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Bad Credit Loans Ontario – Where to find them
So here you are typing Bad Credit Loans Ontario into a search.
By now you’ve heard it a million times from family, friends, teachers and your banker – your credit report is your key to more money when you need it most and yet, but while many of us know that a credit report has to be closely guarded, we might not be aware of what puts it at risk.
That is why we’re going to go over some of the lesser known risks to your credit report as well as talk about the perils you’ll find when using the term bad credit loans Ontario. See, most people think that you only have to avoid late payments or defaulting on loans altogether to avoid damaging your credit report.
While that does indeed make sense, many Ontarians are not aware that behavior we see as normal is frowned upon by lenders and results in unwanted red marks on your credit report that will lead you directly to the worst bad credit loans Ontario’s payday lenders have to offer.
Once you know what these factors are and you avoid them, you can rest assured that your credit report will remain impeccable and you’ll always be in good standing for future loans you might apply for.
Here are some of the credit management practices you might be doing that are having a negative impact on your credit report:
Credit to Balance Ratio – how close are you to your credit card’s limit? Believe it or not, if your card is maxed, or close to it, lenders really don’t like seeing this. Even if you never miss your payments (even make them early), lenders want to see you carrying a balance of less than 70% of your credit card limit.
Too many applications – Lenders tend to be jumpy by nature and if they see that you’ve been trying to secure several sources of potential debt, they see it as a red flag. Even if your plan was merely to get extra credit cards and not touch them, only keep them on hand, they don’t like seeing a situation where you could take on more debt than you can manage.
When it comes to applying for bad credit loans Ontario doesn’t change its rules and those applications will be reported also.
Credit history – we encourage readers to never cancel a credit card. Even when you pay it off in full, by cancelling the card you are erasing a valuable piece of credit history. Another thing we encourage Canadians to do is to pay all their monthly bills with their credit cards, then immediately repay the balance so as to show a strong pattern of borrowing and repayment.
Bad Credit Loans Ontario: Your Best Option?
What can you do if you just verified your credit report and you find that your report is lower than it should be? It might be that you have too much debt scattered across too many credit channels. This is another factor lenders don’t like seeing.
The solution to that problem is a debt consolidation loan, which would immediately repay all of your debts in one shot and allow you to repay the money you owe to just one source each month.
LoanAway provides the bad credit loans Ontario’s consumers need to get past tough times. We are leading the way when it comes to providing the best bad credit loans Canada has ever seen.
If you’d like to learn more about what debt consolidation loans can do for you and your credit report, feel free to reach out to one of our loan agents and they will explain how to proceed.
Our agents can be reached Monday to Friday at (866) 689-0091. This is a toll-free call.
WHERE WE OPERATE
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta and Newfoundland, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.