Do you often secretly wonder how lovely life would have been if there was financial stability to the extent that you didn’t need to borrow for any of your needs? Do you have dreams where you see big wads of cash flying all around you? Unfortunately, life is not always like our dreams. In Canada, we are dealing with an extremely high national debt to income ratio and the high number of bad loans is a reason to worry for the Canadian government. However, if you are cautious and take installment loans for the right reasons, they could become your best option.
Personal loans which have a considerably long term and a number of predictable and small installments are much more favorable as they have lower rates of interest, more consumer protection laws governing them, less chances of fraud and also lower chances of default. Term loans could be moderately long or very long. It usually varies from a few months to a few years but could also go up to 20-25 years which is rare. One thing that you should consider while choosing the amount per installment and the tenor is that the longer you take to repay, the more you end up paying. Start your research at www.cashcofinancial.com because they offer Flex Loans as an improved version of a term loan with flexible installments.
Cashco Flex Loans have been designed to solve your financial problems
Cashco Financial, a well-known lender and financial service provider, has designed Flex Loans with the aim to provide financial assistance to those in need. As job losses in Canada continue to ruin lives, flex loans gain more popularity and relevance. Many people have either lost jobs or have quit and want to start a new life. They want to continue to care for their families and pay for basic needs and services. Many want to start innovative, efficient startups but lack funds to do so.
A Flex Loan can provide solutions to all these problems. If you don’t have enough cash to cover your medical needs, education or finance a wedding in your family, flex loans are ideal loan for you. You will have the liberty to choose your terms and conditions. You can set your own term and installment amount, although Cashco will have the final authority to decide whether it agrees to your terms or whether it wants to approve the loan.
Historically it has been seen the rate of approval at Cashco is very high and the rate of default is comparatively low because the terms are so accommodating to the clients. Cashco actually helps those with poor credit scores improve their scores by reporting the payment details to credit bureaus in Canada. If you are looking for online loans in Canada, don’t forget to take a look at the Cashco Financial website because it extremely convenient. For any other queries, you could also talk to a live agent at 1-855-914-7940.
What are the advantages of installment loans?
- A proper credit check is done and your debt-to-income ratio is checked which prevents you from borrowing more than you are capable of repaying: Installment loans involve the lender to do checks on the credit history, employment records and debt service ratio which help them determine the loan repayment potential.
- Predictable repayment amounts allows for greater fiscal prudence: When you know the exact amount that is due to a lender per month, you can set that aside from your income and pay it on time. However, in case of some other loans, you can never predict the amount that you are expected to pay and you end up spending more and building a bigger debt burden.
- Longer terms allow you to make lower payments per installment: Installment loans are ideal for those who don’t mind paying a little extra in interest but don’t have the means to make a single big payment upfront. It is often ideal for salaried people who see a little deducted from their accounts every month but have the assurance that they don’t have to make a huge payment at once.
- There is greater flexibility than unsecure loans and the money is disbursed quickly: Personal loans provide greater flexibility since the installments are small and you have a longer period to pay back. Some lenders also provide discounts, waivers and cash benefits to long-term clients for having a long relationship. This means more savings.