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.
The Pros and Cons of Saving Accounts
I’m sure that you’ve come across at least five articles that stress on the importance of opening up a savings account. In fact, few will go on to such heights that they will put “open a savings account,” at the very top of the list that discusses the steps of saving money.
As per Investopedia, “A savings account is an interest-bearing deposit account held at a bank or another financial institution that provides a modest interest rate.”
Now you must be wondering, is it really that important to open a savings account? Well, we have the answer to your question. But, first, let’s talk about some of the pros and cons of savings account.
A savings account is very easy to open. It usually takes just a few minutes to open a savings account and can be done in person at the bank, over the phone and even online. If you sign-up for a savings account at the time of setting up your checking account, some banks allow you to save big on bank fees.
The obvious benefit of opening a savings account revolves around the idea that your money is safe, even if the bank completely fails. As per the Federal Deposit Insurance Corporation, up to a sum of $250,000, remains insured and that you will never have to worry about losing your money, assuming there is $250,000 or less in the account.
However, the biggest benefit of a savings account is that while your money is safe, it is also earning interest. Money in your pocket, or stored deep in your closet miss out on this excellent opportunity of earning some interest. Although the rate varies from bank to bank, it also creates a sense of competition amongst the bank to offer competitive interest rates to retain customers.
Unfortunately, a savings account can also be a far less rewarding method of saving money. Many banks also charge a good amount of fees on their saving accounts. Some banks tend to pay very low interest rates. Some even require you to keep your money deposited for a specific time period that ranges anywhere from a few months to even a few years, in order to take earn more interest. Additionally, if you are intending to grow your account large, are expected to pay taxes on the interest you earn each year in the account.
Saving money is an essential part of our lives & it is very important for us to make financial decisions without any haste. We suggest that you take your time to review the pons and cons. Even when you have decided to set-up a savings account, we highly encourage you to do A LOT of shopping before settling with any bank.