What is an Installment Loan?
An installment loan is a type of loan where you borrow a fixed amount of money and repay it, along with interest, over a specified period. The interest rate is determined based on your creditworthiness. Installment loans provide predictability with fixed monthly payments until the loan is fully repaid. These loans can be secured, with collateral like a car, or unsecured, relying on your creditworthiness. Borrowers are advised to borrow only what they need, calculate affordability, and compare loan terms to make informed borrowing decisions.
The Bank of Canada Has Been On a Rate-Hiking Tear. Is That About to Change?
The Bank of Canada, once focused on raising interest rates, may now be considering a pause due to changing economic conditions. In response to high inflation, the central bank had aggressively increased rates in 2022, but the economy has shown signs of deceleration. If the economy continues to weaken, the Bank of Canada could reverse its rate-hiking strategy and lower interest rates in early 2024. This potential shift could impact various financial aspects, including mortgage rates and savings account returns, making it important for individuals to stay informed about the changing economic landscape.
What should I know before taking a personal loan?
Personal loans can be an effective financial tool to manage your expenses when you are short on cash. They are unsecured loans that can be used for a variety of purposes, such as paying off credit card debt, consolidating high-interest loans, or funding a major purchase.
How late payments impact your credit score and access to credit?
Even if you miss one bill payment, you can lose as much 150 points. While it’s not always so dramatic of a drop, it’s still essential that you pay things off before the deadlines. You may not qualify for prime credit cards, low-interest loans, and decent mortgage rates. This is because when your credit score is less because you’ve missed a payment or are late, this becomes a red flag to lenders. To keep your credit score healthy, make sure to pay your bills on time.
Mortgage credit score required for mortgage approval in 2023
Can you afford the monthly payments and property taxes as well as any incidentals that might come up? Here’s a guide on what a lender is looking for in terms of your credit score and how to get an approval.
What Is Considered a Good Credit Score?
Where you get your credit score from will then provide a varying range of what your credit is but check out the link we provide to check your credit score and determine whether you have fair, good or excellent credit in this post.
What credit score do I need for a $3,000 loan?
Smarter Loans can connect you with over 20 lenders that share their eligibility requirements before you apply for a $3,000 loan. Learn what’s a good credit score and if your credit score will determine your loan approval.
How to build credit for your kids in Canada
During college years, this is the best time to get your kids started on the process of building credit. Once they graduate, credit generally makes getting started easier. Even if they get a good job, it’s going to be at least one year before banks and landlords take them seriously as a responsible adult. There are some things you can do to help them start the process.
Is There a Minimum Credit Score for Renting an Apartment in Canada in 2022?
Most landlords and rental companies check the credit scores of potential tenants as part of their application process. But is there a minimum credit score requirement for renting an apartment in Canada? Here’s what you need to know about credit scores and renting in 2022.
What is a Good Credit Score in Canada?
A good credit score can go a long way in Canada when it comes to getting approved for a credit card, line of credit, or loan. So if you’re planning to borrow funds or apply for any type of credit, you should know what a good credit score looks like.
Tips for Better Credit Success
Find out more about your credit history and score right here, along with the tips and tricks that you can use to boost your credit score overall. You can even regularly check your credit to make sure it is in the best shape with help from the many apps that you can download to keep track of your score and the history behind it.
What are the Average Credit Scores in Places Across Canada?
Find out more about the cities and their average credit score to find out where you stand against those who might be in the same city or in neighboring cities from yours. If you still have a low credit score, don’t panic. You can work on bringing the score up before applying for any loans.
Why Did My Credit Score Drop and How to Fix it?
Credit scores can drop for any reason, at any time and if you’re not sure why then it might be time to do some checking to find out what happened. Once you know, you’ll have a better way of knowing what to do about it.
We will go over some of the more common reasons why your credit score dropped and ways you can go about being able to fix it.
How to protect yourself from online financial fraud
As consumers turn to the internet for online shopping, video conferencing, and managing transactions online, there is a high possibility of falling victim to cybercrime. Luckily, you can protect yourself from online fraud by taking certain actions.
How to get relief from debt and improve your credit
When debt is incurred, you are essentially borrowing money from your future income and therefore reducing your future standard of living. By minimizing the amount of debt that you owe, you will be better able to save for the future and will ensure that you are able to provide all of the necessities for both yourself and your family.
Personal vs. Business Credit Scores
A good credit profile makes a huge difference in the financial success of any business. How a business maintains its credit is reported to credit bureaus just like personal credit. Likewise, this information is used to create a numeric business credit score, which lenders use as an indicator of creditworthiness. A solid score also builds...
How to Build Your Business Credit in Canada
Learn how business credit is determined, what you’ll use it for and how you can make sure your score puts you on the right footing with prospective business loan lenders.
How to Improve Your Credit Score: Step by Step Guide
Every Canadian has a credit score, but most of us have a pretty foggy understanding of what they mean and how they work. Despite this veil of secrecy, there are a number of simple best practices you can employ to improve your credit score over time. If you follow these tips, you’ll be well on your way to a stable financial future!
Comparing Credit Score Averages in Canada and the United States
Maintaining a healthy, if not perfect, credit score should be a top financial priority. What are the average credit scores for people in Canada and the United States? Are there differences in how scores are calculated in these countries?
Tips on How to Improve your Credit Score – Part 2
We will now focus on what exactly we can do to either maintain our good credit score or get out of a bad situation. Note that not all debt is created equally, and precedence should be given to those debts that will have a hefty effect on you and which will cost you more to haul.
Tips on How to Improve Your Credit Score – Part 1
Perhaps the most important variable which impacts your score is your payment history. In fact, according to many, your payment history comprises 35% of your total credit score and is considered to be the most fundamental factor when it comes to calculating your credit score.
How to Repair Bad Credit
How to Repair Bad Credit If you’ve received more credit rejection letters than you care to think about, don’t despair. Tons of information on how to repair bad credit is at your fingertips. You can start now by using the tools that millions of other people utilize and turn your credit rating around too. All…