How Credit Scores Affect Installment Loans
Installment loans are closely tied to credit scores. Your credit score will determine your options when it comes to borrowing money, and borrowing money will also impact your actual credit score based on how you handle the loan and its terms.
Fixed or Variable? What to Consider as Your Mortgage Comes Up for Renewal
When deciding between fixed or variable mortgages upon renewal, Canadians facing this decision should consider two key factors: the outlook for interest rates and their own risk tolerance. Historically, variable rates were favorable during low-rate periods, but with current economic uncertainties, locking in a fixed rate could provide stability and predictability in monthly payments. However, the path of short-term interest rates suggests that variable rates may see a decline in the coming months, making them an attractive choice for those who can tolerate some uncertainty. Ultimately, the decision should be based on individual financial circumstances and the willingness to embrace potential rate fluctuations.
When are interest rates going down? And how did Canada get here?
The article explores the consequences of rising interest rates in Canada, leading to concerns among homeowners and businesses facing higher borrowing costs. Political leaders have criticized the Bank of Canada’s rate hikes, attributing increased inflation to these actions. Bank of Canada Governor Tiff Macklem expressed concerns about inflation progress. Interest rates influence economic behavior and are tied to the Consumer Price Index (CPI). Economists predict rates to stay at five percent until at least Q3 2024, with further increases in 2025.
Armada Credit Group on equipment financing: borrow early to stay flexible
Businesses considering taking on additional debt due to increasing interest rates might be interested in equipment financing options. Instead of paying a substantial upfront sum, businesses can turn to lenders like Armada Credit Group to acquire equipment such as production lines, trucks, or heavy machinery. This approach can lead to quick productivity gains. Armada Credit Group, led by CEO Danny Lebovics, provides fixed-rate term financing for equipment, typically spanning 48 to 72 months for repayment.
Why private mortgages are becoming so popular in Canada
As it becomes more difficult to secure a mortgage traditionally through a bank, Canadians are turning to the private mortgage option. Increasing more people are using private mortgage brokers to finance homes for various reasons. The high interest rates are putting pressure on homeowners and some people simply aren’t able to get a mortgage at their bank. Private mortgages in dollar value are at $22.4 billion in Ontario alone.
How to eliminate your mortgage payments with a reverse mortgage in Canada
Amidst the rising interest rates in Canada, homeowners, especially those with large loans like mortgages, are facing financial concerns. The unexpected hikes have resulted in higher monthly payments, posing challenges to stay in their homes. However, there are solutions to ease the burden during this economic climate. For eligible homeowners, a reverse mortgage offers a viable option, allowing them to eliminate mortgage payments and securely remain in their homes.
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.
Student Loan Forgiveness in Canada
This article informs Canadians about relief and forgiveness options for student loans. It discusses the challenges of paying back loans due to high interest rates and financial constraints, and highlights the Repayment Assistance Plan as a possible solution. It also mentions that loan forgiveness is available and reassures students about other options available.
How to Optimize Your Listing on Smarter Loans: A Guide for Lenders
If you’re a lender, you know how tough it can be to stand out in a crowded market. That’s why it’s crucial to optimize your listing on Smarter Loans, the leading loan comparison platform. By strategically creating a robust profile and incorporating video and media, you can differentiate yourself from the competition and attract more customers. Our article offers valuable tips and strategies to help you optimize your listing and reduce costs, so you can stay ahead in the game.
What Is Line 10100 (Or 101) On Your Tax Return?
A fundamental section of your tax return to complete accurately is Line 10100 (formerly specified as 101), which deals with your employment income. Let’s take a look at the details to help you navigate your way around the form.
Best Business Bank Accounts in Canada
When you use a business bank account, it can help the business you run build its own credit profile, which can be useful down the road. So how easy is it to open a business account? We’ll go through the process and help you understand how much the fees are for every given business bank account.
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.
Top 7 Paid Surveys Sites in Canada
We’ll let you know about the top 7 paid survey sites for Canadians. These have been vetted as legitimate, well-established paid survey sites. They all have different incentives that can include cash, gift cards, a point system, sweepstakes, and free products.
Top 12 SUVs in Canada for 2023
As one of the most popular vehicle types out there, there are numerous options for all lifestyles. We’ve created this list so you have an idea about what SUV’s stand out in their class.
How to Spot and Avoid E-Transfer Scams
One of the main ways you can be scammed is through e-Transfers. Unfortunately, there are many ways that you can be scammed if you’re not cautious. We’ll let you know what to look out for and how to prevent scams from happening to you.
How to Buy a Foreclosed Home in Canada in 2023
Foreclosure may be forced on a homeowner because of criminal activity or bad living conditions. There are many circumstances that can cause someone to be removed from their property. Lenders who keep the liens to properties like this will need to do something to get some of their money back as they will be at a loss. The lender is legally allowed to sell the home, putting it up for sale.
The 30 Cheapest Places to Live in Canada for 2023
If you’re currently living in one of the areas in Canada that are inflated, you may want to consider looking for a new place. There are plenty of affordable towns and cities in Canada to get in on owning a home. There are some mortgages you may not currently be able to access because you don’t qualify. If you have the freedom to move, you may want to consider it. There are a lot of Canadians that are working remotely now. If you don’t need to live in one of the expensive cities like Vancouver or Toronto, it’s a great opportunity to explore this incredible country.
Cheapest Electric Cars in Canada for 2023
If you’re looking for an electric car that doesn’t rely on fossil fuels, there’s an option for every budget. There’s also the incentives that come with owning an electric car that reduces your overall cost. You can potentially get personal loans to help you purchase one of these cost-effective vehicles. Here is our list of the cheapest electric cars for 2023.
The 10 best real estate apps for Canadians looking for a house in 2023
The technology of real estate has made great progress, making it easier than ever to house hunt while navigating complex home equity loans applications. Here’s our list of the 10 best real estate apps available to Canadians.
The Dividend Tax Rate in Canada: What You Need to Know Now
If you live in Canada and are an investor, you can benefit from the dividend tax rate. Why is this exactly? A dividend stock in Canada will share the tax burden with the company you’re investing in. If the company performs well financially because of the money you invested, you get to keep the stock and any future dividend returns. Not only that but you pay less tax on dividend income.
Best Bank for Students in Canada
When you’re going through college, you want to save every penny you can. Having a bank account that doesn’t have huge costs attached to it is one of the perks of being a student. The bank knows that someday, you’ll be potentially looking for loans because you’re making good money. So low-cost bank accounts for students are to their benefit. Here are competitive offers that might make your life easier while you’re focused on your studies.
What is Merchant Cash Stacking & Why Should You Avoid It?
It may be tempting, but merchant cash advance stacking can put your small business at risk. In this post, we’ll explore what MCA stacking is, why MCA stacking is dangerous, albeit tempting, and alternative funding options to stacking merchant cash advances.
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How Small Businesses Can Combat Staffing Shortages with Merchant Cash Advance Funding
Merchant cash advances offer small businesses a quick and simple way to leverage working capital. Because MCAs are repaid from a portion of your daily or weekly sales, hiring employees to help grow your business can allow you to repay your funding faster than other small business loans like Canada Small Business Financing Program loans.
How Law Firms Can Use Merchant Cash Advances to Fuel Growth
There are no restrictions on how merchant cash advance funding can be used, so law firms can use MCAs however they see fit. In this post, we’ll explore 7 ways law firms can use merchant cash advance funding to fuel their growth.
Prime Rates Canada and Their History
It’s expected that the Bank of Canada’s target overnight rate will reach at least 2.00% by the end of 2022. As a result, Canadian bank prime rates will likely be at least 4.20% by the end of the year. Looking back at the decades before now, there have certainly been some higher interest rates based on economic problems. History shows us that things are ever changing and what we’re experiencing now with Prime rates isn’t permanent. Learn more!