Essential Things to Know About Online Installment Loans
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Essential Things to Know About Online Installment Loans

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Online Installment Loans

The high number of borrowers who take online installment loans is not to be overstated. Many people borrow money through an installment loan to cover various expenses.

 

The reason for the popularity of this loan option is the fact that it is easy to apply for it. The borrower can also receive the funds he needs immediately after compliance with the requirements. If you do not know anything about online installment loans, learn about this loan option from this blog article.

What are Installment Loans?

An installment loan is a financing option that can be paid in a series of payments during its prescribed period. There are various names of loans under installment loans, such as home loans, auto loans, and student loans. Depending on the lender, a borrower can pay this loan option monthly, quarterly, weekly, or bi-weekly.

 

Almost all lenders offer installment loans, including banks and credit unions. But when it comes to online installment loans, you can borrow them from online lenders. The application for online installment loans is usually conducted through the Internet. If you want to try this loan option, you can visit AimFinance for installment loans.

Pros of Borrowing Online Installment Loans

Consumers of online installment loans have their reasons for preferring this loan option. Take note of these benefits from borrowing an online installment loan.

Straightforward Application Process

The fact that you are applying to borrow money via the Internet is the most sought-after feature of an online installment loan. It will only take minutes to fill out your loan application form online, and you can do it in the comfort of your home, as long as you have an internet connection.

Fast Transfer of Needed Funds

After going through the simple application process and the lender gives his approval to your application, the funds that you need will be transferred into your account right away. If you comply with the requirements, you will get your cash within the day after your successful application.

No Stringent Credit Check

Another feature that people love about online installment loans is their less stringent credit check. Borrowers with not-so-good credit scores may still get approval from online lenders who offer this loan option. This feature is one of the reasons why online installment loans are preferred by consumers nowadays.

Higher Borrowing Limit

Online lenders may provide you with a higher loan amount if you satisfy the requirements for an online installment loan. For instance, if the lender sees you have the means to pay back the money you borrow, you may take out a higher loan amount to cover an important purchase.

Favorable Repayment Terms

The repayment term of an online installment loan is typically favorable to the borrower. The fact that you can make your payments through installments over a prescribed period gives you some leeway to budget your loan payments. The fixed monthly repayment means you know exactly how much you must pay every month.

Cons of Getting Online Installment Loans

Online installment loans also have downsides that borrowers should know before they think of getting one. Now, please take note of these disadvantages.

Higher Interest Rates

There are online installment loans designed for borrowers with bad credit. In this case, expect to pay a higher interest rate on the loan. You also have to be aware of online lenders who impose exorbitant interest rates, as they can lead to your debt problems.

Fees and Penalties

Beware of fees and penalties associated with online installment loans. Typically, there is an origination fee, prepayment penalty, and late payment penalty that may add to the overall cost of the loan. Make sure to ask the online lender with regard to these ancillary fees to help you make an informed decision before submitting your loan application.

Disallowance to Add to the Loan Amount Once It is Approved

Many online lenders will not allow you to increase the loan amount you borrow once you get approval for the same loan. If you think you want to borrow more money, you have to request another loan to cover whatever expenses you have. To avoid this situation, you should know exactly the amount you need to borrow before making your first loan application.

Final Thoughts

Online installment loans can be a favorable option to help you pay for your necessary or emergency expenses. Today, an online installment loan is one of the most preferred financing options by borrowers because of the advantages associated with it.

 

This loan option has a less stringent credit assessment, favorable repayment terms, a higher borrowing limit, a simple application process, and quick fund transfer. However, there are also downsides to borrowing an online installment loan, such as higher interest rates, additional fees and penalties, and the disallowance to increase an approved loan amount.

 

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Canada’s Denis Shapovalov wins Belgrade Open for his second ATP Tour title

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BELGRADE, Serbia – Canada’s Denis Shapovalov is back in the winner’s circle.

The 25-year-old Shapovalov beat Serbia’s Hamad Medjedovic 6-4, 6-4 in the Belgrade Open final on Saturday.

It’s Shapovalov’s second ATP Tour title after winning the Stockholm Open in 2019. He is the first Canadian to win an ATP Tour-level title this season.

His last appearance in a tournament final was in Vienna in 2022.

Shapovalov missed the second half of last season due to injury and spent most of this year regaining his best level of play.

He came through qualifying in Belgrade and dropped just one set on his way to winning the trophy.

Shapovalov’s best results this season were at ATP 500 events in Washington and Basel, where he reached the quarterfinals.

Medjedovic was playing in his first-ever ATP Tour final.

The 21-year-old, who won the Next Gen ATP Finals presented by PIF title last year, ends 2024 holding a 9-8 tour-level record on the season.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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Talks to resume in B.C. port dispute in bid to end multi-day lockout

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VANCOUVER – Contract negotiations resume today in Vancouver in a labour dispute that has paralyzed container cargo shipping at British Columbia’s ports since Monday.

The BC Maritime Employers Association and International Longshore and Warehouse Union Local 514 are scheduled to meet for the next three days in mediated talks to try to break a deadlock in negotiations.

The union, which represents more than 700 longshore supervisors at ports, including Vancouver, Prince Rupert and Nanaimo, has been without a contract since March last year.

The latest talks come after employers locked out workers in response to what it said was “strike activity” by union members.

The start of the lockout was then followed by several days of no engagement between the two parties, prompting federal Labour Minister Steven MacKinnon to speak with leaders on both sides, asking them to restart talks.

MacKinnon had said that the talks were “progressing at an insufficient pace, indicating a concerning absence of urgency from the parties involved” — a sentiment echoed by several business groups across Canada.

In a joint letter, more than 100 organizations, including the Canadian Chamber of Commerce, Business Council of Canada and associations representing industries from automotive and fertilizer to retail and mining, urged the government to do whatever it takes to end the work stoppage.

“While we acknowledge efforts to continue with mediation, parties have not been able to come to a negotiated agreement,” the letter says. “So, the federal government must take decisive action, using every tool at its disposal to resolve this dispute and limit the damage caused by this disruption.

“We simply cannot afford to once again put Canadian businesses at risk, which in turn puts Canadian livelihoods at risk.”

In the meantime, the union says it has filed a complaint to the Canada Industrial Relations Board against the employers, alleging the association threatened to pull existing conditions out of the last contract in direct contact with its members.

“The BCMEA is trying to undermine the union by attempting to turn members against its democratically elected leadership and bargaining committee — despite the fact that the BCMEA knows full well we received a 96 per cent mandate to take job action if needed,” union president Frank Morena said in a statement.

The employers have responded by calling the complaint “another meritless claim,” adding the final offer to the union that includes a 19.2 per cent wage increase over a four-year term remains on the table.

“The final offer has been on the table for over a week and represents a fair and balanced proposal for employees, and if accepted would end this dispute,” the employers’ statement says. “The offer does not require any concessions from the union.”

The union says the offer does not address the key issue of staffing requirement at the terminals as the port introduces more automation to cargo loading and unloading, which could potentially require fewer workers to operate than older systems.

The Port of Vancouver is the largest in Canada and has seen a number of labour disruptions, including two instances involving the rail and grain storage sectors earlier this year.

A 13-day strike by another group of workers at the port last year resulted in the disruption of a significant amount of shipping and trade.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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The Royal Canadian Legion turns to Amazon for annual poppy campaign boost

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The Royal Canadian Legion says a new partnership with e-commerce giant Amazon is helping boost its veterans’ fund, and will hopefully expand its donor base in the digital world.

Since the Oct. 25 launch of its Amazon.ca storefront, the legion says it has received nearly 10,000 orders for poppies.

Online shoppers can order lapel poppies on Amazon in exchange for donations or buy items such as “We Remember” lawn signs, Remembrance Day pins and other accessories, with all proceeds going to the legion’s Poppy Trust Fund for Canadian veterans and their families.

Nujma Bond, the legion’s national spokesperson, said the organization sees this move as keeping up with modern purchasing habits.

“As the world around us evolves we have been looking at different ways to distribute poppies and to make it easier for people to access them,” she said in an interview.

“This is definitely a way to reach a wider number of Canadians of all ages. And certainly younger Canadians are much more active on the web, on social media in general, so we’re also engaging in that way.”

Al Plume, a member of a legion branch in Trenton, Ont., said the online store can also help with outreach to veterans who are far from home.

“For veterans that are overseas and are away, (or) can’t get to a store they can order them online, it’s Amazon.” Plume said.

Plume spent 35 years in the military with the Royal Engineers, and retired eight years ago. He said making sure veterans are looked after is his passion.

“I’ve seen the struggles that our veterans have had with Veterans Affairs … and that’s why I got involved, with making sure that the people get to them and help the veterans with their paperwork.”

But the message about the Amazon storefront didn’t appear to reach all of the legion’s locations, with volunteers at Branch 179 on Vancouver’s Commercial Drive saying they hadn’t heard about the online push.

Holly Paddon, the branch’s poppy campaign co-ordinator and bartender, said the Amazon partnership never came up in meetings with other legion volunteers and officials.

“I work at the legion, I work with the Vancouver poppy office and I go to the meetings for the Vancouver poppy campaign — which includes all the legions in Vancouver — and not once has this been mentioned,” she said.

Paddon said the initiative is a great idea, but she would like to have known more about it.

The legion also sells a larger collection of items at poppystore.ca.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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