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Month: March 2019

Payday Loans: Market Trends

Payday Loans: Market Trends

1. Objective Borrowing money in the form of a payday loan is expensive for consumers. The use of these short-term and high-cost loans has more than doubled in Canada recently to reach 4% of Canadian households Footnote 1. The Financial Consumer Agency of Canada (FCAC) has been responsible for raising awareness of the costs of payday loans and alternatives. FCAC conducted a nation-wide survey of 1,500 Canadians who used payday loans to learn about ways to educate consumers. This report…

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Loan for Pensioners

Loan for Pensioners

Pensioners and retirees are also looking for a loan. Age and income, however, play an important role in this. Some banks are already rejecting a loan request from the mid 50s. Others, however, also lend to over 60 year olds. Retirees, however, have better prospects, because who buys a pension, was employed in the civil service in the profession. Pensioners and pensioners receive higher pensions due to the additional fund offered by the public employer. This also has a positive…

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Refund processing fees: Which loans are affected

Refund processing fees: Which loans are affected

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Recently, the BGH has passed a verdict, which many bank customers should be pleased. The judges in Karlsruhe decided that banks are not allowed to impose any processing fees on their customers for loans, in addition to interest payable. This issue has long been controversial. Customers now have to check whether the verdict concerns their loans and may look forward to a refund processing fees. Refund Processing Fees – Which loans are affected The ruling covers all loans that are…

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