Credit Rehabilitation Loan
That’s what the credit rehabilitation loan is all about. Basically it works like this: you apply for a credit rehab loan, the money from the loan is used to buy you a GIC, you make small monthly contributions to your loan and over the term of your loan pay it off. At the end you reap the benefits of your GIC.
In other words, this program allows you to save by contributing to a GIC through a loan. Since you are paying down a loan you benefit from establishing your credit score as your payment history gets reported to the credit rating agencies. On top of that, you are saving money and improving your financial profile. It’s a great way to get smart about your finances or get a fresh start.
Another great aspect of this service is the fact that even if you are still awaiting discharge from bankruptcy or if you are still contributing to a consumer proposal you can still qualify for this loan.
Who would benefit from this program?
If your credit score has taken a hit, you can benefit from a credit rehabilitation loan.
What factors affect your credit score?
Your credit score is composed of various different factors and you can learn more about them here. However, a dip in your credit score can be caused by any of the following:
– Not paying your bills on time
– Missing payments
– Defaulting on loans
– Amount borrowed vs available credit
– Credit score inquiries
– The types of debt that you have
On the other hand if you would like to see your credit score improve you’ll have to be smart with your debt. The trick is understanding how a credit score is calculated, and once you know that it’s easy to make the right decisions. However, you need access to credit to improve your credit rating. Your payment history is vital to a good credit score.
Establish/Re-establish your credit score today!
What are you waiting for? An improved financial future awaits. Get started on your credit rehabilitation loan application today by visiting our application page.