Lendit loans for the reconstruction of financial credit

Serious credit problems need not necessarily be disqualified by your mortgage.

If you want good rates, however, will have the lender Prime Minister ("a") to approve you.

The challenge is, "" lenders want to see the refund credit before they will consider the application. As a rough rule, i.e. two years from the perfect repayment history, with at least two or more accounts.

There are various ways to get these two accounts. Most common is with a secure credit card (such as home trust, peoples trust or TD).

Lendit financial offers a second type of the option. It is called Lendit GIC investment facility.

With GIC investment facility make monthly payments. These payments are recorded on the credit bureaus. After a period of good return (the GIC investment facility and all other accounts) are normally seen noticeable improvements in their credit rating.

In exchange for the provision of that service, Lendit fees 12.99% interest on its loans. This is not cheap, but is less than credit card, commensurate with the risk of the borrower and is compensated for by the GIC interest. (In addition to paying the interest, you accrue GIC interest, ranging in time from 2,6% or 3.2%, depending on the period you pick.)

"Almost all is approved," says Michael Wendland of the Chief Executive Officer of Lendit.

Currently offers these Lendit term/repayment options:

• 3-year (small loan) with payment, $ 78/month
• 3-year ($ 3,200 loan) with payment, $ 108/month
• 5-year ($ 5,500 loan) with payment, $ 126/month

Wendland said most of them, the greater the effect it has on your credit rating. The option for a 5-year $ 5,500 is offered because "certain and lenders want more than $ 5000 recovered from bankruptcy," he says.

Other things to know:

• 300 USD "administration fee" refers to the of Lendit loans (this is relatively reasonable account fees each year by some companies for secure credit card)
• Payments are automatically debited from your bank account on the due date each month
• At the end of each period, you receive the proceeds of the GIC, which is placed in your name. This often serves as a "forced savings for the down payment," says Wendland.
• This program is available in each province except Quebec.
• Lendit is one of the only lenders in Canada which may have before the bankruptcy is discharged, "according to the Wendland.

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Rob McLister, THIS YEAR'S CMT MUSIC