Many Canadians have adversely affected their credit scores because of incorrect borrowing decisions, sluggishness on making payments or immaturity at a young age. Although it’s very easy to bring down your credit score, it takes time and a lot of effort to bring it back up. Always remember to learn from your mistakes. When getting a credit card, always make sure that you can comfortably afford to make more than just your minimum payments.
Be aware though that when banks and credit card companies see that you are making your payments, they will want to lend you more (as much as possible while ensuring that you can make minimum payments). Know your limit. When it comes to loans, most lenders carry out more stringent underwriting to ensure that the loan will stay in good standing. Some lenders, however, have a quota to meet and will approve your loan even though it’s not in your best interest. Be aware of this also.
AAR Financial provides personal loans of up to $5,000 for up to 3 years. By keeping the term capped at 3 years, you can rest assured that you won’t be stuck in a cycle of near-interest-only payments for the first few years of your loan. In fact, by that point, you will probably have already paid off your loan. AAR Financial prides itself on lending responsibly and enjoying long term relationships with its clients.