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.
Second Mortgages Loans : How do they work?
Most homes in Canada are bought with a mortgage. If you currently have a mortgage, your property has built up some equity.
One of the most common sources of funding for home renovations is using your house equity. Many homeowners have found that using the equity in their house is the right choice for home reconstruction. The reason for this is that you are using a part of your house’s value to increase the value of your house even more. You can increase the value of your house by doing home improvements around the house and property. This is a way to improve your finances.
Many homeowners find that using equity to increase the value of the house can help them further in using new equity to help pay for money borrowed.
House Renovation is becoming more common in Canada, and about 45% of all house equity loans are used for this purpose. There are many ways to consider funding and one of them is to consider getting a Second Mortgage.
Check out some benefits you can enjoy with Second Mortgage Loans:
- Low-Interest Rates: The main reason that so many people choose second mortgages loans for house renovation is the low-interest rates on the loan. You can easily get a low rate loan because the loan is simply secured by your house. You can do home renovations with a second mortgages loans.
- Offers High Amounts: The equity you are using is secured by your property so you can easily get a higher loan amount than on any other unsecured loan. With such a huge amount you can easily have entire house remodeled.
- Long Term Loans: You can payback a second mortgage loan over many years. This makes our payments not only flexible but also suitable for all budget types.