Canadian Christian Student Loan
Christian Canadian student loans are good options for the financing of higher education in Canada. Canadian federal and provincial governments together administer financial assistance for college attendees through the Canada Student Loan Program. There are several types of assistance available in addition to these, including provincial loans, grants, and bursaries (or scholarships). Future students need to prepare and plan for payment for college courses and not miss these important funding opportunities. "Prepare thy work without, and make it fit for thyself in the field; and afterwards build thine house." (Proverbs 24:27)
Both full-time and part-time college attendees can apply for the federal Canadian lending, but only full-timers are eligible for provincial lending. The Canadian student loan is processed through the provincial or territorial college assistance office and is repaid to the federal government through the National Student Loans Service Centre (NSLSC). Eligibility requirements stipulate that the college attendee must be a Canadian citizen or permanent resident. Also, the program of study must lead to a degree, diploma, or certificate.
While a college attendee is pursuing his or her full-time studies, the government pays the interest that accumulates on this type of lending. A college attendee does not need to make any payments on the debt while in school full-time. Once school is finished, the interest will begin to accumulate. College attendees are given a six-month grace period after their studies are completed before they need to start making payments. People who face difficulties repaying their Canadian student loans may be eligible for interest relief and, perhaps, debt reduction.
Residency determines the application process for this lending. Full-time college attendees who are residents of Newfoundland, Prince Edward Island, Nova Scotia, New Brunswick, Manitoba, Alberta, British Columbia, or Yukon can apply for both federal and provincial Canadian student loans through their provincial college assistance office using just one application form. However, two types of lending will need to be repaid: one to the federal government through the NSLSC, and one to the provincial government through the bank or other lender that issued the Canadian student loan.
Full-time college attendees who are residents of Ontario or Saskatchewan are eligible for integrated lending. This is an easier form of repayment in that only one amount is repaid to the NSLSC, even though both the federal and provincial governments provided the funding for the Canadian student loans. The Northwest Territories, Quebec, and Nunavut do not participate in the lending program, but they do operate their own financial aid programs. College attendees from these areas can contact their provincial or territorial Student Assistance Office for information on each Canadian student loan opportunity.
Canadian personal loans are available at different rates and terms to fit various budgets and financial needs. Consumers can receive this lending only as a Canadian citizen and must meet a few other minimum requirements. Whether one's credit history is good or bad, they can find a Canadian personal loan for their needs with a little prayer and patience. "I waited patiently for the LORD; and he inclined unto me, and heard my cry" (Psalm 40:1).
When considering borrowing, Canadians should look to borrow an amount that will fit into their budget as well as one that will meet all financial needs. A Canadian personal loan can be offered at both fixed and variable rates and is offered for various lengths of time, depending on the amount as well as the lending institution. With some Canadian personal loans, borrowers can take up to seven years to repay. In addition, lenders will offer different payment options such as monthly, semi-monthly, bi-weekly or weekly. Canadians can choose to pay monthly loan payments by cash or check, or by direct withdrawal from an account, a choice which some lenders offer.
People take out such funds for various reasons. Some people use a Canadian personal loan to make large purchases such as buying a car or to making home improvements. Others may use their funds to take the vacation of a lifetime. Canadian personal loans also can be used to consolidate debt. If a person has accumulated a large amount of unsecured debt, they may want to consider finding funds at a lower rate in which they can consolidate their debt into one manageable sum. The rates will vary, depending on the borrower's credit history as well as on the lender. Generally speaking, the better the credit rating, the greater the chance for approval with better terms and interest rates.
Canadians can find lenders online, or at many financial institutions in Canada. To find out the right type of Canadian personal loan, one must simply call various lenders or apply online. In addition to Canadian citizenship, most lenders will require that the applicant be at least 18 years old, has an established credit history and steady income, as well as having as good balance between their income and debt. Those whose finances are in better shape will find good terms and interest rates. However, even if the applicant's credit is not in the best of shape, they still may find Canadian personal loans that can help meet their financial needs.
Cheap Christian Personal LoanCheap personal loans are those which have low interest rates, few penalties and practically no fees attached. Because there are so many lenders today, it is far easier to get this type of lending than it once was. However, the interest rate and the quality of the cheap personal loan depend heavily on both the borrower and the lender. Only high quality, known and reputable lenders are willing to offer great rates on lending but they want to offer such deals to applicants who have a clean credit rating and solid financial history. Thus, it pays to be responsible. "The righteous also shall hold on his way, and he that hath clean hands shall be stronger and stronger" (Job 17:9).
Researching lending options may take some creativity and may mean thinking 'outside the box'. This means that if one needs a loan to pay off debt, they don't have to just look for personal debt lending. Homeowners may be able to refinance their mortgage or get home equity lending. Banks are going to help consumers only so far, though. The borrower needs to do the creative thinking, but not disregard cheap personal loans unless a bank explains that it would be impossible to get approval.
Deals on lending come in all kinds of amounts and all kinds of time frames. The best thing to do even before starting to shop around is to have a handle on what the goal is in a cheap personal loan. This will help the consumer eliminate a significant amount of lending that doesn't fit their needs. This being said, consumers shouldn't get too narrow of a focus that they might miss a great opportunity if it presents itself.
If the borrower has a trusted friend or family member that has explored lending options, the borrower may want to consult them for advice. The most important thing when considering a cheap personal loan is to evaluate the need to get the funds. If it is to pay off debt, the borrower needs to look at what kind of money they will save on paying them off all at once and paying interest on the new borrowed funds. Also, consumers should look at the way that getting these funds will change things. If the money if for a car to keep a job, the borrower's life will change dramatically if a cheap personal loan is dispersed.
This type of lending is designed to help people save as much money as they can. This is good as long as the borrower can make the payments. Each consumer needs to get serious about their budget and shop around for the best deal out there on cheap personal loans for them. If there is time to research, consumers should take it slow. If there isn't a lot of time to make a decision, then the borrower should try to research smart. They need to find a trusted friend that knows something about loans and listen to their advice regarding loans and what would be best.
Cheapest personal loan rates can be found if the borrower has some type of large item collateral to pledge as security on the personal loan allowing the lender to take a lesser risk and offer a lower interest rate. Borrowers that are seeking this should have a good credit history. If the borrower is not aware of his/ her own credit reporting score, then they should obtain copies of their credit report from all three nationally recognized credit reporting agencies: Equifax, Experian, and TransUnion.
If the borrower is seeking the lowest interest percentages, they should review the credit report for inaccuracies, as inaccuracies result in over 25% of lowered credit scores. Once a thorough review of a credit report has been completed and the borrower still does not qualify for the cheapest personal loan rates, they should design a plan to raise the credit score. The fastest and most effective way to raise a credit score in order to receive the cheapest personal loan rate is to pay down all balances on credit cards to at least 20% of their limits.
This can raise a credit reporting score up to 30 points in as little as 30 days. Borrowers should consider this option before applying for a variety of personal loans. Each time an application is made in an attempt to receive the cheapest personal loan rate, the borrower's credit score is decreased by one point. There are no points taken off the borrower's credit report if they receive it themselves and give the lenders the accurate credit reporting score verbally. If the borrower lies to a lender about the score, then they should not be surprised at the closing of the loan that the cheapest personal loan rates will not be offered to them.
It is important to note that some Christian borrowers will be requesting the lowest interest percentages in order to pay down their credit card debt. One option is to borrow money from a family member or friend until the cheapest personal loan rate is approved and the funds dispersed, then the borrower can pay back the family and friends, reduce their credit card balances with the remaining funds, and begin their predetermined repayment schedule that includes the lowest interest. Receiving the cheapest personal loan rate should be a high priority for a borrower. Planning and saving money wherever possible is a wise move. "The ants are a people not strong, yet they prepare their meat in the summer" (Proverbs 30:25).