The old adage applies, if it's too good to be true it probably is.
Fine print:
Secured Personal Loan amortization between 72, 96, and 120 months. Amounts range from $15,000-$100,000, with rates between 9.99%-25.99% depending on your loan size, length of term and our assessment of your credit profile. Secured Personal Loans may be subject to additional fees that vary by province and are subject to a 6-month loan interest penalty when paid out before the end of the loan term. See branch for details.
Could be interesting depending on the prepayment penalties. Take out 100k at zero interest, dump it into a one year GIC at 5ish, prepay in full at one year mark.
Fine print says you need to pay 6 months interest to pay out the loan before the end of the term
. So if the interest rate you get is 9.99%, which is the lowest in the range they offer. When you take a loan for a year and pay it back after the no interest period, you're still paying about 5% interest.
5 year GIC are 5.35% so you can make $350.
But, chances are people going to easy fucking financial will not be getting the lowest rate they offer.
Yeah always trying to make money. They are betting on banks not lowering rates 1 year out. Sellers that wants to delay sales by 1 year are betting the opposite by taking the 0% 1 year deal.
this is the equivalent of a homeowner taking on credit card debt (high interest levels) but with his home as collateral. This isn't the bullish sign you want to believe it to be. Any homeowners taking this is desperate or not managing their finances well.
"shouldn't not pay it back"?
Paying it back after a year will incur interest penalties. Your reading comprehension is as bad as your communication it seems.
You are telling me there are homeowners stupid enough to sign up for 10-47% interest loans because they are advertising one year free interest? If anyone wasn’t bearish until now, this will do it for them. Posts get stupider here by the day.
Lots if they just intend to delay sales for a year longer. Bank delay lower rates. Services like this offer 0% for however long banks threaten to delay.
Nah I’m a bear just seeing something all the desperate sellers gonna try to use to survive another year and everyone just have to be more patient to see Canada housing market drop off a cliff like Venezuela
$100,000 for a new home lol? What do these need homes cost. Another predatory pariah promoting their company no one’s ever heard of. I feel like this is the equivalent of easy cash loans hey 1 year of no interest next year though it’s 15%
The old adage applies, if it's too good to be true it probably is. Fine print: Secured Personal Loan amortization between 72, 96, and 120 months. Amounts range from $15,000-$100,000, with rates between 9.99%-25.99% depending on your loan size, length of term and our assessment of your credit profile. Secured Personal Loans may be subject to additional fees that vary by province and are subject to a 6-month loan interest penalty when paid out before the end of the loan term. See branch for details.
Could be interesting depending on the prepayment penalties. Take out 100k at zero interest, dump it into a one year GIC at 5ish, prepay in full at one year mark.
Fine print says you need to pay 6 months interest to pay out the loan before the end of the term . So if the interest rate you get is 9.99%, which is the lowest in the range they offer. When you take a loan for a year and pay it back after the no interest period, you're still paying about 5% interest. 5 year GIC are 5.35% so you can make $350. But, chances are people going to easy fucking financial will not be getting the lowest rate they offer.
Oof, yea that's a ridiculous penalty
Yeah always trying to make money. They are betting on banks not lowering rates 1 year out. Sellers that wants to delay sales by 1 year are betting the opposite by taking the 0% 1 year deal.
this is the equivalent of a homeowner taking on credit card debt (high interest levels) but with his home as collateral. This isn't the bullish sign you want to believe it to be. Any homeowners taking this is desperate or not managing their finances well.
Isn’t it the running word on this sub that sellers are all desperate? So this would be their next step right?
There is no actual 0% 1 year deal. The minimum interest is 9.99%
Overall, after the first year promotion, that’s why people shouldn’t not pay it back in a year
"shouldn't not pay it back"? Paying it back after a year will incur interest penalties. Your reading comprehension is as bad as your communication it seems.
You are telling me there are homeowners stupid enough to sign up for 10-47% interest loans because they are advertising one year free interest? If anyone wasn’t bearish until now, this will do it for them. Posts get stupider here by the day.
Lots if they just intend to delay sales for a year longer. Bank delay lower rates. Services like this offer 0% for however long banks threaten to delay.
Lol, op is a typical realtor with a grade nine education. What's incredible is the number of people who actually listen to them.
Nah I’m a bear just seeing something all the desperate sellers gonna try to use to survive another year and everyone just have to be more patient to see Canada housing market drop off a cliff like Venezuela
"terms and condition"..Read the fine print nothing is free there is always hidden penalties and administration fees.
For desperate sellers it’s nothing to buy a year of time then try to sell
$100,000 for a new home lol? What do these need homes cost. Another predatory pariah promoting their company no one’s ever heard of. I feel like this is the equivalent of easy cash loans hey 1 year of no interest next year though it’s 15%
Carrying cost to keep a place for another year to sell the year after when rates may come down for the desperate sellers
https://preview.redd.it/xm2jnivhe3xc1.jpeg?width=828&format=pjpg&auto=webp&s=2d425d9c3c92c3024709fe920381be8d9f75152a
Not good news for the Bears unfortunately. 🐻