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Black Friday Deals: How to Save Money

It’s approaching that time of year when the Black Friday fever grips the nation. As one the most anticipated days of the year for shoppers across the country, Black Friday is a prelude to the holiday season where shoppers get a head start on Christmas shopping for gifts, and other consumer items they need for their households. In Canada alone, $4.6 billion is expected to be spent in 2021, with the Retail Council of Canada’s survey of 2500 Canadians finding that average spend is expected to be $792 per person! These numbers not only illustrate the importance of the day to retailers, but also represent potential financial risks to consumers in the absence of sound financial habits. In this article, we therefore discuss how you can buy the Black Friday items you need without taking on unsustainable financial burdens.

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What is an APR and how does it work?

If you have ever applied for a loan, you are probably familiar with the term Annual Percentage Rate (APR). This number is expressed as a percentage of the total loan principal, and is the total interest charge that a loan incurs on an annualized basis. Compound interest is, however, not taken into account when discussing APR. The APR can be used to compare between different loans or credit products as it offers a standardized view of the total cost that a borrower can expect to pay over a given year.

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How to obtain a free credit report in Canada

What is a credit report?

A credit report is a document that summarizes your credit history. This summary includes aspects such as how long you have had each credit account, what balance currently remains on each account, your track record of making repayments on time, etc. The credit report is initially created when you borrow money for the first time, and is updated each additional time you borrow funds, apply for new credit, or make a repayment on an existing credit account.

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Gross Profit Vs Net Profit: What's The Difference?

Gross profit and net profit are two important metrics used by businesses to determine a company's profitability. Profit, in its simplest form, is the remainder of the revenue generated by a business after operating costs has been deducted. It can also be thought of as a tool for determining a company's growth and development.

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What is the Prime Rate?

What is the prime rate, and how is it calculated? What impact does this factor have on mortgages and other types of loans? The answers to these and other questions can be found in the explanation provided below.

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Our loans are considered short-term loans and have a 12-60 month term with a fixed interest rate of 3.9% per month.

Example: $1,500 borrowed for one year at 3.9% per month. Monthly payments are $199.05. Total payback with interest and fee of $194.00 is $2,388.54.

NOTE: You can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.