According to the Bank of Canada, 11 percent of Canadian borrowers have more than 350 percent a loan-income ratio especially in BC and ON regions. One of the reasons is a loan agreement handling failure.
If we all lived in an ideal world, we would never need extra money to borrow. However, life can have ups and downs when it’s necessary to have a helping hand and cover unexpected expenses. It certainly is not free to borrow money.
Credit unions, local banks, credit cards as well as payday lenders all charge interest fees for any kind of loan. When it comes to taking out a loan, every borrower wants to have the privilege of getting low-interest loans. Before you make your decision, learn how low interest loans Canada work and where you can look for one depending on your needs.
Nowadays, a lot of people take out loans or mortgage because they need a helping hand to support them financially. The reasons may be different but you need to keep track of your payments and make sure they are regular so that your credit score isn’t affected. It can be quite tricky and challenging to plan a repayment schedule and calculate all the payments.
Therefore, an amortization calculator is a great option for helping each borrower have a list of their payments and see how much they need to repay. All of the payment amounts are created with the help of such an amortization schedule calculator.
Are you going to make a big purchase? Looking for the most affordable lending options? Whether you apply for any type of loan or for a mortgage, potential lenders will generally assess multiple factors before they make their final decision. Your loan to value ratio is one of the most significant factors that define if your loan request will be approved or not. Learn what a loan to value ratio Canada means and why it is really important.
Almost every borrower is familiar with credit cards and car loans. However, did you know that a line of credit is actually considered to be the most widespread type of debt for Canadians? According to the recent report of the Financial Consumer Agency of Canada, HELOCs have become the biggest reason for household debt in Canada over the last 15 years. The survey also found that from 4,800 respondents less than 50% fully knew the terms and conditions of their line of credit. So, let’s get some insight into this type of borrowing and how does a line of credit work.