Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Did you know you could reestablish your credit score while saving a little bit of money every month?
That’s what the credit builder loan is all about. Basically, it works like this: you enter the program and take out a 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 bureaus. 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.
A credit builder can help build your credit, however, the time it takes depends on a variety of factors including how bad your credit score currently is and how you manage your other credit products. The effects of your credit builder loan can be offset by missed or late payments on your other credit accounts. As such, the time it takes to build your credit will vary for each person.
There are multiple credit scoring models used in Canada, so the amount by which your credit score improves will vary depending on who’s calculating it.
|Climb – Accelerator Plan||Learn More|
|Spring Savings Loan||Learn More|
|Refresh Financial – Credit Builder Loan||Learn More|
Most credit building loans don’t require credit checks and have very low requirements. So long as you can provide proof that you can make the credit building loan payments, you should be able to qualify. Lenders may also check your bank statements to assess your debt-to-income ratio as that can hinder your ability to make payments. In general, you can expect to provide the following documentation:
When calculating the cost of a credit builder loan, it’s important to know the following numbers.
|Refresh Financial||Spring Financial|
|Interest Rate||19.99%||(not provided)|
|Program Lenght||36 months||12 months|
|Monthly Payment||$21.37 (bi-weekly)||~$55 (bi-weekly)|
If you’re in the midst of a bankruptcy, a consumer proposal, or a debt management program, the credit builder loan can help you rebuild your credit and get you approved for a loan in the future. Or if you are a student or a new immigrant, the credit building loan is an excellent way to start building your credit rating. It’s also great for people with bad credit history looking to improve their financial future in order to make bigger investments or financial commitments.
Confused about what a credit score and credit report are? Click here to learn more.
Rebuilding your credit history is a serious task and sometimes it can take years, this is why it’s so important that you have a plan. Adding a credit-building loan program to your plan of attack will not only help you improve your credit scores quicker but will help you save money. A credit builder loan is a financial tool, one that is not only very easy to use but very easy to be approved for. No matter what your financial past looks like, a credit builder loan can help you achieve your goals and refresh your finances for a brighter and better financial future.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.