Types of Interest Rates, from Negative to Variable and Fixed

December 1, 2013

The interest rates on personal loans vary depending on the type, amount, credit rating, and financial institution. Secured loans offer lower rates because of the collateral attached. Generally, banks offer two types of interest rates – fixed and variable. There are other types as well, including discount and amortized. Nominal and Effective Rate The effective […]

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What Happens to Dormant Accounts

November 16, 2013

A dormant account is a low-balance savings account that is inactive over a specified period of time. In Canada, dormancy usually occurs after a 1-year period of inactivity. Under the Bank Act, accounts are transferred to the Bank of Canada after a dormancy period of 10 years. Definition and Reasons A savings account is considered […]

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Documents Required for a Business Loan

November 14, 2013

When applying for a small business loan, companies are asked to present certain documents. The list includes your resume, personal background, and personal and business credit report. Collateral, Legal and Other Documents Legal documents to present include commercial leases, business licenses, franchise agreements, and other formal agreements. Depending on the loan type, some financial institutions […]

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Credit Cards with the Most Perks

November 12, 2013

In Canada, credit cards with the most perks are offered to business and individual customers with an excellent payment and credit history, stable job or successful, established business, and high income level. Types of Cards with Perks Rewards, travel, and cashback cards usually offer plenty of rewards and perks. Prepaid and secured products come with […]

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Dangers of Co-signing Loans

November 10, 2013

When a borrower has a poor or tarnished credit score, there are few options to get financing. One is to ask a friend or relative with good or excellent credit to co-sign the loan. The Responsibilities of the Co-signer As a co-signer, you are responsible for loan repayment in case the borrower is unable to […]

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Renting an Apartment with Poor Credit

March 27, 2012

Apartment complexes and landlords use applicants’ credit score to decide on whether to rent their place or not. Poor credit can be a reason to end up homeless but only if you look in the wrong places. Naturally, different landlords and apartment complexes differ in their requirements. You may see your rental application denied if […]

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Gift Cards: a Present or a Drain on Your Finances

February 2, 2012

Gift cards are considered a lazy gift by many: rather than taking the time to find the perfect gift for your loved ones, you just buy a gift card online, discounted one at that. What if a gift card ranks high on your wish list? Some people like the idea of getting a gift card […]

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Visa’s Digital Wallet Offering a Number of Special Features

January 22, 2012

With the technology offered by Visa, credit card purchases are just a click away. Visa’s digital wallet stores debit and credit card details for Visa and other credit cards, and customers can take advantage of the opportunity to make click-and-buy transactions. Whether on a mobile at the mall or at the computer, making purchases requires […]

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Credit Card Mistakes Preventing Canadians from Saving

January 14, 2012

The TD Canada Trust 2011 Report on Savings has revealed that 38 percent of Canadians do not have savings, and 54 percent of them find it impossible to save. What are the main reasons Canadians cannot save enough or nothing at all? Some 30 percent of them do not earn enough to meet their living […]

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Credit Card Debt as the Major Contributor to Bankruptcy

January 7, 2012

The average Canadian who declares bankruptcy is a married man, 41 years of age, who owes $59,800 on average, and has four credit cards, shows a report by bankruptcy trustee Hoyes Michalos & Associates. This is the portrait of a bankrupt Canadian, but what factors contribute to accumulating excessive debt? Reduced income and job loss […]

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