Please see information below on Credit Repair Loans.


Credit Repair Loans

What is a Credit Repair Loan?

A Credit Repair Loan is a loan designed for individuals with bad, no or little credit history, who need help to establish a good credit history and jumpstart their financial savings. Every Canadian, no matter if they are rich or poor, has a credit ranking. If you have ever taken out any form of loan in the past, this will be noted on your credit file.

Credit Repair Loans are custom-designed to help you strengthen your credit history through investing your loan in a secure Guaranteed Investment Certificate (GIC) which helps you to get a head start with your savings and earn you interest on your investment. Most Credit Repair Loans allow you to borrow set suitable amounts of funds which provide you with a meaningful amount of credit to help rebuild your history.

As you make your monthly repayments and build up equity in your loan savings account, you receive access to your cash during your loan term. The funds can be used for anything you wish, such as an emergency fund to pay bills or consolidate credit card debt.

How Can I get a Credit Repair Loan?

The easiest way to get a Credit Repair Loan is to go via a specialist company who can provide you with a GIC Investment Loan so you make monthly repayments of your loan. The payments you make are then reported to the credit bureaus. After a specific period of time and perfect repayment (of the GIC Investment Loan), people usually see a noticeable improvement in their credit score. Credit Repair Loan approvals are usually accepted within 24 hours.

What are the benefits of Credit Repair Loans?

Credit Repair Loans are a safe and often cheaper alternative to credit cards. You do not have to worry about running up any big credit card balances so you can be worry free. The great advantage of Credit Repair Loans is the head start that you get on your financial savings and the ability to establish a strong credit history for future credit or loan needs.

Are there any Risks?

Note that the interest rate on a credit repair loans might be higher than a similar loan from the normal bank but this is to be expected, as the lender is taking into account the increased risk from a 'low credit' borrower. You should also be aware of the fees that are associated with Credit Repair Loans and ensure that you take this into consideration when you apply for a loan.

Do Credit Repair Loans promise to repair your credit?

Credit Repair Loan Companies are not credit repair agencies. They do however, provides borrowers with a savings loan for them to establish and maintain their credit through the successful repayment of their Loan. This generally shows noticeable improvement in credit score, however, is not guaranteed.


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