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Newfoundland and Labrador is Canada’s easternmost province, home to just over 500,000 citizens. Situated on the coast of the Atlantic Ocean, the province is made up of the island of Newfoundland and the mainland of Labrador, which are divided by The Strait of Belle Isle. With over 97% of its population being English-speaking, Newfoundland and Labrador is reported as the country’s most homogeneous population in terms of its linguistics.
Since the start of the 21st Century, Newfoundland and Labrador has experienced an economic boom due to its production of natural resources like oil and minerals. In fact, an estimated 55% of Canada’s iron ore is known to come from the province. When travelling by boat up the eastern coast, Newfoundland and Labrador is a great place to see spectacular icebergs. Recently, evidence of a Norse Viking settlement was discovered at L’Anse Aux Meadows, situated at the northern tip of Newfoundland. The city of St. John’s, Newfoundland is also the birthplace of the famous Canadian folk band, Great Big Sea.
Looking to apply for an installment loan in Newfoundland and Labrador? Read this.
There are lots of things that can make life complicated. However, getting a loan doesn’t need to be one of them. Follow these loan tips to make the process easier:
- Always read the fine print before you sign any contracts. Most lenders aren’t trying to scam you out of your hard earned money, but there might be some hidden fees or stipulations that you should know about.
- Be proactive if you’re having difficulty with repayment. Making a late payment or missing one entirely has a direct, negative affect your credit score. If you know you won’t be able to make an upcoming payment, inform your lender, chances are they’ll be able to adjust your payment amounts and/or repayment schedule.
- Consider finding a cosigner for your loan. If you can’t seem to get approved for a loan by yourself because of your low credit score or income, you could always ask a trusted friend or family member to cosign your application.
- Ask about making extra payments. Not all lenders will allow borrowers to pay off their loans sooner than expected, but it’s always in your best interest to ask anyway, it could end up saving you a lot of money down the line.
- Remember that taking out a loan, even it’s for something you need, means you’ll be putting yourself in debt. A loan can be a useful tool when handled responsibly. However, carrying around too much unpaid debt is never a good idea. Before you take out a new loan, always make sure you’re financially secure enough to handle it.
Take a look at these debt management tips for credit users.
How Will You Use Your Loan?
We never know what life is going to throw our way, which is why it’s so important to know what your options are. From financial emergencies to common expenses, rest assured that there is a loan for your situation. Here are some of the more common loan types that Newfoundland and Labrador residents use:
- 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
Did you debt consolidation loan application get denied? Here’s what to do.
Ever wonder how much it truly costs to be a borrower? Check out this infographic.
Increasing Your Chances of Getting Approved
Unfortunately, if it’s obvious to a potential lender that you’ll have trouble handling any more debt, you may not get approved. This is, of course, refers to banks and other traditional financial institutions, where lending policies are quite strict. However, most consumers can get approved if they can prove that they’ll be able to keep up with their payments. Better yet, there are steps you can take increase your chances of gaining access to the financing you need:
- Choose the right lender for your unique financial situation. Applying with a lender who doesn’t offer the loan, interest rate, or payment terms you’re looking for won’t increase your chances of getting approved. Instead, find a lender that offers terms that will adhere to the money you’re already earning.
- Pay off any other outstanding debts! Don’t take on any more debt than you can handle. Before applying, it’s important to take care of any other debts you might have. Not only will this reduce your future debt load, it also shows your lenders that you can be financially responsible.
- Request a copy of your credit report. Another important step to take before applying for any credit product is to examine your credit report. This way, you’ll have a better idea of how you’ll handle your loan debt.
- Dispute any errors you find on your report. Any errors on your credit report can cause serious, lasting financial problems, including preventing you from getting approved in the future. If you do spot an error, you can dispute it with your credit bureau and have them correct it.
Read this to learn how you can dispute an item on your credit report.
Protecting Your Personal Information
Privacy and fraud are serious issues that everyone needs to stay informed about. It can only take one small mistake on your part and your personal information could be compromised. Here are a few tips that you can follow to protect your personal information.
- Always inform your bank and lenders when your address changes. Any mail you receive from these organizations typically contains your personal information. A fraudster can use this information to access your finances.
- If you lose your debit or credit card, or you feel that it may have been stolen, inform your bank/credit card company. A thief can do quick damage to your finances with your debit or credit card. So, if you think you’ve lost or had your cards stolen, get your bank/card company to cancel them immediately, even if it’s just a precaution.
- Never allow anyone to access to your bank account. Even your friends and family might unintentionally make a mistake that leaves you vulnerable to fraud or identity theft.
- When you use an ATM, never leave your receipt behind. Your receipts also contain some sensitive financial information. When completing an ATM transaction, never leave your receipt anywhere nearby, even in the trash. If you don’t need your receipt, at least take it with you and destroy it properly.
- Always hide your PIN. When using an ATM or Interac/credit card machine, make sure no one is behind you looking over your shoulder. Also, never write your pin down or choose numbers that are easy to figure out (birth dates, etc.)
For more information about debt card fraud and how to avoid it, click here.
Dealing With Fraud
Unfortunately, identity theft or consumer fraud can happen to anyone. These criminals do not discriminate and will not hesitate to steal from you or apply for credit products using your personal information. Here are some of the most common types of fraud:
- Credit fraud
- Credit card fraud
- Identity theft
- Loan fraud
If you’re currently dealing with fraud or know someone that is, get in contact with the following organizations.
- The Canadian Anti-Fraud Centre to inform them of the fraudulent activity.
- Your local police to create a report and request that an investigation is opened up.
- Both of Canada’s major credit bureaus (Equifax and TransUnion) to review your credit report and place a fraud alert on your file.
The government of Newfoundland and Labrador provides information for its citizens concerning consumer protection on their Service NL website. If you’ve become a victim of fraud or identity theft, or if you want to learn ways of preventing it, visit:
PO Box 8700
St. John’s, Newfoundland and Labrador A1B 4J6
How do I ensure I qualify for a loan in Newfoundland and Labrador?
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