Is An RBC Secured Credit Card A Good Idea? | Canadian Finance


All Canadian consumers could use an accessible credit card for emergency expenses. A credit card can help to build a consumer’s creditworthiness, as well. The problem that arises with some consumers is that past errors cause lender skepticism when some debtors apply for credit cards. Persons who have low credit scores may not be eligible for a regular credit card. In such a case, a secured card may be just the right solution. RBC Bank offers a secured version of its popular credit card. A Canadian consumer with poor or low credit should consider applying for a secured card, as it may be a good idea.

How a Secured Credit Card Works

A secured credit card has the same features that a regular credit card has. Cardholders can enjoy benefits such as using the card with thousands of online and offline retailers. The difference between a secured card and an unsecured card is that the cardholder funds the credit line. In other words, the issuing bank will not give the person a credit card until he or she sends a deposit for a credit line. The credit card company will then send the person a credit card in the desired amount.

The credit card company will deposit the consumer’s security deposit into a bank account where it will accumulate interest. The consumer can use the RBC secured credit card at his or her leisure while the deposit is sitting in the bank. The security deposit protects the credit card company in case the consumer defaults. The company will report all timely payments to the credit bureau as long as the cardholder stays up to date on those payments. RBC Bank will consider returning the security deposit after the consumer has the card for 12 months. At such a time, the bank will change the status of the card to unsecured.

Is an RBC Secured Credit Card a Good Idea?

A secured credit card is an excellent idea for a person who has damaged credit. It can increase the person’s score and make his or her profile seem attractive to other lenders. RBC may reward the person with additional credit, as well. Obtaining a secured credit card can be a smart investment for someone who wants to rise up from past mistakes.

Benefits of an RBC Secured Credit Card

RBC Bank has several secured card options. The Cash Back MasterCard allows the cardholder to earn cash back on groceries, fuel, clothing and more. The card offers 1 to 2 percent cash back and no annual fee. The Shoppers Optimum MasterCard offers points that a person can earn and redeem for various discounts. Shoppers can earn thousands of points by using their card for their weekly or monthly needs.

The Verdict

An RBC secured credit card is the answer for any person who has difficulty obtaining a credit card. The secured card can lead the person back to financial health after a rough economic time. An interested person can complete an application with RBC today.

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Compare Bad Credit Loans Canada

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How Cash Advances Help Borrowers With Bad Credit

Even those with bad credit will need to pay bills when they are short on money. Failing to pay on time results in major consequences. It’s also crucial to save money so that you don’t end up being in a bad financial situation at the end of the month. Fortunately, there are plenty of options for bad credit loans Canada which enable those struggling to get by to borrow cash.

Speedy Cash Cash Advances Review

Speedy Cash Cash Advances provides borrowers whom need bad credit loans Canada in British Columbia, Alberta, and Saskatchewan with friendly and fast service at 20 locations. Hours vary by location, but Speedy Cash is typically open from 9:00 AM to 7:00 PM Monday-Friday and 9:00 AM to 5:00 PM Saturday. The company has an address at 103 – 4660 Lakelse Avenue Terrace British Columbia V8G 1R4 Canada and may be reached by phone at 1.866.635.3258. Speedy Cash Cash Advances lends $100 to $1500 – up to 50% of income (including pensions and child tax benefits).

Blue Copper Capital Review

Blue Copper Capital has three locations: one at 104 – 5809 Mcleod Trail S, Calgary, Alta T2H 0J9, one in Vancouver and one in Edmonton. The office in Calgary may be reached at: 403-250-2320 by phone. The company was built around the needs of tradespeople and apprentices for additional cash. The office is open from 10:00 AM to 6:00 PM Monday to Friday and 11:00 AM to 2:00 PM on Saturday. Blue Copper Capital is a company which provides loans of up to $1,500 without a credit check. Applicants for bad credit loans Canada are required to furnish two pay stubs, a government ID, a blank check, and a 60-day bank statement. The loan fee is roughly $20 per $300 borrowed – If the loan is repaid after 30 days, you will have to pay $360 to Blue Copper Capital.

Xtra Cash Review

Xtra Cash is another payday lender with 8 locations in Ontario and 1 location in Manitoba. The Manitoba store is located at 741 Portage Avenue, Winnipeg, Man., R3G 0N1. The store is open every day each week: 11:00 am – 5:00 PM Sunday, 9:00 am – 9:00 PM Monday to Friday, and 9:00 am to 5:00 PM Saturday. All other stores follow a similar format – but most close at 8:00 PM instead of 9:00 PM. The British Columbia store is located at: 13632 – 108th Avenue, Surrey, BC V3T 2K5 and may be reached by phone at 604-630-4783. The Nova Scotia store is located at: Unit 203, 57 Portland Street Dartmouth, NS, B2Y 1H2 and may be reached by phone at: 902-332-3579.

My Canada Payday Review

My Canada Payday has two stores: one in British Columbia and one in Nova Scotia. My Canada Payday also has an online presence which enables customers to obtain a payday loan at any time. Just like the rest of the lenders, borrowers may borrow up to $1500. The store in Ontario is open from Monday to Friday 8:00 AM – 8:00 PM and on weekends or holidays from 9:00 AM to 5:00 PM. The Nova Scotia store is open from 8:00 AM to 4:00 PM.

Choose a Lender Wisely

It is best if you choose a lender which is a member of the Canadian Payday Loan Association. Members of this organization can offer borrowers of bad credit loans Canada favorable rates. They also have to engage in fair business practices.

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Bad Credit Mortgage Rates And Advice

 Bad Credit Mortgage Rates And Advice

Buying a new home usually begins with a credit report analysis. You will need to understand what is on your own credit report, and any errors on your credit file will need to be corrected ahead of time. A bad credit mortgage is possible, if you understand what you need to do during this process.

How to Obtain a Bad Credit Mortgage

A credit score is calculated by a private credit processing agency that is dedicated to gathering this type of consumer information. Your personal social security number is used for a credit report. This type of consumer report will have the following information:

• Your credit report will list your full legal name, and your resident addresses will be listed as well. Be sure that your credit report has your correct and current address.

• Your employment will be listed on a credit report. Each new employer is required to send in your information to a governing agency that will send this information on to a credit bureau. Numerous job changes will be noted on your credit file, for example.

• Credit cards are always listed on this type of personal file, since credit is the main analysis that is being provided about you. Each new credit card will be listed, along with your balance and how much of your credit you are using. Your card payment patterns are listed. Late payments are especially noted in a negative manner.

• Each major purchase is on your credit file, including a new house or a new car. Your payment information is listed along with the amount that you have left to pay. Your new mortgage lender will calculate a debt to income ratio, using this type of debt information. Be sure that this information is correct.

Qualifying for a New Mortgage

Qualifying for a new bad credit mortgage will include a longer qualifying process. You may need to send in further proof of your income, or other types of income that you can use to pay your mortgage payments on time. Lenders use a point system, which helps to determine your ability to repay a certain amount of loan.

A bad credit mortgage may require that you have a minimum down payment or a minimum amount of equity in the home that you are buying. Your up front costs may be more for a bad credit mortgage.

Purchase Options

There are non-traditional mortgage groups that can offer a type of mortgage purchase training plan. You can take possession of a new home, with a rent to own plan that will eventually change to a property purchase. Your down payment is collected for you in your monthly payments made to the property owner.

After one to two years, for example, you have saved up enough for your down payment on your house. You will have this time frame to correct your credit file errors, and your house closing should be easier for a lender to successfully complete.

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Most Common Bad Credit Loans Ontario Canada

Most Common Bad Credit Loans Ontario Canada

As an adult trying to make it in the real world, it can be difficult. You have many responsibilities and will soon find that your financial obligations have a huge impact and are important to keep up with. It is easy to get caught up with bad loans and have bad credit which is why it is crucial to understand how the bad credit loans ontario comes to be.

Typically, bad credit comes from bad loans. Knowing the most common bad credit loans Ontario can hopefully help you in the future to avoid the mistake and avoid bad credit loans Ontario.

Automobile Loan: These are loans taken for a car. Of course, it is understandable you need a car to get around (such as a job which gives you money) but the key is to be smart about it. When receiving a loan for a car, get a car that works and you can afford rather than the flashy unaffordable vehicle.

Plan out a payment structure plan before buying according to your income and if you can comfortably pay it, then go for it. Make sure to unexpected items into consideration when planning, such as emergency funds, vacation money, money for other fancy items, and so forth. A car devalues over time so you may as well try to get the most out of your money.

School Loan: This is one of the biggest causes of bad credit and can be hard to avoid as a college degree is required by almost every profession making $45,000 and up. The best you can do for this type of loan is be smart when you use money. Apply for scholarships and try to get as much free money/tuition paid off when you can. Only take out money when you need to, and make sure you get a good plan to pay it back.

Personal Loan: These are taken when you just need money (whether for a business start, pay off other bills, etc.). Ideally, do not take these unless absolutely necessary. They give it out if you have decent credit so why unnecessarily ruin your credit for extra money.

Auto Title Loan: This is when you take a large sum of money as a loan and pay it back but if you can not you end up giving up your car. The problem is, you typically took a loan out on your car as well. This doubles up your loan and these kinds of loans are aimed to get the most of your money. These can really tank your credit score.

Home Loan: This is when you take loan money for a house. You need a place to stay, and unlike a car and lots of other items, a house goes up in value (equity) and you can take out money for that. Just be sure you choose a good pay back plan that meets your budget just like a car loan.

These are the most common bad credit loans Ontario. Here is a great link that talks about how you can still get loans even with bad credit: Click here…

Most Common Bad Credit Loans Ontario Canada
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Payday Loans: Toronto |Canadian Finance

Payday loans toronto

Important Information About Payday Loans Toronto

Payday loans Toronto are an easy way to get the cash you need today. It’s important to note that there are many options for payday loans Toronto. Therefore, it will be helpful to know today how to access emergency cash later on.

Stop ‘N’ Cash Loans

Stop ‘n Cash provides loans up to half of your net pay. One of their stores is found at 5-1410 Victoria Park Ave. Toronto, ON M4A 2L8 and their employees can be reached at (416) 288-9840. Their other Payday loans Toronto store is located at 890 Bloor Street West Toronto, ON M6G 1M5 and questions can be asked at (416) 536-5127.

As with most loans, you will need to show a government issued photo identification and written documentation of your social insurance number. Of course, you should expect to show your last two paychecks and provide a blank check or draft and a utility or phone bill, to establish your local residency.

It’s Payday Today Loans

It’s Payday Loans has loans starting at 100 dollars, increasing to 1500 dollars, for qualified individuals. Fortunately, it’s easier than you expect to qualify and you pay just 18 dollars for every borrowed 100 dollars. They have multiple locations throughout the area, so it’s easy to find a convenient one.

If you prove your identity with the government issued ID, which is standard among payday loan borrowers and your last two pay stubs, you can get started. To finish, you need a verified bank statement with the last month of transactions , proof of address and a check or draft to pay the loan back.

Money Direct Loans

Money Direct differs from some payday loans because they only allow one payday loan any given time. In addition, they are open when your bank or other lenders may not be available. In addition, they will not contribute to the on-going debt that some less responsible payday lenders cause and therefore, your loan must be paid in full on payday.

Money Direct offers payday loans Toronto at 656 Yonge Street, and their phone number is 416-921-2274. They verify the same information as other payday lenders and allow you to pay the loan back electronically.

GoDay Payday Loans

GoDay is another responsible lender and requires loans to be paid off as arranged, preventing additional debt. New borrowers can borrow up to 500 dollars and eventually can access up to 1500 dollars. They provide money through direct deposit and electronic transfers, so it’s easier to get your money.

Although they have a physical office in Toronto and can be contacted at 1-888-98 GODAY, much of their communication does not require you to actually be there, although they have the standard verification processes of all payday lenders.

Finally, when borrowing from a bank, it often feels as if you can only get a loan if you don’t need it. A payday loan allow you the privacy and courtesy to choose when and how you access funds.

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