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Saint John is the second-largest city in New Brunswick, with a population of just over 67,500 people, and is the oldest incorporated city in Canada. It’s main harbour, now known as Saint John Harbour, was landed by the French explorer, Samuel de Champlain in 1604. However, the city was made an official part of the United Kingdom in 1785, under the rule of King George III, following the events of the Seven Year War.
Saint John itself is situated on the north shore of the Bay of Fundy, allowing access to cruise and container ships. While the majority of the area surrounding Saint John is made up of rolling hills, it is nearby to two mountain ranges that run along the coast, The Saint-Croix Highlands and the Caledonia Highlands. The Saint John River system is also a place for a rare sight called “The Reversing Falls”, where tides in the Bay of Fundy cause the waters to flow backward for a number of kilometres.
Living in Fredericton? If you need a loan, look here.
There are a lot of myths floating around that give the loan process a reputation of being stressful and complicated. However, these are just facts that have been stretched by false information and word-of-mouth. If you’re looking to apply for a loan at some point in Saint John, then chances are you’ve heard some of these myths:
When you’re applying for a loan in Saint John, your chosen lender will be taking an extensive look at your financial history. While it is not always necessary that you have a high credit score, being in a good place financially is.
As we mentioned earlier, what a lender really wants to know is that their borrowers are going to be able to make their scheduled payments. If they see that a potential borrower has a history of debt or other financial problems, it could mean they’re at risk of bankruptcy. That lender most likely won’t give money to someone if there’s a high probability they won’t pay it back. For that reason, if you’re thinking about applying for a loan in Saint John, it’s best that you start getting your finances in order beforehand to give yourself the best chance of getting approved. This means any documentation that a lender would require for the application is up to date and ready for inspection.
Another important step to take is to pay down any other debt you might have. This means credit card bills or any other such payment that you might owe someone else. If you’re still doing well enough financially afterward, you can start researching lenders and the rates they charge for their loans. Remember, a bigger loan like a mortgage can take years to pay off completely, and every month you’ll be charged a certain amount in interest. Taking your income, savings and other general expenses into account, get an idea of how much you can afford in loan payments on a monthly basis. You can then calculate your debt-to-income ratio (your monthly debt amount weighed against your monthly income). If your ratio is more than 30-35%, consider saving up for a while longer or finding a job that pays more before you apply.
Here’s what happens when you can’t make your loan payments on time.
Something that not everyone considers when they’re thinking about applying for a loan is how it will affect their credit score. For example, while not all of them will, some creditors do check your credit, which results in a “hard pull” showing up in your credit history. A hard pull will diminish your score slightly, especially if there are multiple pulls done by multiple lenders, so make sure you know if your lender will do this. Your ability to stick to your payment schedule will also affect your credit score. So, if you’re making your payments in their full amounts and on time, your score will rise. However, if you’re not paying the full amounts, are not making payments on time or missing them completely, your credit score will drop significantly.
Click here to see how your payment history affects your credit score.
All this being said, if you want to apply for a loan in Saint John, but don’t have an amazing credit score, there’s no need to worry. While some lenders will check your credit before deciding to approve you, there are many others out there that will not. As we said above, most lenders really just want to be certain that you’re financially stable, and that they won’t end up with a deficit after lending to you. In other words, as long as they’re confident that you will pay them back, there’s a good chance that they’ll lend you the money you need. Just remember, responsible use of a loan is a good way of building solid credit. So, it’s always important to make sure your chosen lender reports to one of Canada’s main credit bureaus (TransUnion or Equifax).
Trying to understand your credit score and credit rating? Take a look at this.
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