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.
Note: Canadian Cash Solutions and its affiliates will never ask or charge you any pre-qualification or application fees. Canadian Cash Solution is not a lender but a leading referral company in the finance industry. Canadian Cash Solutions and all of its financial partners adhere strictly to Canadian laws and regulations. To protect yourself, read more on this topic here.
5 ways to come up with a down payment
So, you’ve found your dream house or your ideal car, but there is one thing standing right in between you it. Yes, we mean the down payment.
Don’t fear, here we have five ways to come up with that cash to change your dreams to reality.
Look for a Part-time Job
What’s better than accomplishing your goals through hard work?
If your current job allows you the flexibility to pick up an extra shift, start with just that. You can also opt for working a second job to supplement your income. Make use of freelancing opportunities through websites like Upwork, Guru & Toptal. These help connect you with potential employers and offer you the platform to utilize skills and expertise. Start by putting your lunch hours to look for freelancing opportunities.
Make Use of special program
There are several programs set-up exclusively to help buyers with their down-payment situation.
You might be surprised by the number of programs that are set up to help buyers, especially first time home buyers. Search the web or take advantage of Down Payment Resource, which is a “Web-based software company with a mission to connect people with hard-to-find financial resources.”
Sites such as this take your information into consideration and you with programs that assist with down-payment.
Tone down your lifestyle
We have to lose something, to get something. We suggest you downsize your lifestyle; to allow you to save you some cash that can be put towards your down payment. If home ownership or a new car is your goal, start by selling off the one you already have. Trade your three bedroom for a studio, or take baby steps by taking lunch from home and limiting your expenditures.
Borrow against your life insurance
Yes, you can actually borrow money against your life insurance policy – top secret. If you have a life insurance policy, good for you. Although, you will need to pay it back, you can borrow money against your whole life insurance policy.
Seek help from your family
Although, this may not seem like a wise option. However, there is no bad think in asking. Perhaps you have a parent, grandparent, or even a cousin that has money. Ask them if they could help you with your down-payment. To be even more convincing and to retain your self-respect, we suggest that you come up with a payment plan and sets out the schedule that you would utilize to pay back the amount.
Whichever method(s) you choose to rely on, bear in mind what you are working towards.