Loan Articles



Mortgages
Canadian borrowers can use mortgage financing for many different purposes. They can apply for a mortgage loan to buy an existing property or construct or purchase a new home. Mortgage loans are also extended to finance the purchase of investment propertie...

Payday Loans
Payday loans are short-term loans used to cover expenses until the borrower’s paycheck arrives. They are also known as paycheck advance and cash advance. In Canada, the Criminal Code imposes restrictions on payday lenders, with interest charges abo...

Personal Loans
A personal loan is a type of loan, which is extended for personal use, thus establishing consumer credit. Personal loans are of the unsecured variety in most cases, but this is based on the applicant’s integrity. Personal loans can be used for vari...

Credit Cards
Credit cards; they can be good and they can be bad. Most people in this day and age have at least one credit card. You can order products and services online or over the telephone using a credit card. Credit cards can be used to book a flight on...

Auto Loans
Are you planning to buy a new vehicle? Are you buying a new truck, car, motorcycle or boat? There are many lenders who will offer you an auto loan. The Internet now makes it possible for you to compare rates and pre-qualify for a loan from the co...

Small Business Loans
So you have decided to make your dream for your own small business a reality. You have the ideas, the skills and the dedication for your business to be a success. Now all you need is a way to fund your small business. The government in Canada want to s...

Student Loans
When planning to attend college, students hope to get a scholarship and other sources of financial aid. Not everyone is so lucky to have their tuition fully covered, and parents are not always able or willing to help their children financially. In this ca...

Home Loans
Home loans are a form of financing intended for persons who want to buy a home. In other words, a home loan is used to purchase a real estate, going with specified rate of interest and repayment period. The lending institution and the borrower may ...

Bad Credit Loans
A bad credit loan is a type of unsecured loan offered to persons with poor credit who are unable to qualify for standard loans from mainstream lenders. Bad credit loans work like other loans in that applicants borrow a certain amount, which has to ...

Consolidation Loan
Debt consolidation loans are loans used by borrowers to consolidate multiple, often high-interest debts into a single loan. The aim is to secure fixed interest rate, which is lower than the rate on the loans already serviced. A debt consolidation l...

Canadian Banks
The banking system in Canada has been judged to be the best and safest in the world. No bank has failed in Canada since 1923, and not a single Canadian bank failed during the Great Depression. One of the reasons for this safety has been that...

Guide to Canadian Credit Reports
The credit history of millions of Canadians is recorded and kept in the major credit bureaus in the country (TransUnion Canada, Equifax). Credit histories are maintained in files known as credit reports. These are used by financial institutions to ...

Credit Card Balance Transfer Advice
Using the balance transfer technique is a way you can save money on your credit card expenses. Essentially, one credit card will be paying off the balance of your other cards. Normally, the reason you will transfer your balance from one card to another is...

Home Equity Loans
Home equity loans are loans that require collateral, which is the equity in one’s home. These loans can help borrowers cover major expenses, including medical bills and hospitalization, home renovation, and college education. To obtain a home equit...

First Time Home Buyers Advice
First time buyers usually start their home search by considering different types of homes and looking into purchase and resale considerations. Types of homes are co-ops or cooperative apartments, condominiums, and multifamily homes. Purchase and re...

Credit Card Rights
Customers’ credit card rights are protected under the Bank Act, which ensures that borrowers are informed of the requirements for borrowing and the costs involved. Customers applying over the phone are read a disclosure regarding the billing cycle,...

Mortgage Types
A large variety of mortgage types are offered in Canada, featured in hundreds of combinations. Among these are closed and open mortgages, preapproved mortgages, multiple term mortgages, conventional mortgages, and many others. A conventional
Auto Loan Deals
Shopping for a car and finding a good deal on an auto loan is not an easy task. Dealers will sometimes set you up with financing with interest rates that are too high and add-ons that you really do not need for your car. The Internet makes it fast an...

Canadian Energy Trusts
Commodity investing is once again a hot topic. Commodity investing can be problematic. Commodities are often extracted in unstable places. Holding commodities can be expensive and inconvenient. Finally commodity investments are often long term and risky i...

Canada Revenue Agency
What is the Canada Revenue Agency? The Canada Revenue Agency is the body that collects the taxes for the federal government of Canada, most of the constituent provinces and all the territories. It has gone through a number of name changes, wit...

Goods and Services Tax (GST)
The Goods and Services Tax (GST) is a tax levied on sales of goods and services by the Canada Revenue Agency. Value Added Tax The Goods and Services Tax is collected as a value added tax. This means that it is levied at each stage ...

Deposit Insurance in Canada
In Canada most savings deposits are covered by the Canada Deposit Insurance Corporation (CDIC) which is paid for by premiums from member institutions and backed by the Federal government of Canada. This means that your savings are as safe as the Ca...

Guide to Mortgage Insurance in Canada
If you are buying a home with a down payment lower than 20% you must have mortgage insurance. About half of Canadian homebuyers fall into this category. Mortgage insurance before 2007 Until April 2007 mortgage insurance had to be take...

Mortgage Guide
So you’ve found the perfect home. Now all you need to do is actually get the money together to buy it. As houses cost several times the average annual salary, you will almost certainly need to get a loan, or mortgage. A mortgage is a special type...

Mortgage Lenders in Canada
There are a number of different mortgage lenders in Canada and it pays to know what the differences are. This article will run down through the different types of lenders. Big Five Banks Canada have five world class banks that essenti...

Credit Unions in Canada
More than a third of Canadians are enrolled in a Credit Union. This means that Canadians are the highest users per capita of Credit Unions in North America. What is a Credit Union? Credit unions are financial institutions owned and ...

Power of Sale
When a bank or other financial institution loans money to buy a house through a mortgage it is allowed to repossess the house if the borrower defaults and sell it on without going to court. This right is called the power of sale. How often is ...

Discount Brokerages in Canada
Should you go for a discount brokerage? One of the most important factors in the growth of anyone’s stock portfolio is not immediately obvious. This factor are the amount of charges that you pay over the years. Dealing costs – the hidden fact...

Canadian Bankers Association
The Canadian Bankers Association represents Canada’s chartered banks, with fifty members. Its membership includes domestic chartered banks and Canadian branches and subsidiaries of foreign bank. This includes most of the largest banks in Canada. ...

Royal Canadian Mint
The Royal Canadian Mint produces all of Canada’s coins as well as the coins of a number of other countries. It is one of Canada's Top 100 Employers. It’s often abbreviated as RCM, and is known in French as the Monnaie Royale Canadienne. What...

Canada Pension Plan - CPP
The Canada Pension Plan (CPP) is major part of Canada's public retirement income system. It is an earnings-related and contributions based, state backed pension scheme. The other components of Canada's retirement system are: - The state pa...

Secured Credit Cards
With a secured credit card you can get the convenience and flexibility of a credit card with a far lower risk of rejection. How do most credit cards work Standard credit cards are unsecured. This means that if a borrower doesn’t pay...

Canada Mortgage and Housing Corporation
The Canada Mortgage and Housing Corporation (CMHC) is a Federal government agency that specializes in housing and provides mortgage insurance, mortgage-backed securities, social housing programs and conducts research on housing. Structure of the...

Canadian Dollar
The Canadian Dollar is the official currency of Canada. It is often known as the “loonie” or “buck” and has recently gained favour with foreign exchange traders as Canada’s prudent government and resource backed economy have made the dollar a more ...

Canada Student Loans Program
The Canada Student Loans Program is a program funded by the federal government to help students pay towards their education. The Canada Student Loans Program is not the only student loan program as many provinces run their own student loan schemes,...

Registered Retirement Savings Plan (RRSP)
The Registered Retirement Savings Plan, abbreviated to RRSP, is by far the most common retirement savings account in Canada. The Registered Retirement Savings Plan is a long term savings vehicle, whose main purpose is to enable the pensio...

Tax Free Savings Accounts (TFSA)
Tax Free Savings Accounts (abbreviated to TFSA) are special investment accounts designed to make saving more tax efficient. Tax Free Savings Accounts were introduced by the federal Finance Minister, Jim Flaherty in 2008, and came into effec...

Toronto Stock Exchange
The Toronto Stock Exchange (abbreviated to TSX) is the leading stock exchange in Canada. Its focus is on trading senior equities (stocks) although more exotic investments are traded. As well as being Canada's largest stock exchange it is a...

Canadian Mutual Funds
Mutual funds are among the most popular personal investment tools in Canada, as they are offered by all of the country’s “big five” banks - the Bank of Nova S...

Secured Loans in Canada
Secured loans refer to larger amounts of borrowed money that are secured by collateral. Secured loans are preferred by creditors because they give greater security than unsecured ones. Lenders have guarantees that if borrowers default on their loan...

Unsecured Loans in Canada
Unsecured loan or signature loan is a borrowing that doesn’t have collateral. Most banking and financial institutions in Canada offer unsecured loans. Unlike secured loans which are granted against security (car or real estate), banks extend unsecu...

Online Banking
In our age of global communications and connectivity, online banking has become a solution of utmost importance to businessmen and big corporations alike. Below are discussed the online banking solutions offered by the five biggest banks in Canada,...

Refinancing
Let us suppose that you are a person who is paying off a mortgage, but you have just signed a four-year lease contract for the brand new car you’ve always wanted to have; in addition, you have bought a brand new home entertainment system with a big flat s...

Visa Credit Card
As well as operating many of Canada’s credit and debit cards, the VISA International Service Association, shortened to VISA, is the world’s largest processor of payment cards. VISA was the first credit card provider to penetrate the Canadian market...

MasterCard
MasterCard is the company that processes many of Canada’s credit and debit cards. Payment processors like MasterCard allow money s to travel between a consumer with one bank and a seller with another bank. Credit cards would be far less usable...

American Express Credit Card
American Express is well known as one of the pioneers in providing payment cards. They are best known for their charge card, but are one of the larger suppliers of credit and debit cards. American Express was originally a New England express ma...

How to Clear Credit Card Fraud From Credit Reports?
Credit card fraud is a term used to describe any instance of unauthorized use of someone else's credit eligibility to purchase goods and services in favour of a third party. And while for a handful of crooks credit card fraud may be a prosperous bu...

How to Get a Mortgage That Saves You Money
Getting the best mortgage rates is simpler than it has ever been. A few hours of work can save thousands of pounds before tax; even a few minutes with a mortgage calculator can save a large amount of money on mortgage rates. A mortgage refinance ...

How to Consolidate All Debts
Debt consolidation is the taking out of a loan for the purpose of paying many others. In doing so, a consumer can often secure a lower, fixed interest rate and enjoy the convenience of servicing one loan only. Debt consolidation typically, thou...

What Are the Benefits of Debt Settlement
Debt settlement refers to a legal process through which creditors agree to accept less money than the borrower owes them. Debts that can be settled include unsecured business credit cards and lines of credit, unsecured loans and personal lines of c...

How to Compare Debt Consolidation vs. Bankruptcy
Debt consolidation is an act of combining multiple loans into a single loan by means of borrowing a new loan at a lower interest rate. Bankruptcy, on the other hand, involves clearing one’s debts in case the borrower cannot repay them. <...

How to do a Personal Budget
Preparing a budget is a great way to manage your personal finances. Many people feel that they may not need a budget; however having one will lead to greater financial stability no matter if you feel you do not make enough money to budget. Making a...

How to Get a Good Rate When Refinancing
The very fact that you are shopping around for home refinancing options means that the mortgage plan that you have picked up no longer suits you or that you could have been more selective when choosing your mortgage lender. Either way, this guide s...

How to Pay a 30 Year Mortgage in 10 Years
You may find it surprising that it is actually possible to cut the pay-off term of a thirty-year mortgage by one third or more. Moreover, it is possible to do this without any refinancing, higher monthly expenses or signing up for a debt consolida...

What's the Advantage of Making Extra Mortgage Payments
The advantage of making extra mortgage payment seems rather straightforward – every payment that you make on your mortgage helps you cut down the term of your mortgage and save thousands of dollars on interest rates. Experts have calculated that ju...

How Does Foreclosure Work in Canada
Foreclosures in Canada work differently from places like the United States of America or any other country that allows the owner to hand over the property to the lender. Instead, the lender does not take responsibility for resolving the debt becaus...

What Happens When Bank Accounts Are Garnished
A “garnishment” is a court order involving three parties that aims at recovering money owed by one person through collecting what someone else owes him or her. Simply put, if you owe someone and another person owes you, your creditor can seek to re...

Can You Do Debt Consolidation Yourself
Debt consolidation should be considered the last resort option, with the worst case scenario being filing for bankruptcy. The process involves accum...

How to Choose a Debt Settlement Company
For many people who are drowning in debt, the services of a debt settlement company may come as a solution, but there might be some risks involved. With hundreds and thousands of people burdened by credit card debt, many con artists are also coming...

How to Get a Mortgage With Bad Credit
Getting a mortgage with bad credit is not as easy in comparison to having a good credit. Although looking for a lender who is willing to offer you mortgage is a tough experience, it is not impossible. The first thing one needs to have is capacity t...

How Does Debt Negotiation Work
In an age of perpetual borrowing and increasing over-consumption, many people have found it impossible to deal with their constantly increasing debts. One of the best ways to save money on interest rates and late payment fees, lowering your monthly bills,...

How to Consolidate Car Loans
Having more than one car loan can be a burden in view of repayment. To save your time and money, it is best to consider consolidating all car loans and come up with one loan or any other type of loan. Some financial institutions are willing to offe...

How to Get a Boat Loan
Individuals who want to get boat loan can check with banking institutions, credit unions, and financial service companies. Most national, local, and regional banks provide boat loans to their customers. Some banking institutions advertise their loa...

What Is a Non-Recourse Loan
Upon discussing loans with the lender, some clauses are subject to negotiation such as the amount of the loan and the interest charged. A common clause is the non-recourse clause, indicating that the lender will not hold the borrower liable if he or she d...

What Are The Benefits of Online Bill Payments
Online bill payment is being offered by many companies and financial institutions that are thinking about the future. The reason is pretty straightforward. Paying bills online saves the company and the payer a lot of paper work. It is also a faster...

How to Consolidate Business Debt
In the same way consumers can find themselves in debt, businesses can incur plenty of financial obligations to other entities. Substantial business debt may be due to expansion of investments, unexpected expenses, and poor management strategies. Wh...

How to Plan Financially for Retirement
Planning your financial situation for retirement purposes is essential if you aim at peace of mind when you stop working and receiving monthly paychecks. Running into a troubled financial situation upon retirement is not the kind of future that mos...

How to Make Automatic Payments From a Savings Account
The availability of online banking allows individuals to pay their bills automatically, without sending checks or going to the actual address of the payee. Precious time is saved when the billing information is entered onto the bank’s website so that the ...

7 Money Management Tips for Students
Obtaining a diploma should not be the only goal of students. If you develop strong financial management skills, you will be capable of making wise investments and boosting your income in the future. You will lay the groundwork that enables people to fulfi...

What is HELOC
HELOC or a home equity line of credit is a borrowing arrangement through which the creditor agrees to extend a maximum amount which is repayable within a specified term. The client’s equity in his house serves as collateral to secure the home. Bein...

What is Line of Credit
The line of credit represents an arrangement between a customer and a crediting institution, typically a bank, establishing a maximum loan balance to be maintained by the borrower. With this instrument, the clients are permitted to draw down at any...

How to Apply for Secured Business Loans
Generally, secured business loans can give a fresh start to budding business people whose heads are brimming over with innovative ideas, but whose pockets are empty. Thanks to the ‘generosity’ of some banks including the ‘big five’ banks in Canada,...

How to Apply for Government Loan
Government loans are especially popular in the United States, but the governments of some other countries such as the UK, Australia and Canada have also developed convenient and easily accessible loan programs for housing, disaster, relief, housing...

How to Get A Car Loan With Bad Credit
Individuals with tarnished credit scores can get the car they have always wanted on a decent leasing plan by following some simple pieces of advice. Here is how to do the trick. First of all, you should save some cash for a down payment or deposit as othe...

What are Short Term Loans
Short tem loans are lending instruments offered by various crediting institutions for a set period of time, e.g. 60 days. The maturity date of the loan can be between 60 and 120 days starting from the date the loan was granted. However, short term ...

How to Find Cheap Home Loans
The home is a place in which individuals spend a good amount of their time. The house is also the reflection of one’s interests, lifestyle, and desires. Most people dream of having their own and unique place, but the majority of them do not earn enough to...

How to Get College Loan Refinancing
Faced by the prospect of holding low paying entry level positions, college graduates have not yet had the chance to see their degrees translate into good earnings. For this reason, post-graduation is the worst time for them to repay student loans. Refinan...

How to Assume a Boat Loan
Assuming a boat loan refers to taking over a loan from the current boat owner. Boat loans should be assumed if the rates and terms are more favorable than those of a loan that is obtained to purchase the boat outright. An instance of such is when t...

How to Build Collateral for Loans
Collaterals in the form of property are often required to secure the repayment of financial obligations. The collateral represents an asset pledged by the recipient that protects the lender against a default on the loan. In case the recipient is un...

How to Get a Cash Loan
Individuals who are in urgent need of cash have several options for emergency cash loans: an unsecured loan, home equity credit line, home equity loan, a charge on their credit card, and payday ...

What is Savings Account
Many people believe that only banks offer savings accounts. That is certainly not the case. So do credit unions, for example, and they often provide better rates and overall terms than the banks do. There are many types of savings accounts, and you...

How to Build Business Credit With No Personal Guarantees
There are ways to build business credit with no personal guarantees. On the positive side, lending institutions need to lend money as a way of generating revenue. Yet, lending money is not the same as giving them away for free. Creditors have to b...

How to Consolidate Monthly Bills Into One Payment
If you are burdened with paying a number of bills and you can’t manage to make timely payments, consider applying for a loan that will consolidate your monthly bills into one lump payment. The beauty of bills’ consolidation is that you pay off all ...

Adjustable Rate Mortgage
The adjustable rate mortgage is a type of mortgage loan and a popular product for home financing. With it, the interest rate is adjusted periodically on the basis of different indices. Popular indices include the London Interbank Offered Rate, the ...

Fixed Rate Mortgage
The fixed rate mortgage represents a mortgage loan instrument whereby the interest rate is fixed, remaining unchanged throughout the loan’s term. This type of mortgage is in contrast to other debt instruments where interest rates float or adjust. O...

What is an Estate Sale
In Canada, estate sale refers to the liquidation of property by selling it to the general public. The house contents may be sold to earn money and pay off debt or to dispose of the property of a deceased person. Typically, individuals who resort to...

How to Invest in Real Estate
Although investing in real estate provides higher investment returns, it is a more complicated way of investing compared to investing in mutual funds, stocks, or bonds. You have to find the best real estate property to invest in, choose the best de...

How to Protect Yourself from Real Estate Fraud
Two decades ago, it was relatively easy to buy, sell, or refinance real property in Canada. Unfortunately, this is not the case anymore, owing mostly to the global financial crisis, the stagnation on the real estate markets in North America and, most of a...

Consolidation Loans for Non Homeowners
Consolidation loans for non homeowners refer to a process whereby your different debts to various establishments are rolled into one. Thus, the debt becomes more manageable and easier to pay off. Debt consolidation loans are given by Canadian finan...

How to Convert Debt to Wealth
Many people who are deep in debt believe that it is impossible to convert debt into wealth. Even the thought of it sounds to them too far-fetched and even outrageous. However, finance experts have discovered a sound principle, which could help one ...

How Are Stocks Bought & Sold
Stocks are bought and sold at the public or private stock market where the stocks and derivatives of companies are traded at an agreed price. Before you move on to stock transactions, it is a good idea to take a look at some stock market terms comm...

What Are Guaranteed Bad Credit Loans
Many Canadian citizens regard it as a personal financial success if at some point in their life, they manage to qualify for an auto loan or a mortgage with some of the featured primary lenders in the country. However, while a good credit score may take a ...

How to Get a Long Term Bad Credit Loan
Despite the recent push towards economic recovery and financial stabilization, primary lenders in the USA and Canada still grudge at approving long term personal loans to individuals with good credit scores, let alone to people with not so perfect ones. S...

How to Calculate Interest on a Personal Loan
It is relatively challenging to calculate interest on a personal loan because of the math involved. If you are not a math whiz, you will probably have a hard time, so make sure you get someone who is good at it to do your calculations for you. Calc...

Bad Credit Personal Loans
Although Canada has already started recovering from the heavy blows of the global financial crisis, the number of people with bad credit in the country is still considerable. Canada’s top-five banks have unanimously accepted that a borrower should have at...

How to Calculate an Interest Only Mortgage
If you decide to apply for a mortgage loan for your home, you will have to choose between a standard loan and an interest only loan. The latter concept merits a detailed explanation. An interest only loan is one where you make monthly payments on t...

Do Inquiries Affect My Credit Score
What is a credit inquiry? Basically, when you apply for a loan or a credit line, you give the potential lender the right to ask about your credit status and request a copy of your credit report from the credit reporting bureaus. As a result, yo...

What Bills Can Affect Your Credit Score
Among the bills that can affect your credit score are medical bills and, to a lesser extent, utility bills. You have to be in a rather problematic situation if it has gotten to the point that your utility bills are affecting the score. In other wor...

How to Transfer Personal Loans Into Business Loans
Transferring a personal loan into a business one can be very challenging. If you have applied for a personal loan for your business, you could be concerned that your finances and assets will be taken away if you were to go bankrupt or your business...

How to Get a High-Yield Savings Account
With high yield savings accounts, your savings grow quicker, helping you avoid high interest rates that come with some credit cards. Having sufficient savings is important in case of medical emergencies, car repairs, home repairs and improvements, ...

How to Refinance When You Owe More Than Your Home Is Worth
If you are reading this, you must be in a bind. You should not panic – there is a way out of every situation, even your (admittedly) tough one. Under normal circumstances, you will be allowed to refinance your house, even if it is valued at les...

How to Benefit From a Payday Loan
If you have been burdened with a cash crisis or an unexpected expense, such as a medical bill or a car repair bill, you may have thought of resorting to a payday loan. You may charge it to your credit card and pay it back over a period of time. Thi...

What Do Lenders Look for in Mortgage Applications
The main factor in your mortgage application that interests lenders is the extent, to which you can pay the loan back. Lenders look at your income, credit and job history, assets, and other aspects to determine whether you are creditworthy and capa...

What are Mortgage Closing Costs
What are mortgage closing costs, apart from the costs we most often overlook? Mortgage closing costs are part of the mortgage settlement process and are sometimes referred to as settlement costs. They apply to home purchases as well as mortgage ref...

Requirements for Obtaining a Personal Loan
There are plenty of reasons to apply for a personal loan, much like there is a large variety of personal loans. You may want to do some home repairs, buy a car, finance a wedding, pay off bad debt or credit card debt, or anything else. In gener...

Canada Small Business Financing Program - CSBFP
Business owners who look for financing can apply under the Canada Small Business Financing Program and secure up to $500,000. This program aims to increase the volume of financing available to businesses, enabling them to start, modernize, and impr...

When Should You Refinance a Mortgage
You should refinance your mortgage if you would like to save more, with your payments being reduced. This will happen if the mortgage term is shortened or you obtain a lower rate of interest. You can shorten the mortgage term as to pay it quickly. ...

Types of Financing Intended for Business Owners
Most companies need to get financing, whether to finance an expansion or to get a startup operating capital. Various types of financing are available to business owners in Canada, including government financing, loans, lines of credit, and credit c...

Mortgage Holders Who Benefit from an ARM
An adjustable rate mortgage is a type of home loan with a variable interest rate. This means that the interest rates go up and down, and the rates on the mortgage follow these trends. These loans come with a number of benefits, but they are a bette...

How to Apply for a Loan With a Guarantor
It is not difficult to guess that applying for a loan with a guarantor improves your chances of being approved. You are likely to benefit from better terms and conditions, including lower interest rates, even if your credit score is fair. You s...

Finding a Student Loan With Low Interest
Funding your college education can seem a little overwhelming. There are many options to help you pay for your education. If you already have loans a school loan consolidation may help....

Using a Cash Advance for Emergencies
Cash advances are offered by most charge card and credit card issuers, allowing holders to withdraw money over the counter and through an ATM up to a set limit. With credit cards, money can be withdrawn up to the credit card limit or a certain percentage ...

When is Consolidation the Best Option
Consolidation is the best option if you seek a repayment plan from collection agencies and creditors. This plan is offered with a lower interest rate, helping you reduce your payments. This way, you will be able to pay off the principal, together w...

Getting an Auto Loan for a Used Car
If you are looking for an auto loan for a used car, you should know that this is a good way to buy a car when you do not have enough cash, but have savings for the down payment and a decent credit score. Generally, the application process goes ...

Declaring Bankruptcy vs. Filing Consumer Proposal
Persons with multiple debts have various options to consider, the two of which are declaring bankruptcy and filing a consumer proposal. What should you choose? There is no solution to fit everyone, so you should consider the pros and cost of both. ...

Benefiting From a Bridge Loan
What is a bridge loan and why would you need one? Sometimes the closing date for the home you are selling does not match that of the home you are buying for some reason. We are not going to get into the reasons here. Suffice to say that if the clos...

How Bankruptcy Benefits Debtors
For many, bankruptcy is a last resort and declaring bankruptcy should follow other measures such as debt consolidation and debt settlement. Bankruptcy has stigma to it and damages one’s credit rating. Moreover, persons who declare bankruptcy do not...

Benefits From Taking out a Demand Loan
A demand loan is a type of short-term loan, with a term of 180 days or less. These loans are not typical because there is no fixed date for the loan repayment. Another feature of demand loans is the floating interest rate that varies depending on t...

How to Avoid Payday Loan Scams
Payday loans are often the only solution for borrowers who face a cash crisis, and they are a quick solution. Yet, there are cons who will try to trick you, and your cash crisis is likely to blow out of proportion. This is about payday loan scams, ...

When Is Bankruptcy the Worst Option
Debt-heavy persons often see bankruptcy as the only option to getting rid of excessive debt. To them, it means no more nasty calls from collectors and no more hassles, which has an undeniable appeal to persons facing overwhelming debt. In fact, bankruptcy...

What You Should Know about Late Card Payments
You may think late card payments are nothing to worry about, but they are a big deal to your creditor. While you will not get a call if you are late a couple of days or a week, certain actions will be taken behind the scene. What creditors undertake again...

Buying an Individual Health Insurance
Buying an individual health insurance is a very important decision to make, and it can either end up a disaster or turn out to be a good investment. Before purchasing an insurance package from any company, it is best to find information on the amount and ...

Auto Leasing Requirements
Over the years, auto leasing has become more popular, considering the fact that buyers are increasingly challenged when it comes to finding affordable financing. However, many customers are not well-informed as to how leasing works and find it difficult t...

Factors and Requirements That Determine Your Mortgage Eligibility
The type of mortgage to apply for depends on different factors such as the current interest rate, amount of down payment, closing costs, credit history, and others. Homeowners can choose from closed and open, high ratio, conventional, pre-approved, all-...

Canada’s Banking System, Small, Banks and Giants with International Subsidiaries
Canada has a well developed banking system and a thriving financial services sector. Banks, credit unions, caisses populaires, credit card providers, and insurance companies operate in the country. Banks in Canada There are small second tier...

How to File Bankruptcy and Reap the Benefits
Filing for bankruptcy is a difficult decision indeed because it affects your family, credit score, and chances to get approved for a new loan or credit card. However, there are some benefits to declaring bankruptcy, the main one being debt relief. Deb...

Loans Offered for Daily and Major Purchases and Business Expansions
Financial institutions in Canada offer different types of loans, from personal and student to auto, boat, business, and others. Secured vs. Unsecured Banks, credit unions, and other establishments offer secured loans and require that borrowers pled...

Alternatives Available to Debt-Ridden Borrowers
Borrowers who are knee deep in debt have different alternatives to choose from. You can sell some of your assets, real estate, or anything of value and use the money to repay a portion of your debts. If you don’t have assets or do not want to sell them, y...

Refinancing Explained
Refinancing is a process whereby an existing debt is replaced with another financial obligation and different terms apply. The most common form is related to home mortgages. When pressing circumstances require the debt replacement, it is called debt restr...

Forex Rates and What Is Behind Them
Forex rates are the rates at which currencies on the foreign exchange market are traded. Are you interested in what is behind them? The rate fluctuations are explained by means of a number of theories. These include international parity conditions, the ba...

Uses and Features of Home Equity Loans
Uses and Features of Home Equity Loans A home equity loan is a type of financing whereby the borrower’s equity is used to back the loan and guarantee repayment. It can be used for various purposes, including debt consolidation, making investments, purcha...

Loan Options for Unemployed Borrowers
The loan options for unemployed borrowers are more limited simply because many of them do not have a stable source of income. The reason is that they are considered risky by banks meaning that the risk of default is higher. Depending on the product of cho...

Steps to Renew Your Mortgage Loan
Your mortgage payments make a large part of your monthly expenses. At the same time, close to 30 percent of borrowers choose to renew their mortgage. If you are one of them, it pays to explore your options. Tips to Reduce Your Payments The ...

Mortgage Solutions Available to Discharged Bankrupts
The mortgage products available to discharged bankrupts are more limited due to the fact that their credit score is seriously damaged. The same is true for persons with delinquencies, consumer proposals, defaults, and a history of late payments. Still, th...

Bad Credit Loans as the Shortest Way to Bankruptcy
Applying for a bad credit loan can be a good idea if you need short-term financing for emergency expenses. The fact that creditors offer high interest rates means that these loans are risky and may aggravate your financial situation and lead to foreclosur...