Finance

Sep 22 2017

Bad credit loans with guaranteed approval in Canada. #best #home #loan #rates


#guaranteed bad credit loans
#

5 Ways to Get a Bad Credit Loan in Canada

Even though it might be hard to believe that the Canadian economy is improving. experts say it s true.

If you are a small business owner, is your business also picking up, or you are still struggling with the lingering effects of the recession?

Because of the bad economic climate in the last 5 years, many small business owners couldn t service their loans and now they have a bad credit history. If you are one of them, and you ve been wondering if its possible to get a small business loan  with your bad credit, the answer is yes! You certainly can.

If you need fresh cash to stay afloat, here at Zillidy  we can help you with just the right amount of money to keep your engine running. Your credit history is of little importance to us, because even with bad credit, we can give you a simple short term loan in exchange for collateral, to cover your most urgent expenses.

But there s more than one way to get a bad credit loan in Canada, and collateral loans are only the tip of the iceberg. There are many ways to get cash without having to deal with banks or being asked to pay an excruciatingly high interest rate.

Let s take a look at 5 great loan options:

#1.Community Business Development Corporations (CBDC)

In its core a compilation of non-profit organizations, the Corporations help small business owners with bad credit ratings avoid traditional banks.

You can qualify if you prove that your business benefits the local community. You d have to demonstrate economic viability, in addition to the fact that you create jobs for the local people.

The Corporations are usually supported by local businesses and service providers, not the federal government.

The CBDCs can lend you up to $150,000. You will have to present a business proposal with detailed plan of how you intend to use the money.

Find out if there is an office of the CBDCs near you and give them a call. Take a look at some of the loans they offer, such as the General Business Loan. First-Time Entrepreneur Loan or Innovation Loan .

#2. Home Equity Line of Credit

You can use this option if you have equity in your property . Then you can use this low-interest, tax-deductible line of credit to meet your needs.

However, the problem with home equity is that if you can t repay the debt, you will put the financial security of your home in danger. On the other hand, if you are confident in making regular payments, this is an inexpensive option for a loan and your bad credit won t matter at all.

#3. Turn to a Credit Union

Of course, if you can choose between a bank and a credit union to get a small business loan, always go for the credit union. At its core, a credit union is a nonprofit organization owned by its members. What unites them is the fact that they work in the same industry or live in one geographic area.

Money is passed among members only and this makes everybody happy, especially with the interest rate, which can be as little as 1%.

There s one tiny hiccup, though. You d have to become a member before you can qualify for a loan. See if you share something in common with a credit union near you, to take advantage of this favourable financial environment. The commonality could be the same employer, postal code or church community.

Try Credit Union Central of Canada  to find the unions in your area, and give them a call to inquire about how you can become a member and get a loan.

#4. Ask Your Family or Friends

People usually avoid borrowing money from family or friends, even though this may seem like the most obvious choice. When money is owed, sooner or later things often sour and good relationships may be ruined.

You can treat getting a loan from someone you know like a normal business transaction, with set responsibilities and deadlines, to avoid any trouble.

Create a written agreement where all the details are clarified, starting from the interest rate and when you expect to repay the loan to documentation of any collateral put up for the loan and what happens if the borrower fails to pay off the debt.

But just a piece of friendly advice – use the family loan only as a last resort.

#5. A Short Term Collateral Loan

Frankly, for many small businesses this may be your best option, especially if you are in possession of something small but of great value. It could be a luxury watch or a gold ring or loose diamonds.

If you re not sure you have valuable possessions, you can look around the house to try to find that antique or a luxury item that you can put up as collateral for a short term business loan. You can often be surprised by what s been in storage for decades, never taken out.

Read more about how to get a collateral Zillidy loan here . With us, no degree of bad credit can stop you from getting the cash you need and keeping your business going.

Give us a call or send us an email and let us know how we can help.


Written by admin


Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: