How to compare lenders in Canada | Loans Quebec

Image result for compareGetting the best deal for a loan, regardless of the type of loan, is one of the best ways to save a lot of money. We often talk about saving money by reducing unnecessary expenses and that is true, but we also think that large financial commitments like loans offer even better savings opportunities.

So, how can you save money with a loan when the very definition of a loan is that you are going to get into debt? The answer is simple. You have to compare the lenders. For any Canadian on the loan market, comparing lenders is definitely something that everyone should consider. You will get the best deal, same thing for the lender, and overall, a better experience because you have taken the time to do your extensive research. You will find attached a step-by-step guide on how to compare lenders, which can be applied to any type of loan, be it a mortgage, a personal loan, car loan or even a credit card offer.

Step 1: Receive offers

Before you can compare lenders, you need to know what you are comparing. When you get in touch with a lender, talk about their offers. You will receive. The offer describes the details of the loan, how much you borrow, what will be your interest rate, the time of payments etc. Depending on the type of loan you are interested in and the lender, tenders tend to last for a period. Once the period is over, you may need to reapply or provide up-to-date information to receive a new offer. If you are looking for a mortgage, working with a mortgage broker is always a good option. He will do all the research work and you will benefit from a good deal. Be aware that mortgage brokers charge for their services, so you will need to decide if the convenience is worth it.

Step 2: Compare Offers

<strong>Step 2: Compare Offers</strong>

Once you have several offers, it’s time to compare them. While some offers may obviously be better than others, it can also be difficult to determine which offer is best for your specific needs. One lender may offer a lower interest rate while another may offer a more convenient repayment schedule. If you really want to save money, this is the stage where you should do your homework.

To compare your loan offers, you should consider all the following factors:

  • Interest rate
  • term of the loan
  • Fresh
  • Schedule of repayment
  • Terms and conditions
  • Overall cost of the loan

While you are comparing your loan offers, you should also consider any additional factors that are specific to your life or financial situation. If you already have a relationship with a lender, this can influence your decision. Or, if you want a specific repayment plan, you can give more weight to lenders who offer this type of plan. When it comes to your final decision, choosing the best deal that will save you the most money should be your priority. But, make sure you choose the best overall offer. Saving money is one thing, but working with a lender you do not trust or choosing a payment plan that just does not work for you could put your loan and your financial life at risk.

Comparison of interest rates on loans

Obviously, borrowing money does not come for free. Interest rates are the way lenders express to a borrower how much it will cost them to borrow a specific amount of money over a given period. The interest rates available to you have the greatest impact on your ability to save, so always make sure you are comfortable with the interest rate offered before accepting an offer of interest. ready. When comparing interest rates, be sure to look at both the stated interest rate and the annual percentage rate of charge (APR). This will help you determine what loan and what loan will help you save more money if it is one of your goals.

Comparison of loan conditions

After the interest rate, the duration of the loan is the second most important factor in determining how much your loan will cost you. In other words, the more time you need to repay a loan (the more time you have), the more interest you pay and the higher the overall cost of your loan. If you choose a lender that offers you a shorter term, your loan payments will be larger. Know that even if it will save you money in the long run, you will be more restricted monthly. So, it is important that you choose a lender based on your specific needs. The best loan for you may not be the best for another consumer.

Mortgage conditions

If you are looking for a mortgage, the offer you will receive will usually be 5 to 10 years. At the end of this period, you will need to meet with your lender and discuss your mortgage contract. The total time needed to pay off the mortgage is called an amortization period. In Canada, the maximum amortization period is 35 years, but you can, of course, choose a shorter amortization period to pay off your loan faster while saving money on interest.

Compare loan fees

If you are looking to apply for a mortgage, you will have to pay several fees as well as closing costs. You can not work around them. However, if you are applying for a personal loan, you must be aware that there are crooks who are trying to defraud Canadian workers by charging them illegal fees, loan insurance and asking for upfront payments.

Comparison of repayment schedules

For all your bills, it is likely that you only need to make a monthly payment. But when it comes to loans, there are several options available to you.

  • Monthly payments, when you make a payment per month.
  • Twice a month, where you make two payments a month. Usually in the middle and at the end of the month.
  • Weekly, where you make a payment per week.
  • Every two weeks, when you make a payment every two weeks. This option is different from paying twice a month because you will end up making 2 extra payments in one year and pay off your loan faster.

Compare the overall cost of the loan

The factors above will affect the overall cost of your loan. So when you compare your loan offers, make sure you take all of that into consideration, especially if you are looking to save money.

Step 3: Negotiate

<strong>Step 3: Negotiate</strong>

The third step to take is negotiation. Be aware that this is not always an option to negotiate, as some lenders are unable to modify the offers they offer to potential borrowers. Your best solution is to simply ask if the offer they have provided you with is the best deal possible.

If your lender does not want or can not negotiate on part of your loan offer, consider asking if there is anything you could work on to get a better deal, for example:

  • Improve your credit rating
  • Pay other debts
  • Get a co-signer
  • Ask for another type of loan that is smaller or different
  • Provide guarantees

Taking control of your finances is always in your best interest, so do what you need to do to get the loan offer you want and deserve.

How can we help you find the best lender

<strong>How can we help you find the best lender</strong>

We understand that not everyone has the time to compare several loan offers, but we can help you. Our loan referral system can get you in touch with a lender in your area who fits all your requirements.

VW: A new beginning is only possible with new managers

Volkswagen Group A new beginning is only possible with new managers

Image result for volkswagenThe entire VW group is badly managed, fatal alliances prevent genuine education. As long as all are connected, it will go downhill with VW.

It does not happen every day that the incumbent CEO of a € 60 billion corporation must be remanded in custody. Since Rupert Stadler was arrested on Monday morning in Ingolstadt because of blackout by investigators, there is a state of emergency at Audi and the parent company Volkswagen. It is about the future of Germany’s largest industrial enterprise and that of a total of 640,000 employees, of whom 90,000 are at Audi alone. It is also about the reputation of Europe’s largest carmaker, in Germany and on important foreign markets, especially China. Can this loss of credibility be made good in the foreseeable future?

The problem: The responsible persons at VW and Audi are also nearly three years, after the scandal around fake emission values ​​of millions of diesel vehicles became public in September 2015, still driven. You are far from being master of the process. The results of the internal investigations are not published. All that is cleared up is what has already come to light anyway. Not the company itself clarifies the scandal and creates transparency, it is the (judicial) authorities. That’s the real problem with all the mistakes of the past.

Audi boss apparently wanted to proceed against witnesses

In a wiretaped telephone conversation, Rupert Stadler is said to have had a unpopular employee on leave – for the prosecutor an attempt to obstruct the investigation. 

The reason for this is that the VW Group lacks good corporate governance and functioning corporate governance. The 200-billion-euro company is run at will (after all, in Herbert diess has now been appointed an external to the CEO). Real enlightenment and determined action, so the impression, is not desired. That showed up again now. The supervisory board also hesitated after the arrest Stadler, did not immediately make a decision, debated for a long time and leave only on the day after Stadler provisionally. Way too late. Actually, the Audi boss, even if he is presumed innocent, would have to be replaced immediately, as the prosecutors began investigations against him and searched his house a week ago.

The members of the VW supervisory board are primarily representatives of the owner families Porsche and Piëch, the state of Lower Saxony, Qatar and employee representatives. Independent and critical inspectors? None. A prime minister who insists on transparency in the supervisory board? Not visible. The trade unionists are also closely linked with the management. All stood too long for Stadler, who, as a former office manager of Ferdinand Piëch, belongs to the closest circle. Hans Dieter Pötsch, who was responsible for finance from 2003 to 2015 at VW’s board of directors, also sits at the top of the VW supervisory board. The man, who became the chief overseer without the actually prescribed cooling phase of two years, should conduct ruthless education, so to speak on his own behalf. That can not work.

Disastrous alliances prevent VW from enlightening

There are quite a few examples of how German companies made their way from deep crises with a fresh start. When Siemens became aware of the corruption crisis, a new chief overseer and a new chief executive were installed, which provided transparency. At Deutsche Bank, Paul Achleitner became Chairman of the Supervisory Board, he tried a fresh start and adjusted, although his final success seems far away. Or Deutsche Post: Nikolaus von Bomhard has assumed the chairmanship of the Supervisory Board, and the Group is tackling important construction sites such as the German mail business.

A real start is possible, if at all, only with new minds, this also applies to Audi and the VW Supervisory Board. Instead, they are fatal alliances that have sprung up over a long period of time, preventing the Enlightenment. Now, after Stadler’s spectacular arrest, something has to change.

 

SCHUFA: SCHUFA scoring and SCHUFA entries

Image result for schufaThe SCHUFA is a private limited company. It tries to provide credit rating information to its clients. What is the SCHUFA loan guarantee? It provides interested parties with information about the credit history. These include paid and still outstanding credit claims as well as entries due to non-fulfillment of claims.

The data storage of SCHUFA

Not all information stored in the SCHUFA database is also collected by the company itself. Contracting parties and other banks incorporate data, but only if the customer gives his consent. However, there are also protests over data collection, as information from public debt directories of the district courts and other public data sources is also included in the reports. Whether the digitization of this information is legally harmless, can still not be determined exactly. As soon as the consent of a customer is present, all information of a customer can be stored.

The scoring of SCHUFA

The SCHUFA score is offered in two forms. Contractual partners receive on request a value of 1 to 100 for a specific customer. For example, the score may affect the terms and conditions of a loan. But the SCHUFA also offers a base score, which is stated in percentages according to own information. The higher the percentage, the easier it is for the customer to get a loan. 60% of Germans have a base score between 89% and 99%. Once the value is below 30%, loan companies usually look away from a loan commitment.

Criticism of SCHUFA

SCHUFA has almost no competition in the Federal Republic of Germany. That’s why it’s hard to get a loan without signing the SCHUFA clause. This is particularly due to the good contacts the company has with banks and other service providers. More than 70% of the shares are owned by banks and savings banks. It only becomes problematic when an error has crept in once. The customer can appeal in writing, but before clearing the data, lending is almost impossible. According to the company, the service also protects against over-indebtedness.

What’s on the loan without SCHUFA information?

For those who have had problems with a SCHUFA entry, are in financial difficulties or just do not want to break the SCHUFA clause, offering credit without SCHUFA can be the alternative. For a loan without SCHUFA , the applicant’s data are not initially checked in the SCHUFA database. The credit decision of these providers is based solely on information (such as income or salary statements) that the applicant sends to the bank itself. However, as the economic situation of the claimants is the focus and is scrutinized by the bank, it is not necessarily easier to get a loan without SCHUFA.

Credit despite SCHUFA entry of C. Auguste Dupin

In contrast, C. Auguste Dupin offers small loans for interim financing between 50 and 1000 euros despite SCHUFA entry . This means that for each credit application received, a credit check is first obtained from the SCHUFA, however, the evaluation of the information obtained at the SCHUFA is done individually and the importance of the SCHUFA entries is carefully examined so that loans with SCHUFA entries are possible ,

 

Apply for credit with SCHUFA

Credit with immediate payment – what is it?

Joseph Stiglitz “The EU destroys the future of Spain”

The motto “We are the 99%”, hosted by global protest movements that criticize the concentration of most of the world capital in a microscopic minority, arises from the postulates of Joseph Stiglitz, winner of the Nobel Prize in Economics in 2001 for his contribution to the theories of asymmetric information. Former vice president of the World Bank, advisor to Bill Clinton, a professor at the universities of Yale, Oxford, Stanford, and Columbia, Stiglitz has stood out for his crusade against inequalities and austerity policies. That has made him one of the 100 most influential people on the planet, according to Time magazine.

On the occasion of the publication of his collection of articles and essays The Great Gap (Taurus), where he argues the costs for democracy of the growing distance between rich and poor, Stiglitz received Magazine. The appointment was in room 212 of the Uris Hall building of the University of Columbia, in New York, after attending one of the thousands of students that he has guided for half a century of teaching experience.

How did character shape the fact of being born (in 1943) in a city in the southern United States as Gary (Indiana)?

It exposed me to an America very different from that of someone grown up in a rich suburb. It was authentic America, in the sense that there converged the racial and social mix, had little to do with the idyllic postcard to be a huge discrimination. That reality so far from the much-vaunted American dream caused me commotion. The contrast between the idea that my country was the paradise of the middle class and what my eyes saw was disconcerting.

“The economic and racial injustices assaulted me from a young age. I led a group that went to the south, still under racial segregation, to build bridges. We were not aware of how dangerous it was “

Did your strong social conscience, then, have an early start?

Did your strong social conscience, then, have an early start?

 

The economic and racial injustices assaulted me from a young age. I was president of the student council at the University of Amherst and led a group that went to the south, still under racial segregation, to build bridges for integration. At that time we were not aware of the danger of the trip. Soon after, some members of a similar student expedition found their death.

To abandon the studies of Physics for those of Economy supposed to take a more committed way?
It is bound, in effect. Instead of using mathematics to understand physical systems, I did it to interpret social systems. It was also a way of being able to immerse myself in history, one of my favorite subjects, something that physics did not allow.

In one of his articles, he points out his mother, a teacher, as one of his main models to follow.
She was a woman with a wide range of values and points of view. When I entered the university, my mother, who until then had been dedicated to taking care of the family, decided to return to study, with almost 50 years, to obtain a degree of Teaching. After that, he began to teach classes in a public school of Gary whose students had gone from being almost completely white to 100% black. She was one of the only two white-skinned people among the teachers, the rest had fled in terror. She felt very close to those children and when she reached 67, she resisted tooth and nail to retire and got her assigned to teach young people with special needs.

He has highlighted how the international economic crisis that erupted in 2008 was mainly a matter of ideology and strategies. Can we say that the financial and political institutions allied to make it possible?

There is no doubt that they caused it, but the most surprising thing is that they did not see it coming. The whole thing is reminiscent of the story The Emperor’s New Clothes. The wise assumptions that never ceased to say that there were no risks, that they knew how to conduct the economy, that we trusted them, acted the same as the naked emperor. As an economist who had studied these issues, I knew for a fact that they did not know what they thought they knew. They did not plan it, they simply believed that a deregulated system would work.

“There is no doubt that the political and financial institutions caused the crisis, but the surprising thing is that they did not see it coming. Everything remembers the story ‘The Emperor’s new suit’ “

How could he detect that we were facing disaster?

I had an advantage because I had studied Real Economy, Mathematics, and History. When ignoring the first two, they were not familiar with concepts such as risk and probability. If they had been instructed in the third, they would have come across the financial panics and bubbles described by Charles P. Kindleberger. If they knew the story, they would have been aware that their recommendations were very likely to lead to a crisis. And surely I overtook their nonsense because, during my time at the World Bank, I witnessed what was coming, looking at the devastating case of East Asia.

The question would then be: why did nobody give the alarm signal?

We did it! Several of us shout “fire”! However, it fell on deaf ears. I remember meeting at an event in Davos in 2008, just after the recession and the bursting of the bubble, listening to a group of Wall Street luminaries and central bank presidents addressing the audience with the question: “Who Could I have predicted it? ” Five of those present in the first row raised their hands to answer what we all had in mind: “We, right here, in Davos, just a year ago, and did not pay us any attention”.

Why did the financial powers not listen to them?
Surely because they and their friends were making a lot of money and when you earn a lot of money you think you’re smart, it could not have been lucky that filled your pockets, right? Not only that, you also convince yourself that you have done the right thing.

Why did not the media echo their bad omens?

In part, it’s because the majority only interviewed the bankers, despising our opinion.

Where should we start to reduce the gigantic gap that continues to grow between the rich and poor?
There is no magic recipe. The inequality we are witnessing today is the result of a process that started more than three decades ago and that, consequently, has been built brick by brick. The first step should be to rewrite the rules of capitalism and the market economy in the opposite sense to that of Reagan and Thatcher, who in the 1980s rewrote them in return for the benefit of 1%. Markets do not exist in a vacuum and operate according to rules that distort and weaken them. When some banks concentrate an exorbitant power or companies like Microsoft challenge free competition you are destroying the markets.

“We gave the alarm signal that the crisis was coming, we shouted ‘fire’, but the scream fell on deaf ears. A year later, the luminaries of Wall Street asked who could predict it. We did it, but they did not listen “

And in the case of Spain, what first aid should be applied?

And in the case of Spain, what first aid should be applied?

 

There my recipe varies. They have to start by ending austerity, the main cause of inequality. Before the crisis, you were reducing your levels of inequality, but with its outbreak, they began to grow, and austerity policies have led them to be one of the European countries with the highest rates.

What power never tires of repeating is that there is no money, leading the one who does not understand the economy to ask himself: how do we finance the recovery?

The first step is to reform the European Union (EU). They have created a eurozone that has tied them hand and foot, depriving them of monetary and exchange rate policies. As if this were not enough, they have granted all power to Germany and a small group of people who do not understand economics, who also do not care enough about inequality.

So there are other ways, although the discourse from Brussels is that there is no alternative to austerity.

The EU has the machine to achieve the recovery of Spain, just as it has the machine to destroy Greece. They could start by raising the minimum wage, eliminating the privileges enjoyed by Germany, betting on a banking union that would prevent money from flowing from Spanish banks, issuing euro bonds to obtain low-cost loans- Purple has it too … There are many measures that the EU could take adopt in order to help Spain but has not taken any. The only thing that has served them has been inequality and unemployment. They are destroying their future.

Does the refugee crisis threaten to aggravate Europe’s crisis in the coming years?

Absorbing the speed with which refugees have arrived can be a challenge. If we were in front of a drip, it would be very different. Another problem is that most of them want to settle in Germany because it is one of the few countries that can offer employment. In the event that the rest of Europe could offer the same, that is, if they had not fallen victim to economic policies headed by Germany, another rooster would sing, a much more equitable distribution would be feasible.

In Germany, you will not be the economist with the highest popularity rating.
Well, look where, just two weeks ago I was invited there to promote my book and gave a talk at one of its most important foundations, in front of an audience of 700 people, including the general secretary of the Social Democratic Party (SPD), and More surprising is that almost everyone agreed with my view that austerity is bleeding Europe. It is a political problem, leaders who cling to economic guidelines that at this point are completely discredited. Also in the United States, we have Republicans who believe in austerity, to whom I attribute part of the fault that things do not go better for us.

“Absorbing the speed with which refugees have arrived can be a challenge; if we were in front of a drip, it would be very different “

This last sentence leaves implicit that the situation in your country is not negative either.
In recent years there has finally been a wave of support for ideas that we could call progressives. Almost all candidates of the Democratic Party to the next presidential election believe in them. 70% of Americans support the rise in the minimum wage, despite which their federal implementation has not obtained the green light in Congress. Yes, it has been achieved, however, in Los Angeles, New York, and Seattle with the consequent triumph for democracy. The message is that, with a Congress broken mainly by the Tea Party’s performance, the only way to expand the limits of that is on a local scale.

In La, gran breach a reiterates that the 1% of individuals who amass 99% of capital would also live better in more egalitarian societies. What is your strongest argument to convince them?
The first thing they should do is take their jet and go to some of the Latin American countries where the inequalities are acuter and observe their peers living in fortified urbanizations and taken by private security teams, with the lives of their children in daily danger on my way to school. Would they want these bunker communities for them? Many economic and political studies have coincided in pointing out that the degree of violence in a society increases in parallel with the degree of its inequality. In the United States we have witnessed that if this collides in turn with the racial conflict, revolts like those of Ferguson or Baltimore are unleashed. But we must not imagine such extremes to wish that inequalities diminish. The simple fact that they exist is an affront to democracy.

How did you avoid the puffiness that the Nobel could have caused?

You usually receive the Nobel Prize in Economics when your ideas have long exerted a strong influence, so, fortunately, you do not suddenly become a spoiled adult. My postulates had been taught in the universities for a long time, so it was not as if things suffered a big change overnight. In addition, we economists love to discuss, so being decorated in Stockholm is not a guarantee that your colleagues will listen to you more.

“For my ideas
I’m inspired by biology,
epidemiology, in how diseases are dispersed, in the visual arts … “

Where do you find inspiration for your economic ideas?

Where do you find inspiration for your economic ideas?

 

Exploring other scientific fields, such as biology. Epidemiology, for example, has thoroughly studied the spread of contagious diseases, and it is very stimulating to study the extent to which economic crises follow similar or divergent patterns. Also, the visual arts have helped me to go in search of different readings and impressions. It has inspired me in a special way to see how the same pictorial theme has been interpreted in very varied ways by artists.

This year he turns 50 as a university professor. What have been the guides that have governed their teaching?

One of the factors that I have emphasized the most has been in critical thinking, I have aspired that my students think for themselves. They should take the standard models and find out what went wrong, question everything they are taught. The second thing they must internalize is that economics does not work in the same way as physics: if in physics we handle the wrong formula, atoms will not behave badly, but if we do the same in the field of economics, we can generate instability and inequality . Consequently, responsibility rests on their shoulders and therefore they have to reflect on the social consequences of their work. Last but not least, I have tried to motivate them and help them grow as people.