BC loans are alternative to payday loans. They behave different in urgent needs by offering loans at low interest rates as they understand that harming financial status of citizens put direct impact on national economic status. They are quick and secure as compared to traditional short term loans. Loan processing is carried out within one hour rather than a day. Ease and flexibility for applying them has made them favorite of Canadians. Their salient of reimbursing in 3, 6 or 12 installments depending upon pay frequency is making it most popular in nation. There are no hidden costs and loan fee. Everything is made clear to borrower on first stage of loan agreement. Cash demanded by debtor is directly transferred to his bank account which he is supposed to mention in application form. The speed of transfer directly depends on how soon you will submit application form.
Apart from processing speed, one more attractive part is rate of interest implied in these loans. It is well known that payday loan is a very expensive loan service as they charge four times interest rates as compared to principal loan amount. It reaches almost up to 400% and sometimes 500% according to latest news report. However, BC loans acquire fixed APR of 32%. Even if transaction fee is included, it stays below 35%. It is very easy to pay back in these loans as repayment is divided into installments that are to be paid in fix time, thus decreasing repayment stress.
There are no restrictions on installment amount to pay back. If you have more cash and you think that you should pay back more with current installment in order to get rid of loan repayment early, then you are free to do so. It makes repayment friendlier with both creditors as well as debtors. This is not going to affect your credit score at all. But if any borrower skips any installment that will simply end loan contract along with extra fee less than $50. In order to maintain continuity of loan agreement and keep good financial terms with lender, a borrower should inform his lender 48 hrs before installment time. This will just cost $25 and your loan deal will also continue.
BC loans are taking care of national economy
One more term included in this loan’s policy is that debtor has to done with previous loan’s repayment before applying for next loan. On a whole, BC loans seem to be more flexible as compared to other loan services.
Clever lenders take advantage of borrowers who need cash on urgent basis. They simply create a debt trap for them to earn more profit. But this is not the case with BC loans. They lend only if the borrower is eligible and able pay back in fix time.
GRAB BC LOAN SERVICES IF YOU ARE ELIGIBLE
Before applying for anything, applicant must meet eligibility criteria. Following are some qualifying conditions:-1. A citizen must be 18 years old or above that.
2. Second most important thing is that borrower must be Canadian citizen or should have permanent resident certificate from federal government.
3. The process follows with requirement of stable occupation giving $1200 income per month.
4. A creditor should not be bearing bankrupt character or should not have any illegal charges on him.
5. Another point is that he should have short term debt ratio.
6. Most necessary is that he should have some bank source for direct deposit.
7. His bank account should not be holding excess of non-sufficient transactions.
BENEFITS OF BC LOANS
1. The consumers are not let to wait for much time for cash to be delivered.
2. They offer minimum interest rates that are below 32%, which is almost 3 percent per month. Brokerage fee is also included in loan costs.
3. Minimum repayment period is 3 months for these loans.
4. Repayment delay time is issued by charging some extra fee.
LOAN RENEWAL – Striking feature
With easy and flexible service, borrowers can pay back to credit in time and can renew their loan service. Eligibility for renewing plan is that you have two weeks or less due in final installment pay back. The basic loan and renewed loan both come with different benefits to borrowers. The debtor can use cash at once according to his own wish but is supposed to pay back in installments that act as biggest surplus for borrowers. So if you are thinking of buying a new house or a car, then you can apply for mortgage loans, auto loan services of BC instantly to get approval. Loan sanctioning will be carried out by trained and experienced personnel, thus cash will reach you within hours depending on your bank processing. Further, you can proceed to buy what you require.
A debtor needs to provide latest salary as well as bank statement in order to get loan renewal. If he is facing any difficulty in providing documents, he can ask his creditor to get them. He will be charged nothing for this assistance. Interest rates will stay same for loan renewal which can be totally different in case of payday loans as these types of lenders generally take advantage of imperious financial circumstances of borrowers. Because they know that borrower will agree to pay any interest rate in order to get rid of present money problems.
If you are applying for these loans for the very first time, then you can borrow only $500. After that you can borrow or renew loan up to $700. Its installment plan offers easy repayment. Even if someone fails to deposit installment, his loan agreement will be cancelled immediately. After that legal measures are adopted by BC loan creditors to get back their money from debtors. Punctual repayment ensures most flexible service and easy renewal.
As loan terms and conditions are mentioned on early basis to consumers. So, loan services demand honest and timely deal to continue. Though payday loans offer more cash than these loans but their costs and short time availability screw up financial health of lenders. This is why, they are known as best alternative to payday loans.