get any worse. To do this, implement a strategy according to your situation: you can contact your financial institution or a company that offers no credit check loans to get you out of this financial setback.

When to use a no credit check loan?

  • In case of a one-time financial difficulty

A financial difficulty is considered one-time when you have monthly income, but it doesn’t arrive by the necessary date to be able to pay for an unforeseen amount in your budget or a debt repayment is required. Using a no credit check loan is possible and feasible when the financial difficulty is a matter of a few days or even a few weeks. For example, you may encounter car trouble that needs to be paid for quickly to be able to recover your vehicle to get to work.

  • In case of persistent financial diffic...

7 Advantages of Applying for Online Loans
December 10th, 2018 2:59 pm

When you’re in a financial emergency or you have money problems and you need to find a fast solution, you don’t necessarily have time to compare the offers from each establishment and make appointments. For all these reasons, more and more people are turning to online loans, which allow them to complete all the steps quickly and easily.

The advantages of an online loan application

  1. The first big advantage of online loans is – of course – that you don’t need to leave the house to receive a sum of money that will be helpful to you.

  2. The second big advantage of an online loan application is that the money is deposited directly into your account very quickly if your loan is approved.

  3. An online loan application can be completed at any time of the day or night, 7 days a week, which can be very convenient for people who are unable to go to a meeting during office hours.

  4. It’s faster and easier to compare offers on the internet. You can have...