Tag Archives: interest rate
Quick Loan, Quick Death
Many people find themselves up to their necks in the mud, well
actually debt, and fear a loan because they do not know about these matters or because they think it is a complicated procedure or because they will irreversibly be turned down. All they have is a credit card which is their last resource and it is already up to the brim: Recipe for disaster.
When you begin to feel the rope tightening round your neck, you start to panic. You see a notice, a poster or an ad in a paper that says, Get Cash Now! You investigate and you find out that you can leave the place in a matter of minutes with the cash in your pocket.
Your Credit Card
All they have done is to sell you a pocketful of cash and charged it to your credit card. Double mistake: The first one, to go to these vultures who speculate with your panic. The second, charge a loan to your credit card. However low the interest rate is, it will never be under 18%. Add to that, the fee the lender charged you and you are in for a blazing inferno in no time.
Unsecured Loans
Even if you do not have any property or valuable item to provide as a security, there certainly are unsecured loans in the market and they are not at all expensive. If you compare it with the credit card interest and, in this case, plus the fee, an unsecured loan is dirt cheap. The highest rate you could have to pay is 10%. (And no fee)
Back To The Same Old Story
Credit card debt, as we all know, is terrible when your income will only allow you to make the minimum payments. They go on and on forever and as the song goes, You are one day older and deeper in debt. Then, you end up owing your soul to the credit card company.
The Solution
The only solution to a serious debt situation is to forget about credit cards and take to a recognized lender for a proper loan. It will always be lighter on your monthly budget, with a longer term to repay and a normal interest rate. Whether secured or unsecured, personal loans usually have a three year plan, which is quite healthy and your monthly installments will be low enough to keep you on the safe side.
Other Measures
Some complementary measures must be taken as well, to help alleviate the situation. The first is to reduce spending. If you have a very packed credit card, which is why you had to resort to the unfair loan, put it away and do not use it at all until you are free of debt.
With the loan you will be paying it off, but you need to get used to spending less.
Increase Income
Each time you have to take cash out of your wallet, you will feel as if you were losing a part of your own self and you will think twice before spending on something that is not really necessary. This kind of action should also be accompanied by serious efforts to increase your income.
Get all the family involved. Children and adolescents should contribute, if not with a job, at least with the decrease in spending. They also benefit from the good times, do not they?
Discover the Best Payday Loan Rates in Canada
It is in Canada where you can find the best payday loan rates. This type of Canada loans are considered to be one of the best financial solutions in providing you instant cash as your urgent need arises. The approval process is straightforward and you are not required to speak with anyone to get approved as you can file your loan application online.
Why Getting the Best Rates is Important
The interest rate is crucial in getting these loans. You see, this type of loan carries with it higher interest rate than your typical loans. When you are not careful on choosing the best rate, you might find yourself deeper into your financial mess. These loans are best when the interest rate is affordable; the amount you are borrowing is only the amount you actually need, and when the loan is within your means to repay for its short repayment period. Canada payday loans are known to have the best rates and the most flexible repayment terms and conditions.
How Does Canada Payday Loans Work?
This type of loan in Canada works like cash advances. Cash is loaned to individuals who while waiting for the next pay period are experiencing cash emergencies. The amount that can be borrowed is smaller than typical loans but require minimal documentation. Repayment period is also shorter- within the next cut-off following the release of the loan, compared to regular loans. There are several ways to avail of a payday loan in Canada.
First, you can personally visit the lending agency or provider. This means you have to go to the brick and mortar location of the lender bringing along with you the following: proof of income, proof of residence, and bank statement. You can leave the agency with the cash already on your hands.
Next, you can call your lending agency and over the phone, provide the information needed. Once approved, you can then pay a visit to the location, make the agreement official and then receive the cash amount you are borrowing. This last option is usually the most convenient and preferred by many- applying for the cash advance online. You do not have to leave your home or talk to anyone in the agency. All you need to do is to connect online. You visit the site of your lending agency to:
* accomplish their prescribed online form, and
* in some instances depending on your agency you may send screen shots or scanned images of your documents for fast tracking of your application.
In as little as a few minutes, your application may get the necessary approval and you receive the amount through transfers. Canada is the Place Canada is the place where most of the reputable lending agencies that offer the best loan rates are located. You can even maximize the loan with the flexible terms and conditions of your Canadian lending agency. Don’t you just love to be a Canadian citizen and get the cash you need when you need it the most? Best thing is you can get it instantly with your online cash advance application.