We get it, life can be unpredictable, and no one can really budget for all possible emergencies. Your car breaks down, your house needs an urgent repair, or maybe you just need a new suit because you got called for that dream job interview.
In Ontario, the private loan lender marketplace is a crowded one. There are banners and stores everywhere, promising you cash within minutes, and $300 will only cost you $21!
Sounds like a good deal, right?
Not really. Paying $63 for a $300 loan for a privilege to use the money for 14 days equals a whopping 548% on an annual basis. But wait, there is more.
- Bad Credit Loans
- Fast Loans
- Installment Loans
- Micro Loans
- Quick Loans
- Long Term Loans
- Loans Canada
- Loans in Ontario
Unpredictable expenses are just that: unpredictable. Many people who take out loans have trouble coming up with a full amount plus interest. So, what does this person do?
Well, he wants to preserve his credit, so he goes to another similar lender, takes out another loan, incurs another interest charge and a vicious cycle begins. Two weeks pass, and now he has to come up with even more money.
It is estimated that over 60% of people who borrow from money-lending stores have several loans outstanding at the same time.
Where Is The Way Out?
So, what is the solution? How do you get out of debt and end this never-ending cycle of compounding interest charges?
Here at Loan Away we believe in responsible lending. We need to make sure that whenever we give somebody a loan we want to ensure that the person can actually afford it and that the loan will serve the purpose for that person as well.
Imagine you have 3 or 4 loans outstanding, totaling $2000. That means that you would somehow need to come up with $2420 in 14 days!! How many people can do that?
- What You Should Know About Online Money Lenders
- Get Your Money Tomorrow. Benefits of Online Borrowing
Smart Loans For Smart People
At Loan Away we believe in second chances. We look at your situation. And approve loans for a lot of people with bad credit.
You can borrow up to $5000, usually over 24 or 36 months, and we are nearly 20 times cheaper than payday loans! Which means if you are that person with 3 or 4 loans, you can repay as little as $50 every 2 weeks. Now that you can afford.
Boost Your Credit
Apart from applying for loans, take some time to research on how to improve your credit. Having a high score, you will be able to qualify for better loans’ terms and conditions.
- How to Build Your Credit Score?
- Warning Signs of a Bad Credit Score
- How to Improve Your Credit Score Guide
A credit score is a 3-digit number that shows lenders how successful you have managed your financial life. A score equal to 600 or below is bad, a score above 650 is good and anything equal to or above 750 points is known as excellent.
Your credit report is divided into 5 major categories that you need to look for: new credit accounts, types of accounts, credit history, the balance owed, and payment history.