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Loans – Cash Loans Canada Inc

Car Repair Loans Qualifications

Having a car break down on you can be one of the worst things to happen. Car repairs can be incredibly expensive and most of us need our car to help us do many necessary tasks in life. Thankfully you can apply for a car repair loan to help you acquire the money you need for those repairs. While these loans can be lifesaving, there are many requirements that must be met to apply for a car repair loan. Make sure that these are all met before going to apply for a car loan.

One of the first and most important qualifications to applying for a car loan is the age of your car. Lenders don’t want to be giving out loans to people whose vehicles are very old. Older cars tend to have costly parts since many of their parts have gone out of production and need to be special-ordered. For this, the qualification for the age of cars is traditionally 8 years or less. This ensures that you’re not taking out loans on cars that will need more work than it might actually be worth.

Another qualification deals with the amount of debt that you have on the car. A lender doesn’t want to add any additional debt to a car that already has an outstanding balance. That said, your car needs to be completely paid off without any other active loans signed against it. This helps the lender ensure that you can pay off your loan without going into bankruptcy just from outstanding loans on your car.

Third, the lender wants to make sure that the car you are repairing is actually yours and that they aren’t giving out a large loan to cover someone who doesn’t have insurance. So before you apply for a car repair loan make sure that you have valid ownership of the car, your car registration, and proof of insurance on your car. These are all for the safety of the lender so that they know they aren’t just giving money to someone other than the person who bought it.

Finally, to apply for a car repair loan you need to make sure that you don’t have an active lien on your car. If you have taken out a loan in which you have stated that your car can be used as collateral until the debt is paid off, then you have a lien against your car. Make sure to pay off that first loan to get the lien taken off your car before applying for a car repair loan.

If you meet all of these qualifications, you shouldn’t have any problems trying to apply for a car repair loan. Do some research to find a lender that can give you the best offer while also meeting all of your needs. Read the loan thoroughly to understand all of the conditions as well. Applying for a car repair loan isn’t difficult, just make sure that you meet these four qualifications first to make sure that the loan process goes smoothly.

Home Equity Loans: How Your House Can Get You a $25,000+ Loan

Trying to finance a large renovation on your house or putting an addition onto your home can be very tricky. Typically they cost a lot of money to fund or can take years to save up for. Home equity loans are one way to get money out of a home that you currently own to help give you extra funds towards renovations and additions. There are a few steps that you must take before getting a home equity loan and some equations to help you figure out how large of a loan you can receive. What are the steps to getting a home equity loan?

Firstly, a home equity loan is a secured loan and is considered to be a closed-ended loan. Also, a home equity loan is different than a home equity line of credit, which is an open-ended loan. Let me explain. A home equity line of credit is like a credit card. You can take out money from your house but the interest rate changes and the amount of money you can receive changes as well. A home equity loan is more like a debit card. You get a set amount of money on a loan and it’s given to you all at once. You can’t take out any more money than what you receive and the interest rate is typically fixed. Both are secured loans and both are also considered second mortgages on your house. In this article, we will specifically look at home equity loans rather than home equity lines of credit.

The very first thing that you want to do when applying for a home equity loan is to figure out your credit score. While there are many different paid online applications where you can see your credit score, you can also request your credit score for free once a year from your bank or the three different credit score “companies.” If you don’t have a great credit score, that’s ok, you can apply to different lender companies were the loan amount is based on your asset, not your credit. To increase your credit score, make sure that you are paying bills on time and try to get all of your credits and loans as close to zero as possible.

After you check your credit score, try to see how much money you would be able to get out of your home and compare it to how much the project is going to cost you. Typically a lender will give you no more than 85% of the value of your current home or the home that you are taking a mortgage out on. And yes, you can take a mortgage out on a home that you own but do not currently reside in. That value can fluctuate depending on your current income. A lender is thinking about all of these things when figuring out the loan value. Lenders would not want to give you a loan whose monthly payment is far more than you can handle financially or if your credit score reflects a lot of late payments or an excess of current credit already.

Besides looking at your credit score and the current value of your home lenders will also consider the Loan to Value Ratio of your home, also known as the LVR. The LVR is relatively easy to calculate but is yet another important step in the home equity loan process. The Loan to Value Ratio looks at home much your house in currently worth and what you still owe on your house. I’ll give you an example. Say that your house is worth $200,000. What would 85% of that value be? Your overall loan would be $170,000, or 85% of that value. That $170,000 is the total amount that you can owe on the house though. So, if you’ve currently paid $70,000 of your house, the most a lender will give you on a home equity loan is $100,000. That’s because you still owe money so they take the money that you own and subtract it from the 85% loan that they are overall willing to give you.

After figuring all of this information out it’s time to do some research. Start looking at all of the different banks and lenders that have a home equity loan to offer. Many financial institutions offer many different options, so finding one that works for you and your budget is essential. Make sure to look at average interest rates for your loan and find the lender that offers the lowest one. Make sure you read the fine print to see what their policies about repayment are and how their loans look as well. It’s incredibly important to know exactly what you’re getting into when applying for a loan. Call the banks or lenders that you feel will be the best fit and talk to a representative. Ask all the questions you have and make sure that you understand everything before committing to a single bank. Loans are expensive so you want to ensure that you’ve accepted the best offer possible for your situation.

There are a few final things that happen with a loan besides getting approved, going through the loan process, then finally receiving your money; there are also closing costs associated with your loan. That’s because this is considered a second mortgage, so most of the closing costs that you had on your first mortgage will happen yet again on this loan. Most people don’t realize that these fees do occur so make sure to calculate these into your final costs of a loan. If you’re not sure what these costs could be ask your lender to get an idea.

You don’t have to go broke trying to renovate or make additions to your home. There are many different loans that are possible for you, but a home equity loan might be the best option. You can get a large sum of money all at one time, under a secured loan to help you improve your house. Remember that the lenders will want to look at your income and the LVR of your current home. Research the best options for you and find out what approximate closing costs will be. If you’re looking to renovate your home, a home equity loan can be a great option for you.

Step by step instructions to organize your debt obligations

Why it’s imperative to pay off debt obligations appropriately:

The outcomes of not paying off a few obligations before others can devastating. In case you’re attempting to meet debt deadlines, you must assess every one of your obligations and organize them as follows:

– Debt crises – priority obligations

– Non-urgent obligations


In case you’re confronting a debt crisis now or in the following few days, for example:

– Court activity

– Bailiff activity

– Eviction for the home loan or lease unfulfilled obligations


Get free, anonymous obligation counsel immediately. An obligation counselor can speak with the court, bailiff, or lender for your benefit. They will advise you on what to do next.


Always attend your court hearings. It allows you to know exactly what’s going on, and in the event, that you don’t go, a choice might be made without considering all the data regarding your circumstances. If you’re present at the hearing you can tell the court what’s going on. This may help them come to a more favorable decision.


In case you’re expected in court within 24 hours, inquire as to whether there is somebody you can address before your case is heard.


The results of not paying off priority obligations could be:

losing your home – on the grounds that you’re not staying aware of your home loan or lease payments.

– Receiving a court summons

– Being visited by bailiffs

– Bankruptcy – because you haven’t paid your bills

– Electricity cut off – if you haven’t paid your utility bills


What are non-urgent obligations?

In the event that you don’t pay non-urgent obligations, your lender could, in the long run, indict you or find a bailiff to gather cash from you.


Your non-urgent obligations include:

– Credit card obligations, store card obligations, or payday advances

– Catalogue, home credit, or in-store credit obligations

– Overdrafts

– Bank advances

– Money obtained from companions or family

What is a Secured Loan?

Secured loans can be tricky to understand, and sometimes even frustrating to figure out. It seems as if every loan agent or creditor has a different definition and a different meaning of what a secured loan entails. Even after hours of searching on the internet, some may get very confused as to what everything is and how to trust what they’re being told. So, what is a secured loan? What is an unsecured loan? What is the purpose of a secured loan?

First of all, a secured loan is a type of loan where the borrower offers an item they own as collateral (or an asset) for the loan. Think of it this way. You really, really want to get that brand new laptop, but you haven’t got the money for it. You go to a local lending agent and ask for a loan of $1,000 to help pay for your new laptop. The lending agent needs to make sure that he or she will eventually get back the money that they are giving you. In return for giving you the money they ask for some form of collateral: an item or piece of property roughly equal to the value of the loan they are giving you. So, for a $1,000 loan you decide to use your car as collateral. So, you use that car, and you technically still own it, but you’ve now given up some of your rights on that property to the lending agent. If you can’t pay back your loan that lending agent can now use their limit rights of your property to repossess it and sell it to hopefully make back the money that you had left to pay. If the lending agent does not make back all of their money, then you may find that a deficiency judgment is placed against you.

A secured loan contrasts an unsecured loan. An unsecured loan is when a loan is taken out without any collateral attached to it. Typically, this means that you will have higher interest rates to help the lending agent make back some of its money in case you don’t pay back all the loan money. These can be loans such as student loans or car loans.

The purpose of having a secured loan is mainly a safety net for the lending agent. This way, the lending agent isn’t constantly going into debt by giving out money without ever earning it back. Also, it can be a sense of motivation for a borrower to actually pay their loan back. Nobody likes having their property taken away, so having some form of collateral to motivate a borrower to pay back their loan is another purpose of taking out a secured loan. Finally, a secured loan can also serve the purpose of extending the credit of the loan or possibly lowering the interest rates as well. Secured loans are also the most common type of loan to acquire.

Taking out a secured loan is sometimes much better than taking out an unsecured loan, especially if you want a lower interest rate and need the money quickly. Collateral is what makes a secured loan different, though, so make sure that you have something worth relatively the same amount of the loan you are going to take out. A secured loan might be the best option for you, but make sure that you know all of your options before borrowing first.





All you need to know about a car title loan

Buying a brand new, or even used car can be a very exciting time. You’re finally getting that new car that can make life so much easier. Once you’ve actually bought a car though, did you know that you can take out a loan on it? It’s a bit difficult to understand, but you can actually take out a car title loan to help get you a little extra money when things get a bit tight. What is a car title loan? How does the process work?

A car title loan is a type of secured loan where you give up your car as collateral. What is a secured loan? Basically, a secured loan is a loan in which you go to a lending agent, ask for a specific amount of money, and then put an item or piece of property up for collateral that’s around the same value as the loan you are taking out. If you cannot repay your loan then you forfeit your collateral to the lending agent so that they may try to sell it to regain their money back. In the case of a car title loan, you are giving up the title to your car in exchange for a loan.

What is the process of getting a car title loan? Well, you’ll need to show proof of ownership on a car that doesn’t have a lien on it already. A lien is simply a car title loan that has been put on a car but hasn’t been paid off yet. You’ll also need your government-issued driver’s license and proof of car insurance. Sometimes you might need proof of income and a piece of mail with your address on it as well. This is all to ensure that the lending agent is protecting him or herself from any damage that could happen without all of this information.

The amount of the loan is typically determined by the actual value of the car. This does not mean that your loan will equal this amount though. Typically, a lender will give you a loan that is half the value of the car, sometimes just a little bit more. Make sure to look up the current value of your car to estimate what your loan might be in comparison to what you need. Interest rates for these loans can be incredibly high though, which is how the lending agents make their money from these loans.

Taking out a car title loan can be great if you’re in desperate need of some money, but they also come at a huge cost. The interest rates are incredibly high, making it difficult to ever fully pay them back if the loan is a large amount of money. Also, the loan value is only about half of your car’s current value. You’re also gambling with the idea of having your car repossessed if you can’t pay the money back. Take a look at the risks associated with a car title loan before taking one out to make sure that this will be the best option for you.

10 Simple Ways to Improve Your Bad Credit Score

If you’re being denied credit cards or your loan requests aren’t being approved, it’s high time to improve your credit score so that you can get the best financing options. Here are some methods to help you enhance your credit score so that you don’t get rejected in the future:

1. Accurate Credit Reports: It’s hard to see an F on your credit report and even harder when you know you deserve an A. Therefore, it’s very important that you regularly check your credit reports. Studies have shown that there is a 1 in 5 chance your credit report could have mistakes on it. Get the free copy of your credit report you are entitled to and make sure that all the information is accurate so that your credit score isn’t incorrect.

2. Get a Credit Card: Sometimes this isn’t so obvious, but if you don’t own a credit card, you may end up having a bad credit score due to an uneven mix of accounts in your name. You may also choose to have a secured credit card, which helps keep your credit card bills under control. With a secured credit card, you need to deposit a certain sum of money. This will act as the credit limit for your credit card and will prevent you from overspending.

3. Credit Line Increase: Most banks provide their customers with an option to increase their credit card limits. This will help you improve your credit utilization ratio which is the percentage of credit limits you have used and will ultimately boost your credit score. If your bank insists on further enquiries regarding your credit card before providing you with an option to increase your limit, then refuse the option as a “hard check” on your card may harm your credit scores in various ways.

4. Pay Your Debts Regularly: Increasing your credit card limits will help you increase the denominator of your credit utilization ratio. To further enhance this ratio, which also improves your credit score, you need to reduce the numerator as well. This can be achieved by paying off your debts in a timely fashion. This will also ensure that you have to pay lesser amount of interest as your debt is reducing due to the payments.

5. Collection Account Clearance: At times, your debt collector may stop wanting to report your debts to your credit bureau if you offer to pay back the whole amount of money at one go. Before you approach your debt collector, make sure this is legal; some debt collectors have agreements with credit bureaus to report back your debts under all circumstances. This should be kept as one of the last resorts in the process of improving your bad credit score, in case all others fail.

6. Stop Applying: Although most institutions will provide you with tempting credit options, and provide you with various offers to apply for additional credit cards, it may not be a good idea to always indulge in such offers. It is true that the more credit cards you have the higher your credit score can be, but a hard credit enquiry may cause damage in such cases. In case you are applying for a lot of credit cards in a short span of time you may end up in more trouble than less trouble.

7. Strong Credit Age: One of the easiest and quickest ways of improving your bad credit score is to increase the age of your score. In case you have been having a recent credit score, you can always try and utilize the credit history of your friends and family members by becoming beneficiaries to enhance your own credit history or credit score age. This helps in improving the bad credit score as it will reflect that you have been using credits for a long period of time.

8. Avoid Becoming the Victim: One of the easiest ways to harm your credit score is when a thief steals your identity or uses your credit card for making transactions. This will increase the debt in your name which will affect your credit score. In order to avoid such situations, make sure that you carefully study your credit limits every month and inform your credit card provider with any abnormality you notice. Also, avoid sharing your personal details with anyone.

9. Accounts in Your Own Name: It might be possible that you are not financially independent and depend on your parents or spouse to provide you with financial support. In such cases, you will generally have a joint account with whoever provides you with financial aid. Avoid it and start your own account; having your own account will help you to build up your credit history, which in turn will enhance your credit score. Paying your bills from your own account will contribute to your credit history.

10. Have Patience: There are some cases where people tend to have gaps between good credit scores, especially when faced with unfortunate events such as a filing for bankruptcy. Sometimes the gap between these two occasions may last as long as 10 years and you have to be very patient during this time.

Although you may use these methods to improve your poor credit score, you still may end up needing a loan desperately during these times. In such situations, you can always trust Cash Loans Canada to provide you with a loan. All you need to do is fill out some simple details and provide us with the required documents. You will be given your loan within 24 hours without any hassle or rejections.

How to get a home improvement loan with bad credit – The Ultimate Guide

The largest room in this world is the room for improvement. Upgrading every facet of life is as important as life itself. We all want to improve ourselves, our home, our business, our health, and our spirituality. This is the basis of goal setting in action. The best time to plant an oak tree was probably 20 years ago, but the next best time is today. In the same vein, the best time to improve your home was probably last year, but due to a bad credit score, you painfully procrastinated and that often leads to negligence due to fear. Today is your “Independence Day” as you learn the unique steps on how to improve your household even if you have the worst credit history in Quebec; provided you read this report from start to finish.

There are many programs that homeowners can qualify for to upgrade their home. A huge proportion of Canadian homeowners believes that they’re only qualified for a loan if they use the equity that’s already built up in their portfolio. However, the reverse is also true. There are plenty of home improvement loans for owners with no available equity. Nearly a third of homeowners in Quebec have negative equity in their homes. This means that the homeowner owes more than the value of their home. In short, just because there’s no equity in a home doesn’t mean improvement is impossible. There are many ways to cushion the effect.

Getting the Right Definition

Home improvement loans are funds offered by lenders to borrowers whose intent is to use it for some sort of renovation for which they lack the funds to execute.

There’re two main types:
1. Installment Loans
2. Revolving Loans

As the name implies, installment loans are dispersed to borrowers to fund a project and are often large lump sums. The borrower then makes payments by cutting out a fraction of their income, strategically, until it’s paid off in full. On the other hand, with a revolving loan (or a “line of credit,”) borrowers take some amount they need when the need arises, up to credit limit. Then, they can borrow more later if necessary.

According to the Lending Tree, a home improvement loan with bad credit can be made to upgrade a house by understanding the FICO credit score

The FICO Credit Score

Ignorance begets fear; knowledge removes the fear. First and foremost, a proper understanding of your credit score will help you get a home improvement loan with bad credit. You need to know what your credit score is in number terms, what credit scores actually mean and what they mean to you, personally. This is easier than you think! In its basic term, FICO is an acronym for the Fair Isaac Corporation. The three-number score it generates is a bit more complex; it’s a formula that checks many factors of your financial life. It boils down to your ASSET & DEBT ratio i.e. how much you own by how much you owe with your payment history on past account. Deterrents to your credit score are mainly late payments, defaults, bankruptcies, and foreclosures.

Before going ahead with a home improvement loan, you should personally access your credit score through a review of your full credit report. This report will outline all the factors that the FICO system uses to determine your score and allows you to check for any discrepancies. The reason for doing this is to save yourself the hurdles of a lender reviewing your credit score before granting the loan. The best rates always favor individuals with good credit scores, so the more you know beforehand, the better.

Getting the Best Home Equity Loans

The federal trade commission (FTC) encourages borrowers with poor credit to compare quotes and negotiate with lenders. Getting multiple quotes from different lenders helps consumer narrow down their options and decide who they might want to work with. By doing this, homeowners can examine the interest rates and fees that vary among institutions. There are two ways of going about this:

#1. Check with current lenders: many borrowers look first for loans with their current lender. It’s often a good idea for two reasons; first, sticking with your lender reduces the complexities involved in the process, and secondly, in most cases, a better deal can be negotiated. Your current lender is like a family doctor or lawyer that’s already aware of your financial details. Getting approval will be very easy because they are more like a friend who knows what’s affordable or not – and will usually offer the best advice.

#2. Use the Internet to get the best deal: if on the other hand, a compromise cannot be reached due to one challenge or another, the second-best idea is to research the best lenders before making an approach. Only then can the applicant be sure they are making the right decision. The internet is free and easy; it connects us all, and research options are widely available. A good idea is to shortlist the best 5 companies based on your own discretion. Then you can start the negotiation process and get the best deal.

Tips for Getting an Approval & an Alternative for Those Who May Not Qualify

A) Understand the Procedure: Home improvement loans are issued in order to improve a residence. The loan is always for a shorter term than home refinancing, which creates a line of credit. In understanding this process, the equity of your home serves as collateral, and the borrower’s financial situation determines the terms and conditions.

B) Ensure That You Have Enough Equity: In its basic term, equity is calculated by subtracting the home’s value from the mortgage balance. A borrower can reduce the value of their loan early if prompt payments are continuously made. If the value of your home increases, substantial equity can be easily generated.

C) Financial Stability: Not all home improvement loans come with a credit check, as opposed to the FICO analysis described above, because of the security provided by the home’s equity. However, having good credit history always helps when applying because the borrowers must bear in mind that they’ll have a loan payment in addition to their pre-existing mortgage expense. Therefore, their income should be such as to convince the lender that they can afford to pay both.

D) Know the Project: Those who know where they’re going swiftly get there fastest. To get an approval from a lender, the borrower must fully understand the project at hand. This will ensure conviction on the part of the lender to accomplish the task at hand. Home improvement loans can be used to upgrade your home, update your landscaping, improve your kitchen cabinets or many other value adding projects.

E) Examine Your Credit Report: Get a copy of your credit report through one of the major credit bureaus to be confident that no problems will arise after the acquisition. If, however, there is a mistake in your credit report, this might be corrected by sending a letter to the bureau that issued the report. Correcting this kind of error early on can boost your score and help you obtain a lower rate.

F) Get A Co-Signer: In an exceptional case where you don’t want to use your home as collateral, you can get someone to act as GUARANTOR to co-sign your home improvement loan. The details must be clearly explained to him/her so they know the task behind it – which means your co-signer will be held accountable for any repayment from the financial loan in an event that you default on your payment.

G) Think About Repayment: Before signing up for any property improvement loan, contemplate diligently how much of your income will be going to the lender and how long this is going to happen for. Also, make sure you submit your monthly mortgage payment punctually to avoid higher penalty fees. Then make sure that you only borrow the amount needed for the house renovation and that you have the ability to repay it.

H) If Possible, Negotiate to Get a Decreased Charge: No matter your credit score, negotiation is inevitable in every transaction. You need to negotiate the ability to get a decreased rate from financial institutions, especially if you’ve already improved your credit worthiness in the past few years after shopping for the best rate. Who knows if the price is just an assumed amount a buyer/borrower can pay. There’s no end to the negotiation process.

Getting home improvement loans in Canada is easier than you think. The information provided will help you get the best deals the market can offer. Remember, you are not rewarded for what you know but for what you do and it’s not enough to have a brain; you need to use it too. Make sure it’s “turned on” while negotiating!


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Cash Loans Canada Inc. is a Canadian finance company with headquarters in Montreal, Quebec Canada. helping Canadians throughout Canada since 2005. read more

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