BANKEROO SCHOOL

Different types of Loans,Cost of a payday loan,Do your checklist,Budgeting tools,Budgeting advice,Credit counselling,Credit history,Debt collection

Laying the ground work for a successful financial future

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Different types of loans

Before entering into any loan, even ours, we always suggest you research all options available. After all, an investment in knowledge pays the best interest.

As a borrower you will notice that there are two types of products readily available to you: secured loans and unsecured loans. What’s the difference? Let’s find out:

Secured Loan: A secured loan is a loan in which a borrower gives some asset (example your car or house) as collateral to the Lender for the money borrowed. These types of loans tend to have a more complex application system and are usually for larger amounts and lengths of time.

Unsecured Loan: At Bankeroo we don’t ask for any security whatsoever, our loans are 100% unsecured. These types of loans tend to be for smaller amounts and short-term, meaning you would have to pay us back within months.

Here at Bankeroo we offer two kinds of unsecured loans they are

  1. cash advance loans which are to be repaid in two months and
  2. installment loans which are awarded solely to our prime and platinum clients.

Always remember, even if the loans are unsecured, failure to repay will nevertheless affect your credit rating.

Cost of a payday loan

Each province in Canada has distinct laws concerning the cost of a payday loan. Before deciding to borrow from us, be a responsible borrower and check out the education material provided by your province.

Live in Ontario: The education material from the Ontario Ministry of Consumer Services is available here on the cost of a $300 Payday Loan for a two week period.

Do your checklist

We know you might be eager to increase your cash-low, but we always recommend that you ask yourself a few key questions before starting the application process:

  • Is your need for extra cash flow serious?
  • Do you understand our rates compared to other lenders?
  • Have you considered all other options?
  • Have you read all educational material available to you?
  • Can you afford to pay back the loan on time?
  • Are you ready to accept the serious financial repercussions if you don’t pay back the loan on time?

Budgeting tools

Sometimes it may be hard to figure out if this loan is right for you at this time. In order to help you out, we recommend you use the tools and calculators offered to you by our very own Financial Consumer Agency of Canada or by Mint for Canada. These tools and calculators are a great way of assessing whether you can afford to pay back our loan on time. Our goal at Bankeroo is to help guide you to financial success, not hinder you!

Budgeting advice

We always recommend that you contact your lender immediately if you do not think you will be able to make your repayment on time. You may be able to extend your period, or agree to a partial repayment. Honesty is always the best policy.

In the meanwhile, perhaps it would be best to think of ways of cutting down your everyday living expenses. Simple things like walking to work or eating in can go a long way.

Want some more tips like this? Check out the following websites:

Credit counselling

If you are feeling a little overwhelmed, it may help to seek some counselling. Credit Counselling Canada offers private counselling services to equip you with the tools necessary to manage your finances. Best part of all, is that all their credit counsellors are certified.

Credit history

Your credit history is important as it contains the details of your financial behavior. Just in case you never really understood what a credit score is, let us explain. A credit score is a 3 digit number between 300 and 900 that credit bureaus calculate based on information in your credit report. Financial institutions and private lenders use this number to establish your credit value. Your score plays a vital role in your financial well-being. In case you are curious, you can always check your credit score with Equifax and TransUnion.

While Bankeroo is proud to report all your positive behaviour to all major credit card bureaus, helping you build positive credit, we also report the negative. Any failure to repay on time will have major financial repercussions on your credit score, making it much more difficult for you to qualify for a loan in the future. So be sure this loan is right for you before applying.

Debt collection

Remember, no matter what you owe, you always have rights. Be an informed borrower and handle the situation responsibly. For more information checkout your Financial Rights & Responsibilities offered by the Financial Consumer Agency of Canada.

Categories

Different types of Loans

Different types of loans

Before entering into any loan, even ours, we always suggest you research all options available. After all, an investment in knowledge pays the best interest.

As a borrower you will notice that there are two types of products readily available to you: secured loans and unsecured loans. What’s the difference? Let’s find out:

Secured Loan: A secured loan is a loan in which a borrower gives some asset (example your car or house) as collateral to the Lender for the money borrowed. These types of loans tend to have a more complex application system and are usually for larger amounts and lengths of time.

Unsecured Loan: At Bankeroo we don’t ask for any security whatsoever, our loans are 100% unsecured. These types of loans tend to be for smaller amounts and short-term, meaning you would have to pay us back within months.

Here at Bankeroo we offer two kinds of unsecured loans they are

  1. cash advance loans which are to be repaid in two months and
  2. installment loans which are awarded solely to our prime and platinum clients.

Always remember, even if the loans are unsecured, failure to repay will nevertheless affect your credit rating.

Cost of a payday loan

Cost of a payday loan

Each province in Canada has distinct laws concerning the cost of a payday loan. Before deciding to borrow from us, be a responsible borrower and check out the education material provided by your province.

Live in Ontario: The education material from the Ontario Ministry of Consumer Services is available here on the cost of a $300 Payday Loan for a two week period.

Do your checklist

Do your checklist

We know you might be eager to increase your cash-low, but we always recommend that you ask yourself a few key questions before starting the application process:

  • Is your need for extra cash flow serious?
  • Do you understand our rates compared to other lenders?
  • Have you considered all other options?
  • Have you read all educational material available to you?
  • Can you afford to pay back the loan on time?
  • Are you ready to accept the serious financial repercussions if you don’t pay back the loan on time?
Budgeting tools

Budgeting tools

Sometimes it may be hard to figure out if this loan is right for you at this time. In order to help you out, we recommend you use the tools and calculators offered to you by our very own Financial Consumer Agency of Canada or by Mint for Canada. These tools and calculators are a great way of assessing whether you can afford to pay back our loan on time. Our goal at Bankeroo is to help guide you to financial success, not hinder you!

Budgeting advice

Budgeting advice

We always recommend that you contact your lender immediately if you do not think you will be able to make your repayment on time. You may be able to extend your period, or agree to a partial repayment. Honesty is always the best policy.

In the meanwhile, perhaps it would be best to think of ways of cutting down your everyday living expenses. Simple things like walking to work or eating in can go a long way.

Want some more tips like this? Check out the following websites:

Credit counselling

Credit counselling

If you are feeling a little overwhelmed, it may help to seek some counselling. Credit Counselling Canada offers private counselling services to equip you with the tools necessary to manage your finances. Best part of all, is that all their credit counsellors are certified.

Credit history

Credit history

Your credit history is important as it contains the details of your financial behavior. Just in case you never really understood what a credit score is, let us explain. A credit score is a 3 digit number between 300 and 900 that credit bureaus calculate based on information in your credit report. Financial institutions and private lenders use this number to establish your credit value. Your score plays a vital role in your financial well-being. In case you are curious, you can always check your credit score with Equifax and TransUnion.

While Bankeroo is proud to report all your positive behaviour to all major credit card bureaus, helping you build positive credit, we also report the negative. Any failure to repay on time will have major financial repercussions on your credit score, making it much more difficult for you to qualify for a loan in the future. So be sure this loan is right for you before applying.

Debt collection

Debt collection

Remember, no matter what you owe, you always have rights. Be an informed borrower and handle the situation responsibly. For more information checkout your Financial Rights & Responsibilities offered by the Financial Consumer Agency of Canada.

BANKEROO

Ready to get started? See for yourself why people choose Bankeroo.

BANKEROO

Ready to get started? See for yourself why people choose Bankeroo.