All loans are subject to credit and underwriting approval. Further documentation may be requested from you. Canadian Cash Solutions is not a lender but a lead referral company and may be compensated for its referrals. Loans range from $300-$2.1 million (additional for mortgages) with terms of approximately 2 months to 72 Months (additional for mortgages). APRs range from 2.5% to 29% and will be dependent upon our partner's assessment of your credit profile. For example, on a $1200 loan paid monthly over 12 months, a person may pay $114.05 per month for a total of $1368.64 over the course of the entire loan period. This amount includes our partner's optional loan protection policy. In the event of a missed payment, you are subject to an insufficient funds fee from about $30-$70 (dependent on the lender). Once a loan is in default, your payment plan will be terminated. Different collection methods may be employed to collect your remaining balance. Failure to pay will result in possible legal action and any outstanding debt may be pursued by the full extent of legal options. Our lenders employ fair collection practices.
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10 Biggest Credit Card Mistakes
Using a credit card is easy, one swipe and you have purchased your entire month’s grocery. However, managing a credit card is no easy business.
There at least ten (10) big credit card mistakes that we all make, at least once in our lifetime:
1. Applying for too many credit cards, all at the same time.
It is wise to remember that each time you apply for a credit card, it knocks off a few points from your credit score. If you apply for several credit cards at once, chances are that you might experience denials very frequently.
2. Not understanding your credit card terms
Signing up for a credit card isn’t like signing up for an account on Facebook while ignoring their terms (that too shouldn’t be done).
It is a huge mistake on your end, signing up for a credit card, without having any understanding of the limits and how the company handles late payments. It is advised that you review the terms of your credit card at least once every six months.
3. Ignoring your bank statement
Not taking note of your billing statements is a mistake that can take a toll on your wallet.
By not opening and reviewing your statements, you are at risk of missing the payment due date.
You could also miss out on important notices such as a change in your credit card terms and may miss on a chance to catch any fraudulent activity.
4. Making minimum payments
Minimum payments mean that you are barely paying enough to maintain your lifestyle. It also means that it will take you a very long time paying off your balance and will pay an increased amount of interest on your credit card.
5. Paying late or not paying at all
What’s worse than paying the minimum? Not paying at all.
Not only does this mean that you will be paying more interest, it also means that you are risking away your credit score.
6. Loaning your CC
Loaning money is one thing, but loaning your credit card to someone means that you have absolutely no control over the purchase they make.
7. Exceeding your limits/Maxing out your credit card
By maxing out your credit card, and in fact exceeding your limits, you are subject to over the limit fees, increased interests and are at a risk of greatly hurting your credit score.
8. Having multiple cards
A wallet full of cards is like having a sack filled with debt. It is extremely difficult to manage multiple cards and deadlines become very easy to miss.
9. Not keeping track of your spending habits
With a credit card in your wallet, it is very easy to go around purchasing things that you might not need. Watch your spending habits and remember to never go overboard with shopping.
10. Lastly, closing out a credit card
You must always remember that each time you cancel a credit card, it does more harm than good to your credit score.
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