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How to repay a loan if there is not enough money

July 8, 2021

How to repay a loan if there is not enough money

How to repay a loan if there is not enough money

Being in debt is common practice for many Canadians. However, lacking the money to repay the loan is a torturing and embarrassing experience. We had a session with an expert in this field, Conrad Brennan (check profile), and here are steps to ensuring you repay a loan:

Use a balance transfer credit card

If your income is really low and you are trying to get out of debt, getting a balance transfer credit card would be a great idea. Balance transfer credit card works by moving the balance of one of your credit cards to a new credit card. This ensures you effectively clear the outstanding balance.

The good thing about balance transfer credit cards is that they come with a special promotional offer as an incentive for the bank to get your business. What’s more appealing is that you do not pay any interest rate requirements at this period.

It is a good time to save money from the interest you would otherwise pay on the lump sum amount you owe. It is important to apply for a Citi Diamond Preferred Card here in Canada. The card is entirely built for balance transfers without cashback rewards. It offers 18 months of 0% Annual Percentage Rate on balance transfers. You also benefit from full-time online support.

Try your luck in online casinos

Have you ever heard about people who have won big in Canadian casinos? You can as well try your luck and pay off your debts. You may not be guaranteed to end up on the list of biggest winners in casinos, but it is worth trying. 

How can you increase your chances of winning? Selecting the right platform is the first step towards winning, and that is possible when you consider online casinos with online bingo as your resource. Take advantage of the various bonuses and promotions that such platforms have to offer. The ideal platform should have a variety of payment processors, be easy to use and secure. 

Take a debt consolidation loan

A debt consolidation loan is a personal loan that helps you combine many high-interest debts into a fresh new loan with a lower interest rate. Debt consolidation is advised for smaller amounts of debt you may have that you are sure will take longer than 6 months to pay off.

Debt consolidation is a plus if you have a high credit score. This means that you can access very attractive rates of loan repayment. Although debt consolidation doesn’t make your debt disappear, it lowers your interest rate, lowering your repayment amount. Debt consolidation requires you to be disciplined by staying committed to diligently making your monthly payments.

Constant communication with your creditors

You as a debtor may lack money to repay your loan and opt to keep quiet or cut communication with your creditors. This is not wise as the truth is your creditors are also human. They also go through what every other human goes through.

You might be surprised that they have gone through rough times than you, and explaining yourself to them would make them have sympathy for you. It is unwise to let your account be closed or your assets seized because of late loan repayments, and you haven’t communicated with your creditor. Being frank about your financial hardship may make the creditor increase your loan repayment term or even lower your interest rates. Get on the phone and talk sincerely to your creditors.

Switch to cash

Many Canadian people rarely have cash on them instead carry their credit cards for all transactions during the day. It is estimated that you use15% more when using credit cards. Credit cards are convenient to use as you can account for your expenses since you can request a credit statement.

You do not have to worry about lacking money as you can just swipe your credit card. However, credit cards will often put you in great debt. On the other hand, cash may not be as convenient for the normal Canadian, but the best idea for cutting on spending. Using cash ensures that you make money for a loan easy to get as you do not accumulate unnecessary debts. 

Use any of the methods discussed if you are looking for tips for repaying a loan. Evaluate what works for you or even combine a few approaches.


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