Getting a Debt Consolidation Loan in Vancouver

May 02

Getting a Debt Consolidation Loan in Vancouver

In the ordinary course of life, many people find themselves with debts to finance, which at times can become tiring and frustrating. You might find yourself in a pit where you are supposed to finance three or even five loans every other month. The thing with these many seemingly small loans is that their interest rates are pretty high. The major reason as to the high cost of these loans is because they are unsecured.

In order to come out of the conundrum, you can approach a lending institution in Vancouver so as to get a bigger loan which will enable you to pay off all the small loans and hopefully leave you with some cash to do some project. Still, there are those who just prefer to sell off their small loans in exchange for one consolidated one because of the convenience associated therein. In other words, debt consolidation is the process whereby a person takes one big loan to pay off other smaller loans which they are financing.

Debt consolidation services are offered by a majority of banks and other lending institutions in Canada. In order to understand how the whole process works, you need to list all your debts on a piece of paper. Such debts would include credit cards, hospital bills, education loans, car loans and so on. The interest rates for all these loans will be different and this is why you need to consolidate them into one.

 How does the debt consolidation work?

When you aggregate all the loans, you should then do an average of the interests pro rate. This might come to around $10,000 and the interest rate can be something like 16%.  When you shop around, you will definitely find other loans of $10,000 offered by several banks. Some of these loans will be costly while others will be lower than your 16% average interest that you pay monthly on your loans. With thorough investigation and proper bargaining, you might end up with a single loan of $10,000 and an interest rate of 13%.

By taking a single loan which is 3% cheaper, you have saved yourself quite some money in the long run. However, you need to understand that many lenders will not consider consolidating debts for you if you don’t have any collateral to offer. Offering your home as collateral is not really bad; the repayments of the new loans will be lower and the interest rate will be lower. This leaves you with some breathing space.

 Reasons why you should consider debt collection

  • Making monthly payments using cheques can be at times tedious. You might even forget to make a payment depending on the number of loans you are servicing. With a single loan, you enjoy the convenience.
  • A consolidated loan attracts a lower interest rate. This means that you will be able to get out of debt faster and comfortably.
  • With many loans which attract high-interest rates, you risk defaulting any number of them. Defaulting means that your credit rating goes down. Knowing just how important credit rating is, you should do everything possible like consolidating your loans to safeguard or improve your rating.
  • The use of assets is allowed in debt consolidation. This is why the consolidating loans are cheaper than the other type of loans. They also let you spread your loan hence giving you some breathing space.

Things to note before going for consolidation of your loans

Like a price tag on some orange juice can, the price tag on a loan is the interest rate plus any other cost that you will eventually have to fork out. While the market interest rate might be attractive, investigate and establish that it is the total cost that you are going to pay. Hidden charges might end up making the consolidated loan more expensive that your initial many loans.

Simplifying your debt payment should not be your main reason for debt consolidation. Use a debt calculator to establish the total cost you are going to pay on your loans before taking this consolidation journey.

Debt consolidation alone cannot work for you if you are looking for a way to get out of debt. You have to spend less, throw away your settled credit cards and live within your means. This will make your debt consolidation decision worth.


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Explore the Colourful Chinatown in Vancouver

Feb 04

Explore the Colourful Chinatown in Vancouver

Chinatown is a place that you must pay a visit if you are visiting or passing by Vancouver. The town is located along Pender Street and centered on the same. It is surrounded by Downtown and Gastown.

Unlike many Chinatowns found in a majority of major cities, this one has a richer history and has a lot more to offer every visitor. It is little wonder it is the largest in Canada and second in all the Americas. No matter your age, there is something to taste, explore see or experience at this part of the city.

 The history of Chinatown Vancouver

It is quite hard to pinpoint the actual date when Chinatown Vancouver came into being. However, by 1950s the town was all set and was a major destination for those who wished to learn a thing or two about the Chinese culture and customs. Like most parts of the city and metropolitan areas in Canada, it grew at a fast rate up until the early 1970s. In the late 1960s, the sleazy neon lighting which used to make Chinatown all spectacular was restricted by the Vancouver council. This made the dazzling streets a tad duller and this undeniably robbed off some of the excitement.

In earlier days, visiting Chinatown was akin to visiting a typical town in China or an outskirts center of Beijing. It had everything the Chinese culture could offer. The town came to be well known because of the cuisine, nightlife, fascinating Chinese customs and the eye-opening culture. This remains to be the case to date.

In the 1980s, Taiwanese and other East Asia nationalities started to arrive in Vancouver. They opted to establish their own town just like Chinatown along No. 3 Road. The growth was somewhat competitive and it was only after resistance from the Chinatown business community as well as the Vancouver residents that the now ‘Golden Village’ did not get the ‘Chinatown’ title.

 Facts about Chinatown

  • Among the metropolitan spots all across Canada, Chinatown Vancouver happens to be among the most populated at any one time of the day. There is something for everyone and it is offered at any time of day. Whether you are a tourist, a traveler passing by or an enthusiastic exploring family, this is the town to satiate your curiosity, hunger and thirst.
  • The magnificent town gate located along Pender Street was donated by the People’s Republic of China after the Expo 86 World’s Fair.
  • The designing and construction of the Jack Chow building in 1986 officially made it one of the narrowest commercial buildings in the world. It has that title even in the Guinness Book of Records.
  • Chinatown is home to many people from different parts of the world. There are a good number of people of Chinese origin from Peru, Brazil, Nicaragua, Mexico, and mainland China.
  • You stand to enjoy a plethora of items to peruse if you are an ardent shopper. There are furniture items, clothing, antique chinaware and a whole host of items that you can buy here.

There is, of course, a bright future for this town, especially now that the government and the business community have come together again to revitalize its infrastructure. For those who love shopping or just eating out in this part of Vancouver, in the near future, there will be so much more for them to explore and enjoy.

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