Whether choosing our Club Line of Credit, Payday Loan or a Personal Loan, we need to ask ourselves what we want from it. Am I looking to improve my credit rating? What’s my immediate goal? What’s my goal in a year? Does my immediate gratification warrant my long- term outcome?
We have many different options that our clients may benefit from.
Club Line of Credit
We have three different levels of our Lines of Credit – Club Lite at $6/month, Club Blue at $21/month and Club Copper at $48/month. No matter which Club you’re in, you have access to a myriad of benefits beyond your line of credit. This ranges from being automatically entered into the $100 monthly draw, being able to participate in prize giveaways and attending both the entertainment events and educational events.
Who is Club Lite Line of Credit right for?
Typically, this is our Line of Credit that gives you access to $100 – $500 depending on the amount you’ve been approved for. It’s wonderful for someone who may have had no credit and wants to build it or someone who has bad credit and wants to rebuild it. Club Lite is for the person interested in learning budgeting and planning for their minimum payment to be automatically withdrawn from their account on the 21st of every month. It’s a superior alternative to taking a payday loan if you take three or more payday loans a year.
Who is Club Blue and Club Copper Lines of Credit right for?
These tend to be people who either have an excellent relationship and history with us or is a new client who has stability with their job, residence, banking and/or their current credit bureau. It gives access to funds of anywhere from $501 – $5000, depending on approval. It’s easy to see what funds you have access to from the statements you receive whenever you make payments, take draws or have your minimum payment withdrawn on the 21st of every month.
In the last week, we’ve had clients who wanted to buy a trailer, tires and someone who put a deposit down on a new vehicle. They had easy access to funds and were able to make those purchases happen the day they needed them with no waiting. A text or call to the office and five minutes later, an e-transfer was sent.
Just like clients sign their Terms and Conditions that we can change the amount of their Lines of Credit (to protect us from people who decide we aren’t a priority), the clients who we have a great relationship with can request their Lines of Credit be increased (we do request documentation and do our due diligence).
Payday Loans
While certain governments and certain media have portrayed payday lenders as predators and payday borrowers as naïve or stupid, if used appropriately and with the right company and in the right situation, there is a place for a payday loan. Do you have an unexpected expense or an unexpected opportunity? Did a sudden life change blindside you? Did a sudden chance present itself to you? Payday loans are expensive and if it’s a one-off, it can be a good thing. Does your cat need surgery? Did you find a (oh my god – I’ve been looking for this for five years) dress that’s on sale from $800 down to $300? Did your friend find a screaming deal for a trip and the deal is good for a day (who doesn’t want to travel right now?!!). Did you go to renew your license only to find you have a speeding ticket? (Taking a payday loan months ago may have saved you more in the government penalty). Sometimes, in certain circumstances, a payday loan will actually save you money, not cost you money. They are great when used appropriately, detrimental when used multiple times in a year.
Personal Loans
This is a wonderful alternative when you have something specific in mind, such as a used vehicle and you want bargaining power when dealing with the dealership by knowing you can have us send them a certified cheque for a certain amount. They know you’re serious then. We also do motorbikes, quads, boats, tent trailers, horse trailers, horses. We have done many loans with low credit scores – if you have a great history and/or you find a screaming deal and there’s plenty of equity, it can be a go.
If you are re-establishing your credit, it may be a personal loan of $1,000. If you have an unblemished history with us or security, we have personal loans over $100,000.
Personal loans are the right choice when you just want the funds once and want to pay them back over a term. We have options where they come out once a month if you have worked out planning and budgeting. If you are still navigating improving your credit and working on your budgeting, we can set payments to be withdrawn on your paydays.
We’re here to help. If you want to discuss what the best option is for you, please contact your favourite client care specialist to answer any of your questions.
