1) Stop using credit cards. If you have a hard time managing your money you should avoid using credit cards because you will end up doing more damage than good. Credit cards should be used for the purpose of convenience. Those who use them as a means of borrowing money will only end up hurting their credit score and furthering their debt by taking advantage of this service.
If you are a consumer with bad credit and you are strapped for cash, your frustration with being unable to obtain a loan from a traditional lender may leave you with the intention of taking more desperate measures. You may even be considering taking a loan from what is commonly referred to as a “loan shark”. Since dealing with loan sharks can be detrimental to your financial future, as well as the well-being of your family, it is vital that you avoid doing so at all costs. Fortunately, there are other options available for consumers with poor credit scores.
If you need extra money, two options you might be considering are cash advances and payday loans. The terms are often used interchangeably which can be confusing for consumers. They are both short term unsecured loans, and one may be better than the other depending on your situation. So it’s important to know the difference.
When you’re looking for last minute Christmas gifts it can be very difficult not only deciding what to buy but also knowing how to pay for it. The holidays are a stressful time for many people and that is often due to having a lot of stuff on their to do list. One common hassle of the holiday season is gift shopping. Not only can you find yourself at a loss as to what to buy but also worrying about the financing of the holiday expenses as well. There is no need for concern however, the following blog post will help you with a few quick gift ideas!
Last Minute Gifts
Gifts don’t have to be extravagant. If you’re doing some last minute shopping, finding this year’s hot item may be more trouble than it’s worth. In that respect, always remember that a gift that is truly appreciated and enjoyed by the recipient is worth more than something that’s hard to find. While money is always appreciated it can be a bit impersonal as a gift. That’s why gift and store cards are so useful. It allows you to give a gift that you know won’t go to waste but also shows you care about the recipient enough to give them a card to one of their favorite stores. For a more hands on gift think accessories. An accessory gift is something that goes with things you know the recipient already owns. For the fashion minded, a scarf is a good example as are gloves. If you know a person’s style this can be an easy pair up for a gift. When it comes to gifts, thought and appreciation beats costs any day.
What To Do If You Need Money?
The end of the year is often a busy time for many families. Aside from last minute Christmas gifts, there are often personal accounts, various club memberships, vacation time, and work matters to attend to. It can be hard finding not only the time to look for last minute Christmas gifts but also the money as well.
Small private loans exist for just such a purpose. They can be as small as a few hundred dollars to as high as a few thousand, depending on your needs. However, many banks aren’t in the business of giving out small loans that you can quickly pay off. This is doubly so if you have bad credit or a low credit score. But businesses do exist to help those with low credit ratings who require a loan. Companies like Fast Access can get you the small loan you need with a minimum of hassle or paperwork. Plus, you can often have your money sent to your bank account within a day, allowing you the time needed to shop for last minute Christmas gifts.
When You Need a Loan
When you need a small personal loan for the holidays, you need a company who understands your unique situation. Fast Access Finance can help people with low credit scores get the cash they need. Feel free to contact us today and start the loan process. Within 24 hours you’ll have the money you need for last minute Christmas gifts.
An entire industry has been developing around the concept of pay day loans. The popularity of the payday loan is increasing because of the tightening credit policy of traditional banks, lower family incomes, and of course, rising cost of living. Payday loans offer seemingly immediate ways out of financial hardships, but there are many voices saying that the costs of such loans go beyond the interest rate and therefore should not be allowed in Canada.
Payday loans are often confused with bad credit loans simply because they are a suitable financing alternative for those who are faced with the stigma of bad credit. However, given the quick turnaround of financing, payday loans are often chosen by people with positive credit scores as well. The seduction of payday loans drives many traditional lenders and financial experts to campaign against allowing these types of loans in Canada. Here are three reasons why payday loans are harmful to Canadians and why they should be banned:
1. They are Incredibly Expensive – A payday loan doesn’t seem too expensive when you first take out the loan. However, if you start comparing it with a typical bank loan, you will notice that the costs can become ridiculous – even up to a 900% interest rate! Depending on the lender, the interest rate and fees of these bad credit loans are exceptionally high and this is the main worry of those who support banning payday loans from the Canadian financial environment.
2. They Create a Vicious Cycle – Another problem with payday loans is that it is incredibly easy to get approved. This seduces a lot of people into taking the loan without considering the actual costs. The high costs trigger a vicious cycle, which leads people to take out a new payday loan each month to get them to their next pay day. Most of the payday check will practically be gone once you’ve paid up your payday loan. Taking out a payday loan every now and then may not seem like such a big problem, but it can easily turn into one when you find that your paycheck may not be enough to repay your payday loan anymore.
3. They Get You Into More Debt – One problem with payday loans is that they need to be repaid quickly, which is often impossible for those who are already short on cash. These bad credit loans can entail huge costs if they are extended, and that takes the borrower into a debt trap. The more you defer payment, the more you have to pay, and the more you have to pay, the more you have to borrow, and you continue to get deeper into debt. Many people who are against allowing payday loans in Canada note that payday lenders seem to prey on the poorest members of society who will be unable to pay back their loans.
As you can see, payday loans definitely have their disadvantages. Quick and easy approval drive many people to get these quick-fix bad credit loans and end up with uncontrollable debts that they find impossible to repay. Before you take out a payday loan, consider other options like a car title loan, mortgage, or personal loan that has a much lower interest rate and more reasonable repayment terms. At Fast Access Finance, we make it quick and easy to qualify for one of these types of loans so you don’t have to turn to a payday loan.
What is the maximum and minimum repayment period for a Fast Access Financial Loan?
12-60 months (1-5 years)
What is the maximum and minimum annual percentage rate (APR), which includes the interest rate plus fees and other costs for a year?
The rates range from 9.90% plus applicable application fee. APR* – 15.75% – 58.99% maximum (effective rate will vary).
What is the total cost of borrowing?
A $1000.00 loan borrowed at the rate of 19.99% with bi-weekly payments of $46.15 will cost $1199.90 over 12 months.
*Rates vary according to credit risks and product requested but are at all times compliant with all applicable legislation.
Our representatives are readily available to discuss your loan and the fees that may be involved depending on your individual circumstances.