Good & Bad Credit Loans in Toronto
Bad Credit is a highly searched for phrase, and not surprisingly, Bad Credit Toronto also tops the list for the local GTA area. Whether you have good credit or bad credit, sooner or later you may need a loan, and if you happen to have bad credit, this makes things a little more of a problem.
If you have a Good credit rating, then you’ll find that getting low interest loans will be much easier, even when you’re not really looking for them. The banks will offer you more credit on your credit card and/or you could have a great line of credit offer as well.
Sadly for those with Bad Credit, those low interest rate loans are very hard to come by, as you could be more of a risk, and as a result, incur higher rates.
These bad credit loans, while they can fill that immediate need, the interest rate cost is often a very high rate, and can just lead you further into debt, and can cause additional damage to your credit rating. The higher the interest, the more that loan will cost you and longer to pay it off.
If you do have bad credit, and are possibly looking at getting a loan, step back and look at your financial situation. Getting your finances into order is advised. See our article on successful budgeting (Follow the Money). This can get you started, and from there we have a budgeting basics series.
Before making that step with going further into debt, see all your available options. If you are dealing with enormous debt, it can be easy to go further into debt, but getting that extra loan to pay off another debt, is not always the right choice. Sometimes you need to step back and see how serious your financial situation really is.
The more you can learn on how to budget and manage your finances, the better you will be at making the right choices for you and your family.
We provide a Free Initial Consultation, where we will go over all your options with you. We will work with you, to help you get your ‘fresh start’. Call us at 416-498-9200 to book your free appointment at one of our six convenient GTA locations.