Archive for May 2019

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Bank of Canada Interest Rate Staying at 1.75% for May 2019

On May 30, 2019 / Bank of Canada Interest Rate, Canadian Consumer Debt, Canadian Interest Rate, Debt Management, Interest Rates / Comments Off

Bank of Canada Interest Rate Staying at 1.75% for May 2019 The Bank of Canada interest rate is staying the same for another month. On May 29, 2019, the Bank of Canada (BOC) announced that it is keeping the Canadian interest rate at 1.75% — the same…

Payday Loans are Not the Right Answer for Quick Cash

On May 15, 2019 / Bad Credit Borrowing, Financing a Car, Financing a Vacation, Payday Loan Interest, Payday Loans, Personal Loan, Personal Loan Financing, Prudent Financial / Comments Off

You’re in a tight spot and you need money – fast. You see a commercial or drive by a sign that seems to have the answer to your dilemma: a payday loan. Stop! Payday loans may be quick cash, but they are not the best answer, no…

Tips for Making a Financially Savvy Vehicle Purchase

On May 8, 2019 / Best Time to Buy a Car, Buy a New Vehicle, Buying a Used Car in Ontario, Car Loan Borrowing, Financing a Car, Prudent Financial, Prudent Value Cars, Used Car Buying Tips, Used Car Financing / Comments Off

When it’s time to make a new vehicle purchase, there’s a lot to consider. But the number one thing you should be thinking about is your finances. To paraphrase Suze Orman, when it comes to buying a car, plenty of people aren’t making the smartest choices. Buying…

Bank of Canada Slowing Down Interest Rate Increases: What This Means for You

On May 1, 2019 / Bank of Canada Interest Rate, Canadian Consumer Debt, Canadian Interest Rate, Interest Rates, Prudent Financial / Comments Off

The Bank of Canada (BOC) announced on April 24, 2019 that they would not be increasing the interest rate this month. And further to that, they may not be increasing the interest rate again for the remainder of 2019. The last time the interest rate increased was…

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The Fineprint

Here is the fine print for your Prudent loan.

Min and Max period for a Prudent loan repayment

Answer: 1-5 years

What is the maximum annual percentage rate (APR), which includes the interest rate plus fees and other costs for a year?

Answer: 5.75% plus annual fee (ranges from 10% -19%) APR* – 15.75% – 24.75% maximum (effective rate will vary).

A representative example of a Prudent loan – How is it broken down with all applicable fees

A typical 1000.00 loan, paid off over a 12 month period borrows an amount of 1020.00 which includes the $20 credit application fee. Total cost is 231.94. Payment is 104.33. This does not include optional life insurance

*Rates vary according to credit risks but at all times compliant with all applicable legislation and Prudent does not rely upon any exclusion intended for a pay day style loan company.

Liens and other searches 16.00 and up dependent on loan amount and amortization.

In some situations some security may be required.

Approval times are based on optimal situation - customer has all documents and extensive verification is not required.

Questions? We pioneered the Responsible Lender Pledge. Call us anytime and we’ll be happy to discuss your loan and what fees may be involved depending on your particular circumstances.