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.
Whether you’re on vacation, constantly working, or just busy with life, it is so easy to miss a payment. It may not be a big deal at first, but after the fifth or sixth late fee, you may get fed up. Automatic payments can help manage your finances and avoid all late fees by paying your bills on time. Similarly, automatic savings can help manage your funds for the future. If you find yourself struggling to save, setting up automatic savings will make saving as effortless as possible because the money is distributed automatically for you. While assuring money for the future and on time payments, automatic savings and payments can be a helpful tool when working toward a better financial future.
If your credit score is weak and you often find yourself being rejected for loans, it may be time to set up automatic payments. Automatic payments are ideal and easy to implement. They can be very beneficial for your financial needs, credit score and credit history.
With so many expenses and deadlines, it can be challenging to pay each one, on time. One way to help with this problem is to implement automatic payments. When using automatic transfer payments, your bills will be continually charged to your credit card or taken from your chequing account each month, on a prearranged date. All of your monthly expenses will be paid automatically, without you having to do a thing. By paying your bills on time you are guaranteed to never miss a payment again, resulting in a healthy credit score.
The following information will provide the advantages and disadvantages concerning automatic payments.
As you can see, there are both positive and negative results that arise when using automatic payments. On one end of the spectrum, you will never have to stress about remembering to pay your bills. Whether you’re on vacation in the Bahamas or taking care of your newborn, your bills will always be paid no matter what. On the other end, automatic online payments mean that you’re giving businesses access to your bank account information, which puts control out of your hands. This can be very risky and tempting for businesses, as they may take advantage and add “accidental” overcharges to your account. If you’re not always checking your payment history to look for errors, they may pass you by, and you may be paying more than you should. For instance, if you forget to cancel your gym membership, you can still be charged for the next year.
Additionally, bills with a variable rate can be very difficult to track because their prices vary each month. If automatic payments are in place, you could be overcharged. If the amount is higher than what you anticipated, you could end up with an overdraft fee because you didn’t have enough money in your chequing account to cover the amount owed. So, although automatic payments may seem like an easy way to pay bills, which it is, it can also be used as a trap.
Saving is like dieting. We all hate to do it, but we know that we should. And when we do, it comes with many positive, long-term results. Similar to dieting, saving can help you create a long and healthy financial history and allow you to reach your financial goals. Moreover, saving is hard when you have so many different savings accounts and various expenses to pay. But, if you set up automatic saving transfers, your money will repeatedly distribute itself into different savings accounts. Too good to be true, right?
There are two ways to do this. Firstly, you can create an automatic transfer from your chequing account into a savings or investment account at your local bank. Secondly, you can have a portion of your paycheck directly deposited into a retirement or other savings account. The following explains the advantages of using automatic savings.
As you can see, compared to automatic payments, there are no disadvantages when using automatic savings. This is the ultimate, most effective way to save your money. Automatic savings is highly recommended and encouraged; as it significantly boosts your savings and helps you attain your financial goals. With a guaranteed way to ensure you’re consistently saving money, you’ll always have enough money saved for all the amazing experiences you’d like to accomplish in your life.
To determine which one, if not both, to apply to your finances, take a close look at your expenses, income, and your budget. It depends on your financial situation and how you manage your finances. We strongly suggest setting up automatic savings, but not always automatic payments. Automatic savings is almost always a good idea, but automatic payments can lead to financial issues if not managed properly.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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