New Brunswick is one of the three maritime provinces in Canada. It’s also the only constitutionally bilingual province. With a population of just under 750,000 residents, it’s ranked as the 8th most populated province in the country. One of the four original provinces of Canada, New Brunswick was officially made part of the Canadian Federation in 1867, along with Quebec, Nova Scotia, and Ontario. Where New Brunswick differs from the other two maritime provinces (Prince Edward Island and Nova Scotia) is that it’s the only one that is not completely surrounded by water. Fredericton, the province’s capital, is the third largest city in the province and is the location of the annual Harvest Jazz & Blues Festival, which attracts jazz, blues, and rock artists from all over the world.
If you’re a resident of New Brunswick, here are a few tips that you can use when you’re looking to apply for a loan:
- It’s best not to apply for too many loans at once, as doing so could have a negative impact on your overall credit score.
- Before applying, think about what type of payment term will best suit your needs. For instance, with a shorter term loan, your monthly payments will be higher, but you will pay less overall. because your payment period will be shorter.
- Make sure that you choose a legitimate lender. Check out consumer reviews and look for the lender in the Better Business Bureau database.
- Before signing any contracts with your chosen lender, always read every document over carefully for any inconsistencies.
- Ask about secured loans first, they might be better suited to your situation.
- It’s always in your best interest to make your loan payments on time and in full. If not, you could be charged a large penalty, be given a higher interest rate, or the property you’re financing might be seized as collateral (for homes, cars, and other assets).
You can also consider a guarantor loan.
Loans For All Your Needs
One thing about loans? There are numerous kinds, all relating to different financial situations. Whether it’s to pay off your car, your home, or your business, there are lenders out there that will supply you with the loan you need. These are the types of loans that are the most frequently used by the average New Brunswick citizen:
- Debt consolidation loans
- Business loans
- Personal loans
- Emergency loans
- Home renovation loans
- Medical loans
- Wedding loans
- Student loans
- Tax debt loans
- Car loans
- Bridge loans
- Vacation loans
- Repair loans
Ever wonder how much it will cost you to raise a child in Canada? Check out this infographic.
Increasing Your Chances of Getting Approved
True, getting approved for a loan can often be difficult, especially if you don’t have a favorable credit score. Having bad credit can make lenders think that you’re at risk of defaulting or going bankrupt, so approving you might be a bad idea. However, there are measures you can take that will increase the likelihood of you getting the approval you need, such as:
- Requesting a credit check before you apply.
- Paying off any debts you might already have.
- Your financial situation might be different from everyone else’s. So, choosing the right lender to suit your needs is important.
- Before applying, make sure that taking out a loan is the right option for you.
- It’s best to have all your information up to date and ready to go.
- Take your time and search around before you commit to one lender.
- Banks are not the only lenders you’ll come across, so look at other organizations if your bank rejects your application.
- Dealing with an online lender might work in your favor, so keep an open mind.
Click here to learn about bad credit loans in New Brunswick.
Protecting Your Personal Information
The unfortunate truth is that there are multiple ways for an identity thief or fraudster to steal your personal information. Once they’ve done this, your finances can be damaged and take a long time to repair. If a thief manages to get a hold of your Social Insurance Number, for instance, they can steal your identity, then open credit accounts and take out loans in your name. For this reason alone, it’s crucial to have your information properly protected.
For more information about fraud and identity theft in New Brunswick, contact the Financial and Consumer Services Commission.
Financial and Consumer Services Commission
Kings Place (King Tower)
440 King Street
Fredericton, New Brunswick E3B 5H8
Toll-Free: 1 866 933-2222
Dealing With Fraud
Fraud is one of the most serious crimes that any person may have to deal with in their lifetime. As mentioned above, fraudsters and identity thieves are clever. In fact, they can use the most basic personal information to gain access to both your bank and credit accounts. If you’re receiving your mail in an unlocked mailbox, someone can use your name, address and postal code to pretend they are you. If you accidentally throw out a pay-stub from your paycheck, they can find your SIN (Social Insurance Number) and also use it to access your banking information. Fraudsters can even learn about you by using websites like Facebook and Instagram, so be careful what you’re posting online.
Read this for an introduction to debit card fraud.
Your credit is also at risk if you don’t take the proper precautions and a thief gains access to one or all of your credit accounts. Your credit score could be impacted badly and prevent you from getting approved for the financial products you need in the future. Some of the more common types of fraud are:
- Credit Card Fraud
- Identity Theft
- Credit Fraud
- Loan Fraud
Remember, it’s in your best interest to review your accounts on a regular basis and keep an eye out for any suspicious activity. Actually, there are a few warning signs that you can watch for, such as:
- If one or more of your lenders contacts you to let you know that you’ve been approved or rejected for a loan that you never applied for.
- The same goes for credit card companies and banks. If they inform you that you’ve been approved or denied for a card, or service that you didn’t apply for in the first place, your identity may have been stolen.
- If you already have existing credit cards, but your monthly statements have stopped showing up in the mail, someone might be stealing them and using your information.
- If your statements are still showing up, but unusual purchases that you don’t remember making are listed on the bills, it’s another sign that a thief might have your credit card information.
- If a collection agency informs you that you haven’t been making payments for a loan that you never applied for, someone might be using your identity to open loans in your name.
The Loans You Need, No Stress!
If you’re currently seeking a loan to finance something important to you, we’ve got great news! You’ve already found Loans Canada!